Group 1 - The core purpose of Froneri's financing is to support PAI Partners in retaining a 50% stake in its joint venture with Nestlé and to pay dividends, through a debt of €4 billion (approximately $4.6 billion) [2] - Froneri's total debt will reach €9 billion when combined with existing liabilities, while its valuation was estimated at $10 billion for 2024, highlighting the complexity of capital maneuvering and the importance of transparency in assessing true debt structure and market outlook [2][9] - The financing event reflects a broader challenge faced by investors in navigating information asymmetry, particularly in the context of traditional enterprises [1][2] Group 2 - XBIT decentralized exchange platform employs three core technologies to build a trust framework for investors, including cross-chain technology that ensures transaction continuity [4] - The "Poly Link" cross-chain protocol allows users to seamlessly transfer assets across six mainstream public chains, maintaining order processing delays within 200ms, which is crucial during extreme market conditions [5] - XBIT's smart contracts automate all trading rules, ensuring that transaction records are immutable and verifiable on the blockchain, thus preventing fund misappropriation [5][7] - The platform balances privacy and transparency through a mechanism that anonymizes user identities while maintaining transaction visibility, addressing privacy concerns associated with centralized platforms [7] - XBIT's zero-knowledge proof technology enhances privacy protection, allowing users to conduct cross-chain asset exchanges anonymously, aligning with regulatory data security requirements [7] Group 3 - The financing event of Froneri and the volatility of Bitcoin underscore the significance of information authenticity and platform security as critical lifelines for investors [9] - XBIT's technological framework redefines investment rules by eliminating the potential for manipulation and ensuring that all transactions are verifiable on-chain, thus fostering a more secure trading environment [9] - The growing user base and trading volume of XBIT, which ranked among the top five global BTC exchanges in 2025, reflects market confidence in its technological capabilities [9]

信任溢价：所有交易通过智能合约自动执行，连贝莱德这样的传统巨头都需依赖托管行的信用背书，而 XBIT用户只需相信代码。 图片来源:币界网 当全球投资者还在为贝莱德IBIT（iShares Bitcoin Trust）以724亿美元资产规模跻身美国前25大ETF榜单 而震撼时，一场由去中心化金融（DeFi）掀起的革命已悄然改写游戏规则。这场风暴的核心，正是以 USDC杠杆交易所为武器、以安全透明为底色的XBIT去中心化交易所平台——它不仅重新定义了加密资 产的流动性边界，更让传统机构与散户同时见证了"信任机器"的终极形态。 图片来源:币界网 USDC杠杆交易所：XBIT如何引爆流动性核弹？ 贝莱德IBIT的成功，本质是传统金融对加密资产"便利性、低费用、高流动性"的妥协。而XBIT的USDC 杠杆交易所，则用去中心化逻辑将这三重优势推向极致： 流动性裂变：通过与Circle USDC的深度整合，XBIT去中心化交易平台用户可一键开启最高10倍杠杆， 且杠杆资金池由全球流动性提供者（LP）实时充盈，彻底告别传统交易所的"资金碎片化"困境。 费用：XBIT对Maker订单实施零手续费政策，Taker订单费率仅0.0 ...

