最近，据外国媒体报道，携程海外版Trip.com已面向全球用户推出了稳定币支付功能，目前支持USDT 和USDC两种美元稳定币。 其中，加密支付服务由新加坡加密支付机构Triple-A提供支持，该机构还与Grab等合作推广加密支付。 Trip.com的稳定币支付流程比较简化，酒店预订无需填写详细个人信息，仅需姓名和邮箱即可完成订 单。 或激发海外旅游业务 没有发布会，没有通稿，甚至没有官方公告，携程已经悄然接入了稳定币支付。 根据其页面显示，Trip.com支持USDT和USDC通过Ethereum、Tron、Polygon、Solana等多条公链支付， 覆盖酒店、机票等旅游产品。 携程此次在稳定币支付领域的布局，并非一时兴起的技术尝试，而是其多年金融战略的延伸。从2013年 梁建章公开对标美国运通，到2020年通过收购获得支付牌照，携程构建金融生态的意图早已清晰。而选 择在海外版Trip.com率先推出稳定币支付，体现了其向海外拓展的战略。 公开数据显示，全球拥有国际信用卡的人数占比不足20%，超过80%的人口因缺乏国际信用卡或银行账 户，被阻隔在无缝跨境支付体系之外，这一群体在跨境旅游、商务出行等场景中， ...

据 ForesightNews，携程海外版 Tripcom 已开通稳定币支付功能，目前支持使用 USDT 和 USDC 预订酒 店与机票。该支付功能由新加坡持牌加密支付机构 Triple-A 提供支持，涵盖以太坊、Tron、Polygon、 Solana、Arbitrum One 和 TON 等多条公链。 （来源：吴说） ...

（来源：吴说） 吴说获悉，AllianceDAO 联合创始人 QwQiao 发文表示，普遍的观点认为，由于卡网络（如 Visa、 MasterCard 等）收取高达 3% 的费用，稳定币等新型支付通道有可能颠覆传统支付体系。实际上，卡网 络从中获取的费用比例非常小。消费者获得大部分奖励以鼓励继续使用信用卡，发卡银行通过客户获取 为网络带来用户，收单银行通过商户获取为网络带来商户，Visa/MasterCard 虽然仅获得少量分成，但 通过规模效应可以几乎零边际成本扩展网络，商户支付所有费用，因为它们在谈判中处于较弱位置。这 是商业史上见过的最强大的网络效应案例之一。 ...

Economic News - The State-owned Assets Supervision and Administration Commission emphasized the need for central enterprises to enhance budget management and cost control across all aspects of operations [2] - The National Development and Reform Commission and the National Energy Administration aim for a total installed capacity of 15 million kilowatts for solar thermal power by 2030, with costs comparable to coal power [2] - The Ministry of Housing and Urban-Rural Development proposed measures to promote the sale of existing homes and optimize affordable housing supply [2] - The General Administration of Customs conducted research on cutting-edge technology development and technology transfer [2] - The Hainan Free Trade Port has begun exporting self-produced goods with a value of 32,000 yuan, benefiting from over 12% cost savings [2] - The Shanghai Municipal Finance Bureau announced a subsidy for pig income insurance, with the municipal government covering 50% of the premium [2] - The U.S. economy showed a revised annualized GDP growth of 4.3% in Q3, exceeding expectations [2] - Japan reported a leak of radioactive water from a new reactor, with ongoing investigations into external radiation exposure [2] - Brazil confirmed anti-dumping duties on automotive glass from China, with specific rates for Malaysian producers [2] - South Korea's BC Card completed a pilot project for stablecoin payments, allowing foreign users to pay local merchants [2] Company Insights - Haibo Technology plans to invest 2 billion yuan in a smart green energy storage factory, expected to be completed by December 2028 [6] - Zhenyu Technology's subsidiary signed a strategic cooperation agreement to invest at least 1 billion yuan in projects related to new energy vehicle components and humanoid robots [6] - Huaxin Cement's major shareholder plans to increase its stake in the company by 200 million to 400 million yuan within six months [6] - Biological Shares' major shareholder intends to increase its stake by 50 million to 100 million yuan over the next year [6] Industry Strategy Agriculture Sector - The report suggests focusing on three main investment lines for the agriculture sector in 2026, with an emphasis on pig farming, feed, and pet food [7][9][10] - The pig farming industry is expected to see a gradual improvement in supply-demand dynamics, with a focus on cost management as a key factor for long-term growth [7] - The report highlights the potential for leading companies like Muyuan Foods to benefit from improved valuations and market conditions [8] Feed and Veterinary Medicine - The veterinary medicine sector is shifting towards innovation, with companies that prioritize R&D expected to thrive [9] - The feed industry is anticipated to see stable demand supported by high livestock inventory, with leading companies likely to gain market share [9] Pet Food Market - The domestic pet food market is projected to grow, with local brands gaining market share despite tariff disruptions [10][11]

