Core Insights - Tether has launched Scudo, a new unit of account for Tether Gold (XAUT), aimed at enhancing the pricing, transfer, and usability of gold in everyday transactions as global gold prices and demand reach record highs due to inflation concerns and central bank buying [1][2] Group 1: Scudo's Functionality - Scudo represents one-thousandth of a troy ounce of gold, creating a smaller and more intuitive denomination for XAUT, similar to how Bitcoin uses satoshis [4] - By using Scudo for transactions instead of fractional ounces, users can price goods and services more naturally, improving gold's viability as both a store of value and a medium of exchange [5] - Scudo does not change the backing or structure of XAUT, which remains fully collateralized by physical gold, but provides a more accessible measurement layer as adoption increases [8] Group 2: Market Context and Infrastructure - Gold has seen a resurgence as a protective asset against inflation and macroeconomic volatility, with its usability as a medium of exchange declining since the shift to fiat currencies [2] - Tether's introduction of Scudo is part of a broader infrastructure initiative, including a technology layer for developers to create self-custodial wallets supporting XAU₮, other stablecoins, and Bitcoin [6] - Tether's CEO, Paolo Ardoino, emphasized that Scudo lowers barriers to entry for gold ownership and transactions, addressing user experience challenges in the digital asset industry [7]

Core Insights - The U.S. government's warming attitude towards digital assets is driving increased demand for regulated blockchain-based dollars, leading to significant growth in Circle's USDC compared to Tether's USDT [1] Market Performance - USDC's market capitalization is projected to grow by 73% by 2025, reaching $75.12 billion, while USDT's market capitalization is expected to grow by 36%, reaching $186.6 billion [1] - Together, USDC and USDT account for over 80% of the total stablecoin market capitalization, which stands at $312 billion [1]

Core Insights - Tokenized gold, particularly Tether's XAUT, is emerging as a defensive asset within digital portfolios, showing signs of durability into 2026 [2] - Large holders, or "whales," are increasingly accumulating tokenized gold, indicating a shift from opportunistic retail flows to institutional-scale positioning [4][6] Whale Accumulation - Recent blockchain activity reveals significant purchases by high-net-worth wallets, with one whale spending $8.49 million to acquire 1,948 XAUT at an average price of $4,357 [3] - Another group of six linked wallets purchased 3,102 XAUT for approximately $13.7 million at an average price of $4,422, further emphasizing the trend of whale accumulation [4] Market Context - The shift towards tokenized gold is occurring amid rising geopolitical tensions, which typically increase demand for safe-haven assets [9] - The appeal of XAUT lies in its structure, where each token represents ownership of physical gold while being fully transferable on-chain, combining real-world backing with crypto utility [9] Investment Trends - Some wallets that previously invested heavily in Bitcoin are now pivoting towards gold-backed tokens, indicating a strategic shift in asset allocation [5] - Current holders of XAUT are experiencing unrealized profits, reinforcing gold's role as a hedge against market volatility [6]

Investment Overview - Tether has invested in SQRIL, a payments technology startup that connects banks, ewallets, and fintech applications to real-time QR code payment networks. The size of the investment was not disclosed [1] - SQRIL plans to utilize the new capital to accelerate the development of infrastructure supporting payments powered by stablecoins [1] Technology and Market Reach - SQRIL's technology integrates with banks like Barclays and Bank of America through configurable APIs, and connects with fintech services such as Venmo, Revolut, and Cash App to enhance digital payment options [2] - Currently, SQRIL's API allows customers to pay domestic QR codes in the Philippines, Vietnam, and Indonesia, and supports bank transfers in Malaysia and Thailand. The company aims to expand into more markets in Asia, Africa, and Latin America in the first quarter [2] Business Model - SQRIL's model enables traditional banks and neobanks to integrate with its APIs, allowing users to scan and pay local QR codes across various regions. Users pay in their home currency, while merchants receive local currency, with SQRIL managing forex and local payouts [3] - The founder and CEO of SQRIL, Malcolm Weed, emphasized the importance of instant payment interoperability between banks, ewallets, and merchants across different countries, positioning SQRIL as a key player in this infrastructure [3] Industry Trends - Tether highlighted the increasing prevalence of scan-to-pay QR code systems in several Asian markets, which have become a primary payment method and continue to grow. There is also a rising adoption of real-time national QR code schemes in emerging regions like Latin America and Africa for everyday transactions [4] - SQRIL aims to become the leading QR code infrastructure provider, particularly in emerging markets, reflecting the growing demand for efficient cross-border payment solutions [5]

