未来，最有可能申请并获得法币稳定币发行牌照的机构可能是银行、大型互联网企业、金融科技公司 等。 近日，香港特区政府表示，欢迎立法会通过《稳定币条例草案》，以在中国香港设立法币稳定币发行人 的发牌制度，完善对虚拟资产活动在香港的监管框架，以保持金融稳定，同时推动金融创新。 就在同一期间，美国的稳定币法案推出在即。《引导和建立美国稳定币国家创新法案》(GENIUS法案) 目前以66票对32票通过了美国参议院的程序性投票，标志着该法案在参议院取得了重要进展。后续，法 案将进入参议院全体表决阶段。如果参议院最终通过，法案还需送交众议院审议并通过，最后由总统签 署生效。 事实上，从三年前起香港特区政府就开始关注稳定币。究竟港元稳定币背后的考量是什么？哪些机构有 资格获得牌照？对此，第一财经独家采访了金融科技集团Hashkey代币化高级经理李炼炫，此前他负责 牵头国内头部公募基金金在香港推出的第一批比特币ETF设计。在他看来，明确监管框架是主要意图， 特别是2022年TerraUSD的崩盘事件后（稳定币一周内价值归零），各地监管机构都开始意识到，稳定 币市场的有序发展需要清晰且明确的监管框架。同时，这也有助于维持香港的国 ...

Group 1: Drivers of RWA Market - The RWA sector is rapidly attracting users due to liquidity demands, as traditional assets like real estate have high entry barriers and low liquidity, while RWA allows for tokenization and fractional ownership, appealing to global retail investors [3] - Policy support from regulatory bodies, such as the Hong Kong Monetary Authority's sandbox mechanism and the SEC's exploration of compliant tokenized securities, provides a favorable environment for RWA [3] - Technological advancements, particularly the integration of AI, IoT, and blockchain, enhance the transparency and credibility of asset data on-chain, exemplified by Ant Chain's "Asset Chain + Transaction Chain" architecture [3] Group 2: Core Advantages of RWA - RWA significantly improves financing efficiency, reducing the financing cycle from 6-12 months for traditional ABS to approximately 8 weeks [3] - Costs are lowered through automated management via smart contracts, with financing costs for certain renewable energy companies decreasing from 15% to 8% [3] - Liquidity is enhanced as tokenized assets support 24/7 global trading, allowing investments in U.S. real estate equity starting from as low as $50 on platforms like RealT [3] Group 3: RWA Issuance Process - The asset selection process focuses on regulatory-friendly and high-certainty assets, with mainstream RWA assets currently concentrated in categories such as real estate and high-credit debt [5] - Issuers are primarily compliant financial institutions, with plans to gradually expand to small and medium enterprises [7] - The issuance process involves multiple stages, including asset preparation, technology platform setup, regulatory coordination, on-chain issuance and trading, and ongoing management [10][11] Group 4: Blockchain Technology and Platform Selection - The prevailing architecture for RWA platforms is a combination of consortium chains and cross-chain bridges, facilitating cross-border compliance and multi-role collaboration [12] - Key features of this architecture include data privacy, on-chain compliance, and cross-chain interoperability, ensuring a secure and efficient transaction environment [12] Group 5: Future Potential and Challenges of RWA - RWA is positioned as a key player in the market, bridging traditional assets and the digital world, and is crucial for the integration of DeFi and TradFi [18] - Current challenges include regulatory lag, high issuance thresholds, limited asset selection, high issuance costs, and a narrow investor base [18] - Future developments are expected to include clearer regulatory frameworks, reduced issuance barriers, diversified asset types, and improved investor maturity [19][20]

