从代码到资本：一部写给决策者的加密经济深度漫游指南

Core Insights - The article discusses the transformation of the cryptocurrency world into a significant player on the global financial stage, marked by three interconnected events: Circle's IPO, the signing of the GENIUS Act, and Hong Kong's push to become a Web3.0 hub [2][3][4]. Group 1: Key Events - Circle's IPO on the New York Stock Exchange, symbolizing the acceptance of stablecoins in traditional capital markets, saw its stock price surge over 168% on the first day [2]. - The signing of the GENIUS Act by President Trump established a clear regulatory framework for the stablecoin market, which has reached several hundred billion dollars [3]. - Hong Kong's implementation of the Stablecoin Regulation aims to attract top digital asset companies, marking the beginning of a global competition for financial influence [3]. Group 2: Blockchain Fundamentals - Blockchain is described as a "trust machine" that allows for the recording and confirmation of facts without relying on centralized intermediaries [8]. - The three revolutionary features of blockchain are decentralization, immutability, and transparency, enabling secure and trustworthy value exchanges among unknown individuals [11]. - Consensus mechanisms like Proof of Work (PoW) and Proof of Stake (PoS) are essential for the security and operation of blockchain networks, with PoS being more energy-efficient and environmentally friendly [12][13]. Group 3: Evolution of Digital Assets - The distinction between coins (native cryptocurrencies) and tokens (secondary assets built on existing blockchains) is crucial for understanding their respective roles in the ecosystem [21]. - Stablecoins emerged to address the volatility of cryptocurrencies, aiming to maintain a stable value by pegging to fiat currencies like the US dollar [23]. - The article outlines three main paths for stablecoin implementation: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins, each with its own business model and risk profile [24][29][30]. Group 4: Centralized vs. Decentralized Exchanges - Centralized exchanges (CEX) operate similarly to traditional banks, providing user-friendly interfaces and high liquidity, but come with risks such as asset custody and regulatory compliance [41][44]. - Decentralized exchanges (DEX) allow for peer-to-peer trading without intermediaries, offering greater privacy and control over assets, but with complexities in user experience and potential security risks [45][49]. - The future trend is expected to be a fusion of CEX and DEX, leveraging the strengths of both to cater to different user needs [51]. Group 5: Real World Assets (RWA) - RWA refers to the tokenization of traditional assets on the blockchain, enabling greater liquidity and accessibility for investors [53][56]. - The tokenization of real-world assets is seen as a key driver for the next wave of growth in decentralized finance (DeFi), with the potential to unlock trillions of dollars in value [56]. - The rise of RWA presents a paradox where DeFi must accept some level of centralization and reliance on traditional legal frameworks to ensure asset value and ownership [60]. Group 6: Regulatory Landscape - The year 2025 is anticipated to be a pivotal moment for global regulatory frameworks surrounding cryptocurrencies, particularly stablecoins, with the US and Hong Kong leading the charge [63].