金色财经_

At the 2025 Tsinghua Wudaokou Global Financial Forum, Wang Yongli emphasized that China needs to accelerate the development of domestic and international dual circulation, particularly highlighting the importance of RMB cross-border payment and settlement. He pointed out that the rise of encryption assets and legal stablecoins has changed the cross-border payment and settlement landscape, advocating for the study of stablecoin models. Wang Yongli suggested strengthening stablecoin research, promoting the development of digital RMB, and building an intensive digital infrastructure to address issues of redundant construction, data silos, and security risks.

In the TradFi system, US Treasury bonds have always been the core asset allocation for global Central Banks and sovereign funds. However, this pattern is being disrupted by the Crypto Assets sector—latest data shows that the USD stablecoin issuer Tether (USDT) currently holds more US Treasury bonds than Germany, demonstrating the profound impact of USD stablecoins on the TradFi system.
1. The US dollar stablecoin is swallowing the position of traditional finance.
According to Tether's Q1 2025 report, its holdings of US Treasury bonds have surpassed USD 120 billion, exceeding the latest disclosed German holdings of USD 111.4 billion in US Treasury bonds. Tether is now the 19th largest holder of US Treasury bonds in the world.
As the largest economy in Europe, Germany's core position in the global financial system has always been solid, but this traditional perception is facing new challenges — Tether, with a market value exceeding 100 billion.

The yield-bearing stablecoin market is booming, with a rapid rise in market capitalization; yield-focused stablecoins account for only 3.7%; there are already over 30 types of yield-bearing stablecoins with a wide distribution of market capitalization; the YPO indicator shows nearly $600 million in yield payments; the definitions of yield-bearing stablecoins are diverse. More research is needed to uncover this emerging phenomenon.

With the "GENIUS Act" passing procedural voting in the Senate by an overwhelming majority on May 19, the regulatory framework for stablecoins in the United States is rapidly moving towards implementation. This is not just a regulatory update, but a national strategic deployment by the U.S. in the field of digital finance. In recent years, the U.S. government has been quietly advancing a far-reaching financial strategy, attempting to respond to the reshaping of the global financial landscape by regulating and guiding the stablecoin market, thereby consolidating the international dominance of the dollar.
According to Bloomberg, this strategic consideration may be more profound than the market generally believes. As early as the Trump administration, there were signs that it had included the development of dollar stablecoins in national strategic considerations through executive means, using it as a tool to continue the dominance of the dollar. The advancement of legislative frameworks such as the "GENIUS Act" also reflects the continuation of this thinking in the current government. Treasury Secretary Scott Bessent said

Author: hitesh.eth Source: X, @hmalviya9 Translation: Shan Ouba, Golden Finance
2029. Bitcoin has become the new consensus among global investors. This year, its price has exceeded $500,000, but this is not a sudden surge; rather, it is the result of a decade-long sustained struggle: narrative reversals, government compromises, and institutions modifying rules. Today, billions of people around the world are hoarding "sats" - the smallest unit of Bitcoin - in various ways. Just as people once bought gold jewelry to pass down through generations, today’s families sit together, calculating how many sats they can leave for their descendants.
Smart contracts have already become a new asset class - they do not require regulation to prove their value. They are bought like collectibles, stored in decentralized vaults, and regarded as family heirlooms passed down through generations. Those millennials who laughed at Bitcoin in their twenties are now trapped.

Author: Paul Tierno, Congressional Research Service, United States
After the setback on May 8, the U.S. Senate voted on May 19 to pass the cloture motion for Bill S.1582 (the "Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025", abbreviated as the GENIUS Act). The cloture procedure is a method to end debate and proceed to a vote. The GENIUS Act aims to establish a regulatory framework for stablecoins.
Requirements for Issuing Payment Stablecoins
The S.1582 bill defines "payment stablecoins" as digital assets that are used for payments or settlements and can be redeemed at a predetermined fixed amount (such as 1 dollar). The issuer must

Source: Jin10
The continuously deteriorating financial situation in the United States is threatening the positive atmosphere on Wall Street.
Investors sold U.S. government bonds and dollars on Monday after Moody's stripped the U.S. of its last AAA credit rating on Friday, citing a massive budget deficit and rising interest costs. Even more concerning, the House Budget Committee passed a tax and spending bill on Sunday that is expected to add trillions to the deficit.
Despite the stock market closing higher, the sell-off pushed up the yield on long-term U.S. Treasuries (yields rise when bond prices fall). The yield on the 30-year U.S. Treasury bond briefly surpassed 5% before settling slightly below that threshold, but it remains close to the year's highest level.
U.S. Treasury yields continued their upward trend for several weeks, driven by factors including diminished concerns about an economic recession, ongoing worries about inflation, and increasing anxiety that larger deficits will lead to greater bond issuance. The increase in U.S. Treasury supply may

By Colin Crossman, Bitcoin Magazine; Compilation: Five Baht, Golden Finance
Nebraska lawmakers have just passed Legislative Bill 526 (LB526), and although the bill does not explicitly oppose Bitcoin, its implications may not be neutral. The state legislature passed the bill unanimously with a vote of 49 to 0 and sent it to Governor Jim Pillen, who is expected to sign it into law. Supporters call it a common-sense infrastructure bill, while Bitcoin miners refer to it as a slow withdrawal in the making.
The paper data for LB526 is for large energy users. But in reality, it specifically targets Bitcoin mining facilities that have an electricity load of 1 megawatt (MW) or more, and imposes layers of operational restrictions on them, which are more like penalties than policies.

Source: AGI interface
In mid-May, during the 90-day window period of suspended tariffs, a sudden intensification of the battle for core resources of computing power occurred.
"The prices of servers have fluctuated dramatically, with each unit's price having risen by 15%-20% recently. With the suspension of tariffs, we plan to resume sales at the original price," a chip supplier from a southern region revealed to Huxiu.
At the same time, new variables have also emerged on the market supply side. According to exclusive information from Tiger Sniff, NVIDIA's Hooper series high-end products and the Blackwell series have quietly appeared in the domestic market, with the former appearing around September 2024, while the latter occurred recently. An executive from Huari Intelligent Computing stated, "The sourcing channels for different suppliers vary greatly." However, the complex supply chain network behind this is difficult to explore.
(Huxiu Note: Starting from October 17, 2023, Washington has phased out Nvidia's operations in China.

JPMorgan plans to offer Bitcoin services to clients, with CEO Jamie Dimon showing a shift in attitude, although he remains skeptical. The company's exposure to crypto assets has significantly increased, primarily related to Bitcoin and Ethereum. JPMorgan also holds assets such as BTC trust funds and Bitcoin ETFs, which account for only a small portion of its managed assets. It is unclear whether these holdings are for proprietary trading or to meet client demands.

Source: Lighting Network
Imagine if one day, the 0.001 Bitcoin in your hand suddenly turned into 100,000 "bitcoin". How would you feel? This is the change that the BIP-177 proposal aims to achieve. Initiated by Synonym CEO John Carvalho, this proposal is quietly becoming one of the most controversial topics in the Bitcoin community.
The core content of the BIP-177 proposal
1. Redefine the smallest unit of Bitcoin "satoshi" as "bitcoin"
Current relationship: 1 BTC = 100,000,000 satoshis
After the proposal, the relationship is: 1 BTC = 100,000,000