Core Viewpoint - The article discusses the impact of AI on the labor market, emphasizing that job losses are not solely due to AI itself but rather to the individuals and companies that utilize AI to enhance efficiency and reduce costs [3][4][5]. Group 1: AI and Job Market Dynamics - The statement by Huang Renxun suggests that job loss is a result of those who use AI rather than AI itself [3]. - The relationship between hard work and wealth is questioned, indicating that proficiency in AI tools does not guarantee job security [5]. - Microsoft reported a net profit of $25.8 billion, a year-on-year increase of 18%, yet announced layoffs of 6,000 employees, representing 3% of its global workforce [6][8]. Group 2: Layoffs and Corporate Restructuring - The layoffs at Microsoft disproportionately affected software engineers, who made up 40% of those laid off, contradicting the stated goal of reducing management layers [10]. - Amazon also announced plans to cut 14,000 jobs by mid-2025, citing similar reasons for organizational restructuring [14]. - The trend of layoffs in Silicon Valley has resulted in over 400,000 job losses since last year, with major companies like Intel and Google also planning significant cuts [16]. Group 3: Efficiency vs. Employment - The article highlights that AI tools allow companies to streamline operations, reducing the need for large teams; for instance, a team of five can now be reduced to one with the aid of AI [12][13]. - The focus on cost-cutting and efficiency often leads to a reduction in workforce, raising questions about the long-term sustainability of such practices for smaller companies [44][52]. - The disparity between large tech companies and smaller firms is emphasized, where the former can leverage AI for growth while the latter struggle to survive [51][53]. Group 4: Historical Context and Future Implications - The article draws parallels between current AI advancements and historical industrial revolutions, noting that technological progress often leads to job displacement [56][60]. - It suggests that the true beneficiaries of AI advancements are a select few tech giants, while the majority of workers face increasing redundancy [53][74]. - The narrative concludes with a cautionary note about the potential for AI to eventually replace even high-level management roles, as efficiency becomes the primary focus [39][40].

Investment Rating - The report maintains an "Accumulate" rating for the blockchain industry, specifically focusing on stablecoins [4]. Core Insights - Stablecoins have emerged as essential tools in the cryptocurrency market, serving as a bridge between traditional finance and Web3.0, facilitating transactions and providing liquidity [7][30]. - The demand for stablecoins is driven by their ability to act as a "fiat currency" on the blockchain, enabling seamless integration with decentralized finance (DeFi) projects [8][12]. - The report highlights the increasing adoption of stablecoins by traditional financial institutions, indicating a trend towards institutionalization in the Real World Assets (RWA) sector [51][52]. Summary by Sections 1. Core Insights - Stablecoins originated in the early days of Web3.0 as a means to facilitate cryptocurrency transactions and have evolved into foundational tools for exchanges, DeFi, and RWA ecosystems [7]. - The success of stablecoins hinges on market trust, which is closely tied to their credit transmission mechanisms [7]. 2. The Necessity of Stablecoins - Stablecoins serve as a digital representation of fiat currencies on the blockchain, allowing for deeper integration with DeFi projects [8]. - The need for stablecoins arose from the limitations of traditional fiat currencies in the blockchain space, particularly regarding transaction speed and interoperability [9][10]. 3. RWA as a Key Application Area - RWA has become a significant driver for the cryptocurrency market, with traditional financial institutions increasingly adopting stablecoins to facilitate transactions [51]. - The report notes that the RWA market has shown resilience and growth, even amid fluctuations in cryptocurrency prices [49]. 4. Regulatory Considerations for Stablecoins - The report discusses the ongoing evolution of stablecoin regulation, emphasizing the need for a balanced approach that fosters innovation while ensuring consumer protection [5]. 5. Credit Transmission Models for Stablecoins - There are three primary models for credit transmission in stablecoins: centralized issuance backed by reserves, decentralized issuance through collateralized assets, and algorithmic stablecoins [32]. - USDT, as a centralized stablecoin, relies on traditional market mechanisms for credit transmission, while DAI and USDS utilize decentralized models [33][39]. 6. Market Dynamics and Trends - As of May 3, 2025, the total issuance of stablecoins exceeded $240 billion, with USDT and USDC dominating the market [26][23]. - The report highlights the growing importance of decentralized stablecoins in the DeFi ecosystem, although centralized stablecoins still hold a significant market share [20][24].

Group 1: RWA Financing Model - The core of RWA financing is the tokenization of real assets through blockchain technology, enabling the creation of digital assets that can be traded on decentralized platforms [6][16] - The main processes include asset selection and evaluation, tokenization using blockchain, compliance handling, issuance and trading, and automatic profit distribution through smart contracts [6][16] - RWA financing focuses on assets with clear value or stable cash flows, such as real estate and accounts receivable [6] Group 2: Role of Digital Currencies - Digital currencies serve as payment and settlement tools, with stablecoins acting as a bridge between fiat currencies and RWA, reducing cross-border transaction costs [9] - RWA tokens can be used as collateral in DeFi protocols, enhancing their stability [9] - Governance tokens incentivize user participation through mechanisms like staking and fee discounts [9] Group 3: Development of Digital Currencies - The development of digital currencies has gone through five distinct phases, from inception in the late 1970s to the current era of strategic policies influencing their use [11] - Digital currencies are increasingly recognized for their decentralized, anonymous, and secure nature, becoming reserve assets for some central banks [13] Group 4: Stablecoins - Stablecoins emerged to address the volatility of mainstream digital currencies, providing a stable medium for transactions [14] - There are three types of stablecoins: fiat-collateralized, algorithmic, and crypto-collateralized, each serving different functions in the digital finance ecosystem [14] Group 5: Regulatory Landscape - Regulatory measures are crucial for the RWA and digital currency sectors, with increased regulation indicating higher safety but potentially fewer profit opportunities for ordinary investors [16][19] - The U.S. SEC employs a multi-faceted regulatory approach to oversee crypto assets, determining whether they fall under securities regulations [20][21] - Various global jurisdictions are developing regulatory frameworks for digital currencies, with a focus on compliance, user protection, and market integrity [24][25] Group 6: Hong Kong's Regulatory Approach - Hong Kong is at the forefront of digital currency regulation, with the Financial Management Bureau actively developing policies to manage crypto assets [25][30] - The region has implemented a sandbox approach to test the interoperability of tokenized assets and digital currencies, aiming to support market development [30][33] Group 7: Future of RWA Financing - RWA financing can utilize either tokenized financing or asset-backed lending, both relying on digital currencies for transactions [36] - The future of RWA is contingent on a healthy and regulated digital currency market, posing new challenges for traditional regulatory bodies [36]

