公司股价表现 - 公司股价在周四结束连续两日下跌，大幅上涨16.03%，收盘报每股149.72美元 [1] - 公司被列为近期发布的“具有两位数上涨空间的10支股票”中的表现最佳者之一 [1] 战略合作与业务拓展 - 公司与德意志交易所集团达成合作，将在后者的数字交易所3DX和Crypto Finance上挂牌并交易其USDC和EURC稳定币 [2] - 合作将利用德意志交易所集团旗下明讯银行的清算业务，通过Crypto Finance的德国实体作为次级托管人，提供机构级数字资产托管服务 [2] - 公司董事长兼首席执行官表示，合作旨在欧洲市场基础设施中推进受监管稳定币的使用，以降低结算风险、降低成本并提高银行、资产管理公司及更广泛市场的效率 [3] - 公司是首家符合欧盟加密资产市场监管框架（MiCAR）要求的主要全球发行方 [4]

行业转型压力 - 区块链解决方案如稳定币正对支付处理商施加压力 要求其更新交易处理方式[1] - 稳定币对传统支付轨道构成直接挑战 促使传统金融巨头采纳区块链技术以保持竞争力[5] - 花旗集团估计到2030年 每年交易的稳定币价值可能达到100万亿美元[5] Swift的战略举措 - 全球支付领导者Swift正在构建区块链 以实现全球24/7即时交易 以应对可能使其过时的技术[2] - Swift与超过30家金融机构合作 包括美国银行和花旗集团 以创建其数字账本[3] - Swift为超过200个国家的11500多家机构处理交易 其影响力巨大 禁止访问可切断一国与全球经济的联系[4] 稳定币的发展与优势 - 稳定币与另一种资产（通常是美元）保持1:1的价值 允许在区块链上随时进行即时支付 并可能降低费用[7] - 美国银行财团（包括摩根大通和富国银行）据报正在探索推出稳定币 欧盟银行集团（包括ING和UniCredit）宣布正在创建欧元支持的稳定币[7] - 摩根大通还构建了区块链相邻解决方案 如私有数字账本以及类似稳定币但仅对其客户可用的存款代币[7] 监管环境与行业动态 - 特朗普总统签署《天才法案》为稳定币设置了护栏 并在全国范围内使其合法化 促使金融机构今年涌入该领域[7] - 传统金融机构在涉足监管最少的领域时行动谨慎 但在其谨慎行事的同时 人们的支付习惯可能在没有它们参与的情况下发生转变[5]

核心观点 - Avalanche生态系统在9月份表现强劲，去中心化交易所交易量达到三年新高，并获得巨额资金库交易，为中期新一轮增长周期奠定基础 [1][7] 去中心化交易所交易量 - 9月份Avalanche链上DEX交易量达到174亿美元，为过去三年最高水平 [2] - 在过去24小时内，DEX交易量接近6.9亿美元，证实流动性回归和用户对链上DeFi基础设施的信心 [3] - DEX交易量在各大平台中排名靠前 [4] 战略发展与机构兴趣 - Avalanche Treasury Co与Mountain Lake Acquisition Corp达成6.75亿美元合并交易，预计在2026年第一季度于纳斯达克上市后，其资金库将持有价值超过10亿美元的AVAX [4] - 该交易被视为将资本流入Avalanche生态系统制度化的战略举措，为现实世界资产、稳定币和支付基础设施的重大投资铺平道路 [5] - 公司在韩国和日本扩大稳定币支付应用，增加区块链的现实世界用例 [6] - 机构对AVAX兴趣增长，VanEck、Grayscale及Bitwise等巨头已提交AVAX交易所交易基金申请 [6] 市场表现与技术分析 - AVAX当前交易价格约为30.62美元，过去24小时上涨2%，过去一个月上涨近30% [8] - 技术信号表明AVAX处于关键水平，若能维持关键支撑位，则可能实现突破 [1]

Conflux Network, which claims to be the only regulatory-compliant public blockchain operator in mainland China, has been allowed to experiment with offshore yuan stablecoins as Beijing seeks to secure a position in the new global financial order, according to its founder. Conflux had received a tacit green light from Chinese authorities to explore the development of offshore yuan stablecoins, and was aiming to have up to 300 million yuan (US$42.1 million) worth of tokens issued on its blockchain by the en ...

