全球数字资产市场显著扩张 监管框架进一步完善

Core Insights - The article emphasizes the importance of building a next-generation financial infrastructure based on blockchain technology to enhance the efficiency and international competitiveness of financial services in the real economy [1][2]. Group 1: Digital Asset Market Expansion - The total market capitalization of crypto assets reached approximately $3.92 trillion as of July 19, 2023, a 42% increase from $2.76 trillion at the end of Q1 2025. Bitcoin accounted for 59.85% of this market [3]. - Bitcoin's price surged to a closing price of $117,900 on July 19, 2023, marking a 42.89% increase from $82,500 at the end of Q1 2025 [3]. Group 2: Stablecoin Market Growth - As of July 20, 2023, the total market capitalization of stablecoins reached $26.77 billion, a 14% increase from the end of Q1 2025. USD-denominated stablecoins made up 98.4% of this market [4]. - Tether's USDT accounted for approximately $16.17 billion, representing 60.4% of the stablecoin market, while Circle's USDC had a market cap of $6.46 billion, or 24.1% [4]. Group 3: Real World Assets (RWA) Market Growth - The RWA market saw significant growth, with a total market capitalization of $25.56 billion as of July 18, 2023, reflecting a 26.85% increase from $20.15 billion at the end of Q1 2025 [5]. - Private credit and U.S. Treasury securities accounted for the largest shares of RWA, at 59.21% and 27.35%, respectively [5]. Group 4: Regulatory Framework for Digital Assets - The U.S. House of Representatives passed three key bills related to digital assets during the week of July 14-18, 2023, including the GENIUS Act for stablecoin regulation and the CLARITY Act for broader crypto asset regulation [6][7]. - The GENIUS Act has been signed into law, establishing a clearer regulatory framework for digital assets in the U.S. [7]. Group 5: International Regulatory Comparisons - The regulatory approaches to stablecoins in the U.S., Hong Kong, and the EU show similarities, focusing on fully collateralized stablecoins while excluding algorithmic and over-collateralized stablecoins [8]. - The U.S. regulatory framework aims to attract more issuers into its system, while the EU and Hong Kong focus on protecting monetary sovereignty and preventing systemic financial risks [8]. Group 6: Characteristics of Crypto Assets - Bitcoin has shown a significant correlation with U.S. stock markets, maintaining a correlation coefficient between 40% and 60% with major indices, indicating its status as a risk asset [13]. - Bitcoin generally exhibits a negative correlation with the U.S. dollar index and U.S. Treasury bonds, reinforcing its classification as a risk asset rather than a traditional safe haven [14].