互联网大厂正在密集布局稳定币。 这几天最火的金融术语莫过于稳定币，全球都在热议相关的话题，乐观者认为稳定币会显著带来加密货币的繁荣，虽然现在市值只有两三千亿美元，但未 来是不可限量的，传统货币支付体系将很快成为过去式。 5月23日美国财长贝森特在接受媒体采访时直言不讳："稳定币在短期内可以增加2万亿美元的国债、短期国库券的需求，作为参照，目前这个数字大约为 3000亿美元。" 据《21世纪经济报道》等媒体报道，6月12日港股收盘前，市场消息称蚂蚁集团将在中国香港地区和新加坡申请稳定币牌照的消息，该集团企业旗下两家 子公司当日即做出回应。蚂蚁国际发言人回应称，蚂蚁国际正在全球财资管理方面加速投资、拓展合作，将该公司的AI、区块链和稳定币创新投入真实 可靠的大规模应用。"我们欢迎香港立法会通过《稳定币条例草案》，将于法案8月1日生效、相关通道开启后尽快提交申请，希望为香港建设未来国际金 融中心贡献更多力量。" 在市场暴雷事件和监管压力的双重作用下，稳定币市场进入了调整期。2022年5月，全球第三大稳定币TerraUSD（简称UST）发生暴雷事件，其币值与美 元的1:1挂钩关系破裂，一周内币值从1美元暴跌至10美分 ...

Core Viewpoint - The discussion around stablecoins is gaining momentum globally, with optimistic views suggesting they could significantly enhance the cryptocurrency market, despite their current market cap being only around $300 billion to $3000 billion. The U.S. Treasury Secretary has indicated that stablecoins could increase the demand for U.S. Treasury bonds by $2 trillion in the short term, compared to the current figure of approximately $300 billion [2]. Group 1: Definition and Stages of Stablecoins - Stablecoins are a type of blockchain digital currency that is pegged to specific assets, primarily the U.S. dollar, which distinguishes them from volatile cryptocurrencies like Bitcoin [3]. - The development of stablecoins can be categorized into four stages: 1. Emergence (before 2018): Limited price fluctuations with the first stablecoin, Tether (USDT), launched in 2014 [6]. 2. Rapid Growth (2019-2021): The DeFi ecosystem's rise led to increased demand for stablecoins, particularly during the "DeFi Summer" of 2020 [6]. 3. Regulatory Adjustment (2022-2023): The collapse of TerraUSD (UST) raised concerns about stability and prompted regulatory scrutiny [8]. 4. Resurgence (2024-present): Following the approval of Bitcoin spot ETFs, stablecoins are experiencing renewed demand as intermediaries in cryptocurrency transactions [8]. Group 2: Risks and Challenges - The primary risks associated with stablecoins stem from the compliance and operational management of issuing entities, with insufficient transparency regarding reserve assets being a significant concern [12]. - The collapse of UST highlighted the potential for a "death spiral" effect, where panic selling leads to further declines in associated assets, exacerbating instability [13]. - The concentration of wealth within the stablecoin ecosystem is problematic, with 99% of wallets holding less than $10,000, while a small number of wallets control a significant portion of the total supply [16]. Group 3: Regulatory Developments - Recent legislative efforts in the U.S. and Hong Kong aim to establish regulatory frameworks for stablecoins, with the U.S. Senate passing the GENIUS Act and Hong Kong enacting the Stablecoin Ordinance [17][22]. - The U.S. framework emphasizes the need for stablecoins to be backed by high-quality liquid assets, while Hong Kong's regulations focus on ensuring that issuers maintain sufficient reserves and comply with transparency requirements [18]. Group 4: Market Implications - The potential for stablecoins to act as a reservoir for U.S. Treasury bonds is debated, with concerns that they cannot be printed indefinitely without undermining trust [21]. - The current demand for short-term U.S. Treasury bonds from stablecoin issuers may not address the broader issues facing U.S. debt, as the focus is primarily on high-yield investments [21]. - The development of stablecoins is seen as a strategic move to solidify the dominance of the U.S. dollar in international payments, with regulatory support aimed at integrating stablecoins into the financial system [21].

