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</div></div><p>Ant Group and JD.com have suspended their stablecoin plans. According to the Financial Times, several informed sources revealed that the Chinese government has intervened to slow down the stablecoin issuance plans of several tech giants, including Ant Group and JD.com (9618), in Hong Kong. Ant Group is an affiliate of e-commerce giant Alibaba (9988), while JD.com is one of China's largest retailers.</p><p>&nbsp;</p><p>Before the new stablecoin licensing system in Hong Kong took effect, both companies urged the People's Bank of China (PBoC) in closed-door meetings to approve the issuance of stablecoins pegged to the Chinese yuan.</p><p>&nbsp;</p><h3>Ant Group and JD.com Suspend Stablecoin Plans Amid Concerns from PBoC Officials</h3><p>&nbsp;</p><p>However, according to the Financial Times, the regulatory intervention by the PBoC and the Cyberspace Administration of China has led these two companies to pause their stablecoin plans. Five sources indicated that PBoC officials expressed concerns about private enterprises issuing any type of currency, noting that privately operated stablecoins could pose a challenge to China's central bank digital currency—the digital yuan (e-CNY).</p><p>&nbsp;</p><p>At a closed-door financial forum at the end of August, PBoC Governor Zhou Xiaochuan voiced concerns about the stability of stablecoins. He pointed out, "The central bank currently faces at least two concerns. The first is excessive currency issuance, which occurs when stablecoins are issued without a 100% reserve requirement, a phenomenon known as over-issuance. The second is high leverage, which refers to the multiplier effect of currency derivatives generated post-issuance." Zhou emphasized that while the U.S. GENIUS Act and Hong Kong's stablecoin regulations have addressed these issues, controls remain significantly inadequate.</p><p>&nbsp;</p><p>According to data from the Hong Kong Monetary Authority, Ant Group and JD.com are among the 77 companies expressing interest in applying for stablecoin licenses in Hong Kong. Despite cautious regulatory actions in mainland China, Hong Kong authorities continue to position the region as a space for crypto development, similar to a regulatory sandbox.</p><p>&nbsp;</p><h3>Chinese Regulators Slow Down Tokenization of Real Assets in Hong Kong</h3><p>&nbsp;</p><p>Recently, Chinese regulators have also intervened to slow down the tokenization of real assets in Hong Kong, advising some top brokers to pause their plans. Additionally, regulators requested major brokers to stop publishing research reports supporting stablecoins in August.</p><p>&nbsp;</p><p>The regulatory environment in Hong Kong initially appeared ready to facilitate the issuance of stablecoins. In May 2025, the region enacted legislation to establish licensing rules for fiat-backed stablecoin issuers, showcasing its ambition to become a digital asset hub in Asia. However, recent developments indicate that central authorities in mainland China continue to exert significant influence over tech companies' digital currency initiatives.</p><p>&nbsp;</p><p>This decision marks a shift in China's perspective on stablecoins and private digital asset initiatives. While tokenization and fintech innovation remain high priorities, this move underscores Beijing's stringent control over digital currency issuance.</p>

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</div></div><p>蚂蚁集团与京东暂停稳定币计划。根据《金融时报》报导，数位知情人士透露，中国政府已介入，减缓包括蚂蚁集团和京东（9618）在内的几家科技巨头在香港发行稳定币的计划。蚂蚁集团是电商巨头阿里巴巴（9988）的关联公司，而京东则是中国最大的零售商之一。这两家公司在香港的新稳定币许可制度生效前，曾在闭门会议中敦促中国人民银行（PBoC）批准发行以人民币挂钩的稳定币。</p><p>&nbsp;</p><h3>蚂蚁集团与京东暂停稳定币计划 人行官员对私人企业发行任何类型的货币表示担忧</h3><p>&nbsp;</p><p>然而，根据《金融时报》的报导，人民银行和中国网络空间管理局的监管介入使得这两家公司暂停了其稳定币计划。五位消息人士表示，人民银行官员对私人企业发行任何类型的货币表示担忧，并指出私人营运的稳定币可能对中国的中央银行数字货币——数字人民币（e-CNY）构成挑战。</p><p>&nbsp;</p><p>在8月末的一次闭门金融论坛上，人民银行行长周小川表达了对稳定币稳定性的担忧。他在会上指出：「中央银行目前至少面临两个担忧。首先是过度货币发行，即在没有100%储备要求的情况下发行稳定币，这种现象称为过度发行。其次是高杠杆，即发行后操作所产生的货币衍生品的乘数效应。」周小川强调，美国的GENIUS法案和香港的稳定币条例虽已针对这一问题进行处理，但控制仍然显著不足。</p><p>&nbsp;</p><p>根据香港金融管理局的数据，蚂蚁集团和京东是77间表达有意在香港申请稳定币许可证的公司之一。尽管中国内地的监管行动较为谨慎，香港当局仍将该地区定位为加密发展的空间，类似于监管沙盒。</p><p>&nbsp;</p><h3>中国监管机构放缓香港的实体资产代币化工作</h3><p>&nbsp;</p><p>最近，中国监管机构还介入，放缓香港的实体资产代币化工作，并建议一些顶尖经纪商暂停其计划。此外，监管机构在8月要求主要经纪商停止发布支持稳定币的研究报告。</p><p>&nbsp;</p><p>香港的监管环境本来似乎准备好释放稳定币的发行。 2025年5月，该地区通过立法，建立了法币支撑的稳定币发行者的许可规则，显示出其成为亚洲数字资产中心的雄心。然而，最新的发展表明，内地中央当局仍对科技公司的数字货币计划施加强大影响。</p><p>&nbsp;</p><p>此决定标志着中国对稳定币及私人数字资产倡议的看法发生了转变。尽管代币化和金融科技创新仍然是高优先事项，但此举凸显了北京对数字货币发行的严格控制。</p>

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</div></div><p><strong>螞蟻集團與京東暫停穩定幣計劃</strong>。<a href="https://www.ft.com/content/8bc1fcfa-8c69-4de0-b6cb-ab6f7117558b">根據《金融時報》報導</a>，數位知情人士透露，中國政府已介入，減緩包括螞蟻集團和京東（9618）在內的幾家科技巨頭在香港發行<a href="https://cftime.io/bochk-rumored-to-be-interested-in-issuing-a-stablecoin/">穩定幣的計劃</a>。螞蟻集團是電商巨頭阿里巴巴（9988）的關聯公司，而京東則是中國最大的零售商之一。這兩家公司在香港的新穩定幣許可制度生效前，曾在閉門會議中敦促中國人民銀行（PBoC）批准發行以人民幣掛鈎的穩定幣。</p><p>&nbsp;</p><h3>螞蟻集團與京東暫停穩定幣計劃 人行官員對私人企業發行任何類型的貨幣表示擔憂</h3><p>&nbsp;</p><p>然而，根據《金融時報》的報導，人民銀行和中國網絡空間管理局的監管介入使得這兩家公司暫停了其穩定幣計劃。五位消息人士表示，人民銀行官員對私人企業發行任何類型的貨幣表示擔憂，並指出私人營運的穩定幣可能對中國的中央銀行數字貨幣——數字人民幣（e-CNY）構成挑戰。</p><p>&nbsp;</p><p><a href="https://www.cf40.org.cn/article/1/289186">在8月末的一次閉門金融論壇上</a>，人民銀行行長周小川表達了對穩定幣穩定性的擔憂。他在會上指出：「中央銀行目前至少面臨兩個擔憂。首先是過度貨幣發行，即在沒有100%儲備要求的情況下發行穩定幣，這種現象稱為過度發行。其次是高槓桿，即發行後操作所產生的貨幣衍生品的乘數效應。」周小川強調，美國的GENIUS法案和香港的穩定幣條例雖已針對這一問題進行處理，但控制仍然顯著不足。</p><p>&nbsp;</p><p>根據香港金融管理局的數據，螞蟻集團和京東是77間表達有意在香港申請穩定幣許可證的公司之一。儘管中國內地的監管行動較為謹慎，香港當局仍將該地區定位為加密發展的空間，類似於監管沙盒。</p><p>&nbsp;</p><h3>中國監管機構放緩香港的實體資產代幣化工作</h3><p>&nbsp;</p><p>最近，中國監管機構還介入，放緩香港的實體資產代幣化工作，並建議一些頂尖經紀商暫停其計劃。此外，監管機構在8月要求主要經紀商停止發布支持穩定幣的研究報告。</p><p>&nbsp;</p><p>香港的監管環境本來似乎準備好釋放穩定幣的發行。2025年5月，該地區通過立法，建立了法幣支撐的穩定幣發行者的許可規則，顯示出其成為亞洲數字資產中心的雄心。然而，最新的發展表明，內地中央當局仍對科技公司的數字貨幣計劃施加強大影響。</p><p>&nbsp;</p><p>此決定標誌著中國對穩定幣及私人數字資產倡議的看法發生了轉變。儘管代幣化和金融科技創新仍然是高優先事項，但此舉凸顯了北京對數字貨幣發行的嚴格控制。</p>