Core Insights - Huawei Honor and Grok have formed a strategic partnership to launch the first overseas digital currency smartphone, marking a new phase in the integration of WEB3.0 and AI smart terminals [1][5][11] Group 1: Partnership Details - The collaboration aims to combine Huawei's hardware strengths with Grok's blockchain ecosystem to create a new generation of digital finance and smart interaction experiences [3][5] - Blackstone Capital is expected to invest $2 million in Grok's ecosystem to support its technological development and sustainability [3] Group 2: Market Focus - The initial launch of the Huawei Grok smartphone will target Southeast Asian markets, including Thailand, Singapore, and Malaysia, which are seen as hotspots for digital financial innovation [10][13] - This partnership is part of Huawei's strategic layout in the "post-5G era," leveraging blockchain technology to gain a competitive edge in the smartphone market [10][13] Group 3: Product Features - The Huawei Grok smartphone will integrate Grok's blockchain payment functions, allowing users to conduct fast and secure cryptocurrency transactions through a built-in digital wallet [9][10] - The device may also support other applications within the Grok ecosystem, such as decentralized exchanges (DEX) and NFT markets, providing a comprehensive blockchain experience [9] Group 4: Future Prospects - Although specific configurations and pricing for the Huawei Grok smartphone have not been disclosed, it is anticipated to target the mid-to-high-end market and may feature Huawei's latest HarmonyOS to enhance blockchain application efficiency [10][14] - If successful in Southeast Asia, Huawei may expand its collaboration with Grok to other global regions, promoting deeper integration of blockchain technology with consumer electronics [10][14]

Core Insights - Cheer Holding, Inc. held its 2025 Annual General Meeting on May 12, 2025, in Beijing, where key decisions were made regarding board appointments, accounting firm ratification, and share structure adjustments [1] Group 1: Annual General Meeting Outcomes - Mr. Ke Chen was re-elected as a Class III director until the 2028 annual general meeting [1] - Enrome LLC was ratified as the independent registered public accounting firm for the financial year ending December 31, 2025 [1] - The number of authorized Class A ordinary shares was increased from 200 million to 500 million [1] - The board of directors was authorized to implement a share consolidation for Class A Shares at a ratio of 1-for-10, 1-for-25, or 1-for-50 [1] Group 2: Company Overview - Cheer Holding is a leading provider of next-generation mobile internet infrastructure and platform services in China, focusing on creating a digital ecosystem that integrates various technologies [2] - The company is developing a 5G+VR+AR+AI shared universe space utilizing advanced technologies such as blockchain and cloud computing [2] Group 3: Product and Service Portfolio - Cheer Holding's offerings include a diverse range of products and services such as CHEERS Telepathy, CHEERS Video, CHEERS e-Mall, and various AI-driven content [3] - The company's products aim to blend online/offline and virtual/reality elements, enhancing user engagement across different platforms [3] Group 4: Strategic Focus - The core of Cheer Holding's digital ecosystem is "CHEERS+", which emphasizes innovative product applications and technologies to drive sustainable growth [4]