稳定币全球正在逐步合法化，跟普通人有多大关系。 最近全球都在热议稳定币的话题，乐观者认为稳定币会显著带来加密货币的繁荣，虽然现在市值只有两三千亿美元，但未来是不可限量的，传统货币支付体系将 很快成为过去式。5月23日美国财长贝森特在接受媒体采访时直言不讳："稳定币在短期内可以增加2万亿美元的国债、短期国库券的需求，作为参照，目前这个数 字大约为3000亿美元。" 随之而来的，稳定币化美债，新的"布雷顿森林体系"正在形成，货币战争再一次开启等等说法开始流传，这些说法真的靠谱吗？在这之前，我们先来看看什么是 稳定币。 什么是稳定币 在回答这些问题之前，我们需要先搞明白什么是稳定币。 稳定币和比特币等加密货币同为区块链数字货币，因而有三个相同点：虚拟资产、私密性、可去中心化。稳定币和比特币最大的不同点，在于发行时是否锚定特 定资产，主要是美元和以美元计价的资产，最终的结果是二者币值稳定性显著不同。而比特币价格由于无锚定物天然有波动。 稳定币的发展可大致划分为四个阶段，2018年以前，2019-2021年，2022-2023年，2024年至今。萌芽阶段（2018年以前）：刚刚兴起阶段，稳定币价格上涨幅度有 限。最早一 ...

当全球监管机构还在为稳定币监管框架争论不休时，韩国新任总统李在明正以闪电般的速度兑现竞选承 诺——允许本土企业发行稳定币。 据韩联社援引韩国央行数据，仅第一季度，韩国五大主要交易所的USDT、USDC和USDS交易额就达到 57万亿韩元，凸显了市场对稳定币的巨大需求。在全球稳定币市场中，USDT占据62%份额，USDC占 25%，其他稳定币占13%。 央行阻击、分析师警告泡沫风险 周二，据媒体报道，李在明所领导的执政党民主党提出《数字资产基本法案》，为韩国稳定币发行开辟 了法律通道。该法案规定：股本在5亿韩元（约36.8万美元）及以上的韩国公司即可发行稳定币，前提 是通过储备金保证赎回机制。 消息一出，KakaoPay Corp.股价暴涨18%，创下2024年1月以来最高涨幅。 韩国的举措正值全球金融业对稳定币兴趣激增之际。目前，美国国会正准备就稳定币关键法案投票，特 朗普政府已通过行政命令将该领域确定为政策重点，全球监管框架正在快速完善。 德意志银行、Santander等传统银行以及大型科技公司都在探索发行稳定币的可能性。全球第二大稳定币 发行商Circle上周成功上市后股价飙升，进一步验证了市场对这一领域 ...

Group 1: Core Insights - Circle Internet Corp., the issuer of USDC, successfully listed on the New York Stock Exchange, marking a significant milestone as the "first stock of stablecoin" with a first-day stock price increase of 168.5% and a market cap exceeding $18 billion [2] - Recent legislative actions, including the passage of the GENIUS Act in the U.S. Senate and the introduction of the Stablecoin Regulation Draft in Hong Kong, are seen as pivotal moments in the financial landscape, highlighting the growing importance of stablecoins [2][9] Group 2: Definition and Functionality of Stablecoins - Stablecoins are digital currencies pegged to real assets, primarily fiat currencies like the U.S. dollar, designed to mitigate the volatility associated with traditional cryptocurrencies [3] - They serve multiple roles in the financial sector, including facilitating cross-border transactions, acting as a safe haven during market volatility, and providing liquidity in decentralized finance (DeFi) [4] Group 3: Market Dynamics - As of May 2025, the global stablecoin market is projected to exceed $250 billion, with USDT and USDC dominating over 88% of the market share [5] - USDT maintains a leading position due to its high liquidity and market presence, while USDC is recognized for its regulatory compliance and transparency, although it faced challenges in 2023 [7][8] Group 4: Regulatory Landscape and Global Impact - The U.S. is tightening regulations on stablecoin issuers, requiring them to be U.S.-registered entities, which enhances American control over the global stablecoin market [10] - The rise of stablecoins poses challenges to existing financial regulations in other countries, including China, while also accelerating the development of the digital yuan as a countermeasure [11][12] Group 5: Future Prospects - The implementation of the GENIUS Act could lead to a tenfold increase in stablecoin supply over the next four years, significantly boosting the demand for U.S. Treasury bonds and reinforcing the dollar's dominance in the global financial system [9] - The new regulatory framework in Hong Kong is expected to attract innovation and investment in the stablecoin sector, positioning the region as a key player in the global financial landscape [13]