Ant Group and JD.com suspend stablecoin plans

蚂蚁集团与京东暂停稳定币计划

螞蟻集團與京東暫停穩定幣計劃

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</div></div><p>The Hong Kong Monetary Authority (HKMA) has announced a relaxation of capital requirements for financial institutions holding specific digital assets. The HKMA's easing of capital requirements for banks holding Bitcoin is viewed as a strategic move to solidify Hong Kong's status as an international financial center and actively develop the cryptocurrency industry. The HKMA is also implementing a new regulatory policy manual module, CRP-1, which clearly categorizes virtual assets under the Basel Committee's global capital standards and will take effect on January 1, 2026.</p><p>&nbsp;</p><h3>Easing of Capital Requirements Originating from August Notification</h3><p>&nbsp;</p><p>This new regulation stems from a notification issued by the HKMA in mid-August, confirming that the international Basel standards will be implemented in Hong Kong in early 2026. The authority has circulated a consultation document to the local banking sector outlining the specifics of how it will implement the Basel standards within Hong Kong's regulatory framework.</p><p>&nbsp;</p><p>Notably, the new regulation adopts a differentiated approach for cryptocurrencies operating on unlicensed blockchains, such as Bitcoin (BTC) and Ethereum (ETH). If issuers can effectively implement risk management and mitigation measures, their capital requirements may be reduced. This measure will distinguish tokenized assets and stablecoins from unendorsed cryptocurrencies, moving away from treating all digital assets uniformly.</p><p>&nbsp;</p><p>According to the Basel Agreement, digital assets originally bore a risk weight of 1250%, meaning that banks needed to hold capital equivalent to or exceeding 100% of the digital asset's value as a loss buffer, making participation in the virtual asset business economically unfeasible for banks. The new regulation is expected to lower this threshold.</p><p>&nbsp;</p><h3>Initial Approval for a Limited Number of Stablecoin Issuers</h3><p>&nbsp;</p><p>The HKMA indicated that initially, only a limited number of stablecoin issuers would be approved, allowing them ample time to prepare for the capital requirements set to take effect early next year. Over the years, Hong Kong has established a comprehensive regulatory framework for cryptocurrencies, encompassing licensing systems for cryptocurrency exchanges and stablecoin issuers. The Securities and Futures Commission (SFC) also updated its guidelines in August, requiring licensed cryptocurrency platforms to enhance customer fund custody measures and detailing new requirements for platform custody practices in response to vulnerabilities and customer losses exposed in several overseas incidents. These new requirements include responsibilities for senior management, cold wallet infrastructure, real-time threat monitoring, and third-party wallet oversight.</p><p>&nbsp;</p><p>For stablecoin issuers, the HKMA's new regulations require them to hold a license and issue stablecoins pegged to the Hong Kong dollar, maintaining a minimum capital of HKD 25 million, HKD 3 million in liquidity, and sufficient additional liquidity to cover at least 12 months of operating expenses. Stablecoin holders can redeem assets at face value within one business day, and issuers are prohibited from imposing unreasonable fees or conditions on redemption requests.</p><p>&nbsp;</p><p>Issuers operating regulated stablecoin activities without permission will face fines of up to HKD 5 million and imprisonment for up to seven years, along with daily fines of HKD 100,000 until the violations cease. This series of measures demonstrates the Hong Kong government's commitment to developing the cryptocurrency industry while emphasizing risk management and regulatory transparency.</p>

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</div></div><p>香港金融管理局（HKMA）宣布放宽持有特定数位资产的金融机构资本要求。金管局放宽香港银行持有比特币资本要求，被视为香港巩固其国际金融中心地位，积极发展加密货币产业的最新策略。 金管局同时推行新的监管政策手册模组CRP-1，明确规范虚拟资产在巴塞尔银行监管委员会全球资本标准下的分类，并将在2026年1月1日起生效。</p><p>即加入CFTime TG讨论区！想掌握最新加密市场动态与AI新闻与资讯，更能随时获得免费web 3入场券！</p><p>金管局放宽香港银行持有比特币资本要求源于金管局在8月中旬发布的通知</p><p>这项新规定，源于金管局在8月中旬发布的通知，确认国际巴塞尔标准将于2026年初在香港实施。该局已向本地银行业发放咨询文件，详述其在香港监管框架下实施巴塞尔标准的具体方法。</p><p>值得注意的是，新规定针对在无许可区块链上运作的加密资产，例如比特币（BTC）和以太币（ETH），采取差异化处理。 若发行者能有效执行风险管理及缓解措施，则其资本要求可望降低。 这项措施将符合稳定币框架的代币化资产和稳定币，与未经背书的加密货币区隔开来，不再将所有数位资产一概而论。</p><p>根据巴塞尔协议，数位资产原本需承受1250%的风险权重，意味着银行需持有等值于或超过数位资产价值100%的资本作为损失缓冲，此举曾使银行参与虚拟资产业务变得不经济。 新规定则有望降低此门槛。</p><p>初期将仅批准少数稳定币发行者</p><p>金管局表示，初期将仅批准少数稳定币发行者，让其有充足时间准备，应对即将在明年初生效的资本要求。 多年来，香港已建立完善的加密货币监管架构，涵盖加密货币交易所及稳定币发行者的发牌制度。 香港证券及期货事务监察委员会（SFC）也在8月更新指引，要求持牌加密货币平台加强客户资金托管措施，并针对海外多起事件中暴露的漏洞及客户损失，详细说明其对平台托管实务的新要求，包括高级管理人员的责任、冷钱包基础设施、实时威胁监控及第三方钱包监督。</p><p>针对稳定币发行者，金管局的新规定要求其持有牌照，发行以港元为基准维持稳定价值的稳定币，并维持不少于2,500万港元的股本、300万港元的流动资金，以及足以应付至少12个月营运费用的额外流动资金。 稳定币持有人可在一个营业日内按面值赎回资产，发行者也被禁止对赎回请求施加不合理的费用或条件。</p><p>未经许可经营受规管稳定币活动的发行者，将面临最高500万港元的罚款及最高七年的监禁，并每日处以10万港元的罚款，直至违规行为停止。 此一系列措施，展现香港政府在发展加密货币产业的同时，也着重风险管理及监管透明度的决心。</p>