Core Insights - Ethereum processed over $8 trillion in stablecoin transfers in Q4 2025, achieving a new all-time high for the network [1] - The Ethereum price has started 2026 positively, increasing by 7.8% in the past week, currently trading above $3,100 [2] Group 1: Stablecoin Market Dynamics - Stablecoins have become the primary monetary medium in the crypto space, with Ethereum leading in stablecoin issuance, holding approximately 57% of all stablecoins issued in 2025 [4] - The total supply of stablecoins on Ethereum reached around $170 billion by late 2025, more than double the levels seen in early 2024 [5] - Major stablecoins like Tether's USDT and Circle's USDC dominate the Ethereum network, accounting for most of the transfer volume [6] Group 2: Competitive Landscape - Ethereum remains the preferred platform for both established stablecoins and new experimental projects, while competitors like Tron and Solana are also gaining traction [7] - Tron holds about 27% of the stablecoin market, significantly less than Ethereum's share, while Solana's market cap for stablecoins is approximately $14.5 billion [7]

（来源：吴说） 作者：Bitrace 链接：https://mp.weixin.qq.com/s/vcSfL7pzpnAkYfdSl16kcQ 声明：本文为转载内容，读者可通过原文链接获得更多信息。如作者对转载形式有任何异议，请联系我们，我们将按照作者要求进行修改。转载仅用于信 息分享，不构成任何投资建议，不代表吴说观点与立场。 限制特定区块链地址对特定稳定币的操作权限，是稳定币发行商执法协作的常见方法。在过去数年里，Tether、Circle 两家稳定币发行商已经与全球执法 部门搭建起成熟的沟通、协作渠道，对恶意利用加密货币进行不法行为的犯罪实体与个人构成了强力震慑。 Bitrace 监测数据显示 2025 年遭到冻结的链上地址数量已经达到创纪录的 3958 条，超过过去四年的总和 3199 条，本文旨在通过特定冻结案例分析，为行 业警示这一资金威胁态势。 2026 年首个泰达地址拉黑分析 2026 年 1 月 1 日，USDT 发行商 Tether 在链上针对 6 个波场与以太坊地址进行了拉黑（Add Blacklist）操作，追溯其中 TKWBiXWm8fNMBxBLaEXnQM1TPDbCLbZC7i ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a cautious approach given the current market conditions and ongoing developments in regulations and company strategies [4][30]. Core Insights - The cryptocurrency market has seen a resurgence at the beginning of the year, with a total market capitalization returning to $3 trillion, reflecting a 2.4% increase week-on-week. Bitcoin closed at $89,945 per coin, up 3.0%, while Ethereum closed at $3,124, up 6.8% [1][10]. - The current sentiment in the cryptocurrency market is still in the fear zone, with a fear and greed index of 38, indicating a cautious outlook despite recent price increases [1][12]. - Trading volumes have continued to decline, with a 14.4% drop in global cryptocurrency transaction volume week-on-week, marking the sixth consecutive week of decline [1][20]. - Regulatory developments are significant, with the OECD's Crypto Asset Reporting Framework set to take effect in 2027, requiring local crypto service providers to collect user data starting in 2026 [2][26]. - Major companies in the industry are pivoting towards new opportunities, such as Coinbase's plans to expand its trading platform and payment services, and Bitfarms' transition towards AI and high-performance computing [3][28][29]. Summary by Sections Market Overview - The total cryptocurrency market capitalization is $3 trillion, with Bitcoin and Ethereum showing week-on-week increases of 3.0% and 6.8%, respectively [1][10]. - The average holding price for Bitcoin is approximately $56,137, indicating that current prices are below the short-term investors' cost [12][15]. - The options market suggests a higher probability of price declines in the coming months, with significant liquidation risks if Bitcoin prices fall [15][20]. Global Policy and Industry News - The OECD's Crypto Asset Reporting Framework will be implemented in 2027, with 48 jurisdictions starting data collection in 2026 [2][26]. - The U.S. Senate Banking Committee is expected to advance a digital asset market structure bill, while the OCC has clarified that national banks can engage in risk-free crypto transactions [2][22]. - The UK plans to regulate crypto assets within its financial services framework by 2027 [2][22]. Company News - Coinbase aims to become the leading financial application globally by expanding its trading platform and payment services [3][28][29]. - Bitfarms is selling its Latin American mining operations to focus on AI and high-performance computing [3][28]. - Tether has invested in Southeast Asian payment company SQRIL to enhance USDT's application in regional payment scenarios [3][27]. Investment Recommendations - The report suggests monitoring the progress of the U.S. Clarity Act and the potential exclusion of certain crypto treasury companies from MSCI indices [4][30]. - It recommends focusing on crypto mining companies with partnerships with Google and those with substantial power reserves, as well as trading platforms that are exploring opportunities in prediction markets and stock tokenization [4][30].

