来源：环球市场播报 全球财经媒体昨夜今晨共同关注的头条新闻主要有： 美国提议对乌克兰提供更实质性安全保障 领土问题仍是关键分歧点 美国代表在与基辅进行的和平谈判中提出更实质性的安全保障提议，但这一举措的最终目的似乎仍然是 向乌克兰总统泽连斯基施压，要求他在领土问题上作出让步。 一名美国官员告诉记者，在当前寻求以外交方式解决冲突的协议中，特朗普政府提出向乌克兰提供强有 力的类似北约"第五条款"（即共同防御条款）的安全保障。但该官员未就此提供任何细节。 反对者担心哈塞特与特朗普关系过于密切，尽管正是这一点让他一度成为最有望接替鲍威尔的领跑者。 这种反对更多地表现为对另一位候选人凯文·沃什的推举，而不是对哈塞特的直接批评。 多位知情人士表示，进入12月后哈塞特的候选人地位开始遇阻，一些人愈发担心如果投资者认为他与特 朗普关系过于密切，可能最终会引发债市动荡。 马斯克确认奥斯汀无人驾驶Robotaxi测试正在进行，特斯拉股价收高 在得克萨斯州奥斯汀推出配备安全驾驶员的限量版 Robotaxi 服务近六个月后，特斯拉宣布正在该市测 试完全无人驾驶的车辆，车内无任何人员。 1、美国提议对乌克兰提供更实质性安全保障 领土问 ...

摩根大通周一在新闻稿中表示，推出了一支名为My OnChain Net Yield Fund（简称 MONY）的私募基 金，由摩根大通的代币化平台Kinexys Digital Assets提供支持。MONY对合格投资者开放，允许他们在 区块链上持有代币的同时赚取收益。 摩根大通正加深在代币化领域的布局，该领域涉及将传统资产——股票、债券或私人贷款——转化为区 块链上的代币。许多金融机构多年来一直在尝试基于区块链的投资。近期，在美国通过了为稳定币设立 监管框架的《Genius Act》后，这类活动出现升温。 该代币化产品的最低投资额为100万美元。摩根大通计划向该基金投入1亿美元自有资金作为启动资金， 随后向外部投资者开放。 摩根资产管理全球流动性主管John Donohue 写道："代币化可以从根本上改变交易的速度和效率，为传 统产品增添新功能。" 责任编辑：李桐 摩根大通旗下资产管理公司推出首支基于以太坊构建的代币化货币市场基金，加入了越来越多涉足区块 链金融的华尔街机构之列。 摩根大通旗下资产管理公司推出首支基于以太坊构建的代币化货币市场基金，加入了越来越多涉足区块 链金融的华尔街机构之列。 摩根资产管 ...

星期四 2025年12月 信息来源：网络 编辑-楓華 近日，加密货币市场再次掀起热潮。在以太坊突破 3,300 美元心理关口的同时，比特币却在 94,200–94,700 美元的阻力区间反复挣扎。这不仅反映了市场 对宏观经济预期的敏感，也凸显了以太坊在功能性和机构采用方面的独特价值。 随着降息预期升温、流动性改善以及市场风险偏好的回归，ETH 的价格动能得到了进一步推动。而以太坊自身的结构性优势—— 广泛的链上应用、不断 扩张的网络采用——也为其价值提供了差异化支撑。 机构加码-ETF流入创新高 投资者在布局时，需关注关键支撑与阻力位置：以太坊短期支撑在 3,220 美元，中期防守底线在 3,000 美元；阻力位若能放量突破 3,400 美元，则有望打 开至 3,500 美元的上涨空间。与此同时，合理的仓位控制与严格止损，是应对加密市场高波动性的关键。 以太坊的双路径优势 作为 DeFi、代币化和现实资产基础设施的核心，以太坊不仅是投机资产，更具备基础设施价值，而比特币则仍以"数字黄金"的角色为主。 长期来看，以太坊的投资价值不仅来源于价格动能，还体现在其生态和应用层面。DeFi 生态、代币化资产、机构采用趋 ...

