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稳定币价值链首次系统性聚合：Stablecoin Odyssey 2026 香港启航汇聚上中下游，打通储备资产到终端应用的完整链路 Stablecoin Odyssey 2026 将于 2 月 10 日在香港 Soho House 举办，这是首次系统性连接稳定币全产业链的深度聚会。顶级生态支持，全方位媒体覆盖本次活动由稳定币研究机构 Mastering Stablecoin 与链上稳定资产风险评级工具 StableHunter 联合主办，获得全球虚拟卡发行与 Web3 支付基础设施提供商 Interlace 的总冠名赞助，与加密行业顶级生态的支持，参与项目包括：公链及支付基础设施：Stable、Monad、AEON、OP_CAT、Conflux、Kaspa 基金会支付、PayFi 及 RWA：Interlace、Bitget Wallet、Huma Finance、Plume、PolyFlow、Asseto、新火科技资产管理、DeFi 协议：Spark Protocol、Bancor、PolyFlow、EX.IO、加幂科技行业组织、VC 及媒体：Nano Labs、The Block、清华五道口区块链俱乐部、BitsLab、DGF、Jsquare、CICADA Finance、Leadsourcing Nano Labs 创始人孔剑平博士、Conflux 联创张元杰、泰达稳定币公链 Stable CEO Brian Mehler、Monad Payment Head Nellie Tan、Bitcoin.com 创始人 Mate Tokay、AI 支付协议 AEON CEO Eddie、虚拟卡发行平台 Interlace VP Simon Li 等嘉宾将出席圆桌讨论或发表演讲。活动还获得了华语加密媒体的全方位支持，包括 MetaEra、星球日报、区块律动、洞察 Beating、金色财经、链捕手、PANews、Techub News、ChainThink、ChainTimes 等十余家主流媒体的联合报道。从碎片化到系统化：稳定币产业链的关键连接数据显示，2025 年稳定币交易量达到 46 万亿美元，已经超过了 Visa 和 Mastercard 的总和。然而，这个看似繁荣的市场背后，存在着明显的价值链断层：发行端：传统金融机构和原生加密项目都在探索稳定币发行，但缺乏与下游应用场景的有效对接基础设施层：新一代支付公链不断涌现，但与发行商和应用端的协同仍显不足应用端：支付场景、DeFi 收益、跨境汇款等需求旺盛，但底层流动性和合规框架尚未完善 Stablecoin Odyssey 2026 的核心使命，就是将这些分散的参与者系统性地连接起来，让稳定币真正从「理论价值」转化为「实际应用」。正如活动主题所言：「让价值之河变得具体可感」。四大关键议题，直击行业核心问题本次峰会精心设计了四场核心圆桌讨论，涵盖稳定币产业链的关键环节： Panel 1: Building Payment Blockchains for the Agentic Economy 在 AI Agent 经济时代，支付基础设施需要什么样的革新？Monad、Stable、AEON、OP_CAT等新一代公链基础设施将分享他们对高性能支付网络的思考，探讨如何为大规模实时交易和智能代理支付构建底层基础设施。 Panel 2: Stablecoin Payments - Real Adoption in Emerging Markets 从东南亚到拉美，新兴市场正在成为稳定币支付的主战场。Interlace、Huma Finance 等支付基础设施提供商将分享他们在实际场景中的落地经验，探讨如何跨越监管、用户教育和技术门槛，实现真正的大规模采用。 Panel 3: RWA - New Infrastructure or Just Better Storytelling? 真实世界资产（RWA）究竟是稳定币的下一个增长引擎，还是又一个被过度包装的概念？Plume、Conflux、Asseto 等项目将带来他们在债券、票据和贸易融资领域的真实数据，探讨 RWA 如何为稳定币提供更稳定的收益来源。 Panel 4: DeFi & CeDeFi - Yield Sources and Risk Boundaries 在收益与风险之间，稳定币持有者如何做出理性选择？Spark Protocol、Bancor 等协议将深入探讨 DeFi 原生收益、CeDeFi 混合模式以及新兴的 Ethena 类合成美元协议，帮助用户理解不同收益模式背后的风险结构。总冠名赞助商：Interlace 让稳定币真正「能花」本次活动获得 Interlace 的总冠名赞助。作为全球领先的虚拟卡发行平台和 Web3 支付基础设施提供商，Interlace 正在解决稳定币"最后一公里"的问题——如何让链上资产在现实世界中真正可用。 Interlace 在海外新兴市场的深度布局，正在验证稳定币支付的真实需求和可行路径。这也是为什么 Interlace 选择支持 Stablecoin Odyssey 2026——因为从储备资产到终端支付的完整价值链，正是行业亟需打通的关键环节。为什么是香港？为什么是现在? 香港正在成为全球稳定币监管的先行者。2024 年，香港证监会发布稳定币监管框架，为合规发行和流通提供了清晰路径。2026 年初，多家持牌机构已经获批或正在申请稳定币发行资格。在这个关键时点，Stablecoin Odyssey 2026 选择在香港举办，不仅是为了汇聚全球从业者，更是希望在监管明确、市场成熟的环境中，探讨稳定币如何从「野蛮生长」走向「规范发展」，从「加密原生工具」成为「全球金融基础设施」。本次活动正值 2026 Consensus Hong Kong 周期间，吸引了大量国际投资者、项目方和行业建设者齐聚香港。目前活动报名人数已达 750 人，Stablecoin Odyssey 将成为这一周中最聚焦产业链协同的深度活动。关于主办方 StableHunter 是链上稳定资产风险评级工具，将复杂 DeFi 收益机制转化为可量化的风险决策系统。 Mastering Stablecoin 是专注于稳定币研究与内容创作的独立机构，通过播客、深度文章和行业报告，系统性梳理稳定币的技术演进、监管动态和商业实践。活动信息时间：2026年2月10日 13:00 - 18:00（UTC+8）地点：Soho House, Hong Kong 完整议程及报名：https://luma.com/pdqyx0w0

《Stablecoin Payments at Scale：加密卡如何连接数字资产与全球商业》报告解读一、报告内容概述《Stablecoin Payments at Scale: How Cards Bridge Digital Assets and Global Commerce》由数字资产研究机构 Artemis 发布，聚焦稳定币在现实世界支付中的规模化应用，深入剖析加密货币卡如何成为连接链上资产与全球商业的关键基础设施。 Artemis 是一家专注于区块链经济与金融创新的研究机构，致力于为金融机构、协议开发者和政策制定者提供基于数据的深度洞察。本报告通过交易量分析、技术架构拆解与区域市场比较，揭示了加密卡正在重塑消费者对数字资产的使用方式。 Starbase 将从以下四个方面解读该报告，助您把握核心趋势，洞察 RWA（现实世界资产）与 Web3 融合的新路径：加密卡增长迅猛：作为稳定币进入日常消费的主要入口，其月交易额两年内增长超五倍，年化规模已逼近传统P2P转账。三层架构驱动创新：依托 Visa、Mastercard 等主流网络，叠加全栈发行平台崛起，推动支付效率与经济模型升级。 RWA 的渐进式落地：以美元计价的稳定币背后锚定国债、货币基金等现实资产，加密卡正成为这些 RWA 流通至终端用户的“最后一公里”通道。跨境场景率先突破：在印度、阿根廷等金融摩擦显著的市场，加密卡解决实际痛点；而在发达经济体，则服务于高参与度、数字原生的新兴用户群体。二、数字支付的创新：加密卡的崛起加密卡已成为稳定币实现真实消费的核心载体。数据显示，全球加密卡月交易额从 2023年1月的19亿美元增长至 2025年8月的102亿美元，复合年增长率高达 106%，年化交易规模超过 180亿美元。这一增速远超同期点对点（P2P）稳定币转账——后者仅从约180亿美元增长至190亿美元，增幅仅5%。这意味着：加密卡已不再是边缘用例，而是与P2P并列的两大稳定币流动支柱之一。其核心价值在于桥接割裂的两个世界：对用户而言，可在任意支持 Visa 或 Mastercard 的商户直接消费钱包中的 USDC、USDT 等稳定币；对商户而言，无需集成任何新系统，即可“无感”接收来自数字资产的付款。 “链上资产，线下可用”——这正是加密卡正在兑现的承诺。三、加密卡的基础设施与市场参与者加密卡的运行依赖于清晰的三层堆栈结构，各层协同支撑起万亿级交易生态。第一层：支付网络 —— Visa 主导格局形成 Visa 和 Mastercard 构成了全球超过 1.5 亿商户点的结算骨干。在加密卡领域，尽管两者都积极参与，但 Visa 凭借早期与基础设施提供商的合作策略，占据了超过 90% 的链上交易量份额。关键差异在于战略选择： Visa 主攻“基础设施层”，与 Rain、Reap、Gnosis Pay 等新兴全栈平台合作，一次接入即可覆盖数十个下游品牌卡产品； Mastercard 更侧重与中心化交易所（如 Bybit、Gemini、Revolut）直接合作，其交易量更受交易所用户周期影响。第二层：发卡基础设施 —— 全栈发行平台崛起传统模式下，项目经理（如 Baanx、Bridge）需依赖持牌银行作为“主会员”来对接支付网络。这是一种轻资本、可扩展的白标模型，适合快速推出品牌卡。但新趋势是全栈发行平台的出现： Rain 和 Reap 拥有 Visa 主会员资格，集 BIN 管理、合规、清算与结算于一体；它们绕过传统银行中介，直接将稳定币余额结算至 Visa 网络，在每笔交易中捕获更多经济价值。这种模式标志着基础设施权力向加密原生实体转移。第三层：面向消费者的产品 —— 四类玩家共存最终用户接触的是各类品牌卡产品，主要分为四类：类别代表产品战略动机中心化交易卡 Coinbase Card, Crypto.com Card 用户获取漏斗 + 变现工具自托管/协议原生卡 MetaMask Card, Ether.fi Cash 提升TVL与协议收入加密原生新银行 KAST, Xapo Bank 提供完整银行体验传统金融科技扩展 Revolut, Chime 吸引数字资产持有者不同产品的商业模式各异，但共同推动了稳定币的日常化使用。四、RWA代币化的渐进路径：加密卡作为流通引擎报告揭示了现实世界资产通过稳定币实现数字化流通的趋势。如今市值超 3080亿美元的稳定币供应中，多数并非凭空发行，而是由现实资产背书： USDC 由现金及短期美国国债支持； PYUSD 锚定高流动性政府货币基金；新兴稳定币如 USDG 和 EURC 也逐步纳入合规金融工具储备。这些本质上都是低风险、高流动性的现实世界资产（RWA）的代币化形式。而加密卡的作用，正是让这些 RWA 走出资产负债表，进入消费循环。当用户刷一张由 USDC 支持的 Rain 卡购买机票时，他实际上是在花“被代币化的美债利息收入”。因此，加密卡不仅是支付工具，更是 RWA 从链下资产到链上流通的关键转化器。它降低了普通用户接触结构性金融产品的门槛，也为传统资产提供了全新的分发渠道。五、监管框架与行业前景尽管技术成熟，加密卡的大规模采用仍面临显著的监管不确定性。新兴市场：需求强烈，摩擦并存印度：2022年起实施30%加密收益税+1% TDS源头扣税，导致绝大多数交易外流至海外。然而，UPI 的普及反而促使加密卡项目转向与其整合，以触达本地用户。阿根廷：通胀严重，比索贬值剧烈，USDC 占稳定币交易量达 46.6%，成为事实上的“数字美元”储蓄工具，借记卡成为抗通胀刚需。发达市场：服务差异化人群在美国和欧洲，加密卡并非要取代主流信用卡，而是瞄准一类新兴用户：持有可观数字资产余额；缺乏传统信用记录但链上行为活跃；渴望获得返现、信用额度和全球化金融服务。这类用户虽基数较小，但用户平均收入高、忠诚度强，是未来金融服务的重要增量。监管走向目前 Visa 和 Mastercard 的原生稳定币结算仅支持 USDC、PYUSD、USDG、EURC 等合规稳定币，USDT 尚未纳入主流轨道。这表明监管合规性仍是决定谁能接入核心金融管道的关键门槛。清晰的稳定币立法（如美国潜在的 stablecoin bill）将极大增强机构信心，加速 RWA 支付生态的发展。六、结论：加密卡是稳定币下一阶段采用的基础设施综合来看，《Stablecoin Payments at Scale》传递出一个明确信号：加密卡不是过渡方案，而是稳定币走向主流消费的核心载体。它们不试图颠覆现有支付体系，而是聪明地嵌入其中——利用 Visa/Mastercard 的庞大网络，将数字资产转化为“哪里都能花的钱”。真正的机会不在前端结账页面，而在幕后结算层。稳定币的优势在于跨境价值存储与高效流转，而卡片的优势在于普遍接受与服务捆绑（信用、欺诈保护、奖励）。两者的结合，形成了当前最具可行性的数字支付范式。至于 RWA，它并不需要一场革命来落地。它正通过稳定币+加密卡的方式，悄然融入日常消费。每一次刷卡，都可能是一次对美债、货基或银行准备金的微小调用。未来五年，随着全栈发行平台扩张、监管框架明晰以及用户习惯养成，我们有望看到：更多机构级 RWA 被封装为可编程货币；更多钱包与银行级服务融合；加密卡从“极客玩具”变为“全球公民的标配金融工具”。

Gary Yang: The Asset Tokenization Trend Based on StablecoinsWritten in NYC on Sep 8, 2025 In August 2025, global financial cities began undergoing dramatic market changes under the impact of the stablecoin wave. Driven by the Genius Act and Project Crypto, and amplified by the wealth-making examples of MSTR and Circle, the equilibrium of traditional financial interest games has been broken. Stablecoins, token-equity linkage, DAT, RWA, and on-chain asset management have rapidly become hot areas of competition in this new environment. Essentially, the implementation of the Stablecoin Act marks the starting point of a comprehensive reform in global financial tokenization. The second growth curve of crypto will unfold along the axis of stablecoin application scenarios and asset tokenization, leveraging the flexibility of crypto finance and the historical experience of traditional finance, forming differentiated development paths under various regional compliance frameworks. tl;dr 1. The essence of the Genius Act is to delegate the power of currency issuance and settlement, thereby strengthening the pricing power of the currency. 2. Stablecoins, by changing the form of monetary pricing, have triggered global reforms in financial tokenization and asset tokenization. 3. The reform is rapidly dismantling the long-standing Cartel Alliances in traditional finance, creating opportunities for interest realignment amid chaos. 4. Trump successfully grafted his personal interests onto a historical turning point, thereby forging an incredible sense of legitimacy. 5. The Two Directions of Crypto–Equity Linkage: Securitization and Tokenization, and Their Market Characteristics. 6. The market characteristics and problems of stablecoins, DAT, stock tokenization, RWA, and on-chain asset management. 7. The second growth curve of Crypto has triggered industry fragmentation and cultural divides. 