Group 1 - The 47th ASEAN Summit and related meetings were held in Kuala Lumpur, Malaysia, focusing on the formal signing of the China-ASEAN Free Trade Area 3.0 upgrade protocol, amidst the backdrop of the U.S. government's "reciprocal tariffs" proposal [1][4] - ASEAN countries are significantly impacted by "reciprocal tariffs," yet they demonstrate unprecedented strategic autonomy and confidence, aiming to shape regional resilience and inclusive development while maintaining a multilateral economic order [1][2] Group 2 - The world is experiencing a significant transformation in the economic landscape, characterized by the end of traditional globalization, the rise of regionalization, and the emergence of new economic sectors influenced by technological revolutions [2][3] - ASEAN countries are positioned as crucial hubs in global economic cooperation, benefiting from their unique geographical advantages, which have attracted international capital and positioned nations like Vietnam and Malaysia as emerging production and trade centers [3][4] - ASEAN is enhancing its regional resilience and inclusivity through initiatives like the Regional Comprehensive Economic Partnership (RCEP) and the completion of the China-ASEAN Free Trade Area 3.0 upgrade protocol, addressing external challenges such as "reciprocal tariffs" and "de-globalization" [4]

Core Insights - The core value of issuing stablecoins for companies lies in creating an independent data and value closed loop outside the traditional banking system, allowing them to capture real-time user behavior data and financial profiles, which is crucial for optimizing business models in the AI era [1][2][3] Group 1: Stablecoin Market Development - To ensure the healthy development of the stablecoin market, two key issues must be addressed: stablecoins should not rely solely on trading for market momentum, but rather return to supporting real-world asset (RWA) values, as the vitality of stablecoins ultimately depends on their anchoring to RWA [2][3] - The tokenization of real-world assets requires a stable and efficient on-chain trading medium, with RWA creating continuous real application scenarios and rigid demand for stablecoins [2][3] Group 2: Technological Solutions - A significant challenge in asset tokenization has been the credibility of data before it is on-chain, but advancements in IoT technology have effectively addressed this issue, ensuring that data is automated and immutable from the moment of collection [2] - The concept of "multi-centralization" has emerged as a way to navigate the complexities of decentralized technologies while still integrating with traditional centralized systems [3] Group 3: Market Activity and Innovation - The stablecoin market needs to maintain activity and circulation, with decentralized finance (DeFi) playing a crucial role in this process, potentially allowing for credit creation even if stablecoins are not permitted as collateral [4] - Innovative solutions are anticipated to emerge to enhance the functionality and acceptance of stablecoins within the financial ecosystem [4]

首先，感谢杨老师的邀请。我从事区块链技术多年，对这些技术和应用场景有一定了解。然而，我一直 没有时间将这些知识系统化。几周前，我有机会花了几天时间深入了解这一领域，今天我希望与大家分 享这些思考。 7月18日晚，复旦大学经济学院举办《稳定币的商业机遇：来自业界的声音》国际金融政策圆桌会。会 上，上海特高信息技术有限公司董事长崔建军抛出了一个问题：为什么京东等企业有强烈的意愿去发行 稳定币？稳定币的发行机构的盈利模式是什么？ 对此，崔建军认为，公众普遍认为的"赚取储备资产的利息差"仅仅是冰山一角。对于企业而言，发行稳 定币的最核心价值，在于构建一个独立于传统银行体系之外的数据与价值闭环。这使得企业能够直接捕 获最真实、最完整的用户行为数据和金融画像。在人工智能时代，这些高维度的实时数据是训练和优化 商业模型的"黄金燃料"，其战略价值远远超过了短期利差收益。 结合他多年在区块链技术的实践经历，崔建军认为，从长远来看，稳定币和RWA将对全球货币和金融 体系带来重大变革，这种变革的重要性不亚于人工智能的发展。尽管短期内面临诸多挑战，如监管问题 等。"虽然这条路很长，但其中的机会是存在的"，崔建军说道。 崔建军强调，要 ...

Core Viewpoint - The policies of the Trump administration have led to a significant decline in the U.S. scientific community, characterized by research stagnation and talent outflow, threatening the country's long-standing leadership in global scientific innovation [1][2][4]. Group 1: Impact on Research Institutions - The Trump administration has taken aggressive actions against top universities, including freezing billions in funding and threatening tax-exempt status, which has resulted in the halt of critical health-related research [2][3]. - Federal research institutions have seen substantial staff reductions, with thousands of positions cut from agencies such as the National Institutes of Health and the Centers for Disease Control and Prevention [2][3]. - The proposed budget for fiscal year 2026 includes drastic cuts to research funding, with a 37% reduction for the National Institutes of Health and over 50% for the National Science Foundation, alongside significant cuts to climate and ecological research [2][3]. Group 2: Long-term Consequences - The systematic impact of the Trump administration's policies on U.S. scientific innovation is expected to take decades to repair, as rebuilding trust in academic freedom and international collaboration is crucial [3][4]. - The reduction in research funding and withdrawal from international climate research collaborations are likely to hinder global scientific cooperation, particularly in public health and environmental research [3][4]. - The prioritization of "utility science" that directly translates to economic and geopolitical advantages has led to a neglect of basic research, which is now facing scrutiny and funding cuts [3][4]. Group 3: Global Research Landscape - The U.S. is experiencing a shift towards a more decentralized global research landscape, as other countries increase investments to attract talent, with a reported 32% rise in overseas job applications from U.S. researchers [4][5]. - Initiatives in Europe and Australia aim to draw top research talent away from the U.S., indicating a potential reconfiguration of the global scientific community [4][5]. - This trend may lead to multiple regional centers of research excellence, fostering new opportunities for collaboration across different fields [5].