美国国债市场迎来千亿级标售考验，总计1190亿美元的三年、十年、三十年期国债发行，在36万亿美元 债务阴影下成为全球投资者信心的"压力测试"。币界网数据显示，三十年期国债收益率上月飙升至 5.16%，创2023年10月以来新高，而XBIT去中心化交易所平台凭借其抗审查性和低交易成本，正成为传 统金融动荡中的重要避险选择。 热点概况：传统金融体系的信任危机 从标售结构看，短期和中期债券需求相对稳定，例如三年期债券上个月间接投标比例达62%，与历史平 均水平持平。但长期债券的表现却令人揪心：4月和5月的三十年期国债标售均出现得标收益率高于预期 的情况，反映出投资者对美国财政可持续性的担忧正在加剧。Credit Sights分析师Zachary Griffiths指 出，外国投资者对三十年期国债的需求已进入"瓶颈期"，这背后是对美国债务雪球越滚越大的深层焦 虑。 这种焦虑并非空穴来风。美国财政赤字高企、特朗普时代的减税政策叠加贸易战推高的关税成本，正在 侵蚀债券投资者的信心。更值得警惕的是，全球长期债券市场普遍疲软，若此次美国标售失利，可能引 发"多米诺骨牌效应"，加剧国际资本对主权债务的避险情绪。 图片来源：币界 ...

Core Insights - The event "Whales & Insiders: BTCFi and New Yield Opportunities" was co-hosted by TRON and MetaEra, featuring TRON founder Justin Sun as the keynote speaker, discussing the underlying logic of BTCFi and providing actionable yield strategies based on TRON's ecosystem [1][2] - The rise of BTCFi signifies a shift in blockchain finance from "asset storage" to "yield creation," with the total value locked (TVL) in global BTCFi protocols exceeding $12 billion, a 300% increase since the beginning of the year [2][4] - TRON's BTCFi protocols account for 28% of the total TVL, making it the second-largest ecosystem after Ethereum, highlighting TRON's strategic position in the BTCFi landscape [2][4] BTCFi and New Yield Opportunities - The private event attracted over 100 industry elites from more than 30 countries, including representatives from leading institutions like Bitwise and Grayscale, as well as core developers from DeFi protocols such as Chainlink and Aave [2] - The focus was on exploring the integration of Bitcoin's ecosystem with decentralized finance (DeFi) to uncover new yield models driven by blockchain technology [2] TRON's Technological Support - Justin Sun emphasized that the scalable development of BTCFi requires two core capabilities: cross-chain technology for asset interaction and high throughput to handle frequent transactions and complex computations [4] - TRON has developed a complete solution through its JustLend 2.0 cross-chain protocol and a network capable of millions of transactions per second (TPS), creating a "flywheel effect" for the BTCFi ecosystem [4] Future Development of BTCFi - Sun outlined TRON's plan to launch a "BTCFi dedicated chain" by 2025, aiming to reduce transaction costs for BTCFi protocols by over 50% through a customized consensus mechanism and virtual machine [6] - TRON will establish regional centers in Dubai, Hong Kong, and Panama to promote localized compliance for BTCFi protocols [6] Industry Leadership - As a leading figure in the blockchain industry, Justin Sun is driving the practical application of technology and ecosystem prosperity, transforming decentralized ideals into real-world value [8] - The successful hosting of the high-end private event provides new perspectives for the industry and showcases China's blockchain technology leadership on the global stage [8]

