2025年8月1日，香港《稳定币条例》正式生效，在香港设立法定稳定币发行人的发牌制度。 此前，国内多家知名企业如京东、蚂蚁集团等高调宣布入局稳定币，追逐跨境支付的新风口。稳定币究竟是加密世界的"定海神针"还是"风暴之眼"？在该 条例落地一个月、舆论热度降温之际，是时候从理性的视角聊聊"稳定币"这个在大众认知中相对新鲜的金融概念。 在中欧国际工商学院教授区块链技术、数字资产与金融服务等课程的金融学助理教授朱海坤，透过稳定币的本质，从稳定币发展的前世今生做出了行业预 判，并对企业布局稳定币的机遇和风险分享了专业的思考。 近年，稳定币的应用和影响力呈爆炸式增长。据统计，截至2025年初，全球流通的稳定币总市值已从2019年的不足20亿美元飙升至超过2500亿美元，年均 复合增长率超过100%。其交易规模亦水涨船高，2024年全球稳定币年交易额已达数十万亿美元量级，甚至当年稳定币链上交易量一度超过Visa和万事达 卡两大卡组织的总和。① 01 什么是"稳定币"？ 稳定币的概念，顾名思义，指一种币值稳定的数字货币。主流稳定币通常跟美元、欧元等法定货币（简称法币）保持1:1的固定兑换比例。比特币、以太 币等加密货币由于价 ...

Core Viewpoint - The launch of the governance token WLFI by World Liberty Financial, backed by the Trump family, represents a significant event in the cryptocurrency space and serves as a test of Trump's influence in fintech [3][7]. Group 1: WLFI Token Launch and Valuation - WLFI's total diluted valuation has exceeded $40 billion, placing it among the top 45 cryptocurrencies by market capitalization [4][10]. - Early investors can unlock and sell 20% of their holdings, which constitutes about 5% of the total supply [3][4]. - The token's price has experienced volatility, with a drop of over 30% from its initial trading price [4][6]. Group 2: Project Background and Team - WLFI is a decentralized finance project with a total supply of 100 billion tokens, co-founded by real estate mogul Steve Witkoff and his son, with significant involvement from the Trump family [8][9]. - Trump's personal stake in WLFI is estimated to be worth over $6 billion, indicating the token's potential importance in his wealth structure [5][10]. Group 3: Unique Design Features - WLFI's valuation is supported by a robust financial foundation, with its stablecoin USD1 backed 100% by high-credit real-world assets [11]. - The project has a unique market strategy, including a commitment from Nasdaq-listed ALT5 Sigma to purchase up to $750 million in WLFI tokens [11]. - WLFI is positioned as a model of "American compliant innovation" in the context of increasing regulatory focus on cryptocurrencies [11]. Group 4: Token Release Strategy - Only 20% of the tokens are being released to early investors, a strategy seen as a way to manage liquidity and stabilize prices [12]. - Some traders believe that a lower circulating supply could lead to price increases, creating a speculative environment [13]. Group 5: Major Investors - The investor base for WLFI includes influential figures such as Sun Yuchen, who is one of the largest independent investors, and the Aqua1 Fund, which recently acquired $100 million worth of WLFI [14][15]. - DWF Labs also invested $25 million in WLFI, highlighting the interest from various market players [16].

Core Insights - The Trump family's "core token" WLFI experienced a significant drop of over 20% shortly after its trading began, indicating high volatility in the cryptocurrency market [1][2] - WLFI is a decentralized finance project supported by the Trump family, with Donald Trump listed as an honorary member and chief cryptocurrency advocate [1][2] - The total supply of WLFI is 100 billion tokens, and the project aims to raise $550 million through two rounds of token sales in 2024 [3] Token Trading and Market Reaction - WLFI began trading on September 1, 2024, and saw a price drop of over 24%, settling at $0.2625 [2] - The token's initial price during the sales was set at $0.015 and $0.05, with early investors able to unlock and sell 20% of their holdings [3][4] - A survey indicated that many retail investors plan to sell their tokens if the price reaches $0.47 [3] Project Background and Key Players - WLFI was founded by real estate mogul Steve Witkoff and his son, with notable figures from the crypto space involved in its development [2][3] - The project has attracted significant investment, including a $30 million purchase of 3 billion WLFI tokens by TRON DAO at a price of $0.01 [2] - The project aims to combine DeFi architecture with personal branding to create a functional and topical token [3] Trump Family's Influence in Cryptocurrency - The Trump family has increasingly engaged in cryptocurrency projects, reportedly earning nearly $1 billion from various ventures since the last U.S. election [5] - Trump's administration has seen significant regulatory moves favoring the cryptocurrency industry, including the appointment of pro-crypto SEC leadership and the establishment of a government-backed Bitcoin reserve [6] - The Trump family has also launched personal tokens and engaged in Bitcoin mining, aiming to become a core player in the U.S. mining industry [6][7]