Summary of Figure Technology Solutions Conference Call Company Overview - **Company**: Figure Technology Solutions (NasdaqGS:FIGR) - **Industry**: Fintech and Blockchain Technology - **CEO**: Michael Tannenbaum, who took over in 2024 and led the company through its IPO in September 2025 Core Business Model - Figure is building a future capital market on blockchain technology, focusing on tokenized loans, particularly in the mortgage space - The company has developed a platform that allows partners to originate assets in five days for $1,000, compared to the industry average of 45 days and $12,000 [4][10] Financial Performance - Figure currently does about $1 billion in average monthly originations, with a total mortgage market of $2 trillion annually [7] - The company has achieved a robust adjusted EBITDA margin of 55% in Q3 2025 [61] Strategic Priorities 1. **Expansion in Mortgage Space**: Targeting the $35 trillion home equity market, with a focus on flexible HELOC products [10] 2. **Product Diversification**: Introducing debt service coverage ratio (DSCR) loans and residential transition loans [11] 3. **Blockchain Integration**: Utilizing a stablecoin (YLDS) for loan settlement and servicing, with growing volume in the marketplace [12] Market Position and Growth - Figure has added 78 originating partners in Q3 2025, more than in the entirety of the previous two years [16] - The company is positioned to capture a significant share of the mortgage market, especially in smaller balance mortgages [35] - The HELOC product is gaining traction as a preferred financing option for small businesses and home improvement projects [19] Competitive Advantages - Figure's integrated technology and capital market approach allow for lower origination costs and faster processing times, making it attractive to banks and credit unions [22][23] - The company emphasizes liquidity and has facilitated $20 billion in mortgage transactions, with $70 billion in transaction activity [13] Tokenization and Future Opportunities - Figure is exploring tokenized equities and has launched a non-dilutive secondary offering that trades on blockchain [52] - The company aims to standardize and tokenize various asset classes, enhancing control and democratization for asset owners [53] Conclusion - Figure Technology Solutions is positioned for significant growth in the fintech and blockchain space, with a focus on innovation, cost efficiency, and expanding its product offerings across various asset classes [64]

Core Insights - The demand for tokenized US stocks has seen unprecedented growth, with spot trading volume increasing by 452% and futures trading volume surging by 4,468% from mid-October to the end of November [2] Group 1: Market Trends - The report highlights three fundamental drivers behind the growth of tokenized equities: the composition of the asset class, the shift towards 24/7 accessibility, and the influence of a diverse global user base [2] - The futures market has exhibited aggressive trading behavior, particularly around large tech stocks, with notable increases in trading volumes for Meta (40,774%), Microsoft (24,339%), and MicroStrategy (11,684%) [4] - Spot market participation shows a more balanced allocation, with Nvidia leading at 1,888% month-over-month growth, and significant increases in index funds like QQQ (+3,492%) and SPY (+3,247%) [4] Group 2: User Behavior and Demographics - The user base remains significantly international, with East Asia accounting for the highest proportion (39.66%), while Latin America, South Asia, Southeast Asia, and Europe also hold substantial shares [5] - High-frequency traders, referred to as "whales," average 51.7 trades per day, while retail investors tend to engage in selective trading around key events like earnings releases [5] Group 3: Company Overview - Bitget, established in 2018, is the largest panoramic exchange (UEX) globally, serving over 120 million users with a wide range of trading options, including cryptocurrencies and tokenized stocks [6] - The company emphasizes its AI-powered trading tools and seamless integration of blockchain infrastructure with real-world finance through its Bitget Wallet, which serves over 80 million users [6] Group 4: Strategic Partnerships - Bitget leads cryptocurrency promotion through strategic partnerships, including being the official cryptocurrency partner for La Liga in East Asia, Southeast Asia, and Latin America [7] - The company collaborates with UNICEF to provide blockchain education support to 1.1 million people by 2027, and it is the exclusive cryptocurrency exchange partner for MotoGP™ [7]

Core Viewpoint - Goldman Sachs recently issued a report giving Robinhood (HOOD.US) a "Buy" rating with a target price of $167, highlighting strong customer engagement and a diversified revenue structure [1] Group 1: Business Performance - Management noted that the seasonal slowdown typically seen in the second half of the year may diminish due to business diversification [1] - The company expects to significantly increase crypto revenue through market share growth, as the increase in active traders will boost trading volume enough to offset potential pricing pressures [1] Group 2: Key Growth Areas - The prediction market is identified as a key focus area and growth driver for Robinhood, with management confident in its strong chances of success due to robust distribution channels [1] - The company is expanding its product range from sports and political events to other areas, with a recently announced joint venture in the prediction market expected to enhance revenue from this value chain [1] Group 3: Expansion Opportunities - Robinhood sees two expansion opportunities beyond its tokenization services already offered in Europe: 1) tokenizing private equity in the U.S. and 2) tokenizing stocks in Asia, contingent on regulatory changes [2] - Management believes that the cryptocurrency market structure bill will clarify regulatory authority and provide additional clarity on tokenization, supporting the adoption of digital assets, although there is uncertainty regarding the final draft of the bill [2]

美国证券交易委员会（SEC）主席 Paul Atkins 在 Fox Business 采访中表示，代币化是资本市场未来的发 展方向，通过将证券资产上链可以实现更清晰的所有权确权。他预计，未来约 2 年内，美国所有市场都 将迁移至链上运行，实现链上结算。 来源：市场资讯 （来源：吴说） ...