吴说获悉，据 Globenewswire 报道，稳定币巨头 Tether 披露已投资实时跨境二维码支付平台 SQRIL，具 体投资金额暂未披露，SQRIL 目前主要面向亚洲、非洲和拉丁美洲市场，能够与传统银行（如巴克莱 银行或美国银行）、Venmo、Revolut 或 Cash App 等数字银行的 API 集成，新资金将支持其探索更好的 稳定币、二维码跨境扫码支付方式。 （来源：吴说） ...

Market Sentiment - Polymarket traders show skepticism regarding Bitcoin reaching $150,000 in 2026, with a 45% chance of it hitting $120,000, which is below its all-time high [1][2] - There is a 35% probability for Bitcoin to reach $130,000, a 28% chance for $140,000, and only a 21% chance for $150,000 [3] Current Market Data - As of the latest data, Bitcoin's market value stands at $89,082.34, reflecting a 1.66% increase in the last 24 hours, with a trading volume of $21.96 billion, down 31.16% [4] Institutional Investment - Metaplanet added 4,279 BTC in Q4 2025, bringing its total holdings to 35,102 BTC, valued at approximately $3.1 billion, despite facing share price declines [5] - Tether, the largest stablecoin issuer, purchased 8,889 BTC valued at $778.7 million as Bitcoin prices fell, indicating a strategic move to bolster reserves [6]

Core Insights - Tether has added 8,888.88 BTC to its treasury wallet, valued at approximately $780 million, as part of its Q4 2025 profit allocation, reinforcing its position as a major corporate holder of Bitcoin [1] - The company has implemented a policy to allocate up to 15% of its realized quarterly operating profits to Bitcoin purchases, transitioning from an opportunistic buyer to a systematic accumulator [2] - Tether's profits are linked to cash-like assets backing USDT, primarily short-term U.S. Treasuries and repos, meaning higher rates and demand for stablecoins can lead to increased operating profits and more Bitcoin purchases [3] Company Strategy - Tether utilizes excess earnings to diversify its reserves without affecting the assets backing its stablecoin liabilities, maintaining a focus on highly liquid instruments [4] - The timing of these purchases is significant, as Bitcoin has faced challenges in sustaining rallies, with liquidity decreasing and risk appetite being uneven [4] - As of mid-day Hong Kong time, Bitcoin was trading around $89,000, indicating market conditions during the accumulation period [4]