1. The essence of the Genius Act is to delegate the power of currency issuance and settlement, thereby strengthening the pricing power of the currency. In a previous article titled "The GENIUS Act and On-chain Shadow Money", we elaborated on the irreversible trend of declining U.S. dollar dominance, and how the GENIUS Act represents a trade-off decision to delegate issuance and settlement rights in exchange for broader circulation of the U.S. dollar. In fact, this move was further validated by the market within just three months of the GENIUS Act’s proposal. At this stage, loosening control over the issuance and settlement rights of the dollar—effectively via shadow currencies—has enabled dollar-denominated stablecoins to gain broader market application scenarios, thereby reinforcing a much wider pricing power. It is this pricing powerthat represents the future competitive consensus strength in on-chain finance, while the traditional monetary issuance and settlement rights will gradually fade into being generic infrastructural tools, losing their moat and competitive value. The future "currency war" will be a competition of consensus strength in currency usage, rather than a contest over issuance and settlement rights. This is a fundamental reform in traditional finance, compelled by the rise of on-chain finance. Yet, it is a notion that many governments, regulatory regimes, traditional financial experts, scholars, and entrepreneurs have not yet realized—or find it difficult to adopt. In other words, the traditional M2 measure of on-chain currencies will gradually lose its original significance. The massive oversupply of currencies and tokenized assets will become a kind of freedom, but such freedom does not equate to equivalent value. True value will be determined by the consensus strength of currencies and tokenized assets, manifested through their liquidity, purchasing power, interoperability, community recognition, and other quantifiable market feedbacks. Faced with this transformational inflection point, paradigm-shifting flexibility in thinking becomes critically important. Many traditional economic definitions, market regulation methods, and asset operation models will undergo fundamental change. For example, as M2 loses its original meaning, it may be revised by introducing a "liquidity value factor" as a multiplier, in order to derive a kind of effective circulation value of a currency or asset. Naturally, all types of monetary and fiscal policies will also require fundamental changes, to adapt to the emerging governance methods of the on-chain economy. 2. Stablecoins, by changing the form of monetary pricing, have triggered global reforms in financial tokenization and asset tokenization. After the Genius Act quietly ignited this "new currency war", countries and regions around the world rushed to introduce their respective stablecoin legislations. Although many of these legislations are still fundamentally anchored in the inertia of traditional monetary and financial rules and will require time to iterate and adjust, the overall on-chain reform of financial markets has already begun. Although assets settled in 1 USD and 1 USDC (or other stablecoins) may not appear to differ much in pricing, their underlying monetary mechanisms are essentially different, thus greatly altering the financial significance of such assets. This is mainly reflected in aspects such as programmability, composability, market liquidity, differentiated circulation within ecosystems, and the flexibility of financial derivatives. Recently, when friends from traditional finance backgrounds asked about the characteristics of on-chain asset management carried out by CICADA Finance, I would use the metaphor of a "financial motherboard". Various financial asset strategies are much like different algorithmic "financial chips". Through the plug-and-play selection of asset management, they form flexible financial combinations on the financial motherboard, while stablecoins serve as the "financial current" (Note 1) that connects the chips and the motherboard. 3. The reform is rapidly dismantling the long-standing Cartel Alliances in traditional finance, creating opportunities for interest realignment amid chaos. From the Genius Act to Project Crypto, stablecoins and on-chain financial reform have essentially subverted the inherent interest model of traditional finance. At other points in history, this would certainly have triggered large-scale conflicts and contradictions, yet this time the transition has appeared smooth and widely acceptable. Is this because modern financial legal systems have made competition fairer, or because today’s institutions are more civilized than those of the past? Of course NOT. The reason is simple: the global curve of social development today is moving too fast. The additional profits gained by enterprises that can see the trend and quickly transform far exceed the cost of losses that come from clinging to existing interest alliances and resisting. The financial Cartel Alliances of the previous stage were quickly broken and abandoned by enterprises that transformed faster. From Wall Street to all of New York, this time the collective choice was the (+3, +3) model to enter the new situation and engage in the game. This transformation process will inevitably lead to a period of chaos and restructuring in financial markets, while at the same time creating abundant trading opportunities for new assets and capital. Over the past month in the New York market, I have observed that the degree of Cartel Alliances solidification varies significantly across industries. Although the financial industry, under the driving force of the Genius Act and Project Crypto, has rapidly transformed this time, many traditional industries (such as real estate) remain highly stubborn. Due to the strict control of admission conditions and information flows by monopolistic alliances, the trading environment in many industries is still very primitive, and many RWA assets are far from meeting the conditions required to enter the current wave of tokenization upgrades. 4. Trump successfully grafted his personal interests onto a historical turning point, thereby forging an incredible sense of legitimacy. What remains worth mentioning is still the crypto president Trump, who has been driving this rapid development. Historically, pushing for reforms has usually been a high-risk endeavor, facing strong resistance and rarely winning favor—especially when one’s own interests are further grafted onto it, which tends to add fuel to the fire. Yet Trump’s maneuver was indeed carried out with remarkable precision at a very particular historical juncture, achieving an almost inconceivable correctness and legitimacy. By leveraging the opportunity for interest realignment brought about by an inevitable industry trend, he offset a great deal of negative confrontation, creating a very unique and non-replicable effect. 