Core Viewpoint - The CEO of Ant Group, Han Xinyi, emphasized that the token economy must transition from being a mere object of value storage and speculative trading in the virtual world to a tool that addresses trust, efficiency, and cost issues in the real economy to create a sustainable and valuable ecosystem [1] Group 1 - The future of the token economy must be deeply rooted in the real economy to truly unleash its value [1] - The exploration of tokenization should balance the pursuit of value in the token economy with risk prevention [1]

韩歆毅认为，在探索通证化之路上，通证经济价值的探索和风险的防控应放在同等位置。他强调，"合 规是创新的生命线"。 （文章来源：第一财经） 9月11日，在 2025Inclusion·外滩大会上，蚂蚁集团 CEO、蚂蚁数科董事长韩歆毅首次公开谈通证经济话 题，他说："通证只有从虚拟世界中的价值存储和投机交易对象，转变为解决实体经济中信任、效率与 成本问题的工具，才能真正形成可持续、有深度、有广度的生态体系，迸发出应有的价值。"他强 调："通证经济的未来，必须深深植根于实体经济，才能真正释放价值。" ...

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇9月11日｜2025Inclusion滩大会期间，蚂蚁集团CEO韩歆毅在谈及通证经济时表示，在探索通证 化之路上，通证经济价值的探索和风险的防控应放在同等位置。他强调，"合规是创新的生命线"，从探 索起初，蚂蚁集团就清晰划定边界："坚决不发虚拟币，不参与任何形式炒作；专注技术基建，服务行 业而非颠覆行业；力求创造新价值，而非争夺旧蛋糕。" ...

Core Viewpoint - Ant Group's CEO emphasizes the equal importance of exploring the value of token economy and risk prevention, stating that compliance is the lifeline of innovation [1] Group 1 - Ant Group has clearly defined its boundaries from the beginning, stating it will not issue virtual currencies or engage in any form of speculation [1] - The company focuses on technological infrastructure to serve the industry rather than disrupt it, aiming to create new value instead of competing for existing resources [1] - Continuous exploration and research are necessary for understanding value and risk, with a preference for steady progress over a rush for novelty [1]

新浪科技讯 9月11日下午消息，2025 Inclusion滩大会期间，蚂蚁集团CEO韩歆毅在谈及通证经济时表 示，"通证经济的行业共识正在形成，通证只有从虚拟的世界里，从单一的价值重组投资交易的对象， 去转变为实体经济，解决实体经济中信任效率和成本的一些工具，才真正有可能形成一个可持续、有深 度、有广度的生态体系，进而迸发出应有的价值。" 韩歆毅指出，过去我们看到大部分的通证经济的意义，只局限于了虚拟世界的内部循环，但现在全球 90%乃至于更高比例的资产仍然是金融资产，这里面绝大部分其实是虚拟的，他们很多都是以投资交易 和价值储存。因此，如果我们真正今天讨论通证经济，其实我们应该真正的去看那些能够去创造价值的 领域。（文猛） 专题：2025 Inclusion·外滩大会 责任编辑：江钰涵 ...

记者 查睿 五年前，首届外滩大会在黄浦江边开幕，"金融科技"成为一个新词，不少人是首次听说。 从概念走向实用 2024年底，上海标志性农产品马陆葡萄迎来一次特殊"上市"。它并未登陆A股、港股或科创板，而 是在上海数据交易所完成了一笔1000万元的股权融资。这让不少投资者感叹"不愧是上海"。 此次融资的核心并非传统意义上的水果产量或农场估值，而是名为"马陆葡萄RWA"的数字资产。 这意味着，投资者所购买的不仅是葡萄本身，更是覆盖种植、管理、销售全链条的产业权益。 今年的2025世界人工智能大会上，上海科技企业蚂蚁数科发布了国内首个金融推理大模型。推理的 风，终于在上海吹向了金融行业。 有了能推理的"大脑"，AI更能够理解复杂语义、捕捉用户潜在需求，真正"懂业务"。在银行信贷场 景中，该模型不仅能自动扫描并识别合同中的关键信息，还能修复模糊条款结构，精准标注如"抵押率 上限70%"等核心内容，并通过语义分析判断不同年份政策的适用边界。 据悉，上海某银行已将该AI模型应用于手机银行系统，创新"对话即服务"模式，用户通过自然对话 即可获取各类金融服务，推动银行老年客户满意度显著提升，月活用户同比增长25%。AI进化成 ...