Group 1: Digital Asset Regulation in Hong Kong - Hong Kong is working to establish a safe and reliable digital asset platform, with final regulatory frameworks for digital asset trading and custody services being developed [1] - The market size for tokenized financial products in Hong Kong is approximately $3 billion, with increasing adoption of products like green bonds and retail gold products [1] - Many tokenized pilot projects are still in early stages, with room for improvement in efficiency and cost reduction, although many products still rely on fiat currency for cash settlement [1] Group 2: Private Credit Market Insights - The financial landscape has significantly changed since the 2008 financial crisis, with the implementation of Basel III increasing capital and liquidity requirements for banks, leading to the rise of private credit [2] - Global private equity assets under management have grown several times to $14 trillion over the past decade, with leverage shifting from banks to non-bank institutions [2] - The increase in retail investor participation in private credit necessitates regulatory scrutiny of the private credit ecosystem and its connection to the financial system [2]

Core Viewpoint - BlackRock has achieved a record high in assets under management (AUM) of $13.46 trillion, a 17% year-over-year increase, with its iShares ETF platform surpassing $5 trillion in assets, maintaining its leading position in the ETF market [2][3]. Group 1: BlackRock's Crypto Asset Strategy - BlackRock's Bitcoin ETF (iShares Bitcoin Trust, IBIT) has surpassed $100 billion, making it the fastest ETF to reach this milestone and the most profitable product for the company [3][18]. - The company holds approximately 800,000 Bitcoins, making it one of the largest institutional holders of Bitcoin, with a market value of around $100 billion [18]. - BlackRock is also expanding into Ethereum ETFs, which have reached $17 billion in assets [3]. Group 2: Tokenization Ambitions - BlackRock aims to tokenize all its financial assets using blockchain technology, having already tokenized a money market fund called the BUIDL Fund, which has reached $2.8 billion in size [5][6]. - CEO Larry Fink stated that tokenization could be a crucial factor in the evolution of the global financial system, allowing seamless conversion between cash, stocks, and bonds without intermediaries [6][19]. - The company is planning to accelerate the tokenization of its $5.3 trillion ETF assets, integrating them into digital wallets [6][38]. Group 3: Historical Context and Competitive Landscape - BlackRock's shift towards crypto assets began in 2020, influenced by a global trust crisis in the monetary system and increasing demand for Bitcoin as a hedge against inflation [24][25]. - The company has strategically positioned itself in the crypto space, contrasting with competitors like Vanguard, which has maintained a cautious stance towards crypto assets [22][34]. - BlackRock's proactive approach has allowed it to capture significant market share in the crypto asset space, particularly in Bitcoin ETFs, which have become a major revenue source for the firm [34][44]. Group 4: Future Implications of Tokenization - The potential for tokenization to reshape the financial landscape is significant, as it could lower investment barriers and enhance liquidity for traditionally illiquid assets [42][43]. - Tokenization may lead to a transformation in how financial transactions are conducted, reducing costs and increasing efficiency through smart contracts and blockchain technology [43][44]. - However, the transition to a fully tokenized financial system will be gradual, facing regulatory, technological, and market acceptance challenges [50].

Core Insights - BlackRock, the world's largest asset management company, reported a record AUM of $13.46 trillion for Q3 2025, a 17% year-over-year increase, with its iShares ETF platform surpassing $5 trillion in assets [1][3] - The company's aggressive expansion into the cryptocurrency sector, particularly with its Bitcoin ETF (iShares Bitcoin Trust, IBIT) surpassing $100 billion in assets, positions BlackRock as a leading institutional player in the crypto market [3][17] - BlackRock aims to tokenize its financial assets using blockchain technology, with the BUIDL fund already reaching $2.8 billion, indicating a strategic shift towards digital asset integration [4][41] Group 1: BlackRock's Financial Performance - BlackRock's AUM reached $13.46 trillion, marking a historical high and a 17% increase year-over-year [1] - The iShares ETF platform's assets exceeded $5 trillion, maintaining its leadership in the ETF market [1][3] Group 2: Cryptocurrency Strategy - BlackRock's Bitcoin ETF (IBIT) became the fastest ETF to reach $100 billion in assets, making it the company's most profitable product [3][17] - The firm holds approximately 800,000 Bitcoins, making it one of the largest institutional holders of Bitcoin [3][17] - BlackRock's Ethereum ETF has also gained traction, reaching $17 billion in assets [3] Group 3: Tokenization Initiatives - BlackRock is actively pursuing the tokenization of its financial products, with the BUIDL fund being a significant step, currently valued at $2.8 billion [4][41] - CEO Larry Fink emphasized that tokenization could revolutionize the global financial system, allowing seamless asset conversion without intermediaries [4][41] - The company plans to digitize a significant portion of its $5.3 trillion ETF assets, enhancing liquidity and accessibility for investors [4][41] Group 4: Market Context and Competitors - BlackRock's shift towards cryptocurrency and tokenization comes amid increasing competition from firms like Vanguard, which has historically resisted crypto investments [23][38] - The firm’s proactive stance on crypto contrasts with competitors who remain skeptical or passive regarding digital assets [18][19] - BlackRock's strategic moves in the crypto space have catalyzed a broader institutional acceptance of cryptocurrencies, influencing market dynamics [16][17]