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</div></div><p>香港金融管理局（HKMA）宣佈放寬持有特定數碼資產的金融機構資本要求。金管局放寬香港銀行持有比特幣資本要求，被視為香港鞏固其國際金融中心地位，積極發展加密貨幣產業的最新策略。 金管局同時推行新的監管政策手冊模組CRP-1，明確規範虛擬資產在巴塞爾銀行監管委員會全球資本標準下的分類，並將於2026年1月1日起生效。</p><p>&nbsp;</p><p>金管局放寬香港銀行持有比特幣資本要求 源於金管局在8月中旬發布的通知</p><p>&nbsp;</p><p>此項新規定，<a href="https://brdr.hkma.gov.hk/eng/doc-ldg/docId/getPdf/20250815-1-EN/20250815-1-EN.pdf">源於金管局在8月中旬發布的通知</a>，確認國際巴塞爾標準將於<a href="https://cftime.io/basel-standards-implemented-in-hong-kong/"><i>2026年初在香港實施</i></a>。該局已向本地銀行業發放諮詢文件，詳述其在香港監管框架下實施巴塞爾標準的具體方法。</p><p>&nbsp;</p><p>值得注意的是，新規定針對在無許可區塊鏈上運作的加密資產，例如比特幣（BTC）和以太幣（ETH），採取差異化處理。 若發行者能有效執行風險管理及緩解措施，則其資本要求可望降低。 這項措施將符合穩定幣框架的代幣化資產和穩定幣，與未經背書的加密貨幣區隔開來，不再將所有數碼資產一概而論。</p><p>&nbsp;</p><p>根據巴塞爾協議，數碼資產原本需承受1250%的風險權重，意味著銀行需持有等值於或超過數碼資產價值100%的資本作為損失緩衝，此舉曾使銀行參與虛擬資產業務變得不經濟。 新規定則有望降低此門檻。</p><p>&nbsp;</p><p>初期將僅批准少數穩定幣發行者</p><p>&nbsp;</p><p>金管局表示，初期將僅批准少數穩定幣發行者，讓其有充足時間準備，應對即將於明年初生效的資本要求。 多年來，香港已建立完善的加密貨幣監管架構，涵蓋加密貨幣交易所及穩定幣發行者的發牌制度。 香港證券及期貨事務監察委員會（SFC）<a href="https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=25PR124">亦於8月更新指引</a>，要求持牌加密貨幣平台加強客戶資金託管措施，並針對海外多起事件中暴露的漏洞及客戶損失，詳細說明其對平台託管實務的新要求，包括高級管理人員的責任、冷錢包基礎設施、實時威脅監控及第三方錢包監督。</p><p>&nbsp;</p><p>針對穩定幣發行者，<a href="https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers">金管局的新規定要求其持有牌照</a>，發行以港元為基準維持穩定價值的穩定幣，並維持不少於2,500萬港元的股本、300萬港元的流動資金，以及足以應付至少12個月營運費用的額外流動資金。 穩定幣持有人可於一個營業日內按面值贖回資產，發行者亦被禁止對贖回請求施加不合理的費用或條件。</p><p>&nbsp;</p><p>未經許可經營受規管穩定幣活動的發行者，將面臨最高500萬港元的罰款及最高七年的監禁，並每日處以10萬港元的罰款，直至違規行為停止。 此一系列措施，展現香港政府在發展加密貨幣產業的同時，亦著重風險管理及監管透明度的決心。</p>

HKMA relaxes capital requirements for HK banks holding Bitcoin

金管局放宽香港银行持有比特币资本要求 抢攻全球加密金融霸主地位

金管局放寬香港銀行持有比特幣資本要求 搶攻全球加密金融霸主地位

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</div></div><p>Bank of China (Hong Kong) has reportedly expressed its intention to apply for the issuance of a stablecoin, officially entering the stablecoin market. The Hong Kong Monetary Authority (HKMA) had previously called for interested institutions to express their intentions by the end of August and advised well-prepared organizations to submit their applications as soon as possible, no later than the end of September. Following the announcement by the joint venture Anchorpoint, led by Standard Chartered Hong Kong (which holds a 50.5% stake), to apply, Bank of China (Hong Kong) (2388) has also joined the fray, actively preparing to apply for a stablecoin issuance license.</p><p>Today, Bank of China (Hong Kong) opened at HKD 36.8, rising by 4.49%.</p><h3>Renminbi Internationalization as a Key Consideration</h3><p>The issuance license for stablecoins in Hong Kong has not yet been granted but has already attracted significant market attention. Although Bank of China (Hong Kong) was not among the three institutions selected by the HKMA for the initial stablecoin sandbox, it has established a dedicated team to actively study related matters. Analysts point out that stablecoins play a crucial role in the macro layout of digital currencies and are likely to be linked to offshore renminbi in the future, further promoting the internationalization of the renminbi. Bank of China (Hong Kong) clearly values the development of stablecoins and is actively seeking to participate.</p><p>A spokesperson from Bank of China (Hong Kong) did not comment on the market rumors. At a recent earnings announcement, the bank stated that it is actively researching the application scenarios and risk management mechanisms for digital assets and digital currencies, and supports the development of Hong Kong's fintech and digital asset markets. An HKMA spokesperson mentioned that some institutions have expressed intentions to apply for stablecoin licenses, but did not disclose specific names.</p><h3>Other Institutions Applying for Stablecoin Licenses</h3><p>In July last year, the HKMA announced three institutions participating in the stablecoin sandbox: Anchorpoint, formed by Standard Chartered Hong Kong in collaboration with the AIA Group and Hong Kong Telecommunications (6823), Jingdong Coin Chain Technology (Hong Kong), and Round Coin Innovation Technology (a subsidiary of Round Coin Technology, founded by former HKMA president Norman Chan). As of now, Jingdong and Round Coin Technology have not responded regarding their intentions to apply.</p><p>Ant Group previously stated that it would apply as soon as the Stablecoin Ordinance comes into effect, but it has not responded on whether it has expressed its intention to the HKMA.</p><h3>Standard Chartered Leads, but Regulatory Requirements May Affect Planning</h3><p>Market analysis suggests that among the institutions that have expressed interest in applying, Standard Chartered's joint venture Anchorpoint currently leads in terms of technical readiness and cross-border market coverage. However, the HKMA's licensing requirements, particularly the identity verification regulations for each stablecoin holder, may impact the original application scenario planning and cost budgets for some applicants.</p><p>It is worth noting that eight years ago, the HKMA promoted the development of fintech in Hong Kong, and both Bank of China (Hong Kong) and Standard Chartered Hong Kong led consortiums that became among the first operators to receive virtual banking licenses in 2019.</p><p>HKMA Vice President Eddie Yue has previously stated that to ensure stable development, only a few stablecoin licenses will be issued in the first phase, with issuance expected early next year. Initial business profitability remains highly uncertain.</p>