Core Insights - The 2025 Japan International Blockchain Technology Exhibition will take place in April and October, showcasing the latest advancements and applications in blockchain technology [1] - The event aims to provide a platform for communication and learning, promoting the dissemination and collaboration of blockchain technology [1] Group 1: Event Overview - The exhibition will be held in two phases at Tokyo Big Sight and Makuhari Messe in Chiba, scheduled for April 15-17 and October 8-10, 2025 [1] - RXJapan Co., Ltd., a reputable company in the exhibition industry, is the organizer of the event [1] Group 2: Exhibition Features - The exhibition will focus on showcasing the latest blockchain technologies and solutions, including innovations in smart contracts, decentralized finance (DeFi), and digital asset management [2] - Multiple forums and seminars will be set up, inviting industry experts to share insights on application cases, industry trends, and policy environments [2] - Networking opportunities will be provided for participants from various fields to establish connections and explore collaboration [2] - Startups will have a platform to showcase their products and services, attracting investor attention and promoting innovation in blockchain technology [2] - Training courses will be offered to enhance participants' understanding of blockchain technology, covering foundational knowledge, development skills, and market analysis [2] Group 3: Industry Impact - The exhibition is expected to attract a large number of exhibitors and attendees from around the world, enhancing Japan's influence in the blockchain sector [5] - Japan has made significant progress in blockchain research and application, with many companies actively involved in related projects [5] - The event aims to further develop Japan's blockchain ecosystem and attract more international investment and collaboration [5] Group 4: Event Management - RXJapan Co., Ltd. will implement advanced exhibition management systems to optimize processes such as exhibitor registration and attendee management [5] - The event will prioritize safety and health to ensure a secure environment for communication and learning [5] Group 5: Conclusion - The 2025 Japan International Blockchain Technology Exhibition is anticipated to be a significant industry event, offering valuable knowledge and experience sharing for both professionals and the general public [7] - The exhibition is expected to foster innovation and collaboration, injecting new vitality into the future development of blockchain technology [7]

Group 1 - The core viewpoint of the article emphasizes that VAX (VaultX) is redefining the financial ecosystem through blockchain technology and decentralized finance (DeFi) innovations [2] - VAX (VaultX) addresses the limitations of traditional financial systems, such as high fees and lack of transparency, by utilizing decentralized blockchain technology to provide efficient, secure, and transparent financial services [3] - The platform's decentralized architecture enhances security by ensuring that all transaction records are permanently stored in a distributed network, reducing third-party risks and increasing user trust [5] Group 2 - VAX (VaultX) combines blockchain technology with smart contracts, allowing for automated execution of contract terms, which increases transaction efficiency and reduces human error [6] - The market positioning of VAX (VaultX) targets the future of financial technology, focusing on DeFi and offering personalized asset management services, including decentralized lending and insurance [7] - VAX (VaultX) aims for global integration by supporting multiple fiat and cryptocurrencies, adapting to various regulatory environments, and seeking partnerships with traditional financial institutions [8] Group 3 - Despite its progress, VAX (VaultX) faces challenges such as unclear regulatory policies and competition from other DeFi platforms, necessitating continuous innovation and user experience enhancement [9] - The potential for growth in the blockchain and DeFi markets suggests that VAX (VaultX) could become a significant player in the future financial landscape [9] - The conclusion highlights VAX (VaultX) as a forward-looking project that could lead the transformation of financial services through technological innovation and a decentralized approach [10]

Core Viewpoint - The article discusses the recent legislative developments regarding stablecoins, highlighting their potential impact on the financial market and the broader economy, particularly in the context of the U.S. dollar's dominance and the competition with digital currencies like China's digital yuan [1][29][30]. Group 1: Legislative Developments - A series of stablecoin-related legislations have gained attention since April 2025, including the passage of the STABLE Act and the advancement of the GENIUS Act in the U.S. Congress [1][10][11]. - The GENIUS Act aims to establish a regulatory framework for payment stablecoins, ensuring a 1:1 backing with U.S. dollars and implementing strict disclosure and anti-money laundering requirements [6][27][29]. Group 2: Understanding Stablecoins - Stablecoins are a type of cryptocurrency designed to maintain a stable value by pegging to fiat currencies or low-volatility assets, with the global market cap growing from $5 billion in 2019 to $250 billion currently [2][15]. - They can be categorized into fiat-collateralized, commodity-collateralized, crypto-collateralized, and algorithmic types, with the first three being similar in principle [2][14]. Group 3: Supply and Demand Dynamics - The stablecoin ecosystem includes issuers, payment service providers, and DeFi protocol providers, each generating revenue through various means such as minting fees and transaction costs [3][16]. - Demand for stablecoins is driven by their advantages over traditional currencies, including faster transaction speeds, lower costs, and the ability to bypass traditional banking constraints [4][20]. Group 4: Market Projections - Projections suggest that stablecoin market capitalization could reach between $500 billion to $2 trillion by 2028, depending on regulatory developments and competition from central bank digital currencies (CBDCs) [5][23][32]. - The increasing use of stablecoins in cross-border payments and international trade could significantly enhance their market penetration [24][25]. Group 5: Impact on U.S. Treasury Bonds - Currently, major stablecoin issuers hold approximately $166 billion in U.S. Treasury bills, representing about 2.6% of the total T-Bill market, with potential for increased demand as stablecoin usage expands [8][32]. - The influx of stablecoin investments into U.S. Treasuries could exert downward pressure on short-term interest rates, influencing the broader financial market [33][35]. Group 6: Implications for Gold Demand - The rise of stablecoins may affect gold pricing dynamics, as they could enhance the credibility of the U.S. dollar while also providing an alternative to gold as a hedge against currency devaluation [34][36]. - If stablecoins become widely adopted, they may divert some demand away from gold, particularly in high-inflation economies where residents traditionally turn to gold for value preservation [36].

