South Korea’s central bank has issued a stark warning over the growing risks of won-pegged stablecoins, cautioning that private issuers could threaten monetary stability if safeguards are not established. The Bank of Korea (BOK) said in a new report titled “Currency in the Digital Age: Harmony of Innovation and Trust” that the rapid expansion of stablecoin activity poses systemic vulnerabilities, including potential depegging events and illicit capital flows. Source: Bank of Korea The central bank’s con ...

Canada is moving quickly to finalize long-awaited rules for stablecoins ahead of its federal budget announcement on November 4, as policymakers rush to keep pace with the United States and prevent a loss of financial sovereignty amid rising use of U.S. dollar-backed tokens. According to Bloomberg, government officials have spent weeks holding closed-door consultations with regulators and industry stakeholders to develop a regulatory framework for stablecoins. The rules are expected to be outlined in the ...

稳定币的机遇 - 稳定币在跨境支付、汇款、贸易金融和全球公司内部财资功能方面可能最有用[7] - 稳定币为创造新的金融产品和服务提供了巨大机遇[7] 稳定币的风险与监管 - 稳定币的“质量和流动性”对其“长期生存能力”至关重要，因为它们不受存款保险支持，其发行方也无法获得中央银行流动性[3] - 稳定币发行方通过投资储备资产获取利润，并有强烈动机通过尽可能扩大风险谱系来最大化储备资产的回报[3] - 在市场压力时期，即使是对流动性政府债务的价值造成压力时，稳定币只有能够可靠、及时地按面值赎回才能保持稳定[5] - 私人货币容易受到挤兑风险，即使有高质量资产支持，当债权人开始质疑这些资产的脆弱性时也是如此[5] - 监管机构如果设置不足的护栏将带来巨大风险[7] - 《天才法案》将稳定币监管的最终框架很大程度上留给了实施其条款的州和联邦监管机构，要求他们注意多种风险[7] 历史经验与警示 - 可允许储备资产的边界在景气时期可以增加利润，但在不可避免的市场压力时期会面临信心崩溃的风险[4] - 需保持谨慎，因为存在私人货币在保障措施不足的情况下被创造出来的漫长而痛苦的历史，包括多次银行挤兑和市场压力时期[7] - 引用了2008年9月 Reserve Primary Fund 货币市场基金在雷曼兄弟申请破产后“跌破1美元”的案例，说明投资者开始怀疑基金底层资产价值时会发生挤兑[6]

The Bank of England will impose “temporary” limits on stablecoin holdings to protect credit availability, but has not specified when the caps will be lifted, Deputy Governor Sarah Breeden confirmed on Tuesday. The central bank plans limits of £10,000-£20,000 for individuals and £10 million for businesses on systemic stablecoins used for payments. Breeden stated, “we would expect to remove the limits once we see that the transition no longer threatens the provision of finance to the real economy.” Howeve ...

Bridge, the stablecoin infrastructure company acquired by payments giant Stripe, applied for a national bank trust charter with the U.S. Office of the Comptroller of the Currency (OCC), co-founder Zach Abrams said on Wednesday. The move would put the firm under federal regulatory oversight if approved by the regulator. Through the bank, company would provide services including custody, stablecoin issuance, management of stablecoin reserves, Abrams said. "We’ve long believed stablecoins will be a core, re ...

美国住房行业 - 三大住宅建筑商在房利美的贷款购买中占比超过200亿美元 [2] - 特朗普总统敦促房利美和房地美振兴“大型住宅建筑商”并提及建筑商持有约200万块空置地块 [2] - 房利美和房地美共同担保了美国超过一半的抵押贷款且政府正讨论其私有化事宜 [2] 美国货币政策与美元 - 堪萨斯城联储主席杰弗里·施密德坚信美元作为世界储备货币的地位在未来多年内难以改变 [3] - 劳动力市场状况基本平衡但正在降温八月份就业水平“变化不大” [3] 澳大利亚金融市场 - 澳大利亚证券和投资委员会批准Cboe Australia运营上市市场以挑战澳大利亚证券交易所的长期主导地位 [4] - 此举预计将为市场带来更大的竞争和创新 [4] 美国政治局势 - 众议院少数党领袖哈基姆·杰弗里斯表示自上周一以来白宫一直“无线电静默” [5] - 沟通中断凸显了民主党与特朗普政府之间关于政府停摆的谈判僵局 [5] 数字金融与稳定币监管 - 美联储官员难以辨别稳定币是否与高级版的Venmo有真正区别 [6] - 稳定币作为一种潜在的新支付方式获得关注但其分类和监管仍在讨论中涉及消费者保护和金融稳定等挑战 [6]