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</div></div><p>传中银香港有意申发稳定币，正式杀入稳定币战场！金管局早前呼吁有意申请的机构于8月底前表达意向，并建议准备充足的机构尽快，最迟于9月底前提交申请。据市场消息，继渣打香港牵头成立的合资公司Anchorpoint（渣打持股50.5%）公开表示有意申请后，另一发钞行中银香港（2388）亦加入战局，正积极准备申请，力争成为首批获得稳定币发行牌照的机构。</p><p>&nbsp;</p><p>中银香港今日开报36.8元，升4.49%。</p><p>&nbsp;</p><h3>人民币国际化成关键考量</h3><p>&nbsp;</p><p>香港稳定币发行牌照尚未发放，已备受市场关注。虽然中银香港并非金管局先前选定的三间稳定币沙盒参与机构之一，但该行已成立专责小组积极研究相关事宜。分析人士指出，稳定币在数位货币领域的宏观布局中扮演关键角色，未来更可能与离岸人民币挂钩，进而促进人民币国际化。中银香港显然重视稳定币发展，并积极争取参与其中。</p><p>&nbsp;</p><p>中银香港发言人对此市场传闻未予置评。该行在近期业绩发布会上，仅表示积极研究数位资产和数位货币的应用场景及风险管理机制，并支持香港金融科技及数位资产市场的发展。金管局发言人则表示，已有部分机构表达申请稳定币牌照的意向，但未透露具体机构名单。</p><p>&nbsp;</p><h3>传中银香港有意申发稳定币 其他申请机构动态</h3><p>&nbsp;</p><p>去年7月，金管局公布的三间稳定币沙盒参与机构包括：渣打香港联同安拟集团及香港电讯（6823）组成的Anchorpoint、京东币链科技（香港）以及圆币创新科技（圆币科技旗下子公司，由金管局前总裁陈德霖创立）。 截至目前，京东及圆币科技尚未回覆是否已表达申请意向。</p><p>&nbsp;</p><p>蚂蚁集团此前曾表示，将在《稳定币条例》生效后尽快申请，但对于是否已向金管局表达申请意向，则未有回应。</p><p>&nbsp;</p><h3>渣打领先，但监管要求或影响申请机构规划</h3><p>&nbsp;</p><p>市场分析认为，在已表态有意申请的机构中，渣打牵头的合资公司Anchorpoint在技术准备和跨境市场覆盖方面暂时领先。然而，金管局发牌要求中，每位稳定币持有人的身份核实规定，可能影响部分申请机构原先的应用场景规划和成本预算。</p><p>&nbsp;</p><p>值得回顾的是，八年前金管局推动香港金融科技发展，中银香港和渣打香港分别牵头成立的财团，均成为2019年首批获发虚拟银行牌照的营运商。</p><p>&nbsp;</p><p>金管局副总裁陈维民曾表示，为确保稳定发展，首阶段将只发放数个稳定币牌照，预计明年初发放，初期业务盈利存在很大不确定性。</p>

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</div></div><p>傳中銀香港有意申發穩定幣，正式殺入<a href="https://cftime.io/basel-standards-implemented-in-hong-kong/">穩定幣</a>戰場！金管局早前<a href="https://www.hkma.gov.hk/chi/news-and-media/press-releases/2025/07/20250729-4/">呼籲有意申請的機構</a>於8月底前表達意向，並建議準備充足的機構盡快，最遲於9月底前提交申請。據市場消息，繼渣打香港牽頭成立的合資公司Anchorpoint（渣打持股50.5%）公開表示有意申請後，另一發鈔行中銀香港（2388）亦加入戰局，正積極準備申請，力爭成為首批獲得穩定幣發行牌照的機構。</p><p>&nbsp;</p><p>中銀香港今日開報36.8元，升4.49%。</p><p>&nbsp;</p><h3><strong>人民幣國際化成關鍵考量</strong></h3><p>&nbsp;</p><p>香港穩定幣發行牌照尚未發放，已備受市場關注。雖然中銀香港並非金管局先前選定的三間穩定幣沙盒參與機構之一，但該行已成立專責小組積極研究相關事宜。分析人士指出，穩定幣在數位貨幣領域的宏觀布局中扮演關鍵角色，未來更可能與離岸人民幣掛鈎，進而促進人民幣國際化。中銀香港顯然重視穩定幣發展，並積極爭取參與其中。</p><p>&nbsp;</p><p>中銀香港發言人對此市場傳聞未予置評。該行在近期業績發佈會上，僅表示積極研究數位資產和數位貨幣的應用場景及風險管理機制，並支持香港金融科技及數位資產市場的發展。金管局發言人則表示，已有部分機構表達申請穩定幣牌照的意向，但未透露具體機構名單。</p><p>&nbsp;</p><h3>傳中銀香港有意申發穩定幣 <strong>其他申請機構動態</strong></h3><p>&nbsp;</p><p>去年7月，金管局公布的三間穩定幣沙盒參與機構包括：渣打香港聯同安擬集團及香港電訊（6823）組成的Anchorpoint、京東幣鏈科技（香港）以及圓幣創新科技（圓幣科技旗下子公司，由金管局前總裁陳德霖創立）。 截至目前，京東及圓幣科技尚未回覆是否已表達申請意向。</p><p>&nbsp;</p><p>螞蟻集團此前曾表示，將在《穩定幣條例》生效後盡快申請，但對於是否已向金管局表達申請意向，則未有回應。</p><p>&nbsp;</p><h3><strong>渣打領先，但監管要求或影響申請機構規劃</strong></h3><p>&nbsp;</p><p>市場分析認為，在已表態有意申請的機構中，渣打牽頭的合資公司Anchorpoint在技術準備和跨境市場覆蓋方面暫時領先。然而，金管局發牌要求中，每位穩定幣持有人的身份核實規定，可能影響部分申請機構原先的應用場景規劃和成本預算。</p><p>&nbsp;</p><p>值得回顧的是，八年前金管局推動香港金融科技發展，中銀香港和渣打香港分別牽頭成立的財團，均成為2019年首批獲發虛擬銀行牌照的營運商。</p><p>&nbsp;</p><p>金管局副總裁陳維民曾表示，為確保穩定發展，首階段將只發放數個穩定幣牌照，預計明年初發放，初期業務盈利存在很大不確定性。</p><p>&nbsp;</p>

BoCHK is rumored to be interested in issuing a stablecoin! A Chinese-backed issuer is poised to reshape the market.