5. The Two Directions of Crypto–Equity Linkage: Securitization and Tokenization, and Their Market Characteristics. Crypto–equity linkage is an important topic in Q3 2025. In essence, crypto–equity linkage in fact takes two directions: first, embedding token assets into listed companies, thereby forming a capital premium through the form of stocks; second, following the development of existing policies to tokenize stocks, mapping them into a 7x24-hour tradable stock-token market. The former is the process of Securitization, usually managed by the securities commission of a given country or region; the latter is the process of Tokenization, usually at present managed under alternative asset management regulations of a given country or region—sometimes under banking regulation over currency or payments, and sometimes under alternative securities regulation. The securitization process of crypto–equity linkage in Q3 2025 has evolved a new term, namely DAT (Digital Asset Treasury). This is a process more flexible and universal than ETFs, whereby token assets are embedded into listed companies so that their stocks form a capital premium. The success of DAT in first-generation cases such as MSTR created a premium multiple of 1.5x–2x (with peaks close to 4x), and over the past half year has become the mainstream wealth-creation model in major financial cities such as NYC and Hong Kong. Compared with the initial MSTR–BTC cases, the differences in the DAT market as it enters late Q3 and early Q4 are as follows: 1) the expansion of embedded assets, now beginning to include non-BTC token assets such as ETH and SOL; 2) in addition to the stock premium multiple caused directly by asset embedding, financial instruments are beginning to be used to form leverage for higher capital or monetary multiples; 3) unlike MSTR, which carried benchmark political and economic significance, the practices of small and medium-sized listed enterprises are mostly entirely commercial, and thus the hidden risks of a Davis double-kill after gaining premiums will be more pronounced (And this is why the US has begun to restrict the freedom of DAT and crypto–equity linkage). The tokenization process of crypto–equity linkage in Q3 2025 is still in its early stage. The main issues are as follows: 1) For retail (to-C) scenarios it is too early—current demand is not genuine (usually limited to extending trading hours and non-compliant period tax avoidance), and it remains in the early stage of infrastructure building and to-B; 2) It is not friendly enough for small and medium participants—due to the profit difficulty caused by issue 1), at this stage only mature players such as Robinhood and Ondo Finance are capable of supporting the early market; 3) Infrastructure building and to-B demand are relatively hidden and lengthy, and standalone business models are difficult to make money independently—it requires the formation of an industry chain to achieve overall resonance, which needs a growth period. Many entering institutions in the early stage have certain misjudgments about the development of stock tokenization, while the real needs and directions at the current stage are: 1) achieving compliant paths across different jurisdictions; 2) issuing large-scale stock-tokenized assets through low-cost purchase/borrowing/holding of securities; 3) forming large liquidity providers; 4) creating leverage multiples and derivatives markets through financial instruments such as lending; 5) providing the oversaturated token quant strategy market with a large amount of high-liquidity assets that contain alpha-exploitable value. In comparison, as of Q3 2025, the securitization process of crypto–equity linkage is closer to money than the tokenization process, but its opportunity window period is also shorter. Conversely, the tokenization process of debt–equity–FX is a long-term development direction, an important step in the process of bringing assets on-chain, and will open a larger market for strategy-based quantitative financial assets. 6. The market characteristics and problems of stablecoins, DAT, stock tokenization, RWA, and on-chain asset management. Stablecoins, DAT, stock tokenization, RWA, and on-chain asset management can be regarded as the "five golden flowers" of the crypto industry’s second growth curve and the process of asset tokenization. Among them, stablecoins, DAT, and stock tokenization have already been discussed earlier and will not be repeated here. RWA is an interesting track. Last year it was unpopular, yet shifting into this year, although it has regained popularity, it has also presented more problems. These are mainly: 1) most of the assets—or even platforms—engaging in RWA treat it merely as a fundraising tool, without considering issues of post-issuance turnover and purchasing power, exit mechanisms, liquidity, yield generation, market making, or sustainability; 2) lack of, or no consideration for, the problem of fair value assessment of RWA assets and the Oracle process; 3) beyond the fundraising function, failing to conduct economic design and ecosystem building with composability and programmability, thereby making it no different from Web2’s P2P or crowdfunding approaches. In the past few months, we have interacted with a large number of RWA partners. Abstractly speaking, the essence of RWA is constructing a "Tier-1.5 market" for certain non-standard assets. This is in fact a problem of "do not impose on others what you yourself do not desire". For assets that inherently lack sufficient consensus, purchasing power, and liquidity, it is difficult to reach a one-step solution through RWA. The entire process of asset tokenization must still undergo the stages of standardization, fair valuation, marketization, and financialization of the assets themselves. For RWA assets, the most difficult and critical problem lies in large-scale, medium-term tradable liquidity—this is essentially the same problem faced by structured finance frameworks and liquidity disposal institutions in traditional markets, and it is one that still lacks effective solutions in today’s crypto asset tokenization market. Compared with the more intuitive areas that many people prefer to focus on—such as real estate, digital collectibles, and artworks—the more suitable RWA assets for tokenization at this stage are in fact Supply Chain Fi and PayFi, whose underlying liquidity asset characteristics support the feasibility of tokenized trading flows. On-chain asset management is essentially the comprehensive track of categorizing and managing various assets under the wave of stablecoins. At its core, it is a systematic engineering task of connecting Liquid Assets with Liquid Funds. From economic model design to platform products, from asset screening to asset management operations, it is far more complex than TradFi, requiring multi-dimensional professional actuarial and quantitative capabilities. In the past half year of growth along the second curve, CICADA Finance has rapidly iterated its on-chain asset management capabilities, pioneering new standards for on-chain asset management, and welcomes cooperation and dialogue with different assets and ecosystems. 7. The second growth curve of Crypto has triggered industry fragmentation and cultural divides. After the SEC launched Project Crypto in August, the rapid growth of crypto’s second curve accelerated the further differentiation of the entire crypto market. North America, Southeast Asia, the Middle East, and Africa have all begun to show completely different patterns of divergence. The development of native DeFi and the stablecoin ecosystem has shown the strongest momentum in New York and along the East Coast. RWA and crypto–equity linkage have opportunities in global financial cities, but each is subject to certain influences from its own policy particularities, compounded by the cognitive inertia of mainstream market participants, resulting in different modes of interpretation. Africa, South Asia, and South America are developing more from the perspective of Supply Chain Fi and PayFi applications—these are in fact the true mainstream emerging markets. Although not yet priced in by the crypto market, they possess enormous latent strength. By contrast, Southeast Asia has instead become the receiving base for the subsequent development of the first curve, where centralized exchanges and narrative-driven projects are gathering to generate new purchasing power. Different social environments across geographies have created fragmented layers within the crypto market. Global finance is facing disruptive changes in financial reforms and asset pricing mechanisms along different dimensions, with stablecoins being only the first step. Author: Gary Yang Date: September 9, 2025 X:https://x.com/gary_yangge E: gary_yangge@hotmail.com BW: https://cicada.finance BX: https://x.com/cicadafinance Note 1: For the concept of "financial current", see the definition in the article Financial Circuit and Web3 Tokenomics Theory.