Core Insights - TRC20-USDT has established a dominant position in the market, with a circulation of 77.7 billion tokens, accounting for 51% of the total USDT supply, reaffirming its leadership since surpassing 50% in 2024 [1] - The number of TRC20-USDT addresses surged from 42 million to 130 million over the past year, with daily transaction volumes exceeding 47 million, which is eight times higher than that of ERC20 [1] - TRC20-USDT represents 63% of the global cross-border digital dollar transaction volume, highlighting its significant role in international payments [1] Group 1: Competitive Advantages - The rapid growth of TRC20-USDT is attributed to its low transaction fees of $0.001, near-instant transaction confirmation times, and the high throughput of the TRON network, which can handle 2,000 transactions per second [3] - TRC20-USDT has expanded its market share alongside the global expansion of the TRON ecosystem, now covering 127 countries with over 70 million accounts and 2.8 billion transactions [3] - In emerging markets like Brazil, Argentina, and Turkey, TRC20-USDT is widely used for daily payments and asset storage, helping users avoid currency devaluation risks [3] Group 2: Technological Innovations - The DPoS consensus mechanism chosen by the founder, Justin Sun, allows for rapid block confirmation (3 seconds) and reduces energy consumption to less than 1% of traditional blockchains, aligning with the vision of empowering inclusive finance [6] - Since 2025, TRC20-USDT has seen an issuance increase of nearly 18 billion tokens, representing 65% of the total USDT issuance, driven by its adaptability to high-frequency trading scenarios [6] - The upcoming "Gas Free" feature will enable users to pay on-chain fees directly with USDT, further lowering participation barriers [6] Group 3: Applications and Market Impact - TRC20-USDT has become a preferred choice for various financial applications, including financial trust, communication transfers, travel settlements, and cross-border payments, demonstrating its practical value [7] - The average daily transfer volume of TRC20-USDT in cross-border payments exceeds $20 billion, covering high-frequency needs such as trade settlements and international remittances [7] - In the Middle East, TRC20-USDT is utilized for digital identity verification and asset custody, providing unsecured credit services to SMEs, while in Latin America, it integrates with Telegram for peer-to-peer transfers at significantly lower costs [7] Group 4: Future Outlook - The continuous growth of TRC20-USDT validates the effectiveness of Justin Sun's strategy of "technology as the foundation, ecosystem as the wings" [9] - Future plans include AI-driven smart contract optimization to enhance transaction efficiency and security, as well as RWA projects to integrate traditional assets into the blockchain ecosystem [9] - The goal is to enable TRC20-USDT to serve the global population of 8 billion, evolving from a cryptocurrency tool to a component of global financial infrastructure [10]

Core Viewpoint - The recent inversion of the 20-year and 30-year U.S. Treasury yields highlights concerns over fiscal deficits and a lack of confidence in long-term bonds, leading to a liquidity crisis in traditional finance, while decentralized finance (DeFi) platforms like XBIT are emerging as viable alternatives for investors seeking to mitigate risks [1][7]. Group 1: U.S. Treasury Market Dynamics - The 20-year U.S. Treasury yield has fallen below the 30-year yield, marking a significant event not seen in nearly four years, driven by concerns over fiscal policy and capital outflows [1]. - The U.S. Treasury has reduced the quarterly issuance of 20-year bonds from $75 billion to $42 billion due to declining demand, indicating a troubling trend in the long-term bond market [1]. - Analysts suggest that rising term premiums and expectations of foreign investor withdrawals are contributing to a negative feedback loop in the long-term U.S. Treasury market [1]. Group 2: Rise of Decentralized Finance (DeFi) - XBIT decentralized exchange utilizes blockchain smart contracts for trading, ensuring user assets are stored in on-chain wallets, thus eliminating risks associated with asset misappropriation [3]. - During the U.S. Treasury crisis, XBIT facilitated the conversion of stablecoins to Bitcoin and other inflation-resistant assets without the need for centralized institutions, showcasing its utility in times of market distress [3][4]. - The platform's liquidity depth for USDT/USDC trading pairs surged to over $1.2 billion, with daily trading volume increasing by 470%, positioning XBIT as a "digital harbor" for capital seeking safety [4]. Group 3: User Accessibility and Governance - XBIT lowers barriers to entry for users by simplifying the process of asset exchange and lending, with transaction fees at 0.1%, significantly lower than centralized exchanges [4]. - The governance model of XBIT is community-driven, requiring token holder votes for major decisions, which helps prevent manipulative practices common in centralized platforms [5]. - XBIT's dynamic risk warning model effectively monitors market sentiment, managing to keep user losses at an average of 0.8% during volatile periods, compared to the industry average of 4.1% [5]. Group 4: Regulatory Compliance and Future Outlook - XBIT adheres to regulatory frameworks, such as the proposed Hong Kong Stablecoin Regulation, ensuring that stablecoin issuers maintain 100% liquidity reserves and undergo regular audits [7]. - The platform's emergence reflects a growing demand for decentralized solutions that provide asset security and transparency, addressing the vulnerabilities of traditional financial systems [7]. - XBIT is positioned as a "digital ark" for investors navigating the uncertainties of the current market, emphasizing the importance of decentralized technology in rebuilding trust and providing efficient asset allocation pathways [7].