传中银香港有意申发稳定币！中国背景发行商将改写市场格局

傳中銀香港有意申發穩定幣！中國背景發行商將改寫市場格局

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</div></div><p>&nbsp;</p><p>Against the backdrop of intense volatility in the cryptocurrency market, stablecoin issuer Circle Internet Financial (CRCL) has risen against the tide. Its stock price has soared by as much as 800% since its listing, and it has become the highest-weighted (13%) component of the VanEck Digital Assets Index (MVDAPP), surpassing Coinbase (COIN) and MicroStrategy (MSTR). Why has Circle attracted massive capital inflows from Wall Street? This article analyzes Circle's rise to become a "must-have asset" for institutions, focusing on three key aspects: its stablecoin's dominant position, its leading role in index funds, and its regulatory moat.</p><h3><span style="color:#2A3795;"><strong>Circle's Three Key Advantages: Part 1 - USDC's "Cash Flow Monopoly": From Payment Tool to Financial Infrastructure</strong></span></h3><p>Circle's stablecoin, USDC, is currently the second-largest USD stablecoin globally, with a circulating supply of $32 billion.</p><p>▍Institutional-Grade Applications Explode</p><p>Futures Market Integration: Coinbase's clearinghouse, Nodal Clear, announced that from 2025, USDC will become eligible collateral for settling futures contracts, directly connecting it to traditional financial markets.<br>GENIUS Act Benefits: If passed, the GENIUS Act would incorporate USDC into the official US payment system, making it a compliant tool for corporate taxes and treasury transactions, further solidifying its government-level applications.</p><p>▍Robust Cash Flow Model</p><p>Circle generates revenue through interest sharing from USDC reserves, with an estimated annual income of $1.7 billion in 2024. This "low volatility + high liquidity" business model is extremely rare in the crypto industry, leading to CRCL being seen as the "Visa of crypto."</p><p>Read more: The Truth Behind Wall Street's Rush for Circle Stock; Stablecoin Scale Exceeds $250 Billion</p><h3><span style="color:#2A3795;"><strong>Circle's Three Key Advantages: Part 2 - Index Fund "Weight Hegemony": Passive Capital Continues to Increase</strong></span></h3><p>Less than three weeks after its IPO, Circle became the largest component (13% weight) of the VanEck MVDAPP index, significantly exceeding MicroStrategy (7%) and Coinbase (9%).</p><p>▍Passive Investment's Buying Effect</p><p>The VanEck Digital Transformation ETF (DAPP) must allocate CRCL according to its weight, creating an "institutional buying spiral."<br>Data shows that VanEck holds more CRCL shares than Circle CEO Jeremy Allaire, demonstrating Wall Street's recognition of its long-term value.</p><p>▍Comparison with Crypto Peers</p><p>&nbsp;</p><figure class="table"><table><thead><tr><th>Company</th><th>Index Weight</th><th>Year-to-Date Stock Price Increase</th><th>Main Business</th></tr></thead><tbody><tr><td><strong>Circle</strong></td><td>13%</td><td><strong>+445%</strong></td><td>Stablecoin (USDC)</td></tr><tr><td>Coinbase</td><td>9%</td><td>+23%</td><td>Exchange</td></tr><tr><td>Strategy</td><td>7%</td><td>+26%</td><td>Bitcoin Holdings</td></tr></tbody></table></figure><p>&nbsp;</p><p>Compared to the highly volatile exchanges and Bitcoin holding companies, Circle's "stablecoin cash flow" makes it the preferred choice for institutional funds seeking risk hedging.</p><p>&nbsp;</p><h3><span style="color:#2A3795;"><strong>Circle's Three Key Advantages: Part 3 - Regulatory Moat: Stablecoins Become "Regulatory Favorites"</strong></span></h3><p>&nbsp;</p><p>Circle's significant post-IPO rise can be attributed in part to the passage of the GENIUS Act in the Senate</p><p>&nbsp;</p><h2><strong>▍Strategic Value of the GENIUS Act</strong></h2><p>The GENIUS Act only awaits House passage and presidential signature. The Bernstein analyst Gautam Chhugani team predicts that if the bill is enacted, stablecoins will transition from the cryptocurrency ecosystem to a broader internet finance system.<br>The US Treasury has tested using USDC for tokenized settlement of treasury bonds, potentially leading to further integration into the global financial system.</p><p>&nbsp;</p><h3>▍Traditional Finance Alliances</h3><p>Circle has partnered with Visa and BlackRock to explore cross-border payments for tokenized assets and has received support from numerous banks, giving it a central position in the trend towards "crypto compliance."</p><p>Conclusion: Has Circle Become a "Blue-Chip Stock of Crypto"?</p><p>Based on market performance, Circle's three key moats—its stablecoin business, index weight, and policy advantages—have indeed moved it beyond the category of "high-risk crypto stocks," bringing it closer to the positioning of traditional financial payment giants (like Visa and Mastercard).</p><p>However, risks remain:</p><p>Interest Rate Policy Impact: If the Federal Reserve lowers interest rates, USDC interest income may decline.<br>Regulatory Variables: Delays in the GENIUS Act would postpone institutional adoption.</p><p>In the short term, the continuous inflow of passive capital has significantly increased Circle's market capitalization. The long-term outlook depends on whether USDC can truly become a global financial infrastructure. For investors, CRCL is no longer just a crypto concept stock; it is a crucial bet on digital dollar dominance.</p>

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</div></div><p>在加密货币市场剧烈波动的背景下，稳定币发行商Circle Internet Financial（CRCL）却逆势崛起，不仅股价自上市以来最多暴涨800%，更成为VanEck数位资产指数（MVDAPP）中权重最高（13%）的成分股，超越Coinbase（COIN）和MicroStrategy（MSTR）。究竟Circle为何能吸引华尔街巨额资金进驻？本文将从稳定币垄断地位、指数基金主导权、政策护城河三大面向，解析Circle崛起，成为机构「必配资产」的关键原因。</p><hr><h3><span style="color:#2A3795;"><strong>Circle崛起三大关键优势之一：USDC的「现金流垄断」：从支付工具升级为金融基础设施</strong></span></h3><p>&nbsp;</p><p>Circle旗下稳定币USDC是目前全球第二大美元稳定币，流通量达320亿美元。</p><p>&nbsp;</p><h3><strong>▍机构级应用爆发</strong></h3><p>&nbsp;</p><p>期货市场整合：Coinbase旗下清算所Nodal Clear宣布，2025年起USDC将成为合格抵押品，用于结算期货合约，直接打通传统金融市场。<br>GENIUS法案红利：该法案若通过，USDC将被纳入美国官方支付系统，成为企业税收、国债交易的合规工具，进一步巩断政府级应用。</p><p>&nbsp;</p><h3>▍稳健的现金流模式</h3><p>&nbsp;</p><p>Circle透过USDC储备金的利息分润，2024年的年收入约为17亿美元，这种「低波动+高流动性」的商业模式，在加密产业中极为罕见，也让CRCL被视为「加密界的Visa」。</p><hr><h2><span style="color:#2A3795;"><strong>Circle崛起三大关键优势之二：指数基金「权重霸权」：被动资金持续加仓</strong></span></h2><p>&nbsp;</p><p>Circle上市不到三周，即成VanEck MVDAPP指数，最大成分股（13%权重），远超Strategy（7%）和Coinbase（9%）。</p><p>&nbsp;</p><p>▍被动投资的买盘效应</p><p>VanEck数位转型ETF（DAPP）需按权重配置CRCL，形成「机构买盘螺旋」。<br>数据显示，VanEck持有CRCL的股份已超过Circle执行长Jeremy Allaire，显示华尔街对其长期价值的认可。</p><p>&nbsp;</p><p>▍对比加密同业</p><p>&nbsp;</p><figure class="table"><table><thead><tr><th>公司</th><th>指数权重</th><th>今年股价涨幅</th><th>主要业务</th></tr></thead><tbody><tr><td><strong>Circle</strong></td><td>13%</td><td><strong>+445%</strong></td><td>稳定币（USDC）</td></tr><tr><td>Coinbase</td><td>9%</td><td>+23%</td><td>交易所</td></tr><tr><td>Strategy</td><td>7%</td><td>+26%</td><td>比特币控股</td></tr></tbody></table></figure><p>相较于高波动的交易所与比特币控股公司，Circle的「稳定币现金流」使其成为机构资金避险首选。</p><hr><h3><strong>Circle崛起三大关键优势之三：政策护城河： 稳定币成「监管宠儿」</strong></h3><p>&nbsp;</p><p>Circle 上市后大升，GENIUS法案通过参议院可成一大主因。</p><p>&nbsp;</p><p>▍GENIUS法案的战略价值</p><p>&nbsp;</p><p>《GENIUS法案》只待众院通过及总统签署，Bernstein 分析师Gautam Chhugani 团队预期，若法案落实，稳定币将从加密货币生态迈向更广泛的互联网金融体系。<br>美国财政部已测试使用USDC进行国债代币化结算，未来可能进一步整合至全球金融体系。</p><p>&nbsp;</p><p>▍传统金融联盟</p><p>&nbsp;</p><p>Circle已与Visa、BlackRock合作，探索代币化资产的跨境支付，并获得多家银行支持，使其在「加密合规化」趋势中占据核心地位。</p><h3>&nbsp;</h3><h3>结论：Circle是否已成为「加密界的蓝筹股」？</h3><p>&nbsp;</p><p>从市场表现来看，Circle的稳定币业务、指数权重、政策优势三大护城河，确实让它脱离「高风险加密股」范畴，更接近传统金融的支付巨头（如Visa、Mastercard）定位。</p><p>&nbsp;</p><p>然而，风险仍存：</p><p>利率政策影响：若联准会降息，USDC利息收入可能下滑。<br>监管变数：GENIUS法案若延宕，将推迟机构采用进度。</p><p>&nbsp;</p><p>短期来看，随着被动资金持续流入，令Circle的市值大升，长期则取决于USDC能否真正成为全球金融基础设施。对投资者而言，CRCL已不仅是加密概念股，更是数位美元霸权的关键押注。</p><p>&nbsp;</p>