Core Viewpoint - MicroAlgo Inc. has developed a blockchain storage optimization solution utilizing the Archimedes Optimization Algorithm (AOA) to enhance efficiency in blockchain storage systems, addressing key challenges in large-scale applications [1][10]. Company Overview - MicroAlgo Inc. is a Cayman Islands exempted company focused on developing bespoke central processing algorithms, providing solutions that integrate these algorithms with software and hardware to improve customer satisfaction and reduce costs [13]. Technology and Algorithm - The Archimedes Optimization Algorithm (AOA) is a metaheuristic algorithm inspired by Archimedean buoyancy principles, designed to optimize data storage and node collaboration in blockchain environments [2][10]. - AOA constructs a multi-objective optimization model targeting data sharding, resource allocation, and consensus efficiency, allowing for dynamic adjustments in storage systems [2][10]. Technical Workflow - The optimization solution encompasses five key stages: data preprocessing, sharding strategy optimization, node resource allocation, consensus mechanism enhancement, and security strategy tuning [3]. Data Preprocessing - Multi-dimensional feature extraction is performed on blockchain data, applying differentiated strategies based on data characteristics, such as lightweight serialization for structured data and homomorphic encryption for privacy-sensitive data [4]. Sharding Strategy Optimization - AOA models data sharding as an optimal partitioning task, dynamically adjusting storage node allocation based on data access frequency, ensuring efficient storage and access performance [5]. Node Load Balancing - AOA implements a real-time load monitoring model to balance node loads, guiding new data to underloaded nodes and migrating low-frequency data from overloaded nodes based on network conditions [6]. Consensus Efficiency - AOA enhances consensus mechanisms by optimizing block generation and validation, dynamically adjusting transaction sorting and prioritizing high-trust nodes to reduce malicious interference [7][8]. Security Strategy Optimization - AOA builds an encryption parameter optimization model to enhance data security, monitoring anomalies in on-chain data and facilitating rapid recovery from node failures [9]. Competitive Advantage - Compared to traditional storage strategies, MicroAlgo's AOA-based solution significantly improves efficiency, outperforming Genetic Algorithms by 40% and reducing iterations needed by 25% compared to Particle Swarm Optimization [10]. Future Directions - MicroAlgo plans to evolve AOA technology by introducing quantum computing acceleration, exploring algorithm-hardware co-design, and promoting integration with cross-chain protocols to enhance blockchain storage capabilities [12].

在刚刚过去的"世界读书日"， 第11届"当当影响力作家"评选 活动如约而至。 我们怀着无比激动与自豪的心情，向大家宣布： 未可知人工智能研究院院长杜雨博士 凭借其卓越的学术成就与广泛的影响力，荣获 "年度十大科技作家"称号 ！ 杜雨博士 作为人工智能领域的杰出代表，长期致力于前沿技术研究与知识普及工作。 他的作品不仅涵盖了人工智能的深度 理论探讨 ，还结合了丰富的 实践案例 ，为大众揭开了人工智能神秘面纱，让复杂的技术知识变得通俗易 懂。 他的书籍深受广大读者喜爱，销量与口碑俱佳，为 推动科技知识的传播与普及 做出了巨大贡献。 | 作品 | 出版社 | 出版时间 | ISBN | | --- | --- | --- | --- | | 《DeepSeek使用指南:全职业场景应用实践》 | 机械工业出版社 | 2025年3月 | 9787111778820 | | 《具身智能:从虚拟AI到现实AI》 | 中译出版社 | 2024年9月 | 9787500180548 | | 《Al for Science: 人工智能驱动科学创新》 | 电子工业出版社 | 2024年7月 | 9787121483974 | | ...

全球ETF资金流入推高市场预期 美国比特币ETF产品近期资金流入强劲，单日净流入接近10亿美元，创下今年1月以来新高。与此同 时，DeFi和Web3.0创新正持续引领加密货币市场发展，吸引全球用户参与。虚拟币永续合约作为加密 市场最重要的衍生品工具，交易量与日俱增。分析师预计，随着机构参与度提升，比特币价格有望在短 期内冲击100,000美元大关，带动永续合约市场进一步繁荣。XBIT数据显示，平台上的比特币与以太坊 永续合约交易对最受欢迎，占总交易量的65%以上，这种集中度反映了市场对头部加密资产的信心。 随着全球股市波动加剧与美元继续下跌，比特币价格近日持续攀升，已突破94,000美元大关，创下自3 月初以来的新高。虚拟币永续合约市场随之活跃，成为投资者避险的重要工具。 市场数据显示，比特 币从4月初低点已反弹超过23%，强力空头平仓推动价格进一步上涨。24小时内，各大交易所比特币空 头平仓金额超过3亿美元，显示市场看涨情绪明显增强。 XBIT去中心化交易所平台数据显示，平台虚拟币永续合约交易量较上周增长超过40%，成为本月表现 最佳的交易品种。XBIT去中心化交易所平台首席分析师表示，这一趋势反映了投资者 ...