Group 1 - The core viewpoint is that stablecoins are becoming an integral part of everyday financial transactions, influencing how people spend and save money [1] - Stablecoins facilitate cross-border transactions with lower fees and faster transfer times compared to traditional banking methods, as illustrated by a case where a transfer using USDT cost only $5 and took half an hour, compared to over $200 and three days via bank wire [3] - There are hidden risks in using stablecoins, such as "slippage" during transfers and potential freezing of bank accounts by financial institutions when users frequently transact with stablecoins [3][4] Group 2 - In countries with high inflation like Argentina, stablecoins are used as a means to preserve value, with individuals converting local currency to stablecoins to avoid devaluation [3] - Caution is advised when using stablecoins for savings, as past incidents like the collapse of TerraUSD highlight the risks associated with less established stablecoins [4] - Stablecoins are increasingly being accepted in e-commerce, providing cost advantages, but there are risks of fraud and counterfeit products, as evidenced by a case where a consumer received a fake luxury watch after paying with stablecoins [5] Group 3 - The use of stablecoins for salary payments is emerging, with some companies opting to pay bonuses in stablecoins to avoid taxes, which poses significant risks if the platform fails [5] - Recommendations for safe usage of stablecoins include trading only on compliant platforms, treating stablecoins as tools rather than investment assets, and questioning the necessity of using stablecoins for transactions [6]

稳定币是一种锚定法定货币或者其他资产的一种加密货币，在支付、跨境交易及Web3生态的发展中起着关键性的作用。 与我们常见的加密货币不同，比如比特币，稳定币与之相比有着明显的不同；在Web3.0生态中，比特币是一种价值的储存工具，也是Web3.0生态的基础 货币，而稳定币是连接现实世界和Web3区块链的桥梁工具。用户可以通过稳定币参与Web3生态系统的相关应用，比如DeFi金融、NFT或者跨境支付等， 享受金融应用带来的便利，它的价格往往比较稳定，无须担心价格的波动。 比特币作为Web3应用中的基础货币，是去中心化经济体系中的一个实现载体，与之比较类似的加密货币更多，价格波动比较大。传统金融中，交易结算 需要耗费大量的人力、物力、财力；急需要一种新的货币体系改变传统金融的效率，实时高效的享受金融服务；稳定币作为加密货币、Web3金融体系的 交易媒介，既可以防止价格波动对交易的影响，又可以解决传统金融的痛点，稳定币就应运而生了。 同时对于申请牌照的执业机构也作出明确的要求，比如资本：最低实缴资本2500万港元储备资产审计、赎回机制、合规要求等。如果从事无牌经营活动， 会收受到非常严厉的处罚。 为什么有如此严格的监 ...

Core Viewpoint - Alexander Mashinsky, former CEO of Celsius Network, was sentenced to 12 years in prison after pleading guilty to fraud, marking a significant downfall for a leader once celebrated in the crypto industry [1][5]. Group 1: Legal Proceedings and Sentencing - Mashinsky was sentenced by U.S. District Judge John G. Koeltl after pleading guilty to commodities fraud and manipulating the Celsius token [2]. - His legal troubles began in 2023 with his arrest on multiple fraud charges, coinciding with Celsius's $4.7 billion settlement with the Federal Trade Commission [3]. - The guilty plea and sentencing conclude a lengthy case involving charges from the Securities and Exchange Commission and the Commodity Futures Trading Commission [5]. Group 2: Fraud Allegations - Prosecutors accused Mashinsky of misleading investors regarding the safety and profitability of Celsius's yield-generating platform while secretly liquidating tens of millions of dollars in personal assets [4]. - The fraud scheme orchestrated by Mashinsky and Celsius is described as multi-billion dollar, reflecting a broader trend of legal actions against prominent figures in the crypto sector [5]. Group 3: Industry Context - Mashinsky's downfall parallels that of other crypto executives like Sam Bankman-Fried, highlighting a pattern of significant legal repercussions within the cryptocurrency industry [5]. - The collapse of Celsius and other firms like Three Arrows Capital and Voyager Digital can be traced back to the broader impact of failed projects, such as Do Kwon's stablecoin, which wiped out approximately $40 billion from the market [16][19].