Group 1: Stablecoin Overview - Stablecoins are digital currencies anchored to a reference value, primarily traditional financial assets, with Tether (USDT) and USDC being the largest, valued at $156.7 billion and $61.8 billion respectively, together accounting for over 85% of the total market[30] - The total market capitalization of stablecoins reached approximately $232 billion by March 2025, a nearly 45-fold increase from $5.2 billion at the end of 2019[31] - Stablecoin transaction volume approached $35.5 trillion in the past 12 months, with $7.4 trillion in payments settled, indicating significant growth compared to traditional payment platforms like PayPal and Mastercard[36] Group 2: Regulatory Developments - The U.S. is enhancing its stablecoin regulatory framework through the STABLE Act and GENIUS Act, requiring a 1:1 reserve ratio with assets like U.S. dollars or short-term U.S. Treasury securities[54] - U.S. stablecoins, particularly USDT and USDC, hold over $170 billion in U.S. Treasury securities, ranking them as the 17th largest holder, surpassing countries like Germany and South Korea[48] - Hong Kong's Stablecoin Ordinance, effective August 1, 2025, allows for a more inclusive regulatory environment, permitting reserves in multiple currencies and maintaining a 1:1 reserve requirement[63] Group 3: Market Implications - Stablecoins are expected to play a crucial role in reshaping the international financial system, particularly in cross-border payments, due to their efficiency and low costs[70] - The integration of stablecoins with Real World Assets (RWA) is anticipated to create a sustainable growth environment, leveraging blockchain technology to enhance trust and efficiency in asset transactions[74] - The demand for decentralized and efficient payment solutions is increasing as countries seek to reduce reliance on traditional dollar-based systems amid geopolitical tensions[70]

7月1日晚，复旦大学经济学院举办"稳定币与国际金融大变局"线上研讨会。 周光友通过总结学术研究的最新进展，指出"稳定币的核心不是币值，而是制度性控制权的再分配机 制。" 周光友强调，稳定币的兴起不仅代表了一种新型货币形式的崛起，更是对现有货币体系的一次重大挑 战。人民币国际化想要突破现有约束，应该加快构建自己的数字化通道和制度性框架，主动塑造全球货 币格局，以应对未来复杂多变的国际金融环境。 在此基础上，周光友建议，应推动人民币锚定型稳定币的发行，例如在上海自贸区或大湾区等尝试发行 一些稳定币。其次，需构建数字人民币的跨境制度化框架，深化多边数字货币桥项目合作，提高跨境清 算效率并降低成本。此外，还应构建以人民币计价的链上资产市场，支持绿色债券、碳信用等数字资产 的发行，进一步提升人民币的国际竞争力。最后，积极参与全球稳定币规则制定，争取更多话语权。 以下为周光友发言实录（已经发言人审定）： 各位老师、各位朋友，大家晚上好！很高兴有机会和大家分享我对稳定币的一些思考。 会上，复旦大学数字金融研究中心主任周光友指出，稳定币的兴起不仅代表了一种新型货币形式的崛 起，更是对现有货币体系的一次重大挑战。应推动人民币锚 ...

Core Insights - The cryptocurrency industry experienced significant growth in Q1 2024, continuing the momentum from Q4 2023, with a total market capitalization reaching $2.8 trillion, a 64.5% increase from the previous quarter [1][2][10]. Overall Market - The total cryptocurrency market capitalization surged by $1.1 trillion in Q1 2024, nearly double the previous quarter's increase, with an average daily spot trading volume of $109.2 billion, up 45.4% [2][16]. - Bitcoin maintained its dominant position with a market share of 49.4%, while Solana and BNB showed notable growth in market share, increasing by 0.7% and 0.5% respectively [2][18]. - The top 15 stablecoins saw a total market capitalization increase of $20.6 billion, with Ethena's USDe emerging as a new focus in the industry [2][23]. Head Assets - Bitcoin reached a historical high of $73,098 during the quarter, closing at $71,247, marking a 69% increase, driven by the approval of the U.S. spot Bitcoin ETF and its perceived scarcity [4]. - Ethereum's price rose to $4,000, closing at $3,507, with a 59.9% increase, supported by significant upgrades and increased transaction volumes on Layer 2 networks [5]. - Solana's token price doubled to over $200, with a 100.1% increase, largely fueled by the meme coin craze within its ecosystem [6]. Sector Trends - The industry narrative in Q1 2024 focused on three main areas: artificial intelligence (AI), meme coins, and real-world assets (RWA), capturing over one-third of market attention [3]. - Decentralized finance (DeFi) saw a 49.1% increase in total market capitalization, although its market share slightly declined due to the influx of funds into Bitcoin and meme coins [7]. - The NFT market rebounded with a 51.5% increase in trading volume, reaching $4.9 billion, with Ethereum still leading but facing competition from Bitcoin and Solana [8]. Trading Platforms - Centralized exchanges (CEX) and decentralized exchanges (DEX) both showed strong performance, with the top 10 CEXs achieving a total trading volume of $4.3 trillion, the highest since Q4 2021 [9]. - The perpetual contract market also reached historical highs, with the top 10 perpetual CEXs recording a trading volume of $13.5 trillion [9]. Industry Outlook - The cryptocurrency industry is expected to continue its growth trajectory, driven by traditional financial institutions entering the market, technological innovations, and the expansion of applications such as meme coins and NFTs [10].

