2026-04-17 Пятница

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The Door to Offshore Stablecoins Quietly Closes Amid the Vision of RMB Internationalization

China's recent regulatory crackdown has effectively closed the door on offshore issuance of yuan-pegged stablecoins, dealing a significant blow to Hong Kong’s ambitions to become a digital asset hub. The new rules, announced on February 7, explicitly prohibit domestic institutions from issuing digital tokens overseas without approval, citing concerns over monetary sovereignty. This move dashes earlier market expectations of a policy thaw in China’s stance toward digital assets, particularly after PBOC Governor Pan Gongsheng’s earlier comments about the yuan challenging dollar dominance. Industry observers note that the tightening was foreshadowed as early as August 2024, when Chinese authorities began restricting stablecoin-related research and promotional events. The latest policy removes any ambiguity around private yuan stablecoin issuance and reinforces capital control priorities. As a result, firms that had planned to apply for stablecoin licenses in Hong Kong—including Ant Group and JD.com—are now expected to focus solely on Hong Kong dollar-pegged stablecoins, if they proceed at all. Market data reflects the dampening effect: open interest in Bitcoin perpetual futures has fallen roughly 50% since October, and investors have withdrawn approximately $3.3 billion from U.S. Ethereum ETFs since last fall. The regulatory shift underscores the fundamental tension between China’s capital controls and the borderless nature of crypto innovation, forcing industry players to consolidate around more permissible areas like stablecoin infrastructure and prediction markets.

比推02/12 14:09

The Door to Offshore Stablecoins Quietly Closes Amid the Vision of RMB Internationalization

比推02/12 14:09

Andrew Kang: Abandon Short-Termism, Embrace Exponential Growth

Andrew Kang, founder of Mechanism Capital, argues that we are at a profoundly unique asymmetric moment in history, requiring a shift away from short-term thinking toward a long-term, exponential growth mindset. Having witnessed multiple market cycles, many investors become overly cautious during rapid price increases. However, Kang emphasizes that concerns about bubbles or attempts at market timing are misguided in the current environment. We are nearing a technological "singularity," driven by breakthroughs in AI, robotics, energy, and other innovative fields. In the coming decade, advancements such as billions of AI agents, humanoid robots, space data centers, multi-planetary colonization, and revolutionary medical therapies will compress more progress into twenty years than all of prior human history combined. Companies leveraging AI are already experiencing order-of-magnitude improvements in productivity. For instance, Anthropic now has Claude writing 100% of its product code. Traditional valuation models fail to capture the potential scale of growth, which could represent a 20-sigma event in terms of economic expansion. Wealth creation will accelerate dramatically. Those without exposure to these transformative trends risk being left behind as asset prices surge vertically. While short-term volatility is inevitable, Kang advises embracing long-term risk exposure rather than attempting to trade short-term fluctuations. The value of the embedded "call option" on the singularity is immense, and the time to adopt an exponential outlook is now.

marsbit02/12 13:23

Andrew Kang: Abandon Short-Termism, Embrace Exponential Growth

marsbit02/12 13:23

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