Core Viewpoint - The U.S. government's ultimatum to negotiate trade agreements has led to a significant shift in global capital towards decentralized trading platforms like XBIT, highlighting a growing interest in digital assets amidst traditional market volatility [1][3]. Group 1: Trade Negotiations and Market Reactions - The White House has requested countries such as the EU, Japan, and India to submit their "best trade offers" by June 4, aiming to expedite negotiations before a July deadline [1]. - Despite the U.S. government's trade threats, the cryptocurrency market has shown resilience, with investors seeking secure virtual currency trading applications [1][3]. - The uncertainty surrounding trade agreements has accelerated capital flow into the crypto sector, with XBIT reporting a 47% increase in trading volume over the past week, particularly in cross-border trade transactions [5]. Group 2: XBIT's Technological Advantages - XBIT's decentralized exchange platform utilizes blockchain technology and smart contracts for peer-to-peer trading, eliminating data breach risks associated with centralized platforms [1][3]. - The platform supports direct exchanges between major cryptocurrencies and national digital currencies through cross-chain protocols, allowing for customized smart contracts for specific trade scenarios [3]. - XBIT employs a multi-signature wallet and distributed node verification to ensure asset security, even in the event of node attacks [3]. Group 3: Economic Sovereignty and User Empowerment - XBIT provides users with an "economic passport," enabling value transfer without reliance on any national credit, thus redefining economic sovereignty [5]. - The platform's community governance model allows users to participate in rule-making, contrasting sharply with unilateral actions by the U.S. government [5].

Core Viewpoint - Circle is set to become the first stablecoin company to go public with an IPO on June 5 at the New York Stock Exchange, marking a significant milestone in the stablecoin sector [1] Company Overview - Circle, founded in 2013, focuses on fiat currency transfer services and is known for its product Circle Pay, often referred to as "the American Alipay" [2] - Circle is the issuer of USD Coin (USDC), the second-largest stablecoin globally, with a market cap of approximately $60 billion, accounting for about 26% of the total stablecoin market [2] Financial Performance - Circle's revenue has shown strong growth, with projected revenues of $772 million in 2022, $1.45 billion in 2023, and $1.676 billion in 2024, indicating a year-on-year increase [2] - The company's net profit is expected to fluctuate, with a projected net profit of $156 million in 2024, down from $268 million in 2023, although overall profitability remains high [2] IPO Details - Circle plans to issue 24 million shares in its IPO, consisting of 9.6 million new shares and 14.4 million shares from existing shareholders, with an expected fundraising of $624 million at a price range of $24 to $26 per share [3] - If the underwriters exercise their option to purchase additional shares, the total funds raised could reach up to $718 million [3] - The stock will be traded under the ticker symbol "CRCL" [3] Market Position - If successful, Circle's IPO could help it close the gap with Tether, the largest stablecoin issuer, which has a circulation of over $143.7 billion, representing 61.9% of the stablecoin market [4] - Tether's total reserve assets amount to $125.47 billion, primarily in cash and equivalents, with significant holdings in U.S. Treasury securities [4] Regulatory Environment - Stablecoins are gaining regulatory attention, with the U.S. Senate passing the "GENIUS Act" aimed at establishing a framework for stablecoin innovation, and Hong Kong's "Stablecoin Regulation" expected to take effect in 2025 [6] - These regulations reflect a global consensus among major financial centers to transition from unregulated growth to compliance governance, addressing risks while competing for future financial influence [6]

万斯称比特币储备是美国对华战略优势。 美国副总统万斯表示，中国对去中心化加密货币（如比特币）的排斥，正是美国应拥抱这项技术的又一 理由。 危 机四伏的特朗普加密王国 万斯指出，比特币将成为具有战略意义的重要资产。美国应巩固对中国的优势——目前约5000万美国人 持有比特币，这一数字还将持续增长。中国于2019年全面禁止加密货币交易与投资，2021年央行更是宣 布打击所有加密货币相关活动。 特朗普在竞选期间承诺建立比特币国家战略储备，将美国打造为"全球加密之都"，由此赢得加密用户支 持。就职数日内，他即签署行政令推动美国成为"数字资产与金融科技领导者，同时捍卫经济自由"，并 成立由大卫•萨克斯主持的AI与加密货币工作组。今年3月，特朗普更在白宫召开加密峰会，汇聚行业领 袖共商政策。 目前美国参议院已推进加密立法，要求"稳定币"（价值锚定其他安全资产的数字代币）必须由持牌机构 发行。特朗普政府还撤销多项加密监管：4月签署法案取消数字资产交易者报告义务；3月货币监理署废 除禁止银行开展部分加密相关业务的政策。 我的观察： 特朗普月前签署行政命令禁止美联储发行中央银行数字货币（CBDC）的原因已很清楚。他任命的加密 ...