Last week, we started focusing on an area that has seemingly been left behind by the bull market and that faces some pressure due to a set of concerns that investors have. I amI’m a long-term investor focused on U.S. and European equities, with a dual emphasis on undervalued growth stocks and high-quality dividend growers. Through years of experience, I’ve learned that sustained profitability—evident in strong margins, stable and expanding free cash flow, and high returns on invested capital—is a more relia ...

Societe Generale’s digital asset unit, SG-FORGE, has taken its euro- and dollar-denominated stablecoins deeper into decentralized finance (DeFi), deploying them on Ethereum-based protocols Morpho and Uniswap. Key Takeaways: SG-FORGE has launched its euro and dollar stablecoins on Ethereum via Morpho and Uniswap. Users can now borrow, lend, and trade EURCV and USDCV against major crypto and tokenized T-Bills. The move marks a shift toward DeFi by a major bank, bridging regulated assets with decentrali ...

European Banking Authority stablecoin. Photo by BeInCrypto Europe’s largest exchange operator is moving to put stablecoins inside its market infrastructure. The step is designed to push the euro closer to relevance in digital finance. Deutsche Börse Group said it will work with Circle Internet Financial to deploy the issuer’s euro- and dollar-backed tokens under the EU’s new crypto rulebook. The initiative also follows recent pilots where Circle’s USDC and EURC were used by Visa to test faster cross-borde ...

Kathy, great to have you with us. Let's start broad and talk about where we stand in markets at this point, because you take a look at September performance. This was supposed to be a bad month, seasonally speaking. Instead, we're on track for the fifth straight months of gains. Can we keep this momentum going through year end. Well, we think a lot of good things are happening from a policy backdrop and therefore ultimately a macro backdrop. The deregulation that we're seeing is stunning. It started with cr ...

A version of this story appeared in The Guidance newsletter on September 29. Sign up here. Hey all, Liam here. Canada’s previously icy stance on crypto is thawing. Or, at the very least, industry advocates have identified a key opportunity to raise the temperature. That’s according to Yves la Rose, the CEO of the Vaulta Foundation and member of one of the country’s largest crypto lobbying groups, the Canadian Blockchain Consortium. “Since the Genius Act has passed, the conversation has restarted,” Rose ...

法德政策合作与行业意义 - 法国总统马克龙与德国总理梅尔茨在法德部长会议上提出与第三国在加密资产监管领域寻求合作和对等制度的提案 [1] - 该提案认识到数字货币和数据一样不受国界限制 并强调稳定币的成功需要监管机构以其无国界设计进行跨境合作 [1] 稳定币的行业价值与定位 - 稳定币被定义为互联网原生的货币 具有全天候可用、无国界、可编程且任何智能手机用户均可使用的特性 [2] - 与传统支付渠道相比 稳定币不依赖复杂的代理银行网络 可在数秒内实现跨境价值转移 例如从曼谷到波士顿 [2] - 稳定币被视为自1970年代SWIFT系统以来跨境支付的首次重大升级 将信息传递与结算相结合 创造了支付创新的突破 [2] 监管碎片化对行业的潜在影响 - 稳定币的价值主张依赖于其全球性 若各国监管规则不一 将把“价值互联网”割裂为支付内联网 削弱其效率和可及性 [3] 全球主要监管框架的共识 - 欧洲的加密资产市场法规（MiCA）和美国的GENIUS法案是全球领先的稳定币监管框架 两者均要求100%高质量流动资产储备、按面值赎回、定期公开报告以及严格的治理、风险和反洗钱标准 [4] - 两大框架均允许银行和非银行机构发行稳定币 [4] 主要监管框架的具体差异 - GENIUS法案对储备资产施加更严格限制 仅限于短期国债和逆回购协议 而MiCA允许更广泛的资产组合 包括较长期限的政府债券甚至覆盖债券 但要求较高的最低银行存款比率（根据代币规模为储备的30%或60%） [5] - GENIUS要求每月进行审计鉴证 MiCA则要求在发行时提供白皮书 [5] - MiCA对大规模非欧元稳定币设定了发行上限 GENIUS则为大型科技公司发行方设置了严格壁垒 并对银行发行稳定币提出了隔离要求 [5] - 尽管存在差异 但这些差异相较于在安全可信稳定币核心标准上的一致性而言是次要的 [5]