Central Bank Perspective - The issuance of stablecoins may lead to uncontrolled issuance and high leverage due to a lack of understanding of monetary policy and macroeconomic regulation [6][7] - Concerns from central banks include "excessive issuance" without real 100% reserves and the potential for high leverage effects in the operation of stablecoins [7] - The need for reliable custodians for reserves and effective measurement of the leverage effects in stablecoin operations is emphasized [7][8] Financial Services Model Perspective - Stablecoins could play a significant role in a decentralized financial ecosystem, but the actual demand for decentralization and tokenization needs careful evaluation [9][10] - Current payment systems in China and several Asian countries have successfully developed based on account systems, indicating that a full transition to tokenization lacks sufficient justification [9][10] Payment System Perspective - Payment efficiency and compliance are two major concerns in the evolution of payment systems, with stablecoins seen as a potential solution [11] - Current advancements in payment systems are primarily based on IT and internet technologies, rather than blockchain, highlighting the importance of security and compliance [11][12] Market Trading Perspective - Market manipulation, particularly price manipulation, is a significant concern, necessitating transparency and effective regulation [12][13] - The use of mixed currencies in transactions raises regulatory challenges and potential for market manipulation [12][13] Micro Behavior Perspective - The motivations of various participants in the stablecoin ecosystem, including issuers and users, need to be analyzed to understand the implications for the payment system [14][15] - The existing retail payment systems in China are already efficient and low-cost, limiting the potential for new entrants to reduce costs significantly [14][15] Circulation Path Perspective - The circulation of stablecoins involves a complex process from issuance to market flow, which is not guaranteed without sufficient demand [17][18] - The role of stablecoins as temporary payment mediums or value storage tools will influence their market presence and circulation [17][18]

Core Viewpoint - The WLFI token, supported by the Trump family, is set to begin trading on September 1, 2023, aiming to combine DeFi architecture with governance mechanisms and personal branding to create a functional and topical cryptocurrency [1][3]. Token Distribution and Valuation - WLFI has a total supply of 100 billion tokens, with 80% locked and only 20% available for early investors to unlock and sell, which may lead to potential market volatility [2][6]. - The token's estimated valuation has reached $40 billion, with a futures price range of $0.20 to $0.30, significantly higher than its initial sale prices of $0.015 and $0.05 [4][5]. Governance and Market Dynamics - WLFI emphasizes governance-driven value, granting token holders voting rights while limiting each wallet to a maximum of 5% voting power to prevent concentration [3][6]. - The project aims to stabilize the market by managing liquidity and creating a sense of scarcity, although the long-term implications of the locked tokens remain uncertain [6][7]. Involvement of the Trump Family - The Trump family plays a central role in the WLFI project, having raised over $5.5 billion through private placements and maintaining significant control over the project [5][8]. - The family's involvement in various cryptocurrency initiatives, including stablecoins and Bitcoin mining, raises ethical and legal concerns regarding potential conflicts of interest in regulatory oversight [9][10].

作者：叶桢，华尔街见闻 一个与特朗普家族深度绑定的加密项目正将其代币推向公开市场，这不仅是加密世界的一场大事，更是 对特朗普在金融科技领域影响力的终极测试。 就在今天（9月1日），由特朗普家族公开支持的World Liberty Financial项目，其治理代币WLFI将正式 开始交易。世界标准时间中午12点，代币生成事件（TGE）将启动，早期投资者能够解锁并出售其所持 代币总量的20%，这部分代币约占总供应量的5%。 此次首次亮相将在币安、Coinbase等主流加密货币交易所进行，市场对此高度关注。按当前0.20至0.30 美元的期货价格计算，WLFI的完全稀释估值已超400亿美元，足以跻身市值排名前45的加密货币之 列。 据估算，仅特朗普本人通过关联实体持有的代币价值就可能超过60亿美元，超过了此前《福布斯》对其 净资产的估算。 这一系列动作正值特朗普家族在加密领域影响力日益增长之际。自特朗普重返白宫以来，他已签署稳定 币法案，其子也深度参与加密业务。WLFI的交易启动，将是市场对这一带有浓厚政治色彩的金融创新 产品的首次全面检验。 WLFI究竟是什么？ WLFI是去中心化金融项目World Liber ...