在台北门店，每天中午和傍晚时段，都有大量上班族前来参加区块链讲座、DAO治理课程；不少年轻 用户则更热衷于实地体验$TESTA代币质押、领取挖矿奖励。而在马来西亚，门店氛围更偏生活化，吸 引了大量自由职业者、小企业主与微商群体前来交流、开户，并参与平台推出的门店专属空投与互动任 务。 一位来自台北南港的用户表示："以前只在新闻里看到'区块链'三个字，觉得距离生活很远。现在走进 MemeSwap门店，不仅能听懂它的运作逻辑，还能直接参与，感觉像开启了另一种理财人生。" 【台北/马来西亚讯】MemeSwap，这个以DeFi、社区治理与资产激励为核心的去中心化金融平台，正 在以极具颠覆性的方式，重塑人们对加密货币的认知。随着MemeSwap线下门店在台北信义商圈与马来 西亚南湾区正式落地运营，这家来自Web3世界的明星平台，正将数字金融从虚拟场景中引入日常生 活，开启一场"线上+线下+教育+资产"的全新融合式实践。 而令用户信任的重要一环，就是$TESTA在门店的"实际应用价值"。不同于一般代币仅可炒作，$TESTA 在门店中可用于兑换课程、参与抽奖、购买纪念品、累积积分，甚至还作为门店社区活动的通证使用， 真正实 ...

在比特币2025大会上，Tether首席执行官Paolo Ardoino披露了公司多项重大战略举措。他宣布，Tether已 在能源生产领域投入20亿美元，且在比特币挖矿上的投入更为可观。在此期间，XBIT去中心化交易所 平台也在不断拓展其业务范围，通过开源智能合约实现去中心化、去信任的交易机制，大大降低了交易 成本，许多交易费用甚至处于免费状态。这种创新不仅提升了交易效率，还吸引了更多用户参与去中心 化交易。 图片来源:币界网 Ardoino还介绍了公司新推出的AI平台QVAC，该平台旨在为社会打造新型AI系统，允许AI智能体拥有 非托管钱包，自主保管资金并独立工作，不受他人规则约束。此外，Tether与Rumble的合作也备受关 注，双方将推出Rumble钱包，该钱包以比特币为优先，同时提供稳定币存储功能。这一合作项目与 XBIT去中心化交易所平台的业务拓展形成了有趣的对比，后者通过引入ETH永续合约，为投资者提供 了更多样化的交易选择和风险管理工具。 在Tether积极拓展业务的当下，以太坊也正迈向一个新的发展阶段——聚合时代。这一时代的核心在于 通过技术升级和生态整合，提升以太坊的性能和用户体验，同时推 ...

每经记者｜岳楚鹏 蔡鼎 宋欣悦 每经编辑｜兰素英 ◆ 稳定币本周成为了金融市场的关注焦点。美国副总统JD·万斯近日发声力挺，称其将成为美国经济的"助推器"。上周，美国参议院通过《GENIUS法案》 的程序性立法。德意志银行预测，这将使稳定币成为"主流货币"。在全球"去美元化"背景下，美国此举是金融创新监管，还是为系统性风险找"缓冲垫"？ 《每日经济新闻》记者采访香港中文大学（深圳）前海国际事务研究院助理院长包宏和数字资产金融服务集团HashKey Group首席分析师Jeffrey Ding深入解 读。 ◆ 马斯克130天政治生涯结束；特朗普：将把进口钢铁关税提高至50%！欧洲反击瞄准美科技巨头，德国考虑征收10%数字税；韩国总统大选提前投票结 束，投票率史上第二高；第二轮俄乌谈判将于6月2日举行；美国4月核心PCE年率创四年多来新低，美元指数连跌五个月。更多内容，尽在《一周国际财 经》。 美元稳定币的阳谋：万亿美债"接盘侠"，恐引爆6.6万亿美元银行"失血潮" 进入5月，美国金融圈的聚光灯正前所未有地聚焦于一种特殊的数字资产——稳定币。 随着美国参议院关键法案的推进和美国政府高层的公开力挺，这个总市值在大约 ...