从 USD1 到 WLFI：美国总统背景下的 Stablecoin 新实验撰文：伟林引言自 2025 年 8 月以来，一个与美国第 47 任总统特朗普密切相关的 Stablecoin 项目引发了广泛关注。这个项目横跨互联网、DeFi 协议和传统政治领域，成为多个圈层讨论的焦点。而最近代币上市以及解锁更是把整个项目的热度带到了一个新巅峰。 USD1 USD1（稳定币）由 ALT 5 合伙公司首发：以美国短期国债作为底层资产支撑，同时提供零手续费交易、分阶段解锁机制，以及跨链兼容性。ALT 5 与特朗普家族的关联，以及 USD1 价格在 47 美元附近的稳定表现（暗合第 47 任总统），都暗示着一种全新的"美式 RWA 策略"正在成型。 WLFI World Liberty Financial（WLFI）最初作为 ALT 5 的精品业务分支，后来通过类似 SPAC 的运作模式，实现了「代币化+上市公司」的融合操作，完成了 Stablecoin 领域首次「上市化改造」。本文将从「政治资本+美债 Stablecoin+精品化上市公司」三个维度深度剖析这个史无前例的 RWA 项目核心资产 WLFI，并探讨几个关键问题：为什么美国首个"总统系 Stablecoin"从 USD1 起步？ WLFI 究竟是真正的 DAO，还是披着 DAO 外衣的传统上市公司？这是金融创新的融合突破，还是政治与科技结合的实验室产物？第 1 章｜项目背景与基本信息 World Liberty Financial（WLFI）无疑是 2025 年美国加密市场最具争议的明星项目。它以「总统系稳定币」的身份横空出世，打破了政治与加密货币之间的传统边界。双币制度 USD1稳定币——以短期美债作抵押，零手续费全球支付。 WLFI治理代币——表面上是治理工具，实质上是政治立场的代币化表达。持有者不只享有分润权和投票权，更重要的是获得了特朗普政治理念在加密世界的「身份标识」。权力架构项目的治理结构堪称一部政治-商业权力的教科书。World Liberty Foundation 负责日常运营，但真正的控制权掌握在纳斯达克上市公司 ALT 5 Sigma Corp 手中。这种嵌套结构不是偶然设计，而是精心安排：既满足监管合规要求，又保证政治资本的直接变现，还为华尔街资金提供了合法的进入通道。权力中枢政治核心层：Donald Trump Jr.担纲战略顾问，主导"美国金融主权"叙事建构；Eric Trump 在 ALT 5 董事会掌握实权，控制关键决策节点。执行层：Matt Morgan 从特朗普竞选法律总顾问转型投资总监，将政治运作经验移植到资本市场；Zach Witkoff 利用纽约地产世家背景，担任 ALT 5 董事长。创新的双轨融资模式股权通道：ALT 5 发行 2 亿股（1 亿普通股+1 亿 PIPE 配售），每股 7.5 美元，总融资 15 亿美元，直接对接华尔街资金。代币通道：WLFI 代币定于 9 月 1 日上线交易所，首批释放 20%流通量，面向全球加密投资者。第 2 章｜政治资本与监管博弈 World Liberty Financial 最引人注目的地方，不在于技术创新，而在于它开创了政治资本直接变现加密货币的先河。当特朗普家族重新成为美国政治焦点时，WLFI 选择在稳定币这个监管最敏感的领域发起冲击，本身就是一场高风险的政治金融实验。特朗普系资本的数字化转型 Eric Trump 坐镇 ALT 5 Sigma 董事会，掌握项目实际控制权；Donald Trump Jr.频繁在公开场合为 USD1 站台，将家族政治声誉直接转化为项目背书；「47 枚 USD1」空投活动更是政治营销的经典案例——数字 47 直指第 47 任总统身份，将政治符号与金融产品完美融合。监管环境的戏剧性转变特朗普重新执政后，美国加密监管迎来 180 度大转弯。最具标志性的是 7 月 18 日签署的《GENIUS 法案》，该法案要求稳定币 100%由美元或短期国债支撑，并要求发行商每月公开披露储备构成。这个时间节点值得玩味：WLFI 在 3 月就宣布 USD1 将由短期美债、美元存款等现金等价物支撑，几乎完美契合了后来的法案要求。这种"预知性合规"很难说是巧合。更戏剧性的是，国会正因特朗普家族 20 亿美元的加密交易而激烈争论，民主党议员认为这存在巨大的腐败风险。但共和党控制的立法机构似乎并不打算因此暂停相关政策推进。稳定币政治光谱的分化传统合规派（以 Circle 为代表）：强调与民主党建制派的良好关系，严格遵循纽约州和联邦监管要求，定期公布审计报告，主要服务机构客户。政治庇护派（以 WLFI 为代表）：依托共和党政治资源，倾向于在监管灰色地带操作，审计信息披露相对模糊，主要面向散户和特朗普支持者。第 3 章｜美元化战略的数字重构 USD1 稳定币远不止是 WLFI 生态中的支付工具，它更像是美元霸权在数字时代的战略延伸。在全球「去美元化」浪潮愈演愈烈的背景下，USD1 承载着为美元开辟新战场的使命。技术架构的政治考量根据官方公告，USD1 采用了精心设计的技术架构：去银行化路径：通过 BitGo 等非银行机构托管，USD1 避开了传统银行的 KYC 和反洗钱要求，为快速全球扩张清除了制度障碍。纯美债支撑：相比 USDC 的「现金+国债」混合模式，USD1 的纯美债结构更像是「数字化的美国国债 ETF」，每一枚 USD1 都直接代表美国政府的信用。多链并行：除以太坊外，USD1 还在 TRON 等网络同步发行，这为其在亚洲和新兴市场的推广提供了技术基础。阿联酋资本的战略性介入 MGX 对币安的 20 亿美元投资案例揭示了 USD1 战略价值的另一个维度。据 Bloomberg 和 Eric Trump 证实，阿布扎比国家支持的投资机构 MGX 在对币安的 20 亿美元投资中使用 USD1 作为支付工具。 MGX 作为阿联酋国家投资机构，选择 USD1 而非 USDC 或 USDT，实际上是对特朗普政治稳定币的主权级认可。海湾国家开始将政治化稳定币视为平衡美国金融制裁风险的对冲工具。整笔交易完全以稳定币支付，绕开了传统的 SWIFT 系统，证明了数字美元在大额跨境投资中的可行性。第 4 章｜技术选择背后的政治算盘 WLFI 在技术架构上的保守主义并非偶然。在一个以政治影响力为核心竞争力的项目中，技术创新反而可能成为累赘。USD1 选择的每一个技术方案，都透露出项目对政治稳定性的极度重视。双链布局的精明计算 USD1 同时部署在以太坊和 TRON 上，这个选择乍看平常，实则暗藏玄机。以太坊承担的是「门面」功能。美国的机构投资者和监管机构都熟悉以太坊生态，在这里运行 USD1 有助于建立合规形象。更重要的是，华尔街的 DeFi 参与者主要集中在以太坊，这为 USD1 获得机构采用提供了便利。 TRON 的作用则完全不同。孙宇晨 3000 万美元的投资不只是资金支持，更是为 USD1 在亚洲市场的推广铺路。TRON 在跨境支付和高频交易场景中的优势，恰好弥补了以太坊高 Gas 费的短板。插件式集成的务实选择 USD1 没有重新发明 DeFi 协议，而是直接嫁接到现有的头部项目上：Aave 提供借贷场景，Curve 和 Balancer 提供流动性，LayerZero 负责跨链桥接。这种「寄生」策略的好处是显而易见的：快速启动，低技术风险，立即获得成熟生态的支持。USD1 不需要花费数年时间培养开发者社区，也不用承担协议安全性的全部责任。但代价也很明显：缺乏技术护城河，容易被复制，对外部协议的依赖性强。任何一个集成的协议出现问题，都可能影响 USD1 的正常运行。第 5 章｜USD1 的竞争定位解析 USD1 进入稳定币市场的时机颇为微妙。当 USDT 因透明度争议饱受质疑，USDC 因政治立场引发分化，DAI 因复杂机制让普通用户望而却步时，USD1 选择了一条截然不同的道路：将政治认同作为核心竞争力。储备策略的政治化包装 USD1 声称 100%由短期美债支撑，这个设计看似技术选择，实则政治宣言。 USD1 的纯美债设计传递出强烈信号：每一枚代币都直接代表美国政府信用。这不只是储备选择，更是政治站队的表达。当用户持有 USD1 时，他们实际上在为美国政府债务提供资金支持。零费用策略的杀伤力传统稳定币的费用结构为其留下了套利空间：USDT 和 USDC 通常对机构用户收取 0.1%-0.3%的发行赎回费，DAI 的操作还涉及复杂的稳定费机制。USD1 的零费用承诺在国际汇款、大额交易等成本敏感场景中具有明显优势。政治光谱中的明确站位 USD1 最大的创新在于将政治立场作为品牌核心，这在稳定币历史上前所未见。 USDC 虽然与民主党关系密切，Circle 高管曾参与拜登政府政策制定，但项目本身保持技术中性的表面；USDT 刻意保持政治中立，在监管压力下多次调整合作银行；DAI 通过去中心化治理试图摆脱政治色彩。 USD1 则反其道而行，明确打出"特朗普系稳定币"的旗号。这种策略的风险和机遇并存：支持特朗普的用户可能将其视为政治表达工具，反对者则可能完全拒绝使用。第 6 章｜政治泡沫的资本游戏 WLFI 的融资故事堪称政治资本变现的教科书案例。在不到一年时间内，项目凭借特朗普家族的政治光环吸引了超过 5.5 亿美元投资，但这个数字背后隐藏着一场复杂的估值博弈和风险转移游戏。资本运作的复杂结构预售阶段的惊人成绩：从 2024 年 10 月开始的预售活动最终筹集了超过 5.5 亿美元，吸引了 85,000 多个钱包地址参与。早期投资者以 0.015 美元和 0.05 美元的价格获得代币，而 9 月 1 日开盘价达到 0.30 美元，意味着早期投资者获得了高达 20 倍的回报。 ALT 5并购的关键操作：今年早些时候，World Liberty Financial 收购了一家名为 Alt 5 Sigma 的小型支付公司（此前主要销售止痛药）。收购后，Alt 5 从外部投资者那里筹集了 7.5 亿美元，然后用这笔资金购买 WLFI 代币。