来源：黄金圈 领取完整版报告 这份报告 《黄金新纪元：想象数字黄金的未来（A New Golden Age: Imagining the Future of Digital Gold）》 是世界黄金协会（World Gold Council, WGC） 与英国未来实验室（The Future Laboratory）于 2025 年联合发布的一份前瞻性研究，探讨黄金数字化的潜力、路径与未来图景。以下为中文翻译版本： 黄金新纪元 想象数字黄金的未来 前言与引言 世界黄金协会首席执行官 David Tait 致辞 科技的迅猛发展正以前所未有的速度改变全球经济与社会格局。对黄金产业而言，这种变革潜力巨大——不仅能推动行业自身进化，更能提升全球可及性 与透明度，惠及全世界的人们。 数字化转型是黄金延续"永恒与信任"属性的关键。我们推出的 Gold247 计划，旨在通过数字创新提升黄金的透明度、可信度与流动性，从而释放新的需 求。 其中的核心项目包括： 我们相信，这些创新只是数字化黄金变革的起点。希望本报告能激发行业、投资者及创新者重新认识黄金——从"传统战略资产"蜕变为"未来数字资产"。 报告导言 黄金的价值比以往任何 ...

Bit Digital (NASDAQ: BTBT) has emerged as one of the largest publicly traded Ethereum holders, reporting a total of 122,187 ETH as of September 30, 2025. The holdings, valued at approximately $506.6 million based on Ethereum’s market price of around $4,145, underscore the company’s aggressive transition from Bitcoin to Ethereum as part of its broader blockchain investment strategy.Strong staking position boosts returnsAccording to Bit Digital’s latest treasury and staking report, roughly 81.8% of its Ethere ...

"资产代币化"正从一个前沿概念，转变为驱动下一代金融市场基础设施的核心力量。 据华尔街见闻，美东时间10月7日，纽约证券交易所（NYSE）的母公司洲际交易所集团（ICE）宣布对 预测市场Polymarket进行20亿美元的战略投资，该交易对Polymarket的投前估值约为80亿美元。 通过此次交易，ICE不仅获得了Polymarket的财务股份，还将成为其事件驱动数据的全球分销商。双方 还将合作开展新一代的"代币化"项目。 ICE作为全球监管最严格、体系最成熟的中心化金融机构之一，其对代币化的公开拥抱，为整个行业树 立了一个将被密切关注甚至效仿的标杆。 此前华尔街见闻提及，纽交所的主要竞争对手纳斯达克同样在加速推进核心市场的深层变革，计划将代 币化与全天候交易等前沿创新直接引入股票交易体系。 两大交易所的殊途同归，预示着资产代币化正从一个长期停留在口号与试点阶段的概念，加速转变为现 实世界金融体系的底层架构。 从口号到基建，可信数据成关键 多年来，资产代币化一直被誉为金融的下一次进化，其承诺的更快的结算速度、可编程的合规性以及对 从房地产到公司债券等一切资产的碎片化所有权，始终吸引着市场的目光。 分析认为， ...

从华尔街巨头推出比特币ETF，到全球央行关注数字货币，比特币早已超越了"电子现金"的概念，成为一种反周期、高波动、但极具稀缺性的新型资产。 对于普通投资者来说，最大的风险不是投资它，而是完全不理解它。如果你不掌握它的底层逻辑，你就可能错过这场由**"数字稀缺性"**驱动的财富转移。 今天，我们就来揭示普通人应该如何理解和配置数字资产的"反周期"逻辑。 一、比特币的核心价值：对抗"印钞机"的稀缺性 比特币最大的价值，在于它对传统金融体系的**"反向对冲"**能力。 核心逻辑： 只要全球对法定货币的信任度存在周期性波动，只要央行的"印钞机"没有停止，比特币的长期价值锚点就依然存在。 二、投资策略：将数字资产视为"超配的黄金" 鉴于数字资产（尤其是比特币和以太坊）的巨大波动性，普通投资者不应将它视为主要资产，而应将其视为一种高弹性的"超配黄金"。 4. 5. 你可能将它视为一场泡沫、一场投机，或者仅仅是极客的狂欢。但无论你喜不喜欢，比特币（Bitcoin）和整个数字资产领域，正在以不可逆转的力量进入 全球主流金融的视野。 绝对稀缺性： 与法定货币可以无限增发不同，比特币的总量被固定限定在2100万枚。这种硬性稀缺性 ...

New listing expands 21Shares’ leadership with over 50 physically backed crypto ETPs available to European investors ZURICH, September 30, 2025 – 21Shares AG (“21Shares”), one of the world’s largest issuers of cryptocurrency exchange-traded products (ETPs), today announced the launch of the 21Shares Jupiter ETP (ticker: AJUP) on the SIX Swiss Exchange. The new product provides investors with efficient, transparent, and institutional-grade exposure to Jupiter (JUP), the leading trading hub on the Solana block ...