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</div></div><p>在加密貨幣市場劇烈波動的背景下，穩定幣發行商<strong>Circle Internet Financial（CRCL）</strong>卻逆勢崛起，不僅股價自上市以來最多暴漲800%，更成為<a href="http://vaneck.com/us/en/investments/digital-transformation-etf-dapp/overview/">VanEck數位資產指數</a>（MVDAPP）中<strong>權重最高（13%）</strong>的成分股，超越Coinbase（COIN）和MicroStrategy（MSTR）。究竟Circle為何能吸引華爾街巨額資金進駐？本文將從<strong>穩定幣壟斷地位、指數基金主導權、政策護城河</strong>三大面向，解析Circle崛起，成為機構「必配資產」的關鍵原因。</p><hr><h3><span style="color:#2A3795;"><strong>Circle崛起三大關鍵優勢之一：USDC的「現金流壟斷」：從支付工具升級為金融基礎設施</strong></span></h3><p>&nbsp;</p><p>Circle旗下穩定幣<strong>USDC</strong>是目前全球第二大美元穩定幣，流通量達<strong>320億美元</strong>。</p><p>&nbsp;</p><h3><strong>▍機構級應用爆發</strong></h3><ul><li><strong>期貨市場整合</strong>：Coinbase旗下清算所<strong>Nodal Clear</strong>宣佈，2025年起USDC將成為<strong>合格抵押品</strong>，用於結算期貨合約，直接打通傳統金融市場。</li><li><strong>GENIUS法案紅利</strong>：該法案若通過，USDC將被納入美國<strong>官方支付系統</strong>，成為企業稅收、國債交易的合規工具，進一步鞏斷政府級應用。</li></ul><p>&nbsp;</p><h3><strong>▍穩健的現金流模式</strong></h3><p>Circle透過USDC儲備金的<strong>利息分潤</strong>，2024年的年收入約為<strong>17億美元</strong>，這種「低波動+高流動性」的商業模式，在加密產業中極為罕見，也讓CRCL被視為<strong>「加密界的Visa」</strong>。</p><p>&nbsp;</p><p><a href="https://cftime.io/stablecoin-size/"><strong>看更多：華爾街瘋搶Circle股票背後真相 穩定幣規模突破2500億美元</strong></a></p><p>&nbsp;</p><hr><h3><span style="color:#2A3795;"><strong>Circle崛起三大關鍵優勢之二：指數基金「權重霸權」：被動資金持續加倉</strong></span></h3><p>&nbsp;</p><p>Circle上市不到三週，即成<strong>VanEck MVDAPP指數</strong>，最大成分股（13%權重），遠超Strategy（7%）和Coinbase（9%）。</p><p>&nbsp;</p><h3><strong>▍被動投資的買盤效應</strong></h3><ul><li><strong>VanEck數位轉型ETF（DAPP）</strong>需按權重配置CRCL，形成「<strong>機構買盤螺旋</strong>」。</li><li>數據顯示，VanEck持有CRCL的股份已超過<strong>Circle執行長Jeremy Allaire</strong>，顯示華爾街對其長期價值的認可。</li></ul><h3><strong>▍對比加密同業</strong></h3><figure class="table"><table><thead><tr><th>公司</th><th>指數權重</th><th>今年股價漲幅</th><th>主要業務</th></tr></thead><tbody><tr><td><strong>Circle</strong></td><td>13%</td><td><strong>+445%</strong></td><td>穩定幣（USDC）</td></tr><tr><td>Coinbase</td><td>9%</td><td>+23%</td><td>交易所</td></tr><tr><td>Strategy</td><td>7%</td><td>+26%</td><td>比特幣控股</td></tr></tbody></table></figure><p>相較於高波動的交易所與比特幣控股公司，Circle的「穩定幣現金流」使其成為機構資金避險首選。</p><p>&nbsp;</p><p><a href="https://cftime.io/circle-surges/"><strong>看更多：中東戰火擋不住 上市17日狂升10倍！ Circle暴漲後分析警告：崩盤倒數？</strong></a></p><hr><h3><span style="color:#2A3795;"><strong>Circle崛起三大關鍵優勢之三：政策護城河： 穩定幣</strong>成<strong>「監管寵兒」</strong></span></h3><p>Circle 上市後大升，GENIUS法案通過參議院可成一大主因。</p><h3><strong>▍GENIUS法案的戰略價值</strong></h3><ul><li>《GENIUS法案》只待眾院通過及總統簽署，Bernstein 分析師Gautam Chhugani 團隊預期，若法案落實，穩定幣將從加密貨幣生態邁向<strong>更廣泛的互聯網金融體系</strong>。</li><li>美國財政部已測試使用USDC進行<strong>國債代幣化結算</strong>，未來可能進一步整合至全球金融體系。</li></ul><h3><strong>▍傳統金融聯盟</strong></h3><p>Circle已與<strong>Visa、BlackRock</strong>合作，探索代幣化資產的跨境支付，並獲得多家銀行支持，使其在「<strong>加密合規化</strong>」趨勢中佔據核心地位。</p><hr><h2><strong>結論：Circle是否已成為「加密界的藍籌股」？</strong></h2><p>從市場表現來看，Circle的<strong>穩定幣業務、指數權重、政策優勢</strong>三大護城河，確實讓它脫離「高風險加密股」範疇，更接近傳統金融的<strong>支付巨頭（如Visa、Mastercard）</strong>定位。</p><p>然而，風險仍存：</p><ul><li><strong>利率政策影響</strong>：若聯準會降息，USDC利息收入可能下滑。</li><li><strong>監管變數</strong>：GENIUS法案若延宕，將推遲機構採用進度。</li></ul><p>短期來看，隨著被動資金持續流入，令Circle的市值大升，長期則取決於USDC能否真正成為<strong>全球金融基礎設施</strong>。對投資者而言，CRCL已不僅是加密概念股，更是<strong>數位美元霸權</strong>的關鍵押注。</p>