这种安排使得特朗普家族实际上是在向自己控制的公司出售自己的代币，75%的收益直接流回特朗普旗下的实体。孙宇晨的战略投资升级：根据最新信息，孙宇晨的投资实际上超过了 7500 万美元，不仅获得代币，还担任了项目顾问。更重要的是，在特朗普重新就职后不久，SEC 对孙宇晨公司的调查被撤销。锁仓机制的精密设计总供应量分配：1000 亿枚 WLFI 中，约 199.6 亿归国库，335.1 亿分配给团队，160 亿为公开销售的锁定部分，58 亿给战略合作伙伴。特朗普家族通过 DT Marks DEFI LLC 持有 225 亿代币，按照当前价格价值超过 70 亿美元。分阶段解锁策略：9 月 1 日首次解锁仅释放 20%（约 50 亿代币），剩余 80%的解锁时间表由社区治理投票决定，而非自动释放。这种设计看似去中心化，实际上让项目方可以根据市场情况灵活控制代币供应。 Lockbox机制的技术门槛：所有投资者必须通过审计过的 Lockbox 智能合约激活钱包才能参与解锁。8 月 25 日 Lockbox 开放时，许多 Coinbase 钱包用户遇到连接问题，暴露出技术实施的复杂性和潜在风险。做市商与流动性安排交易所全面覆盖：9 月 1 日开盘当天，WLFI 同时在 Binance、Bybit、MEXC、Bitget、Gate、KuCoin、Hyperliquid 等主要交易所上线，显示出项目方强大的资源调动能力。预售抛压的即时显现：Lookonchain 数据显示，开盘后立即有 3 个预售钱包向 Binance 转移了 1.6 亿枚 WLFI（价值约 5120 万美元），暴露出早期投资者的套现压力。衍生品市场的疯狂：在现货交易开始前，WLFI 的衍生品交易量就达到 22.2 亿美元，未平仓合约接近 10 亿美元。Binance 占据了约 50%的衍生品交易量，显示出市场对该代币的强烈投机兴趣。价格波动的剧烈性：开盘价 0.30 美元，最高触及 0.33 美元，随后回落至 0.21 美元，充分体现了政治概念币的高波动特征。第 7 章｜DAO 面具下的权力游戏 WLFI 声称采用去中心化治理，但深入分析其治理结构后发现，这更像是一场精心编排的政治表演。所谓的「DAO」治理机制，实际上是特朗普家族维持项目控制权的合法外衣。投票权集中的真相链上数据揭示了 WLFI 治理的真实面貌：在 USD1 空投决议的投票中，前 5 个钱包地址控制了超过 40%的投票权；生态拨款提案的表决中，7 个核心钱包掌握了 55%以上的决定权。这种集中度远超任何称得上「去中心化」的标准。更可疑的是，这些大额持有的钱包地址之间存在明显的协调行为。它们往往在同一时间段内进行投票，投票选择高度一致，暴露出背后可能存在统一的决策机制。这种结构设计的政治意图很明显：通过 DAO 的民主外观掩盖寡头统治的现实。普通投资者以为自己在参与治理决策，实际上只是在为既定结果提供合法性背书。团队控制的制度化细节基于最新公开信息，WLFI 的实际控制结构比对外宣传的更加集中：家族持股的具体安排：特朗普家族通过 DT Marks DEFI LLC 持有 225 亿枚 WLFI 代币（占总供应量 22.5%），按照当前市价价值超过 70 亿美元。Donald Trump 被正式任命为"首席加密倡导者"，Barron Trump 担任"DeFi 愿景师"，Eric Trump 和 Donald Trump Jr.均为"Web 3 大使"。运营权力的实际分配：虽然对外声称去中心化治理，但日常运营完全由三个合伙人控制：Zachary Folkman、Chase Herro 和 Zach Witkoff。其中 Zach Witkoff 是 Steve Witkoff（特朗普特使）的儿子，这种家族网络确保了政治路线的一致性。收益分配的不透明机制：特朗普商业实体拥有 World Liberty 60%的股权，但却有权获得代币销售 75%的收益。这种不对称安排让普通投资者承担大部分风险，而特朗普家族获得大部分收益。表决机制的结构性缺陷 WLFI 的治理设计存在多个致命漏洞：一币一票的机制在理论上公平，但在实际操作中强化了财富集中的影响力。大户可以通过 OTC 交易、空投获取等方式快速积累投票权，而普通用户的声音被完全边缘化。提案发起的门槛设置过高，普通社区成员难以推动真正的议题讨论。即使有提案进入投票程序，审查机制的不透明也为操控留下了空间。没有防串通机制意味着关联钱包可以协调行动，将分散的投票权实质上集中使用。这种设计几乎是在邀请操控行为的发生。透明度的系统性缺失与成熟的 DeFi DAO 相比，WLFI 在治理透明度上存在巨大差距：投票结果往往延迟公布，给幕后操作留下时间窗口；缺乏公开的治理论坛，社区讨论无法形成有效共识；部分重要提案甚至未在链上公开，直接绕过了去中心化治理的基本要求。这种不透明性不是技术问题，而是设计选择。项目团队显然不希望治理过程受到过多外部监督，这与 DAO 的基本精神背道而驰。与真实 DAO 的对比将 WLFI 与 MakerDAO、Uniswap 等成熟 DAO 项目对比，差距一目了然： MakerDAO 虽然也存在大户集中问题，但建立了代表制度和公开辩论机制，确保不同声音都能被听到；Uniswap DAO 设置了详细的提案流程和社区讨论环节，重大决策需要经过充分的公开辩论。 WLFI 缺乏这些制衡机制，更像是披着 DAO 外衣的董事会治理。代币持有者的角色更接近股东，而非真正的治理参与者。第 8 章｜华盛顿的审判台 WLFI 已经不只是一个加密项目，它正在成为美国政治体系自我检验的试金石。当总统家族直接参与稳定币发行时，传统的政商边界被彻底打破，华盛顿的权力机器开始全面介入。国会山的政治围猎 2025 年 8 月以来，针对 WLFI 的政治攻势愈演愈烈。民主党议员们敏锐地察觉到了这个项目的政治价值——它既是攻击特朗普家族的绝佳武器，也是质疑加密货币合法性的完美案例。参议院银行委员会的 Elizabeth Warren 和众议院金融服务委员会的 Maxine Waters 联手施压，要求 SEC、FinCEN 和 CFTC 对 WLFI 展开全面调查。她们提出的质疑直指要害：特朗普家族是否利用代币销售为政治活动筹资？ALT 5 的上市过程是否规避了信息披露要求？USD1 是否符合稳定币监管标准？这些问题的政治含义远超技术层面。民主党试图将 WLFI 塑造成政治腐败的象征，共和党则将其视为金融创新的代表。双方的博弈已经超越了项目本身，成为更大政治斗争的一部分。监管机构的微妙立场 SEC 在特朗普任命的新领导层下，对加密项目的执法明显放松，但 WLFI 的政治敏感性使其不得不谨慎行事；CFTC 尚未明确表态，可能在等待政治风向更加明朗；FinCEN 面临来自国会的压力，但也要考虑与白宫的政策协调。历史经验的警示肯尼迪家族在 1960 年代的投资基金丑闻严重损害了家族声誉；卡特总统任内的花生农场风波成为共和党攻击的焦点；克林顿家族的白水地产案件影响了两届总统任期；最近的亨特·拜登商业交易更是成为政治斗争的核心议题。选举政治的工具化民主党将其包装成「特权腐败」的象征，用来证明特朗普家族利用政治地位谋取私利；共和党则将其描述为「创新突破」，展示特朗普对新兴产业的前瞻性支持；独立选民可能将其视为政治体系问题的缩影，影响他们的投票选择。法律风险的多重叠加证券法层面：如果 SEC 认定 WLFI 代币构成未注册证券，项目可能面临停止运营和巨额罚款；稳定币监管层面：如果 USD1 被认定为不合规稳定币，可能被要求下架或重组；公司法层面：如果 ALT 5 的财务报告存在问题，可能面临萨班斯法案的严厉处罚；竞选资金法层面：如果代币销售被认定为变相政治献金，可能触发刑事调查。第 9 章｜政治化 DeFi 的生态野心 WLFI 正在尝试一个前所未有的实验：将政治影响力直接植入 DeFi 生态系统。这不是简单的技术集成，而是对去中心化金融理念的根本性重塑——用政治认同替代经济激励，用权威背书替代算法治理。流动性获取的政治化路径 WLFI 向 Aave 注入 5000 万美元的举动，表面上看是常规的 DeFi 集成，实际上透露出项目的深层战略。这笔资金不只是为了获取收益率或提供流动性，更是在向市场证明 USD1 的「真实性」。通过与头部 DeFi 协议的合作，WLFI 试图为其政治稳定币赋予技术合法性。但这种策略存在根本性矛盾：DeFi 的核心价值在于去中心化和无需许可，而 WLFI 的价值恰恰来自于中心化的政治权威。这种矛盾可能随着项目发展而愈发明显。 USD1的多链扩张战略最新信息显示，USD1 的多链部署比预期更加激进：供应量的快速增长：自 2025 年 4 月推出以来，USD1 供应量已达到 24 亿美元，成为市值前五的稳定币之一。这个增长速度在稳定币历史上极为罕见。 Solana集成的战略意义：8 月底，WLFI 确认在 Solana 网络铸造了 1 亿美元的 USD1，标志着项目向第四条公链的扩张。Solana 的高速低费特性为 USD1 在 DeFi 协议中的应用提供了技术基础。 PancakeSwap合作的营销创新：6 月推出的"USD1 百万美元动量活动"通过与 PancakeSwap 的深度合作，激励 BNB Chain 上的 meme 代币和 DeFi 项目使用 USD1 作为交易对。这种营销策略成功提升了 USD1 在 DeFi 生态中的渗透率。做市策略的全面升级：根据最新的治理提案，WLFI 计划使用在以太坊、BNB Chain 和 Solana 上的流动性费用进行代币回购销毁，这种机制将永久减少代币供应量，试图通过人为稀缺性推高价格。与主流协议的微妙关系与 Aave 的合作相对顺利，可能因为 Aave 相对中性的技术定位；与 Curve 的潜在合作更加复杂，因为这可能形成 USD1 与 USDC 之间的直接竞争。第 10 章｜全球政治金融的数字化实验当 WLFI 将触角伸向国际市场时，它已经不再是简单的美国国内政治项目，而是全球地缘政治博弈中的一枚重要棋子。