RT Aoke Quant 奥克队长🚩 (@aoke_quant)今天发现作恶者的地址把 Hyperliquid 的2911.79万USDC资金全部提走了，团队的小伙伴做了一下追踪，令人震惊的是，作恶者把资金洗了一圈，又充回到 了Hyperliquid。更令人震惊的是，作恶者又开了 $XPL 的多单。结合后续的一些调查，不得不让人怀疑，该作恶者与 Hyperliquid 内部人员有深度交互（文章末尾附其中一个地址）提现细节：截至2025年8月28日16时，作恶者0xb9c0283968744b80aef904455bb3dfc7ffd6801e地址已经全部提币完成，分16笔共提币2911.79万USDC其中2651.69万USDC通过DLN跨链到ETH链兑换成USTC、ETH，以及跨到BSC链兑换成USDT随后将跨链后的资金分别以几笔的形式进入9个跨链合约地址，又将ETH跨链回到ARBITRUM，再将资金进入Hyperliquid平台。在初始资金来源上，团队也做了调查。发现作恶者的资金来源地址与维纳斯有大额交互，主要路径是用bnb抵押到维纳斯，借贷出U来。让团队怀疑该作恶者是与 Hyperliquid 内部人 ...

Core Viewpoint - Stablecoins are a strategic battleground for national digital financial discourse, serving as a bridge between traditional finance and the crypto economy, especially in the context of emerging regulations in the EU, the US, and Hong Kong [1][5][10]. Group 1: Stablecoin Mechanism and Application Scenarios - Stablecoins are categorized into three types based on their anchoring mechanisms: fiat-collateralized, crypto-collateralized, and algorithmic, with fiat-collateralized stablecoins dominating the market [2][19]. - The stablecoin market exhibits a "one super, one strong, and a hundred flowers blooming" pattern, with USDT and USDC together accounting for 86% of the market share [2][36]. - Stablecoins are utilized in various scenarios including DeFi ecosystems, RWA transactions, value storage, cross-border payments, and retail payments, providing functions such as pricing benchmarks and real-time settlement [2][63]. Group 2: Impact on Banking Systems - Stablecoins pose significant implications for banking systems, affecting currency status, central bank policy tools, and potentially leading to systemic disturbances [3][9]. Group 3: Regulatory Developments - Recent regulatory frameworks in the US and Hong Kong mark a turning point for stablecoin development, emphasizing the need for compliance and stability in the financial system [5][10]. - Hong Kong's "Stablecoin Ordinance" introduces a comprehensive regulatory framework for fiat-backed stablecoins, focusing on strict entry requirements, robust reserve management, and unconditional redemption [13][14]. Group 4: Comparison of Regulatory Models - The regulatory approaches in Hong Kong, the US, and the EU differ significantly, with Hong Kong emphasizing openness and compatibility, the US reinforcing the dominance of the dollar, and the EU pursuing unity and security [16][18]. - The regulatory frameworks aim to balance financial stability and innovation while protecting investors and maintaining the integrity of financial markets [17][18]. Group 5: Stablecoin Market Dynamics - As of June 2025, the stablecoin market exceeds $250 billion, with USDT and USDC leading the market, accounting for 62% and 24% of the total market share, respectively [36][39]. - The market is characterized by a high degree of concentration, with USDT being the largest stablecoin by market cap, followed by USDC, which has gained traction due to its compliance and transparency [40][41].