在数字经济浪潮席卷全球的2025年，支付的高效性、安全性与低成本需求已成为金融机构布局全球市场的关键竞争力。针对金 融机构在跨境支付、贸易结算及数字资产流转中面临的效率、成本与合规核心等痛点，锐融天下以区块链技术为核心驱动，推 出稳定币发行产品解决方案，助力稳定币发行机构构建起一个近乎实时、低成本且安全合规的全球数字结算网络。 01、锐融天下稳定币发行产品解决方案的独特之处 1、支持多链多币种 支持在主流公有链的多币种代币，具备完善的链上合约部署、升级与统一管理能力，助力机构快速拓展全球市场。 eKYC身份认证 智能合约 申购/赎回 证件OCR 通过OCR技术识别证件信息，提高认证效率。 活体检测 通过移动端实时活体验证，有效防范身份冒用。 人脸比对 将实时人脸与证件照片进行比对，确保申请人身份真实一致。 2、智能合约与发行机制 基于去中心化区块链共识构建发行体系，链上交易通过智能合约自动执行，保障透明可信。发行与储备金管理采用发行方与持 牌银行协同的中心化管控模式，具备完善的审计与信息披露机制，实现高效与合规的平衡。 3、灵活的风险控制 具有灵活的风控规则引擎，支持交易限额、黑白名单、反洗钱规则的设置，满足 ...

Core Insights - Vitalik Buterin, co-founder of Ethereum, expresses confidence in the security of decentralized finance (DeFi), suggesting it can rival traditional banking systems [1] - The release of the "Trustless Manifesto" aims to recalibrate Ethereum's future development, ensuring its core values of decentralization and censorship resistance are preserved [1][7] DeFi vs. Traditional Banking - Traditional banks are seen as safe havens, but past financial crises have exposed vulnerabilities in centralized trust systems, such as opaque operations and counterparty risks [4] - Buterin argues that DeFi's risks are fundamentally different, primarily revolving around "code risk" from potential vulnerabilities in smart contracts, which can be audited and improved over time [4][5] - In contrast, traditional finance faces "human risk" and "systemic risk," where trust is placed in opaque management and government guarantees [4] Paradigm Shift in Trust - DeFi enables self-custody of assets, shifting trust from centralized institutions to verifiable and auditable open-source code [5] - As DeFi protocols mature, the risks associated with code vulnerabilities are expected to decrease, showcasing advantages over traditional banking in terms of transparency and resistance to moral hazards [5] Trustless Manifesto - The "Trustless Manifesto" emphasizes resisting the temptation of centralized convenience, warning that centralization can erode the permissionless nature of protocols [8] - The manifesto outlines four core values: credible neutrality, self-custody, verifiability, and resistance to convenient centralization [11] - The manifesto is published on the Ethereum mainnet, symbolizing a commitment to its principles and serving as a permanent, immutable promise [8][11] Implications for DeFi - The manifesto reinforces the reliability of the underlying infrastructure that DeFi applications depend on, allowing them to confidently position themselves as alternatives to traditional finance [13] - It provides a clear design philosophy for developers, encouraging a focus on decentralization and user sovereignty rather than superficial growth metrics [13] - Ethereum's commitment to its core values enhances long-term confidence in its role as a global settlement layer, emphasizing both technical upgrades and philosophical adherence [13]

Market Overview - The CMC Crypto Fear & Greed Index has dropped to 16, indicating extreme fear in the market, nearing its lowest recorded value [1] - Despite the overall downtrend, the cryptocurrency market is experiencing a shift with Bitcoin losing dominance to altcoins [1][4] - The BNB Chain sector has seen a decline of 5% this week, with its market capitalization falling to $221.3 billion, reversing four months of growth [2] BNB Chain Performance - BNB Chain is outperforming most altcoin sectors, even as altcoins collectively show better performance than Bitcoin [2] - Among the top 10 largest BNB Chain tokens, only three managed to maintain positive performance this week [2] - BNB Chain native perpetual DEXs Aster and MYX Finance are demonstrating strength due to low float token dynamics and sustained on-chain trading demand [3] Token Variance - Significant variance exists within the $100 million market capitalization category, with some tokens achieving gains of over 30% this week [3] - Tokens in the sub-$100 million market capitalization category are showing particularly weak performance, representing the biggest losers of the week [3] Market Sentiment and Strategy - The current market volatility suggests a need for prioritizing strong investment theses, hedging shorts, and avoiding excessive leverage [4] - New developments in the BNB Chain ecosystem include DeFi launches, a push for real-world assets (RWA), a hackathon, and Aster's Machi Mode [4]