Circle has emerged as a new crypto blue chip

Circle崛起为加密新蓝筹：三大关键优势奠定机构「必配资产」地位

Circle崛起為加密新藍籌：三大關鍵優勢奠定機構「必配資產」地位

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</div><p>Since its IPO on June 4, 2025, Circle Crypto, the issuer of the USDC stablecoin, and its CRCL stock have seen a remarkable 7-fold increase in share price (after last Friday's market close) compared to its initial offering price. This surge coincides with the robust growth of the stablecoin market, highlighting its expanding influence. According to Token Terminal data, stablecoins currently account for 1.1% of the U.S. money supply (M2). While seemingly small, this percentage signifies their growing importance within the global financial system. Furthermore, CoinDesk data from mid-June shows that the global market capitalization of fiat-backed stablecoins has surpassed $250 billion, a record high, sparking widespread discussion about their potential to reshape global finance.</p><p>&nbsp;</p><p>Token Terminal predicts that stablecoins' share of the overall money supply will continue to rise, potentially approaching 100%, reflecting the industry's ambition to integrate programmable digital assets into mainstream financial infrastructure.&nbsp;</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/06/image-8.png" alt=""><figcaption><strong>Stablecoins currently represent 1.1% of the U.S. money supply (M2).</strong></figcaption></figure><p>&nbsp;</p><p>&nbsp;</p><p>Over the past decade, the supply of stablecoins has experienced explosive growth, contrasting sharply with the long-term expansion of the U.S. dollar, indicating the rapid adoption of blockchain-based digital dollars. CoinDesk's mid-June data confirms this, reporting a record-breaking $250 billion market cap for global fiat-backed stablecoins. CryptoQuant's data from early June also reached a record high of $228 billion, demonstrating the significant influx of capital into USD-pegged stablecoins.</p><p>&nbsp;</p><h3><span style="color:#2A3795;"><strong>The stablecoin market capitalization exceeding $250 billion showcases the substantial inflow of funds into USD-pegged stablecoins.</strong></span></h3><p>&nbsp;</p><p>Compared to the same period last year, this represents approximately a 55% increase. Since the beginning of 2025, stablecoin market capitalization has grown by $33 billion (a 17% increase). CoinGecko data further indicates a $97 billion increase since January 2024, primarily driven by Tether's USDT and Circle's USDC, with emerging player Ethena Labs accumulating nearly $6 billion in assets. Centralized exchanges currently hold a record amount of stablecoins, further enhancing liquidity in the cryptocurrency market.</p><p>&nbsp;</p><p>The applications of stablecoins extend beyond trading, penetrating broader financial sectors. Fireblocks' "2025 State of Stablecoins" report reveals that 49% of global financial institutions utilize stablecoins for payments, with another 41% testing or planning integration, indicating a shift from niche concept to a core component of payment and financial infrastructure.</p><p>&nbsp;</p><p>Payment giants like Visa and Mastercard have integrated stablecoins, and stablecoins such as USDC, USDT, and PYUSD are increasingly used in cross-border payments. Governments are actively exploring regulatory frameworks for CBDCs (Central Bank Digital Currencies) and stablecoins. These trends point towards stablecoins playing an increasingly crucial role in the future financial system.</p>

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</div><p>稳定币USDC 发行商 Circle Crypto 及其 CRCL 股票自 2025 年 6 月 4 日上市以来，股价已较招股价升近7倍（至上周五收市）。同一时间，稳定币市场展现强劲增长态势，其影响力正逐步扩大。根据Token Terminal数据显示，稳定币目前占据美国货币供给量（M2）的1.1%，尽管比例看似微小，却标志着其在全球金融体系中日益重要的地位，同时，根据CoinDesk 6月中旬的数据，全球法币支持型稳定币市值已突破2500亿美元，创下历史新高，引发关于其未来潜力重塑全球金融的广泛讨论。</p><p>&nbsp;</p><p>Token Terminal预测，稳定币在整体货币供给中的占比将持续攀升，甚至可能逼近100%，反映出业界积极将可编程数位资产整合至主流金融基础设施的雄心。</p><p>&nbsp;</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/06/image-8.png" alt=""><figcaption>稳定币目前占据美国货币供给量（M2）的1.1%。</figcaption></figure><p>&nbsp;</p><p>&nbsp;</p><p>过去十年，稳定币供给量呈现爆炸式增长，与美元长期扩张形成鲜明对比，这也反映出基于区块链的数位美元快速普及的趋势。 同时，根据CoinDesk 6月中旬的数据，全球法币支持型稳定币市值已突破2500亿美元，创下历史新高；CryptoQuant本月初的数据也显示，市值达到2280亿美元，同样创下历史纪录，显示资金持续大量涌入美元挂钩的稳定币。</p><p>&nbsp;</p><h3><span style="color:#2A3795;"><strong>稳定币规模突破2500亿美元 显示资金持续大量涌入美元挂钩的稳定币</strong></span></h3><p>&nbsp;</p><p>与去年同期相比，增长幅度约为55%；自2025年初以来，增长330亿美元，增幅达17%；CoinGecko数据更指出，自2024年1月以来，稳定币市值已增加970亿美元，主要受Tether的USDT和Circle的USDC推动，新兴玩家Ethena Labs也累积了近60亿美元的资产。 中心化交易所目前持有创纪录数量的稳定币，进一步提升了加密货币市场的流动性。</p><p>&nbsp;</p><p>稳定币的应用场景已不再局限于交易，正逐步渗透至更广泛的金融领域。 Fireblocks的《2025年稳定币现状》报告指出，全球49%的金融机构已将稳定币应用于支付业务，另有41%的机构正在测试或计划整合稳定币，显示稳定币正从小众概念转变为支付和财务基础设施的核心组成部分。</p><p>&nbsp;</p><p>Visa和万事达卡等支付巨头也已整合稳定币，USDC、USDT和PYUSD等稳定币在跨境支付中的应用也日益增多，各国政府也积极探索CBDC（中央银行数位货币）和稳定币监管框架。 这些发展趋势都指向稳定币在未来金融体系中扮演更为关键的角色。</p>

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</div><p>穩定幣USDC 發行商 Circle Crypto 及其 <a href="https://cftime.io/circle-profit/">CRCL 股票</a>自 2025 年 6 月 4 日上市以來，股價已較招股價升近7倍（至上周五收市）。同一時間，穩定幣市場展現強勁增長態勢，其影響力正逐步擴大。根據Token Terminal數據顯示，<a href="https://x.com/tokenterminal/status/1935827049077522544">穩定幣目前佔據美國貨幣供給量</a>（M2）的1.1%，儘管比例看似微小，卻標誌著其在全球金融體系中日益重要的地位，同時，根據CoinDesk 6月中旬的數據，全球法幣支持型穩定幣市值已突破2500億美元，創下歷史新高，引發關於其未來潛力重塑全球金融的廣泛討論。</p><p>&nbsp;</p><p>Token Terminal預測，穩定幣在整體貨幣供給中的佔比將持續攀升，甚至可能逼近100%，反映出業界積極將可編程數位資產整合至主流金融基礎設施的雄心。</p><p>&nbsp;</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/06/image-8.png" alt=""><figcaption><strong>穩定幣目前佔據美國貨幣供給量（M2）的1.1%。</strong></figcaption></figure><p>&nbsp;</p><p>&nbsp;</p><p>過去十年，穩定幣供給量呈現爆炸式增長，與美元長期擴張形成鮮明對比，這也反映出基於區塊鏈的數位美元快速普及的趨勢。 同時，根據CoinDesk 6月中旬的數據，全球法幣支持型穩定幣市值已突破2500億美元，創下歷史新高；CryptoQuant本月初的數據也顯示，市值達到2280億美元，同樣創下歷史紀錄，顯示資金持續大量湧入美元掛鉤的穩定幣。</p><p>&nbsp;</p><h3><span style="color:#2A3795;"><strong>穩定幣規模突破2500億美元 顯示資金持續大量湧入美元掛鉤的穩定幣</strong></span></h3><p>&nbsp;</p><p>與去年同期相比，增長幅度約為55%；自2025年初以來，增長330億美元，增幅達17%；CoinGecko數據更指出，自2024年1月以來，穩定幣市值已增加970億美元，主要受Tether的USDT和Circle的USDC推動，新興玩家Ethena Labs也累積了近60億美元的資產。 中心化交易所目前持有創紀錄數量的穩定幣，進一步提升了加密貨幣市場的流動性。</p><p>&nbsp;</p><p>穩定幣的應用場景已不再侷限於交易，正逐步滲透至更廣泛的金融領域。Fireblocks的《2025年穩定幣現狀》報告指出，全球49%的金融機構已將穩定幣應用於支付業務，另有41%的機構正在測試或計劃整合穩定幣，顯示穩定幣正從小眾概念轉變為支付和財務基礎設施的核心組成部分。</p><p>&nbsp;</p><p>Visa 和萬事達卡等支付巨頭也已整合穩定幣，USDC、USDT和PYUSD等穩定幣在跨境支付的應用也日益增多，各國政府也積極探索CBDC（中央銀行數位貨幣）和穩定幣監管框架。 這些發展趨勢都指向穩定幣在未來金融體系中扮演更關鍵的角色。</p>