Bank of England Governor Andrew Bailey has outlined plans to grant widely used stablecoins access to central bank accounts while warning the tokens could reshape Britain’s financial system. According to a report from the Financial Times, Bailey described stablecoins as a technology that could separate money holding from credit provision, potentially reducing the role of commercial banks in the economy. The governor believes that this shift would require careful management to preserve the link between m ...

公司战略与合规动态 - 全球最大稳定币发行商Tether宣布将使其稳定币产品符合美国GENIUS Act监管框架[1] - 此项合规举措将同时适用于公司旗下广泛使用的USDT和其新推出的、由美国资产支持的USAT稳定币[1] - 公司美国业务负责人Bo Hines在KBW2025会议上确认此动向，并相信USDT和USAT都将满足GENIUS Act规定的合规标准[2] 新产品与市场布局 - 公司近期推出了与知名产品USDT分离的新稳定币品牌USAT[3] - USAT的推出是对美国政府颁布GENIUS Act这一综合性稳定币监管法规的回应[3] - 市场推测USAT旨在用于美国市场，而USDT将继续服务于世界其他地区[4] 监管策略与全球展望 - 公司驳斥了关于USDT仅用于美国以外市场的推测，并预计USDT也将通过GENIUS Act中的互惠条款实现合规[5] - GENIUS Act第18条包含互惠条款，允许来自具有类似美国监管框架国家的稳定币发行商在美国境内分发稳定币[5] - 公司敦促包括韩国在内的其他国家采纳美国监管模式，认为其提供了一个清晰、强大的框架[6]

加拿大央行对稳定币的监管立场 - 加拿大央行警告 稳定币必须达到与银行账户余额同等的安全与稳定标准 监管机构才会允许其大规模发展 [1] - 央行支付、监督与监察执行董事Ron Morrow指出 稳定币在带来支付基础设施现代化重大机遇的同时 也需要保持谨慎 [2] 稳定币在加拿大的应用潜力与现状 - 加拿大在跨境支付领域存在脆弱性 国际汇款成本显著高于美国和英国等司法管辖区 [2] - 高昂的汇款成本对向海外汇款的移民社区构成严峻挑战 通过西联汇款等传统网络 普通海外劳工的小额汇款平均损失5-10% [3] - 稳定币可将此类成本降至1%以下 因为其主要成本仅为网络费用 [3] - 加拿大目前缺乏联邦层面的稳定币监管 主要依赖省级证券框架和联邦反洗钱条款 [4] - 调查数据显示 近60%的加拿大商界领袖认为 若无进一步的支付创新 国家的竞争力将会下降 [4] 行业对加拿大稳定币发展的建议与展望 - 行业专家建议加拿大应权衡联邦稳定币监管的利弊 效仿其他国家的做法 [4] - 有观点指出 若加拿大企业无法在本地生态系统中进行试验 可能会在全球竞争中错失机会 因为美国已在GENIUS法案下获得优势 [5] - 建议加拿大可借鉴香港金管局和VARA的做法 通过监管沙盒和试点项目推进 同时等待法规通过立法程序 [5] - 加拿大法币支持的稳定币的成功 将取决于其与国内支付系统的无缝集成、强大的本地效用、全球互操作性以及监管清晰度 [5] - 在以太坊和Solana等中立、去信任的区块链支持下 所有主权国家都将希望发行数字货币 [6]

The Australian Securities and Investments Commission (ASIC) granted class relief for intermediaries distributing stablecoin issued by licensed Australian Financial Services (AFS) providers, exempting them from separate licensing requirements until June 2028. According to the press release, the first-of-its-kind relief allows distributors to operate without an Australian market, clearing and settlement facility, or additional AFS licenses when handling stablecoins from licensed issuers. Australia Moving T ...