说句实在话，这哪儿是什么数字资产创新，分明是美国给 36 万亿美元债务堰塞湖找的 "救命稻草"。 稳定币成美债救命稻草 你发现没，最近不管是金融圈大佬还是街边炒股的大爷，都在聊一个词 —— 稳定币。 说白了，这玩意儿就是 "数字银票"：你把 1 美元现金存给发行公司，对方就给你发 1 枚对应数字货 币，随时能兑换回来，币值不会像比特币那样暴涨暴跌。 截至 2025 年 11 月，全球这玩意儿的总市值已经飙到 2560 亿美元，更吓人的是，其中 80% 都砸进了美 国短期国债，相当于近 2000 亿美元隐形资金，悄悄成了美债的 "接盘侠"。 咱们掰扯掰扯数据：美国联邦债务已经突破 36 万亿，2025 年光要还的本金加利息就高达 9 万亿，比很 多国家的全年 GDP都高。 更要命的是，2024 年 10 月外国债主集体 "用脚投票"，前十大债主里 7 个都在抛售美债，国际市场买美 债的意愿越来越低，美国政府快没钱可借了。 就在这节骨眼上，2025 年 7 月生效的《GENIUS 法案》派上了大用场。 这法案简直是为 "填债坑" 量身定做：任何公司发行稳定币，都必须把收到的钱 1:1 换成美元现金或 93 天内到 ...

Group 1 - The Trump administration is advancing a key regulatory agenda to include U.S. citizens' overseas crypto assets in the tax collection system, with proposed rules sent to the White House for review [1] - If implemented, the U.S. will officially join the Crypto Asset Reporting Framework (CARF), aimed at combating international tax evasion through automatic information exchange among member countries [1][2] - The White House has previously expressed support for this direction, with a summer report recommending U.S. participation in CARF to create a fair competitive environment for domestic digital asset exchanges [1] Group 2 - CARF, created by the OECD in 2022, requires member countries to automatically share information about their citizens' crypto asset holdings to effectively curb cross-border tax evasion [2] - The framework has garnered support from numerous countries, including all G7 members and key crypto asset hubs like the UAE, Singapore, and the Bahamas, which would enhance the global tax regulatory network's reach and influence with U.S. participation [2] Group 3 - The Trump administration's support for CARF is based on multiple policy considerations, including preventing U.S. taxpayers from transferring digital assets to offshore exchanges and promoting the growth and use of digital assets in the U.S. [3] - The regulatory framework appears to leave room for the rapidly growing decentralized finance (DeFi) sector, with the White House indicating that new reporting requirements should not apply to DeFi transactions, which is crucial for developers and users in that space [3] - The CARF framework is planned to be globally implemented starting in 2027 [3]

Core Viewpoint - The incident involving Paxos highlights significant vulnerabilities in the stablecoin ecosystem, raising concerns about the reliability of issuance mechanisms and regulatory frameworks in the industry [1][3][6]. Group 1: Incident Overview - Paxos experienced a major internal error that led to the accidental minting of 300 trillion PYUSD stablecoins, a nominal value exceeding $300 trillion, which is more than double the global GDP [1][2]. - The erroneous minting lasted for 22 minutes before Paxos took corrective action by burning the excess coins, emphasizing the need for robust operational controls [1][5]. Group 2: Stability and Issuance Mechanisms - The reliability of stablecoin issuance mechanisms is under scrutiny, as the incident revealed that the minting process heavily relies on the issuer's credit rather than adequate collateral [3][4]. - Concerns were raised about the potential for arbitrage opportunities if real-time collateralization cannot be ensured, highlighting the risks associated with excessive minting [3][4]. Group 3: Regulatory and Operational Concerns - The incident exposed multiple operational vulnerabilities, including a lack of thresholds for minting limits, absence of multi-signature confirmation, and inadequate review processes [4][5]. - Regulatory oversight in the U.S. is fragmented, with state-level regulations leading to inconsistencies in transparency regarding reserve assets and risk management practices [5][6]. Group 4: Market Implications - The market reaction to the incident indicates underlying panic, with fears that similar errors could undermine the trust in stablecoins and lead to significant market disruptions [1][6]. - The ongoing development of regulatory frameworks, such as the proposed U.S. legislation to enforce reserve requirements, aims to mitigate risks but may also increase the integration of stablecoins into traditional financial systems [6].