Group 1: Core Characteristics of Cryptocurrencies - Cryptocurrencies are characterized by decentralization and anonymity, with no single entity controlling the network and transactions being conducted without revealing personal identities [2] - The security of cryptocurrencies relies on cryptographic technology, specifically the "public-private key pair" system, where the public key serves as a receiving address and the private key is the unique proof of asset ownership [2] - Blockchain technology acts as the underlying ledger for cryptocurrencies, utilizing distributed storage to ensure transaction information is recorded across numerous global nodes, making it both transparent and immutable [2] Group 2: Types of Cryptocurrencies - Native cryptocurrencies, such as Bitcoin and Ethereum, have no specific issuer and their supply is typically predetermined by algorithms, serving as value carriers or transaction fee payments within their respective networks [3] - Stablecoins are pegged to fiat currencies or physical assets, exhibiting minimal price volatility, and are used to mitigate risks associated with the fluctuating cryptocurrency market [3] - Platform tokens are issued by specific blockchain platforms for functional use or governance voting, allowing holders to pay service fees or participate in platform upgrades [3] - Application tokens are designed for specific use cases, with their value dependent on the success and user adoption of the corresponding applications [3] Group 3: Key Risks Associated with Cryptocurrencies - Regulatory risks arise from varying attitudes towards cryptocurrencies across countries, with some nations outright banning their circulation, which can directly impact their legality [2] - Price volatility is a significant concern, with daily fluctuations exceeding 20% being common, influenced by market sentiment and policy changes [4] - Technical risks include vulnerabilities in blockchain technology, such as smart contract flaws and potential hacking incidents, which can lead to asset losses [4]

Group 1: Market Overview - The global financial market is closely monitoring the Federal Reserve's monetary policy, which could impact liquidity in risk assets, including cryptocurrencies [1][8] - If the Federal Reserve maintains high interest rates, the cryptocurrency market may face continued pressure, while a shift to rate cuts could lead to renewed investment inflows [8] Group 2: Ethereum Challenges - Ethereum (ETH) faces two main challenges: scalability issues despite Layer 2 solutions and the complexity of upgrades like EIP-4337, which have yet to demonstrate effective results [3] - High gas fees and network congestion continue to affect user experience, particularly during bull markets [3] Group 3: BNB's Current Situation - BNB, the native token of Binance, struggles with price volatility and market confidence, with resistance levels around $1,083 and potential declines to the $750-$1,000 range if it fails to break through [3][4] - BNB's reliance on a single ecosystem and regulatory uncertainties contribute to its market fluctuations [3][4] Group 4: BlockDAG Emergence - BlockDAG technology is gaining traction with its strong market entry, supporting EVM compatibility and launching initial DApps [7] - A successful presale raised $410 million, with a projected return rate of 3,025% [7] Group 5: XBIT Wallet Features - XBIT Wallet serves as a multi-chain asset management tool, providing features like gas fee optimization and hardware-level security for Ethereum assets [3][5] - The wallet offers seamless interaction with BNB Chain and supports cross-chain exchanges, enhancing user experience [5][10] - XBIT Wallet's compliance with global regulations aids in secure storage of BNB, mitigating risks from policy changes [5] Group 6: Investment Strategy Implications - The current market dynamics highlight the need for investors to adapt their strategies based on macroeconomic indicators and technological advancements in the cryptocurrency space [10] - The competition among established players like Ethereum and BNB versus emerging technologies like BlockDAG underscores the importance of choosing the right tools and ecosystems for future growth [10]

Summary of PublicSquare 2025 Investor Day Company Overview - **Company**: PublicSquare (NYSE: PSQH) - **Event**: 2025 Investor Day held on September 25, 2025 - **Key Speakers**: Michael Seifert (Founder and CEO), James Rinn (CFO), Dusty Wunderlich (Chief Strategy Officer), Brian Billingsley (Chief Revenue Officer), Caitlin Long (Board Member), Alex Brusewitz (President of PSQ Impact), Ben McMillan (Founder and CIO of IDX Advisors) [1][2] Core Industry Insights - **Industry**: Financial Technology (Fintech) - **Target Audience**: PublicSquare serves a diverse customer base, including consumers, merchants, campaigns, and charities, particularly those who have faced discrimination or debanking [5][6] - **Market Dynamics**: The fintech sector is experiencing a paradigm shift, with traditional financial institutions struggling to meet evolving consumer expectations for speed, transparency, and trust [7][8] Key Themes and Strategies - **Mission Statement**: PublicSquare aims to protect life, family, and liberty through values-driven innovation, focusing on economic liberty and trust in transactions [4][6] - **Cultural Moment**: The company is positioned to capitalize on a significant cultural shift towards fintech solutions, driven by consumer demand for faster, more personalized financial services [9][10] - **Wealth Transfer**: An estimated $84 trillion is expected to transfer from baby boomers to millennials and Gen Z over the next 20 years, creating opportunities for fintech companies that align with the values of these generations [30][31] Financial and Operational Highlights - **Fintech Focus**: PublicSquare is prioritizing fintech solutions, monetizing other assets to enhance its fintech capabilities [32][33] - **Payment Solutions**: The company offers a comprehensive payment stack, including debit and credit card processing, ACH transactions, and plans to integrate cryptocurrency payments [50][51] - **Credit Products**: PublicSquare has developed a robust credit platform designed for flexibility and compliance, catering to a wide range of credit profiles from sub-prime to super-prime [61][62] Regulatory and Political Context - **Debanking Issues**: The company has faced challenges related to government regulation and debanking, particularly affecting its subsidiary, Cordova, which serves the firearms industry [13][17] - **Government Accountability**: PublicSquare's leadership has emphasized the need for accountability in regulatory practices, particularly in light of past abuses of power by federal agencies [20][23] Future Outlook - **Integration of Digital Assets**: PublicSquare plans to integrate cryptocurrency as a payment method and offer Treasury as a Service software for merchants to manage digital assets [22][24] - **Commitment to Economic Freedom**: The company aims to ensure that financial services remain accessible to all Americans, advocating for the protection of constitutional rights in financial transactions [21][27] Additional Insights - **Community Engagement**: PublicSquare has built a grassroots movement with over 80,000 businesses and millions of consumers, emphasizing a cancel-proof promise to its partners [36][37] - **Technological Innovation**: The company is leveraging advanced technology and AI to enhance operational efficiency while maintaining a human touch in customer service [56][57] This summary encapsulates the key points discussed during the PublicSquare 2025 Investor Day, highlighting the company's strategic direction, market positioning, and commitment to financial freedom and innovation.

