蚂蚁押注RWA，Jovay把万亿现实资产往链上拽，这事儿说大不大，说小也不小，但够热闹且够现实， 让人不得不盯着看，下面我把这摊事儿从头到尾摆清楚，别急着评头论足，先看看发生了什么，然后你 自己体会。 10月31日，蚂蚁集团公开宣布推出基于以太坊的Layer2网络"Jovay"，并把它定为现实世界资产上链的 基础设施，时间点就这么钉死了，消息一出，行业里像撒了盐一样炸开了锅。 蚂蚁这回没走以前那套自家链的老路，他们把底层选在以太坊，技术上用的是ZK-Rollup，这意味着成 本和扩展性都要往好处走，别把这些词听得高大上，实话说就是想把大量资产搬上链，又不想被高额 Gas给掐死。 质疑也很现实，监管怎么适配链上证券这是个大命题，美国SEC和欧盟监管政策不是好商量的，蚂蚁还 要面对所谓的中心化悖论——技术上可以去信任，但出入金的通道仍掌握在少数机构手里。 还有地缘政治的风险，在中美科技脱钩的背景下，任何一家中国公司主导的全球金融基建都会被放大审 视，甚至可能遭遇限制，这并非空想，而是正在发生的事。 蚂蚁内部并不是铁板一块，他们的路线调整也有内部博弈，从自研链转向以太坊，这是战略上的大转 弯，意味着要跟全球开源生态 ...

Core Viewpoint - Stablecoins are a strategic battleground for national digital financial discourse, serving as a bridge between traditional finance and the crypto economy, especially in the context of emerging regulations in the EU, the US, and Hong Kong [1][5][10]. Group 1: Stablecoin Mechanism and Application Scenarios - Stablecoins are categorized into three types based on their anchoring mechanisms: fiat-collateralized, crypto-collateralized, and algorithmic, with fiat-collateralized stablecoins dominating the market [2][19]. - The stablecoin market exhibits a "one super, one strong, and a hundred flowers blooming" pattern, with USDT and USDC together accounting for 86% of the market share [2][36]. - Stablecoins are utilized in various scenarios including DeFi ecosystems, RWA transactions, value storage, cross-border payments, and retail payments, providing functions such as pricing benchmarks and real-time settlement [2][63]. Group 2: Impact on Banking Systems - Stablecoins pose significant implications for banking systems, affecting currency status, central bank policy tools, and potentially leading to systemic disturbances [3][9]. Group 3: Regulatory Developments - Recent regulatory frameworks in the US and Hong Kong mark a turning point for stablecoin development, emphasizing the need for compliance and stability in the financial system [5][10]. - Hong Kong's "Stablecoin Ordinance" introduces a comprehensive regulatory framework for fiat-backed stablecoins, focusing on strict entry requirements, robust reserve management, and unconditional redemption [13][14]. Group 4: Comparison of Regulatory Models - The regulatory approaches in Hong Kong, the US, and the EU differ significantly, with Hong Kong emphasizing openness and compatibility, the US reinforcing the dominance of the dollar, and the EU pursuing unity and security [16][18]. - The regulatory frameworks aim to balance financial stability and innovation while protecting investors and maintaining the integrity of financial markets [17][18]. Group 5: Stablecoin Market Dynamics - As of June 2025, the stablecoin market exceeds $250 billion, with USDT and USDC leading the market, accounting for 62% and 24% of the total market share, respectively [36][39]. - The market is characterized by a high degree of concentration, with USDT being the largest stablecoin by market cap, followed by USDC, which has gained traction due to its compliance and transparency [40][41].