Financial Data and Key Metrics Changes - The company achieved record highs with income from operations of $4.4 million and GAAP net income of $6.6 million, resulting in net income per common share of $0.26 and $0.05 on a basic and diluted basis respectively [18][30][31] - The company started the quarter with $45.5 million invested in HYPE tokens and purchased an additional $20.0 million worth of HYPE, recognizing GAAP accretion of $7.1 million [18][30] - Adjusted EBITDA for the quarter was $8.0 million, reflecting the removal of non-recurring items and stock-based compensation [31][32] Business Line Data and Key Metrics Changes - Revenue from digital assets businesses exceeded $300,000, significantly higher than less than $2,000 in Q3 2024, driven by staking rewards, validator commissions, and the first HOUSE agreement with Credo [19][25] - The company launched its proprietary HYPE Asset Use (HOUSE) platform, generating fee income while allowing clients to unlock unique utility on Hyperliquid [13][14] - The company’s validator received over $3 million tokens delegated from the Hyperliquid Foundation, with a total of 13.2 million HYPE tokens delegated as of October 31, representing 60% month-over-month growth [15][24] Market Data and Key Metrics Changes - Hyperliquid is the leading decentralized perpetuals exchange with over 60% market share as of October 31, 2025, and daily average revenues exceeding $3 million [16][38] - Daily trading volume on Hyperliquid exceeds $12 billion, with cumulative cryptocurrency perpetuals trading volume exceeding $3 trillion since inception [7][16] - Hyperliquid generates annualized revenue of approximately $1.3 billion based on an observed run rate of $3.5 million per day [6][16] Company Strategy and Development Direction - The company is focused on building a strategic HYPE token treasury and expanding its portfolio of DeFi services while developing institutional infrastructure to bridge traditional finance and decentralized finance [4][11][59] - The company aims to create long-term shareholder value through multiple pathways, including direct exposure to HYPE token appreciation and recurring revenue from DeFi services [11][12] - The company is committed to maintaining transparency and accountability while operating at the forefront of financial innovation [28][29] Management's Comments on Operating Environment and Future Outlook - Management believes the macro environment for institutional DeFi adoption is improving, with increasing regulatory clarity and maturing institutional infrastructure [58][59] - The company anticipates continued growth in DeFi-related revenues and expects operating cash flow to turn positive in 2026 [38][40] - Management expressed confidence in the resilience of Hyperliquid's platform during market downturns, highlighting zero downtime during the October 10th liquidation event [42][43] Other Important Information - The company continues to develop its proprietary OptiJet user-filled device and is on track for FDA registration [29][55] - The company has implemented comprehensive risk management frameworks to support its expanded activities in DeFi [28] - The company raised $21.8 million net of expenses via its At the Market Equity Offering Program, demonstrating ongoing fundraising capability [37] Q&A Session Summary Question: How did the crypto liquidation event on October 10th impact your business? - The company reported no operational impact from the event, as it had not taken on leverage positions with HYPE assets, and trading volumes quickly returned to Hyperliquid [42][43] Question: What do you think of recent regulatory developments and their impact on DeFi and your business? - Management views the current regulatory environment as favorable and anticipates continued clarity around crypto and DeFi interactions with existing financial infrastructure [43][44] Question: Are you considering an additional capital raise? - The company is focused on building and scaling its business rather than immediate capital raises, but it remains open to future fundraising opportunities based on market conditions [45][46] Question: Do you see Aster and Lighter as credible threats to Hyperliquid? - Management acknowledges competition but believes Hyperliquid's unique features and innovations position it favorably against new entrants [46][47] Question: Is MNAV a useful metric to you? - The company believes MNAV was relevant in earlier stages of digital asset treasuries but now focuses on a combination of asset value and future cash flows [48][49] Question: What measures do you take to secure your tokens? - The company employs self-custody infrastructure and multi-signature solutions to protect its HYPE assets [50] Question: Why have you not sold the OptiJet? - The company is taking a rational approach to commercialization, focusing on achieving FDA registration before making decisions [55] Question: Are you going to hire more people? - The company aims to remain lean while building a robust revenue-generating business line within DeFi, with future hiring contingent on growth needs [56][57]