市场近日不断传出有多家公司有意向香港金融管理局提交申请，争取稳定币牌照，受此消息带动，部分 与稳定币概念相关的公司股价近日一度获资金追捧。 此前2025年5月21日香港立法会通过《稳定币条例草案》，5月30日正式成为法例，香港成为全球首个针 对法币稳定币建立全面监管框架的司法管辖区，标志着香港在数字资产领域迈出了重要的一步。 而越来越多的"大厂"开始瞄准稳定币。据第一财经，蚂蚁集团表示将在中国香港地区和新加坡申请稳定 币牌照，涉及旗下两家公司，一家是总部位于新加坡的蚂蚁国际（Ant International），另一家是海外总 部位于中国香港的蚂蚁数科（Ant Digital Technologies）。 以下文章来源于财经图解 ，作者十字路口 财经图解 . 财经大事早知道，关注东方财富股票！ 中国香港《稳定币条例》将于今年8月1日正式实施。此前香港特区政府公告称，《稳定币条例》实施 后，任何人如在业务过程中在香港发行法币稳定币，或在香港或以外发行宣称锚定港元价值的法币稳定 币，必须向金融管理专员申领牌照。 《稳定币条例》只容许指定的持牌机构在香港销售法币稳定币，而只有由持牌发行人所发行的法币稳定 币方可销售 ...

稳定 币背后 的驱动力来自国力、货币地位与金融主权的博弈，而非表面上的技术创新。 一个突如其来的稳定币监管元年相随而至。稳定币背后的驱动 力来自国力、货币地位与金融主权的博弈，而非表面上的技术 创新。 作者：欧阳晓红 封图：图虫创意 不经意间，一个全新的数字货币世界已然到来。 谁曾料到，第二大稳定币（Stablecoin）USD Coin（下称"USDC"）发行方Circle Internet Group 上市的那一刻，也敲响了全球央行的警钟——当"链上美元"成为左右美债市场的力量时，金融秩序 的底层代码正在被重写。 所谓稳定币（Stable coin）是以区块链技术为基础、价值锚定特定资产或算法的加密数字货币，主 要分为四类：法币抵押型（如 USDT、USDC），需以100%储备的高流动性资产支撑；加密资产 抵押型（如DAI），依赖超额加密资产质押维持稳定；算法型（如USDe通过衍生品对冲、或已崩 盘的UST双币模型），因为系统性风险，已被多国明令禁止；混合型（如USDV），则结合法币储 备与算法调节机制。 惶恐也好，质疑也罢，一个突如其来的稳定币监管元年相随而至。美国通过《引导和建立美国稳定 币国家创新法 ...