8月23日，以"引领生态，聚势未来"为主题的中商会商家通证经济生态大会暨星店联合全国战略启动仪 式在京举行。这场聚焦实体商业数字化转型的盛会，不仅宣告了中国商业文化研究会商家通证经济工作 委员会的成立，更启动了星店联合覆盖全国的五大区域战略部署，标志着星店联合赋能实体经济进入规 范化发展新阶段。 "当前，通证经济作为一种商业形态和分配方式，正在得到更多企业和协会的重视和接纳。"国务院原国 有重点大型企业监事会主席，现任中国国际跨国公司促进会特邀副会长季晓南表示，从这些年通证经济 的实践来看，通证经济的应用场景主要是供应链金融和各种消费领域，应用方式主要是消费积分兑换， 消费者持有的消费积分不仅可以兑换商品，还可以兑换股份，使持有通证权益的消费者从传统的单纯消 费者变成"消费者+出资人"，共同实现价值创造和企业成长。 商家通证经济工作委员会的成立，是响应国家发展数字经济战略、顺应实体商业数字化转型浪潮的关键 举措。中国商业文化研究会执行会长庞毅表示，数字经济浪潮下，商家通证经济作为创新模式，将为实 体经济转型升级注入新动能。 破解传统消费激励与商家连接痛点，是数字经济时代实体商业升级的关键。作为先行探索者，星店 ...

Summary of Key Points from the Conference Call on Stablecoins and RWA Industry Overview - The discussion revolves around the **stablecoin** industry, highlighting its applications in **cross-border trade** and **smart payment solutions** such as invoice tokenization and Project DSFT, which have received fintech innovation awards and funding, showcasing commercial potential [1][2] - The global trend towards stablecoin policy is one of increasing attention and support, with central banks and regulatory bodies accelerating the formulation of relevant policies to ensure safe and compliant development, although regulatory intensity varies across countries [1][3] Core Insights and Arguments - Future trends for stablecoins include expansion in cross-border trade and smart payment sectors, growth in commercial applications, and increased attention and investment from traditional financial institutions, indicating a positive outlook [1][5] - The digital asset market has recently shown strong performance, with Bitcoin and Ethereum prices surging, suggesting that major economies are entering the stablecoin economic competition, driven by expectations of relaxed monetary policy from the Federal Reserve [1][10] - The market faces challenges from geopolitical tensions, policy changes, monetary policy uncertainties, internal market risks, and potential bubble cycles, necessitating vigilance against various risks [1][12] Regulatory Landscape - Key regulations impacting the digital asset space include the **Stablecoin Act**, **Clarity Act**, **Anti-CBDC Act**, and **Fit 21 Act**, which could significantly influence the global digital asset landscape and economy [1][6] - Different countries exhibit varying regulatory attitudes, with Hong Kong actively following U.S. legislation, while Singapore is tightening regulations, leading to operational challenges for stablecoin payment companies [1][7] Misconceptions and Risks - There are misconceptions within the Chinese community regarding the potential and risks of stablecoin economic models, which could lead to new risks if not addressed [1][4] - The digital asset market is expected to experience a new bull market, with stablecoins playing a central role, but significant risks and misunderstandings could lead to a potential crash [1][11] Market Dynamics - The primary battleground for stablecoins is in the offshore dollar stablecoin system, with major users of USDT and USDC located outside the U.S., particularly in regions like Africa, Asia, and Latin America [1][17] - The issuance of stablecoins is seen as straightforward, but operational security and management are complex due to the prevalence of malicious actors in the blockchain ecosystem [1][18] Future Opportunities and Challenges - The stablecoin market is expected to see hundreds or even thousands of different types of stablecoins, with major companies and celebrities likely to issue their own for brand promotion and low-cost financing [1][26] - Hong Kong is positioned as a significant player in the global stablecoin market, with initiatives to support Chinese entrepreneurs in the stablecoin economy [1][28] Conclusion - The future scale of the stablecoin market is closely tied to China's stablecoin strategy, with significant challenges in competing against the dominance of the U.S. dollar, which currently holds 97% to 99% of the market share [1][30] - Users in global payment systems tend to prefer dollar stablecoins, indicating a need for strategies to encourage the use of Hong Kong or Renminbi offshore stablecoins [1][31][32]