在"去美元化"呼声日益高涨的当下，USD1 试图以政治背书重新包装美元霸权，这场实验的成败将影响未来数字货币的地缘政治格局。数字美元外交的新尝试 USD1 的国际化战略本质上是美元外交的数字化升级版本。传统的美元外交依赖军事保护、贸易协定和金融基础设施，USD1 试图通过区块链技术绕过这些传统渠道，直接触达全球用户。100%美债支持的设计传递出强烈信号：使用 USD1 就是对美国国家信用的直接背书。这种策略在特定地区可能极其有效。中东的保守政治传统与 WLFI 的政治立场相符；东南亚的金融中立态度为 USD1 提供了试验场；非洲的金融基础设施薄弱为美元稳定币留下了巨大空间。但风险同样明显。在「去美元化」情绪高涨的地区，USD1 可能被视为美国金融监控的新工具，引发更强烈的抵制。监管协调的国际挑战 WLFI 的国际扩张面临复杂的跨境监管挑战：欧盟的 MiCA 法案对政治化数字资产持严格态度；新加坡的 PSA 法规要求稳定币发行商保持政治中立；日本和韩国的监管机构可能对特朗普政治品牌保持谨慎。这些监管差异意味着 USD1 可能只能在特定司法管辖区内运营，限制了其全球化雄心的实现。市场表现的残酷现实开盘即巅峰的宿命：9 月 1 日开盘价 0.30 美元，给项目带来了 340 亿美元的完全稀释估值，瞬间将其推入市值前 30 的加密货币行列。但这个高光时刻只持续了几个小时，随后价格快速回落至 0.21 美元，24 小时跌幅超过 30%。预售套现的集中抛压：开盘当天就有价值 5000 多万美元的代币被转移至交易所，证实了早期投资者急于兑现 20 倍回报的心理。这种集中抛压暴露了项目在流动性管理上的根本缺陷。衍生品狂欢的虚假繁荣：22 亿美元的单日衍生品交易量和近 10 亿美元的未平仓合约，表面上显示出巨大的市场兴趣，实际上反映了过度投机和价格发现机制的扭曲。紧急救市措施的仓促出台：面对价格下跌，项目方在 48 小时内就提出了代币回购销毁方案，试图通过人为减少供应量来支撑价格，但这种措施的有效性和可持续性都令人质疑。写在最后 WLFI 最终可能被历史记录为三种角色之一：开创性的成功案例，警示性的失败教训，或者过渡性的实验产品。但无论结果如何，它都已经在政治、技术和金融的交汇点留下了不可磨灭的印记。这个项目向世界证明了，在数字时代，政治影响力、技术创新和金融工具之间的边界正在变得模糊。如何处理这种模糊性，将决定未来数字经济的发展方向。 WLFI 正在进行的，不仅是一场商业实验，更是一场关于权力、技术与金融关系的社会实验。它的成败将为人类在数字时代的治理模式探索提供宝贵的经验教训。USDR liquidity crisis costs a trader 131,350 stablecoinsUSDR suffered a liquidity crisis, revealing its illiquid assets. A trader lost everything swapping USDR for USDC during the crisis. An MEV bot profited $107,002 from the arbitrage opportunity. The Real USD (USDR) stablecoin recently found itself in the eye of a storm, revealing the pitfalls of the DeFispace. A liquidity crunch on October 11 led to a trader swapping 131,350 USDR for 0 USDC, incurring a complete loss. Here’s what transpired: The USDR liquidity crunch USDR, a real-estate-backed US dollar stablecoin, faced a liquidity crisis when users requested over 10 million stablecoins in redemptions. Although it was advertised as 100% backed, a shocking revelation emerged: less than 15% of its $45 million in assets were backed by liquid TNGBL tokens, with the majority relying on illiquid tokenized real-estate assets. The illiquidity of these real-estate assets stemmed from their tokenization under the ERC-721 standard. This unique standard made it nearly impossible to fractionalize these assets, creating a liquidity conundrum for investor redemptions. Furthermore, the underlying real estate properties could not be swiftly sold to meet withdrawal requests. Consequently, the USDR treasury was incapable of honouring these redemptions, resulting in a crisis of confidence among investors. Why USDR depegged despite being fully backed: Using Illiquid asset backing liquid Asset – USDR is 100% backed. 50% of them come from stablecoins and the remaining comes from Real-Estate – When there is a bank-run (Huge Redemption of USDR), the Stablecoin liquidity in the… https://t.co/xOrsa5gpKUpic.twitter.com/OYhQ0twUUd — Tom Wan (@tomwanhh) October 12, 2023 The costly DEX swap During the USDR liquidity crisis, a trader attempted to withdraw their USDR holdings by executing a swap on the BNB Chain via the decentralized exchange (DEX) OpenOcean. The catch was the severe depegging of USDR, which had plummeted nearly 50% from its par value due to the liquidity crunch. In a disastrous turn of events, the trader received a grand total of 0 USDC in return for their 131,350 USDR. This meant a complete and crippling loss on their initial investment. In the volatile world of DeFi, where slippage rates on DEXs can reach up to 100% during periods of poor liquidity, such incidents serve as a stark reminder of the risks at play. Due to the decoupling of the stablecoin USDR, this guy accidentally swapped 131,350 $USDRfor 0 $USDCwhile panic selling $USDR. And a MEV bot successfully arbitraged $107K.https://t.co/FHOJtaGcSDhttps://t.co/IYtoqar29Npic.twitter.com/USLF1qkVDK — Lookonchain (@lookonchain) October 12, 2023 The story took an interesting twist as a maximal extractable value (MEV) bot swooped in to seize an arbitrage opportunity. Recognizing the substantial price discrepancy, this automated trading algorithm profited handsomely, netting a staggering $107,002 in gains through a well-timed arbitrage trade. The post USDR liquidity crisis costs a trader 131,350 stablecoinsappeared first on CoinJournal.