Core Insights - The emergence of stablecoins, particularly USD Coin (USDC), has raised alarms among global central banks as they begin to influence the U.S. Treasury market, indicating a shift in the underlying financial order [2][7] - The regulatory landscape for stablecoins is evolving rapidly, with the U.S. introducing the GENIUS Act, the EU implementing the MiCA regulation, and Hong Kong establishing a comprehensive regulatory framework for fiat-referenced stablecoins [2][6][9] Group 1: Stablecoin Overview - Stablecoins are categorized into four types: fiat-collateralized (e.g., USDT, USDC), crypto-collateralized (e.g., DAI), algorithmic (e.g., UST), and hybrid [2] - The total transaction volume of stablecoins reached $27.6 trillion in 2024, surpassing the annual transaction volumes of Visa and Mastercard [7] Group 2: Regulatory Developments - The U.S. GENIUS Act mandates that non-U.S. issuers must demonstrate regulatory comparability to enter the U.S. market, potentially reshaping global financial order [6] - Hong Kong has become the first major financial center in Asia to legislate stablecoin regulations, establishing a legal framework for fiat-referenced stablecoins [6][9] Group 3: Market Dynamics - The combined market capitalization of USDT and USDC exceeds $210 billion, accounting for 86% of the global stablecoin market [7] - Stablecoins are increasingly seen as a "shadow Federal Reserve," influencing U.S. Treasury yields through their high-frequency circulation and anchoring to U.S. debt [7][8] Group 4: Implications for Digital Currency - The rise of stablecoins is prompting a new monetary policy transmission mechanism that could replace traditional interbank systems [8] - Hong Kong's regulatory framework for stablecoins is viewed as a potential model for the internationalization of the digital yuan, with plans for offshore RMB stablecoin initiatives [9][10][14]

[Table_Title] 研究报告 Research Report 6 Jun 2025 香港非银行金融 Hong Kong Non-Bank Financials 稳定币专家会：香港监管框架鼓励创新，未来发展可期 Takeaways from Stablecoin Expert Talk: HK Stablecoins Bill Encourages Innovation, Reflecting a Positive Outlook Ling Tan ling.ml.tan@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 HashKey Eco Labs 的首席执行官 Kay 出席了海通国际 6 月 4 日举行的稳定币专家会"美国与香港：稳定币行业现状、实 际应用场景，法案对稳定币发展的影响"。HashKey 集团是亚洲领先、全球布局的数字资产金融服务集团，也是香港 金管局稳定币"沙盒"首批仅三家参与者之一的圆币科技的主要股东之一。 点评 ...

本报告来源于"慧博投研",请勿外传! 证券研究报告 非银金融 2025年05月23日 非银行业深度报告: 稳定币赛道研究 董栋梁(证券分析师) S0350525030005 dongdl@ghzq.com.cn 本报告来源于"慧博投研"，请勿外传! 相关报告 | | | 请务必阅读报告附注中的风险提示和免责声明 2 核心提要 太将告来源于"彗横投研" 清勿外传! 请务必阅读报告附注中的风险提示和免责声明 ◆ 核心要点：稳定币近年来在全世界发展较为迅速、不同稳定币之间也有不同的特色。世界各地也在展开一系列对稳定币的监 管 ◆ 稳定币近年来发展迅速：由于一般的数字货币波动大、且稳定币在跨境支付方面有更高的效率，同时特定地区也对稳定币产 生需求,因此稳定币近年来规模快速增长,且以美元为主。 ◆ 各种类型的稳定币满足不同客户的需求:稳定币主要有三种类型，包括基于法定货币或实物资产等资产抵押发行的数字货币, 基于数字资产或者抵押产生的稳定币和算法稳定币。基于法定货币或实物资产等资产抵押的稳定币是市场主流、安全性较高; 基于数字资产或者抵押产生的稳定币则能提供杠杆和一定的收益，算法稳定币的市场关注度正在逐步下降。 ◆ 稳 ...

USDT 是最早一批发行的稳定币，由 Tether 公司足额储备资产锚定美元 发行，是目前使用最广泛的稳定币。USDT 由 Tether 公司于 2014 年推 出，1 USDT 锚定 1 美元。USDT 成为中心化交易所上市最早的一批稳 定币，此后逐渐成为市场上使用最广泛的稳定币产品，主要用于加密 货币现货、期货交易对。USDT 是一个由美元资产支撑的稳定币，公司 称每枚代币都有 1 美元资产支撑，Tether 提供可审计的资产负债表， 其中主要为现金类等传统金融资产。USDT 推出以来，规模持续保持较 快的增长速度，这体现了市场对稳定币的底层实际需求，稳定币的出 现可谓是"必然"。 目前有三类方式实现这种信用传递：中心化机构足额储备资产发行稳定 币、基于区块链智能合约抵押加密资产发行稳定币、算法稳定币。对于稳 定币来说，USDT 这种中心化机构发行的稳定币处于主导地位；第二类超 额抵押和第三轮算法稳定币的机制在一定程度上并不直观，用户往往并不 能很直接地感受到其稳定币产品的内在价值锚定逻辑，尤其是在加密货币 价格剧烈波动时，用户对清算机制的作用结果并不能很直观预期这些因素 都限制了后两者的发展。 RWA ...