以下文章来源于Web3小律 ，作者Will 阿望 Web3小律 . On Chain is New Online｜律师 & Web3 投研｜深度思考：Fintech、Web3 支付、稳定币、代币化 RWA、监管合规、DeSci。 文章来源于：Web3小律 稳定币是否 能够 重塑全球金融 格局 已不再是 一个 YES / NO 的 问题，而是 " 如何 " 重塑 HOW 的问题 。 早期，稳定币的增长以总供应量 （ Supply ） 来衡量 ， 关键挑战在于 背后的 信任：哪些发行方可信、合规且具备扩容能力 。 相信随着美国 Genius 法案的提 出， 这个问题 马上能够得到解决 。 随着发行 的标准化 ， 稳定币 市场 进入下一个阶段 ——从发行转向 分销 （ from Mint to Distribution ） 。 发行方获得惊人利润的日子屈指可数 ——分销方开始意识到自己的杠杆作用，并获得应有的价值份额。 这个在 Circle 的招股说明书中已经很好地给出了答案。 鉴于这种转变， 我们应该首先 了解哪些应用程序、协议和平台正在实现真正的增长变得越来越重要 ， 尤其是对于那些在加密市场已经相对成熟的链上 ...

Core Viewpoint - Kraken is launching tokenized versions of over 50 US stocks and ETFs for non-US customers, aiming to reduce barriers for global investors to access the US stock market [1][2]. Group 1: Tokenized Stocks - The tokenized stocks, referred to as "xStocks," will operate on the Solana blockchain and allow for 24/7 trading [1]. - Kraken has partnered with a fintech company to purchase and hold actual stocks and ETFs, issuing corresponding tokens that maintain price parity with the underlying assets [2]. - The tokens are classified as stablecoins, which are cryptocurrencies pegged to real assets to maintain price stability [2]. Group 2: Regulatory Compliance - To avoid regulatory issues, Kraken's tokenized stocks will not be available to US users, and the company is working with regulators to ensure compliance in various countries [2][5]. - Kraken has implemented three compliance strategies, including legal entity isolation and cash redemption clauses to mitigate risks associated with token price decoupling [5]. Group 3: Investor Rights and Risks - Investors in tokenized stocks will not have voting rights, which is a significant difference from direct stock ownership [6]. - Concerns about asset security and the ability to redeem tokens for actual stocks have been raised by investors [4][6]. Group 4: Market Impact - The issuance of tokenized stocks is expected to enhance liquidity and demand for already listed stocks [8]. - Regulatory bodies like the SEC are adapting to market demands, exploring frameworks for the tokenization of securities, which could transform the securities market [8].

