Core Insights - The report titled "2025 Digital Asset Series Research - CCB International" analyzes the differences between the real world and the virtual/digital world, emphasizing the concepts of "centralization" and "decentralization" [1] - It highlights stablecoins as a crucial bridge connecting virtual and real value, with a projected trading volume of approximately $37 trillion in 2024, surpassing Bitcoin [1] - The report discusses the implications of stablecoins on monetary supply, the U.S. Treasury market, and the dominance of the U.S. dollar, as well as the differences in digital currency strategies between China and the U.S. [1] Summary by Sections Historical and Technical Analysis - The report examines the historical, cultural, and technical aspects of digital assets, focusing on the fundamental differences between centralized and decentralized systems [1] - It identifies fiat currencies and cryptocurrencies (excluding Bitcoin) as two incentive carriers within these systems, with their value dependent on ecosystem activity, integrity, and consensus [1] Focus on Stablecoins - Stablecoins are defined as digital currencies pegged to specific assets to maintain value stability, with the top two stablecoins (USDT and USDC) accounting for 60% and 23% of the market, respectively [1] - The report categorizes stablecoins based on their collateralization methods and discusses the "impossible trinity" challenge of achieving price stability, capital efficiency, and decentralization simultaneously [1] Macroeconomic Implications - The report analyzes the macroeconomic impact of stablecoins on monetary supply and the U.S. Treasury market, as well as the implications for U.S. dollar hegemony [1] - It contrasts China's approach to digital currency (promoting the digital yuan) with the U.S. focus on dollar stablecoin tokenization [1] Hong Kong's Stablecoin Development - The report explores the reasons behind Hong Kong's development of stablecoins, including the aim to establish a digital asset hub and activate the RMB ecosystem [1] - It discusses the coexistence of stablecoins with central bank digital currencies (CBDCs) and outlines the differences in regulatory frameworks between Hong Kong and the U.S./Europe [1] Applications and Infrastructure - Stablecoins are examined in various applications, including retail payments, cross-border transfers, virtual asset trading, RWA, and DeFi [1] - The report introduces the stablecoin economic ecosystem in Hong Kong and the business models of key service providers, as well as the impact of stablecoins on traditional financial institutions and the necessary infrastructure for expanding specific use cases [1]

互联网时代，最先被重塑的是报纸。1994 年，雅虎诞生，标志着信息分发方式的一次根本性变革。原 因很简单：报纸从生产到消费的链条极短，参与方少，改造起来成本低、效率高。 到了今天，区块链正在沿着同样的路径推进。它并未一开始就撼动股票、债券或房地产这些高门槛、高 壁垒的传统金融资产，而是先从最基础的、流通最广的资产形态下手： 钞票。 从这个意义上看，比特币和稳定币，其实是"链上钞票"的两种方向： 比特币 是一种去中心化的钞票，不锚定任何法币，完全依赖共识和稀缺性支撑其价值； 稳定币 则是中心化钞票的链上映射，锚定美元（如 USDT、USDC）或其他法币，已成为链上世界的流 动性中枢。 两者共同构成了区块链对"钞票"这一资产类别的首次成功改造。 每一次技术革命，往往都从价值链最短、摩擦最小的领域切入。 比特币 vs 稳定币：相似起点，分化路径 比特币与稳定币，虽同为"链上钞票"的形态，但在投资属性和全球角色上，却走出了截然不同的两条 路。 一、投资属性对比 维度比特币（Bitcoin）稳定币（Stablecoins）核心属性去中心化、稀缺性支撑价值中心化锚定资产，与 美元挂钩波动性高波动，适合长期储值/投机低波动 ...