Core Viewpoint - The launch of the WLFI token, backed by the Trump family, represents a significant event in the cryptocurrency space and serves as a test of Trump's influence in the fintech sector [3][10]. Group 1: WLFI Token Overview - WLFI is the governance token of the decentralized finance project World Liberty Financial, with a total supply of 100 billion tokens [5]. - The project was founded by real estate mogul Steve Witkoff and his son Zach, with significant involvement from the Trump family [5]. - The token's initial trading will occur on major exchanges like Binance and Coinbase, attracting high market attention [3]. Group 2: Valuation and Market Expectations - WLFI's fully diluted valuation exceeds $40 billion, placing it among the top 45 cryptocurrencies by market capitalization [3][6]. - The token's price during two rounds of sales in 2024 and 2025 was set at $0.015 and $0.05, respectively, raising a total of $550 million [6]. - Trump's associated entity, DT Marks DEFI LLC, holds 22.5 billion WLFI tokens, with Trump's personal holdings valued at over $6 billion [6]. Group 3: Unique Project Design - WLFI's valuation is supported by a three-pronged design: a solid financial foundation, unique market mechanisms, and a compelling macro narrative [7]. - The stablecoin USD1 within the WLFI ecosystem is fully backed by high-quality real-world assets, significantly reducing systemic risk [7]. - ALT5 Sigma, a Nasdaq-listed company, has committed to acquiring up to $750 million in WLFI tokens, which analysts view as a strategic tool for market stability [7]. Group 4: Token Release Strategy - Only 20% of the tokens will be unlocked for early investors, a strategy aimed at reducing short-term selling pressure and maintaining price stability [8]. - Some market participants believe that a lower circulating supply could lead to price increases, creating a volatile market environment [8]. Group 5: Major Investors - The investor base for WLFI includes influential figures and entities, such as Sun Yuchen, who purchased 3 billion WLFI tokens for $30 million [9]. - The Aqua1 Fund has strategically acquired $100 million worth of WLFI, becoming one of the largest external holders [9]. - Other notable investors include DWF Labs, which invested $25 million in WLFI [9]. Group 6: Risks and Ethical Concerns - The launch of WLFI raises ethical concerns due to the lack of conflict-of-interest provisions in the legislation signed by Trump regarding stablecoins [10]. - While the project's solid RWA foundation mitigates systemic collapse risks, market volatility and regulatory shifts pose new risks for investors [10]. Group 7: Long-term Value Considerations - The long-term value of WLFI is influenced not only by its operational success but also by unpredictable political and regulatory developments [11].

Group 1 - The core event is the launch of the governance token WLFI for the World Liberty Financial project, which is closely associated with the Trump family, marking a significant moment in the crypto world and testing Trump's influence in fintech [1][2] - WLFI's total supply is 100 billion tokens, with 20% of the tokens being unlocked for early investors during the token generation event (TGE) [2][6] - The market is highly attentive to WLFI's debut on major exchanges like Binance and Coinbase, with a fully diluted valuation exceeding $40 billion based on current futures prices [1][3] Group 2 - The project was founded by Steve Witkoff and his son, with key figures from the crypto industry involved, including Trump family members in prominent roles [2] - Trump's personal holdings in WLFI are estimated to be worth over $6 billion, indicating a significant addition to his wealth structure [3][4] - WLFI's valuation is supported by a unique design that combines financial fundamentals, market dynamics, and macro narratives, with a stablecoin backed by real-world assets [4][5] Group 3 - The token's release strategy involves unlocking only 20% of the tokens for early investors to manage liquidity and stabilize prices, which has led to mixed expectations among investors [6][7] - Notable investors include the founder of TRON, Justin Sun, and the Web3 fund Aqua1, highlighting the project's appeal to influential capital [7] - The project faces scrutiny regarding potential ethical concerns due to Trump's involvement in regulatory frameworks related to stablecoins [8]

见闻财经日历 WSCN Economic Calendar W 华尔街见间 09月01日 - 09月07日当周重磅财经事件一览，以下均为北京时间： 本周重点关注：九三阅兵、上合峰会闭幕、美国8月非农数据、标普全球8月中国制造业PMI。 此外，美国公布8月ADP就业人口、ISM制造和非制造业指数、7月耐用品订单环比终值，美联储公布经济状况褐皮书，一项由特朗普家族支持的 去中心化金融项目正式启动，蔚来、博通、Salesforce、C3.ai、露露柠檬公布财报。 经济指标 美国8月非农就业人口变动 9月5日，美国公布8月非农就业人口变动。上月的美国非农"暴雷"，新增就业7.3万远低于预期，前两月数据大幅下修25.8万。 高盛交易员认为，美联储主席鲍威尔已为9月降息开绿灯，但8月非农就业数据将成为决定降息幅度和节奏的关键因素。如果就业增长低于10万 人，将有助于确定9月降息。鲍威尔在杰克逊霍尔央行年会上的表态，特别是对"劳动力市场下行风险"的重申，已为降息铺平道路。这一表态呼应 了他在上次FOMC新闻发布会上的关切，反映出美联储对就业市场的高度关注。 高盛对未来就业增长修正偏向负面的原因包括四个方面：出生-死亡模型可 ...

经济指标 美国8月非农就业人口变动 见闻财经日历 WSCN Economic Calendar 华尔街见闻 | 时间 | | 内容 | 预期 前值 | | | --- | --- | --- | --- | --- | | 9月1日 周一 | | | | | | 数据 | 09:45 | 中国 8月标普制造业PMI | | 49.5 | | 事件 | 00:00 | 由特朗普家族支持的去中心化金融项目，计划于9 | | | | | | 月1日正式启动其WLFI代币的公开交易 | | | | 9月2日 周二 | | | | | | 数据 | 22:00 | 美国 8月ISM制造业指数 | 48.8 | 48 | | 事件 | | 无 | | | | 财报 | | 蔚来 | | | | 9月3日 周三 | | | | | | 数据 | 16:00 | 欧元区 8月服务业PMI终值 | | 50.7 | | 事件 | 待定 | 天安门举行盛大阅兵 | | | | 9月4日 周四 | | | | | | 数据 | 22:00 | 美国 8月ISM非制造业指数 | 50.5 | 50.1 | | 事件 | 待定 | 美 ...