Group 1: Core Insights - Circle Internet Corp., the issuer of USDC, successfully listed on the New York Stock Exchange, marking a significant milestone as the "first stock of stablecoin" with a first-day stock price increase of 168.5% and a market cap exceeding $18 billion [2] - Recent legislative actions, including the passage of the GENIUS Act in the U.S. Senate and the introduction of the Stablecoin Regulation Draft in Hong Kong, are seen as pivotal moments in the financial landscape, highlighting the growing importance of stablecoins [2][9] Group 2: Definition and Functionality of Stablecoins - Stablecoins are digital currencies pegged to real assets, primarily fiat currencies like the U.S. dollar, designed to mitigate the volatility associated with traditional cryptocurrencies [3] - They serve multiple roles in the financial sector, including facilitating cross-border transactions, acting as a safe haven during market volatility, and providing liquidity in decentralized finance (DeFi) [4] Group 3: Market Dynamics - As of May 2025, the global stablecoin market is projected to exceed $250 billion, with USDT and USDC dominating over 88% of the market share [5] - USDT maintains a leading position due to its high liquidity and market presence, while USDC is recognized for its regulatory compliance and transparency, although it faced challenges in 2023 [7][8] Group 4: Regulatory Landscape and Global Impact - The U.S. is tightening regulations on stablecoin issuers, requiring them to be U.S.-registered entities, which enhances American control over the global stablecoin market [10] - The rise of stablecoins poses challenges to existing financial regulations in other countries, including China, while also accelerating the development of the digital yuan as a countermeasure [11][12] Group 5: Future Prospects - The implementation of the GENIUS Act could lead to a tenfold increase in stablecoin supply over the next four years, significantly boosting the demand for U.S. Treasury bonds and reinforcing the dollar's dominance in the global financial system [9] - The new regulatory framework in Hong Kong is expected to attract innovation and investment in the stablecoin sector, positioning the region as a key player in the global financial landscape [13]

1. 重塑市场信心，打开传统资本闸门 长期以来，数字货币市场因技术复杂性、价格剧烈波动以及监管模糊性，被传统金融机构贴上"高风险、不透明"的标 签。Circle成功登陆纽交所，以严苛的上市标准为数字货币行业正名，将区块链技术驱动的稳定币业务置于传统资本市 场的聚光灯下。其招股书详细披露的储备资产构成、合规运营流程和风险控制体系，如同为数字货币市场颁发的"信任 证书"，打破了传统投资者对行业的固有偏见。例如，Circle展示的USDC储备资产中，短期国债和现金等价物的透明化 管理，让传统投资者看到数字货币业务也能具备传统金融机构的严谨性。 Circle上市带来的示范效应正在形成"虹吸效应"。以贝莱德申请比特币ETF为例，传统资管巨头已开始主动拥抱数字货币 领域，而Circle的成功上市无疑加速了这一进程。上市后的Circle凭借其品牌公信力和合规优势，成为传统金融机构布局 数字货币市场的重要窗口。据彭博社预测，随着Circle上市，未来一年内可能会有超过500亿美元的传统机构资金通过稳 定币等管道流入数字货币市场。这些资金不仅为市场注入流动性，更带来成熟的风险管理体系和投资理念，推动数字货 币市场向专业化方向发 ...

Group 1 - The Federal Reserve's policy deadlock and inflation concerns are causing market anxiety, with a potential long-term maintenance of the current interest rate range of 4.25%-4.50% due to trade policies impacting prices [1][3] - The rising funding rates on Binance indicate a shift in market sentiment, with Bitcoin perpetual contract funding rates exceeding 0.15%, reflecting growing bearish sentiment [3][6] - XBIT decentralized exchange is gaining traction as a safe haven for funds, with a 23% increase in trading volume over the past week, and USDT/BTC liquidity depth surpassing $500 million [3][4] Group 2 - The surge in Binance funding rates and XBIT trading volume is a response to "dual uncertainty," with traditional markets experiencing increased volatility and a trust crisis in centralized exchanges [3][6] - XBIT has launched an "inflation hedging index" product, attracting over $200 million in funds on its first day, indicating a shift from speculative to value-driven investment in the crypto market [4][6] - The trading volume of inflation-linked stablecoins on XBIT has increased by 150% this month, showing investors' intent to hedge against currency devaluation risks [6]