Stablecoin-Issuer Circle Pushes for USDC Adoption in the Philippines – What's Going On?Stablecoin-Issuer Circle Pushes for USDC Adoption in the Philippines – What's Going On? Source: Shutterstock Stablecoin issuer Circle has teamed up with Coins.ph, a major Philippine crypto exchange and crypto wallet provider, to enhance financial inclusion and improve remittances in the Philippines. According to an announcementpublished by Circle on Wednesday, the partnership aims to raise awareness of USDC-denominated remittances as a secure, low-cost, and near-instant solution for international money transfers for Coins.ph’s 18 million users. USDC, the stablecoin Circle issues, is regulated in the US and is redeemable 1:1 for US dollars, and ranked as the world’s second-most popular stablecoin after Tether (USDT). The stablecoin has a current market capitalization of $25.15 billion. USDC market capitalization since 2021. Source: CoinGecko Philippines a major hub for remittances The Philippines is known as a major recipient country for remittances, receiving a staggering $36.1 billion in remittances in 2022. However, traditional remittance methods often involve high fees and slow transaction times. The average cost of sending a $200 remittance to the Asia region in 2022 was 5.7%. Moreover, the Philippines' unbanked population, comprising 44% of adults in 2021, faces even more significant remittance challenges. According to Circle’s announcement, the partnership will drive real-time settlements and minimal transaction costs for users. The two companies said that the new push will begin with educational campaigns and community engagement initiatives to help Filipinos abroad learn to use USDC for remittances. Lower-cost remittances for Filipinos Coins.ph CEO Wei Zhou expressed the partnership's goal to provide a faster, lower-cost, and more accessible remittance option for their users. “Coupled with our recent innovations in Web3 technology, this initiative demonstrates Coins.ph’s commitment to providing users’ access to innovative services that have a tangible impact on their everyday lives,” he said. Raagulan Pathy, Vice President for Asia Pacific for Circle, explained that this collaboration supports the United Nations' Sustainable Development Goal to reduce migrant remittance transaction costs to less than 3% by 2023. “Together, we’re making critical steps toward increasing economic opportunity and prosperity in the Philippines,” Pathy said.

USDT and USDC Dominating Stablecoin Market, Will …Tether’s USDT and Circle’s USDC are two of the largest stable coins by market capitalization. The two crypto projects are pegged to the US dollar in a ratio of 1:1. These stablecoins provide a stable store of value in the crypto market necessary for trading, investing, and online payment processes. These stablecoins also help crypto enthusiasts navigate the volatile world of cryptocurrencies with digital ‘dollars’ that can be exchanged anytime for fiat. As Tether and Circle dominate the cryptocurrency market, this new Bitcoin fork is breaking records in its early development stages. What is USDT? USDT is the world’s largest stablecoin by market capitalization. Tether issues the cryptocurrency in a ratio of 1:1 with the US dollar. The stablecoin is regarded as ‘stable’ due to its docile nature that allows it to maintain its underlying value despite prevailing market conditions. USDT is a collateralized stablecoin, with every USDT backed by one dollar in physical reserves held in banks and others invested in low-risk investments. What is USDC? USDC or USD Coin is a digital asset that tokenizes the US dollar, similar to USDT. The value of one USDC is pegged to one dollar in the ratio of 1:1, and the collateral US dollars are held in reserves to maintain the price peg of the digital asset. USDC is also less volatile and maintains its peg regardless of the prevailing market conditions. Bitcoin Spark shines upon a successful ICO event Bitcoin Sparkis becoming the talk of the town for investors and institutions. The Bitcoin Spark ecosystem promises a unique infrastructure powered by the proof of process consensus mechanism. The Bitcoin Spark developers are changing the crypto game by laying the foundation for a network governed by community members designed to profit investors and early adopters continuously. The Bitcoin Spark incoming blockchain will house exclusive features that will form the pillars of a self-sustaining ecosystem. The current ICO event is running in phase 7, and each BTCS token is valued at $3 only for the current phase. When phase 8 begins, BTCS prices will increase, and based on the platform’s roadmap, this ICO event may be the only time BTCS tokens will retail for less than ten dollars. Upon mainnet release, Bitcoin Spark developers have laid a foundation to maintain price stability and avoid massive sell-offs that may affect long-term holders. To encourage more ICO participants to hold their tokens, Bitcoin Spark creators have embedded a special feature in all ICO wallets that allows the owners to enjoy mining fold privileges. The wallets that receive tokens directly from the ICO issuing address will be earmarked, and a special two-fld mining rate will be added to their features. The two-fold mining process will give special mining rates to the wallets for two consecutive years after the first Bitcoin Spark block is mined. The profits from the mining fold will easily accumulate to thousands of dollars in the entire period until the mining process stabilizes. The duration is enough to maintain a steady price increase, rewarding early investors for their immense contributions and participation. Learn more about Bitcoin Spark on: Website: https://bitcoinspark.org/ Buy BTCS: https://network.bitcoinspark.org/register Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here. Photo by Kanchanaraon Unsplash

Una stablecoin se desploma tras quedarse sin garantíaHechos clave: La moneda ofrece rendimientos de entre el 8% y el 16% anual. El único token colateral que le queda es TNGBLS, emitido por ellos mismos. La criptomoneda «estable», Real USD (USDR), debería mantener paridad con el dólar estadounidense. Pero hoy, 11 de octubre, su cotización presenta una caída del 47%. La stablecoin desarrollada en la red Polygon, cotiza a USD 0,52 al momento de esta publicación, según datos de CoinGecko. También te podríainteresar Cómo afectará a Bitcoin el nuevo protocolo BitVM que devoraría a las altcoins 11 octubre, 2023 Bancolombia: las criptomonedas ayudan a entender cómo se comportará la banca en un futuro 11 octubre, 2023 Precio de USDR en las últimas 24 horas. Fuente: CoinGecko. La depreciación la moneda está ligada al retiro de USD 11 millones de la stablecoin DAI que funcionaba como garantía parcial de USDR. En el sitio webde TangibleDAO, entidad emisora de la stablecoin, se puede observar que el colateral en DAI está en cero. La criptomoneda estable también está respaldada por bienes raíces, por un valor de USD 35 millones. El único colateral que le queda a USDR es TNGBLS, un token emitido por la propia organización, por un total de USD 7 millones. Este activo también se vio afectadoy se depreció 53% en las últimas 24 horas, como se observa en el siguiente gráfico. Precio de TNGBL en los últimos 7 días. Fuente: CoinGecko. Si algo ha quedado demostrado en la historia reciente, es que no es conveniente que una stablecoin esté respaldada por un token emitido por la misma organización que la desarrolla, ya que si cae uno de los activos, cae el resto. Una acción parecida fue lo que hicieron los creadores de las criptomonedas Terra USD y Lunay que, en 2022 desencadenó uno de los mayores golpes al mercado de las criptomonedas en ese momento, tal como lo reportó CriptoNoticias. Otra característica llamativa de USDR es que ofrece rendimientos de entre el 8% y el 16%anual. Este es un retorno elevado y que se acerca al 20% anual que brindaba el protocolo Anchor, de la stablecoin UST, que muchos catalogan como un esquema Ponzi. ¿Qué es la garantía o colateral de una stablecoin? Las stablecoins son activos digitales diseñados para mantener un valor constante, generalmente anclado a una moneda fíat como el dólar estadounidense. Para lograr esta estabilidad, las stablecoins suelen estar respaldadas por una garantía o colateral. Esta garantía puede ser en forma de dinero fíat, otros criptoactivos o incluso bienes tangibles. El propósito de este colateral es proporcionar seguridad y confianza en el valor de la stablecoin, asegurando que siempre haya activos subyacentes que respalden su valor en caso de volatilidad o crisis. Si el valor de la stablecoin cae por debajo de su paridad con la moneda de referencia, los tenedores pueden, en teoría, canjear sus stablecoins por el colateral subyacente, garantizando así su inversión. Por otro lado, si no hay suficiente colateral para respaldar la stablecoin, su valor puede verse comprometido, como se observó en el caso de Real USD. Etiquetas:AltcoinsCriptomonedasLo últimoPrecios y TradingStablecoin

