Investment Rating - The report maintains an "Increase" rating for the blockchain industry [6]. Core Viewpoints - Circle has submitted an S-1 form to the SEC to go public on the NYSE under the ticker CRCL, potentially becoming the first publicly listed stablecoin issuer in the U.S. [1][9] - As of April 2, 2025, the total market capitalization of stablecoins exceeds $237.5 billion, with USDT and USDC being the dominant products [2][9]. - The RWA market is experiencing growth, serving as a bridge between traditional finance and the cryptocurrency market, with a market value exceeding $19.7 billion as of April 2, 2025 [3][16]. Summary by Sections Circle's IPO and Market Impact - Circle's stablecoin-related business is projected to generate $1.7 billion, accounting for 99.1% of its total revenue by the end of 2024 [1][9]. - The successful IPO of Circle is expected to accelerate the acceptance of stablecoins among traditional financial users, particularly institutional investors [2][10]. Stablecoins and RWA as Market Engines - Stablecoins are fundamental RWA products that anchor fiat currencies like the U.S. dollar to the blockchain, facilitating entry for traditional financial market users into the cryptocurrency space [3][13]. - The RWA market is showing a positive upward trend, contrasting with the decline in the DeFi market's total value locked (TVL) [16][20]. Traditional Financial Institutions' Role - Traditional financial institutions are increasingly participating in the RWA market, as evidenced by initiatives like the tokenized U.S. Treasury market [4][20]. - The collaboration between major funds and RWA indicates a growing trend of traditional finance embracing RWA, which is expected to drive the development of the cryptocurrency market [4][20].

数秦科技俞学劢：分布式可信数据空间为数字金融 与产业升级破局 3月21日，2025未来数商大会在杭州未来科技城学术交流中心举行。大会重点聚焦场景，深入解读数据 要素热点话题，分享数据要素应用的实践经验，搭建开放合作平台，吸引近千名专业观众参与。会上， 数秦科技 CEO 俞学劢受邀发表了题为《分布式可信数据空间——建立信任与价值的链接》的演讲。他 围绕当下数字金融的困境与机遇，深入剖析了分布式可信数据空间的创新实践及深远意义，为行业发展 提供了新思路。 数字金融困局：虚拟资产乱象与传统金融难题并存 俞学劢开场便以虚拟资产市场的疯狂现象为引，2021 年 4 月 15 日，马斯克一条推特配图让狗狗币 24 小时涨 2.5 倍，这种无上限的虚拟资产因名人背书一路飙升。这样的现象在2025年也屡见不鲜，这些毫 无实际价值的虚拟资产疯狂攀升，随后又相继崩盘，97% 的 meme 币不到一年归零。 虚拟资产市场投机盛行，新入场者渴望以小搏大，导致市场空心化。与此同时，传统金融机构虽然也推 出了数字货币 ETF，但仍缺乏新资金流入，流动性枯竭。 俞学劢表示，在传统金融领域，中小微企业融资难题长期存在。从 2017 年到 2 ...