The truth behind Wall Street's crazy rush for Circle shares

华尔街疯抢Circle股票背后真相 稳定币规模突破2500亿美元

華爾街瘋搶Circle股票背後真相 穩定幣規模突破2500億美元

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</div><p>The Hong Kong Special Administrative Region (HKSAR) government has officially enacted the Stablecoin Ordinance, set to take effect by the end of 2025. This landmark legislation introduces a mandatory licensing regime for issuers of fiat-backed stablecoins, marking a significant step forward in Hong Kong's approach to regulating the cryptocurrency sector.</p><p>The ordinance mandates that all entities issuing fiat-backed stablecoins in Hong Kong must obtain a license. Unauthorized entities will be prohibited from selling and promoting such stablecoins. This move aims to enhance regulatory transparency and protect investor interests through stringent compliance requirements, including a 1:1 fiat reserve backing and robust Anti-Money Laundering (AML) measures.</p><p>HKMA Chief Executive Eddie Yue stated, "The new licensing regime will provide better protection for the public and investors. The Hong Kong Monetary Authority will continue to work with stakeholders to develop the regulatory framework for stablecoin activities in Hong Kong." However, initial industry reaction has been relatively cautious, with major stablecoin providers yet to publicly comment.</p><h3><strong>Hong Kong's Approach Mirrors EU's MiCA, but with a Stronger Stance</strong></h3><p>Hong Kong's regulatory approach shares similarities with the EU's Markets in Crypto-Assets (MiCA) regulation. However, Hong Kong's implementation of a mandatory licensing system from day one is notably more direct and is relatively uncommon in global financial regulation.</p><p>According to CoinMarketCap data, Tether (USDT) maintains its price at US$1.00, with a market capitalization of US$153.09 billion, commanding a 4.70% market dominance. While the price saw a slight 0.04% increase in the past 24 hours, trading volume decreased by 12.52% to US$87.27 billion.</p><p>Coincu's research team analyzes that this new regulatory measure will likely have a profound impact on the global cryptocurrency market, driving it towards a more transparent and secure trading environment. It may also prompt stablecoin issuers to adjust their operational strategies to meet Hong Kong's stricter compliance standards.</p>

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</div><p>香港特区政府已正式颁布《稳定币条例》（Stablecoin Ordinance），并将于2025年底生效。该条例的核心是对法币支持型稳定币发行商实施强制性牌照制度。香港正式实施稳定币牌照制度，标志着香港在监管加密货币领域迈出关键一步。</p><p>&nbsp;</p><p>根据条例，所有在香港发行法币支持型稳定币的机构必须申请并获得牌照，未经授权的实体将被禁止销售和推广相关稳定币。此举旨在提升监管透明度，并透过严格的合规要求，例如1:1的法币储备以及严格的反洗钱（AML）措施，来保障投资者利益。</p><p>&nbsp;</p><p>香港金融管理局（HKMA）行政总裁余伟文表示：「新的牌照制度将为大众和投资者提供更好的保障。香港金融管理局将继续与持份者合作，发展香港稳定币活动的监管制度。」 然而，目前业界反应相对谨慎，主要稳定币供应商尚未公开表态。</p><p>&nbsp;</p><h3><strong>香港正式实施稳定币牌照制度 与欧盟的MiCA规范有相似之处</strong></h3><p>&nbsp;</p><p>值得注意的是，香港的监管措施与欧盟的MiCA（市场在加密资产市场的监管）规范有相似之处，但香港采取了更为直接的措施，从第一天起就实施强制性牌照制度，这在全球金融监管领域中相当罕见。</p><p>&nbsp;</p><p>根据CoinMarketCa数据显示，Tether (USDT) 的价格维持在1.00美元，市值达1530.9亿美元，占市场主导地位的4.70%。尽管过去24小时价格微涨0.04%，但交易量却下降了12.52%，来到872.7亿美元。</p><p>&nbsp;</p><p>Coincu研究团队分析指出，香港的这项新监管措施将可能深刻影响全球加密货币市场的动态，推动市场朝向更透明和安全的交易环境发展。 同时，也可能促使稳定币发行商调整其营运策略，以符合香港更严格的合规标准。</p>

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</div><p>香港特區政府已正式頒布<a href="https://www.hkma.gov.hk/chi/news-and-media/press-releases/2025/05/20250521-3/">《穩定幣條例》（</a>Stablecoin Ordinance），並將於2025年底生效。該條例的核心是對法幣支持型穩定幣發行商實施強制性牌照制度。香港正式實施穩定幣牌照制度，標誌著香港在監管加密貨幣領域邁出關鍵一步。</p><p>&nbsp;</p><p>根據條例，所有在香港發行法幣支持型穩定幣的機構必須申請並獲得牌照，未經授權的實體將被禁止銷售和推廣相關穩定幣。此舉旨在提升監管透明度，並透過嚴格的合規要求，例如1:1的法幣儲備以及嚴格的反洗錢（AML）措施，來保障投資者利益。</p><p>&nbsp;</p><p>香港金融管理局（HKMA）行政總裁余偉文表示：「新的牌照制度將為大眾和投資者提供更好的保障。香港金融管理局將繼續與持份者合作，發展香港穩定幣活動的監管制度。」 然而，目前業界反應相對謹慎，主要穩定幣供應商尚未公開表態。</p><p>&nbsp;</p><h3><strong>香港正式實施穩定幣牌照制度 與歐盟的MiCA規範有相似之處</strong></h3><p>&nbsp;</p><p>值得注意的是，香港的監管措施與<a href="https://cftime.io/uk-government-rejects-bitcoin-asset-reserve-plan/">歐盟的MiCA</a>（市場在加密資產市場的監管）規範有相似之處，但香港採取了更為直接的措施，從第一天起就實施強制性牌照制度，這在全球金融監管領域中相當罕見。</p><p>&nbsp;</p><p>根據CoinMarketCa數據顯示，Tether (USDT) 的價格維持在1.00美元，市值達1530.9億美元，佔市場主導地位的4.70%。儘管過去24小時價格微漲0.04%，但交易量卻下降了12.52%，來到872.7億美元。</p><p>&nbsp;</p><p>Coincu研究團隊分析指出，香港的這項新監管措施將可能深刻影響全球加密貨幣市場的動態，推動市場朝向更透明和安全的交易環境發展。 同時，也可能促使穩定幣發行商調整其營運策略，以符合香港更嚴格的合規標準。</p>

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