Analista de MakerDAO: «Las stablecoins ya son mejores que el dinero fíat digital»Hechos clave: Tadeo, también parte del equipo de Phoenix Labs, habló con CriptoNoticias en exclusiva. Maker promueve un uso de DeFi enfocado en reducir los riesgos, explica. Protocolos como Maker, emisor de la tercera stablecoin más importante del mercado, DAI, siguen presentando innovaciones para fomentar la adopción de las DeFi (finanzas descentralizadas). Al respecto, CriptoNoticias habló con un miembro de su equipo, quien especificó las novedades y los objetivos que persigue actualmente Maker. Tadeo, quien prefiere no especificar su apellido por motivos de privacidad, es especialista en análisis de datos (Data Insights) en la DAO (organización autónoma descentralizada) MakerDAO. Además, ocupa el rol de encargado de relaciones con desarrolladores en Phoenix Labs, compañía dedicada al desarrollo de contratos inteligentes para protocolos DeFi. También te podríainteresar Que la regulación de Bitcoin no se quede atascada en el Congreso es el reto en Colombia 10 octubre, 2023 Ark Invest pronostica un nuevo soporte para el precio de bitcoin 10 octubre, 2023 La conclusión de la charla, cuyos tópicos se desarrollan a continuación y que se puede ver completaen el canal de YouTube de CriptoNoticias, es que «las stablecoins ya son un mejor producto que el fíat digital». Con esto, hace referencia al dinero tradicional utilizado mediante tarjetas de débito, crédito, cuentas bancarias y otros métodos similares, en contraposición a las criptomonedas. Tadeo, especialista en análisis de datos de MakerDAO a la izquierda; en la derecha de la imagen, Fernando Clementin, periodista de CriptoNoticias. Fuente: CriptoNoticias / YouTube. El protagonista lo cree así «tanto por la veracidad como por la velocidad de ejecución de pagos».«Para mí, lo que falta es el llamado ‘problema de la última milla’. Por ejemplo, yo, como usuario, ¿cómo interactúo con eso en mi día a día usando mi tarjeta de débito? ¿Cómo hace el supermercado para poder aceptar criptomonedas?», plantea. Las stablecoins en Europa y en América Latina Como argentino viviendo desde hace varios años en Europa, Tadeo conoce de primera mano la perspectiva de los habitantes de España y Portugal sobre las criptomonedas. En este sentido, señala que hay «una gran diferencia» con respecto a Argentina y otros países en vía de desarrollo que tienen problemas con las entidades financieras, el crédito y sus monedas. En Latinoamérica,la gente entiende el valor de las stablecoins «porque es un problema que vive día a día». En cambio, «en España y en el resto de Europa veo que eso no existe», dice. Eso hace que el uso que se les da a las criptomonedas tenga más que ver con lo especulativo, asegura. DAI es la tercera stablecoin en cuanto a capitalización de mercado. Fuente: defillama.com. No obstante, hay casos en los que se pueden destacar las ventajas de esta tecnología. «Por ejemplo, cuando alguien tiene que mandar dinero a Estados Unidos o pagar una cuenta bancaria en otro país, es el mejor momento para demostrar el valor de las monedas estables». Además, señaló el avance que han hecho Barcelona y Cataluña en la incentivación de empresas de la denominada web2 para que se instalen en la región. Igualmente, asegura que hay países como Portugal o Alemania que están más avanzados en la regulación de las criptomonedas, lo que le da claridad y más confianza de cara al público. Cómo acercar las DeFi a la gente Para acortar las distancias que pueden existir entre los protocolos DeFi y los ciudadanos, Tadeo cree que es necesario «validar» el ecosistema mediante legislaciones. «No hablo de regular, sino de tenerlo en cuenta por escrito, en lugar de evitarlo o ignorarlo», aclara. La falta de claridad muchas veces «afecta a la innovación y, en particular, a la creación de equipos de forma local en España», afirma. Los hackeos recientes a protocolos DeFi y la seguridad de estas plataformas descentralizadas también es un aspecto a considerar, dice el experto en estadísticas y datos de MakerDAO. Sin embargo, señaló que los hackeos no son un problema «porque son públicos, y un sistema parcheado tras un hackeo es más seguro que antes». En el sector privado hay muchas empresas que fueron hackeadas, pero ni nos enteramos, compara. «Es un cambio de mentalidad cultural, de querer saber cuando las cosas salen mal», asegura, a la vez que señala que en muchos de los hackeos más recientes se devolvió el dinero a los usuarios afectados. DAI ante la dominancia de USDT y USDC En la entrevista, consultamos a Tadeo sobre la dominancia de Tether (USDT) y USD Coin (USDC) en el mercado de las stablecoins. ¿Cómo hace DAI para competir con estas criptomonedas, que acaparan más del 80%del mercado? Sobre USDT, señaló que la experiencia de usuario es muy simple; «te dan un USDT por cada dólar físico que entregas». En cambio, DAI en Maker se genera a base de préstamos, y eso dificulta su emisión para el usuario común y corriente. Otra explicación de que el proceso en Maker sea más complejo es que «nunca se quiso generar deuda en activos de baja calidad». Más allá de esto, señala que con los nuevos casos de uso en el mercado que se están creando para DAI, la situación cambiará totalmente en un año. El protocolo Spark, en el que Phoenix Labs trabaja actualmente, es uno de esos casos de uso. Qué puede ofrecer Spark a los usuarios de DeFi Spark es un protocolo de finanzas descentralizadas enfocado en préstamos y generación de intereses mediante la criptomoneda DAI. Al respecto, Tadeo nos contó que Spark funciona como una subDAO cuyo fin, al igual que pasa en Maker, es «escalar DAI de forma segura y sustentable». Como subDAO, está gobernada por sus votantes, quienes toman decisiones sobre dónde posicionar DAI en el mercado. Spark busca ser pionera en tecnología DeFi, «integrando cercanamente las primitivas que tenemos en DeFi y mejorando la experiencia de usuario para DAI». El primer producto lanzado es Sparklend, una plataforma de préstamos en la que se puede tomar deuda a una tasa predecible. «Otros mercados de lending usan tasas variables, que cambian a cada segundo, y hay otras tasas fijas que en DeFi no aparecieron mucho, pero en el mundo real se usan para las hipotecas, por ejemplo», explicó el entrevistado. «La tasa predecible te indica cuál es el precio y qué cambio puede tener en qué momento en el futuro. Esto se hace por gobernanza en MakerDAO, se puede ver paso a paso on-chain», siguió. Spark tiene una liquidez superior a los USD 505 millones. Fuente: Spark Protocol. Por otro lado, continuó, está sDAI, token con el que se redistribuyen los beneficios que genera el protocolo para quienes tienen DAI. Se consigue al depositar DAI, con el llamado DSR (DAI Savings Rate). Para ambos productos, Tadeo destacó el enfoque de Maker en “ser más adversa riesgo que otras entidades”. “En Spark tenemos la misma ideología de tratar de hacer todo de la forma más segura posible”. Además, señaló que los USD 443 millones en TVL que acumula Spark muestran “el fit en el mercado” y que existe una demanda por los servicios que brinda el protocolo. Etiquetas:CriptomonedasDeFiMakerDAOPrecios y TradingRelevantesStablecoin

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