Core Insights - The Korea Blockchain Week (KBW) 2025 in Seoul highlighted the significance of blockchain technology and cryptocurrency, featuring industry leaders like Justin Sun from TRON, who shared insights on decentralized exchanges, stablecoins, and the future of finance [1] Group 1: Decentralized Exchanges and Capital Efficiency - TRON launched its first decentralized perpetual contract exchange, Sunperp, aiming to address efficiency issues in the decentralized derivatives market, which has struggled with delays and complex operations compared to centralized exchanges [2] - The new DEX is expected to leverage approximately $80 billion in liquidity, providing users with trading speeds and convenience similar to centralized platforms, enhancing capital efficiency and overall user experience [4] Group 2: Advantages of USDD and Global Stablecoin Applications - USDD, a decentralized stablecoin from TRON, offers advantages in transparency and decentralization, with all collateral and liquidation processes executed on-chain via smart contracts, allowing users to verify collateral status in real-time [5] - USDD employs an over-collateralization mechanism, typically at 120% to 130%, ensuring system robustness and isolating user positions to prevent systemic risks [6] - Stablecoins like USDD are becoming essential tools in real-world financial activities, providing users in emerging markets with access to digital dollar accounts, thus promoting financial inclusion [8] Group 3: Security, Leverage, and Long-term Vision for Finance - The cryptocurrency industry is viewed as an extension of the financial sector, serving as a new financial infrastructure necessary for all industries [9] - Security remains a critical challenge, with the industry needing to balance capital efficiency and risk control to ensure long-term healthy development [9] - TRON is working on a new decentralized product that will allow users to access multiple crypto assets while maintaining decentralization, with plans for further innovations by the end of the year [10]

Investment Rating - The report suggests a positive outlook on the RWA (Real World Assets) sector, indicating significant potential for growth and investment opportunities in the tokenization of real estate and other assets [5][12]. Core Insights - RWA represents an upgrade of asset securitization through blockchain technology, allowing for the tokenization of both tangible and intangible assets, thus enhancing liquidity and providing new financing channels [12][13]. - The global on-chain RWA market reached approximately $26.65 billion as of August 26, 2025, with private credit and U.S. Treasury bonds being the primary assets tokenized [5][10]. - The report emphasizes that the real estate sector is poised to become a key application area for RWA, driven by its inherent asset value retention and expected cash flow [5][12]. Summary by Sections 1. Definition and Advantages of RWA - RWA allows for the tokenization of real-world assets, breaking down investment barriers and enhancing liquidity [12][17]. - The advantages of RWA include increased asset liquidity, lower investment thresholds, and enhanced transaction transparency [17][19]. 2. Development History and Market Scale - RWA has evolved from concept to market realization since 2017, entering a rapid expansion phase since 2023 [5][10]. - The total scale of global on-chain RWA has surpassed $26.65 billion, with significant growth in issuance volumes [10][12]. 3. Issuance Process and Regulatory Environment - The RWA issuance process involves asset selection, on-chain integration, issuance and trading, and ongoing management [5][18]. - Regulatory frameworks vary globally, with strict regulations in Europe and the U.S., while regions like Hong Kong adopt more flexible approaches [5][18]. 4. Tokenization of Real Estate - The report highlights the potential of RWA in real estate, suggesting it could reshape investment logic and open new financing avenues [5][12]. - Case studies, such as the tokenization of a commercial property in Hong Kong, illustrate the practical applications and benefits of RWA in real estate [5][12]. 5. Investment Recommendations - The report recommends focusing on companies with substantial real estate holdings that can leverage RWA projects to enhance liquidity and asset valuation [5][12]. - Companies with regulatory advantages are also highlighted as potential leaders in the RWA space [5][12].