Core Insights - Hong Kong is embracing the rise of stablecoins with the implementation of the "Stablecoin Ordinance" effective August 1, 2025, establishing a licensing framework for this emerging digital asset [1][14] - Stablecoins are designed to maintain price stability, serving as a payment tool rather than an investment vehicle, by being pegged to stable assets like fiat currencies or commodities [3][5] - The mechanism for maintaining stability involves issuing institutions holding high-quality, liquid assets equivalent to the circulating stablecoin supply, ensuring a 1:1 backing [5][6] Group 1: Definition and Mechanism - Stablecoins are a type of cryptocurrency aimed at price stability, contrasting with volatile cryptocurrencies like Bitcoin and Ethereum [3] - They are issued by private entities and are pegged to assets such as fiat currencies or gold to maintain their value [3] - The stability of stablecoins is achieved through a reserve system where the issuing entity holds assets equal to the value of the stablecoins in circulation [5][6] Group 2: Applications and Benefits - Stablecoins act as a cash-like medium in the virtual asset space, facilitating transactions and serving as a store of value [8] - They offer advantages over traditional payment methods, including 24/7 operation and near-instantaneous transactions, which can significantly reduce costs and time for cross-border payments [8][10] - The potential applications of stablecoins span across various sectors, including cross-border payments, international trade settlements, decentralized finance (DeFi), and financial inclusion for unbanked populations [12][14] Group 3: Future Outlook - The implementation of the Stablecoin Ordinance positions Hong Kong as a key player in the global digital asset landscape, balancing financial innovation with regulatory oversight [14] - Stablecoins are expected to play a crucial role in the ongoing trend of "de-dollarization" in global trade, integrating into the real economy [14]

摩根大通入股以太坊储备龙头，能否改变以太坊下跌趋势？ 市场疑虑与担忧 然而，Tether的增发也引发了一些市场参与者的怀疑和担忧。一方面，这被认为是Tether公司对市场需求的回应，试图保持USDT的稳定性。另一 方面，一些人担心这可能会导致市场的不稳定，尤其是在涉及稳定币这样的关键资产时。此外，Tether的透明度和决策过程也受到关注，需要密 切关注其后续发展。 价格稳定性增强 在市场波动性加大的情况下，稳定币的增发有助于维持其价格的稳定。由于USDT与美元挂钩，其增发可以帮助平衡供需关系，从而在一定程度 上防止比特币价格的剧烈波动。这种稳定性可能为比特币市场提供一定的支撑。 投资者信心提振 Tether的增发行为可能会增强投资者的信心。市场普遍认为，Tether作为行业领军者，其增发是对市场未来的信号，表明其对市场的信心和对未来 需求的预判。投资者在看到Tether的积极行动后，可能会更加愿意投资于比特币等数字货币市场。 对DeFi和链上应用的促进 Tether的新增铸造对于去中心化金融（DeFi）生态系统的意义也不容小觑。DeFi市场中，USDT的使用量巨大，尤其是在去中心化交易所 （DEX）、借贷平台 ...

2025.11.10 本文字数：2360，阅读时长大约4分钟 作者 |第一财经 后歆桐 在上个月刚经历过美元稳定币脱锚，多个加密货币被集体抛售的动荡后，近期，币圈再陷新一轮动荡。 一方面，又一稳定币脱锚，跌破1美元。另一方面，比特币在10月录得多年来首个10月下跌后，近几个 月交易日又跌破10万美元大关。 稳定币脱锚、比特币大跌共振 上周，由Stable Labs发行的合成稳定币USDX严重偏离其1美元挂钩，一度暴跌至0.113美元。这引发了 一系列连锁反应，多个借贷平台紧急清算，借款利率一度飙升至惊人的800%。市场对相关去中心化金 融（DeFi）协议产生连锁反应的担忧加剧。 公开资料显示，USDX的发行方Stable Labs自称为"符合欧盟MiCA法规的稳定币和代币化资产发行商"。 该公司曾在2024年宣布，以2.75亿美元的估值完成了4500万美元的融资。但在USDX严重脱锚后，Stable Labs至今未作出任何公开回应，越发加剧了市场不确定性。 不过，多个主流DeFi协议已迅速采取行动。借贷协议Lista DAO与币安支持的去中心化交易所 PancakeSwap相继发布声明，表示正在密切监控局势。 ...