（来源：链科天下） 在科技与金融的交汇点上，一个可能改写数亿人数字生活方式的重磅消息震撼了加密货币与消费电子两大领域。高性能公链Sei Network宣布与全球智能型手机巨头小米（Xiaomi）达成一项里程碑式的战略合作。这项合作的核心内容是，从2026年起，小米 旗下在全球市场（不含中国大陆与美国）销售的新款智能型手机，将直接预装一款由Sei驱动的Web3应用程序。 这不仅仅是在手机上增加一个App那么简单，它代表着加密世界向主流用户迈出的、迄今为止最雄心勃勃的一步。这场跨界联 手，是否真的能为全球用户铺设一条"一键直达"加密货币的康庄大道，并引爆下一个大规模应用的浪潮？ 生态融合 根据双方于2025年12月10日发布的公告，这次合作的范围涵盖了小米旗下的主要手机品牌，包括小米（Mi）、红米（Redmi） 及POCO。这意味着，未来在欧洲、拉丁美洲、东南亚和非洲等小米拥有显著市占率的地区，消费者购买的新手机开机后，就能 在桌面上看到这款内建的加密应用。 小米在全球市场的影响力是这次合作最引人注目的基石。根据官方数据，小米在2024年的全球智能型手机出货量高达1.68亿台， 市场份额约13%，稳居全球前三。在 ...

Core Insights - Visa and Mastercard are accelerating their embrace of cryptocurrency payments, betting on the growth potential of stablecoins in developing countries while countering competitive threats from merchants bypassing their networks [1] - The push for expansion in cryptocurrency payments comes after a warning in spring when Amazon and Walmart were reported to be exploring stablecoin launches, leading to a drop in Visa and Mastercard's stock prices [1] - Recent legislation in Washington has provided legitimacy to stablecoins, promoting their growth in traditional finance [1] Group 1: Cryptocurrency Payment Expansion - Visa's prepaid card business based on stablecoins is rapidly growing, particularly in emerging markets like Latin America, where consumers and businesses use stablecoins to access US dollars [2] - As of September 30, the spending associated with Visa cards linked to stablecoins has tripled year-over-year, with Visa operating over 130 stablecoin-linked card issuance projects in more than 40 countries [2] - Mastercard has over 100 crypto card projects globally, with significant contributions from startups like Rain and Stripe's Bridge [2] Group 2: Challenges to Traditional Banking - The stablecoin business poses a nuanced challenge for Visa and Mastercard as it may alienate traditional banking clients who rely on debit and credit cards [2] - Both companies do not issue their own stablecoins but assist banks in launching them, which could threaten banks' roles in stablecoin transactions, leading to lower revenue compared to traditional debit card payments [3] - Merchants prefer stablecoin transactions due to faster fund availability, which could disrupt traditional settlement processes [3] Group 3: Credit Card Market Potential - Direct payments between businesses and individuals represent the largest type of stablecoin transactions, followed by card payments, indicating that card usage is being driven by Visa and Mastercard's involvement [4] - Stablecoin-linked credit cards are still in the early stages, with limited adoption compared to traditional credit cards, which remain core to Mastercard and Visa's business [4]

Core Insights - Ripple has raised $500 million in a new funding round, achieving a valuation of $40 billion, indicating a significant influx of traditional financial giants into the digital asset space [1][2] - The investment led by Citadel Securities and Fortress Investment Group highlights strong market demand for stablecoin payment solutions and positions Ripple ahead of its main competitor, Circle [1][2] Group 1: Funding and Valuation - The recent funding round attracted notable Wall Street institutions, including Brevan Howard, Marshall Wace, Pantera Capital, and Galaxy Digital, reflecting a growing interest in the stablecoin sector [1] - Ripple's valuation of $40 billion surpasses that of Circle, the issuer of USDC, which is currently valued at $26 billion following its NYSE listing [2] Group 2: Regulatory Environment - The favorable regulatory backdrop in the U.S., including the recent passage of a stablecoin regulatory framework, has reduced investment uncertainty and facilitated traditional financial institutions' entry into the crypto space [3] - The Trump administration's focus on the crypto industry as a national strategic priority has accelerated traditional capital's involvement in the sector [3] Group 3: Business Expansion - Ripple is actively expanding its business through significant acquisitions, including a $1.25 billion purchase of Hidden Road, a $1 billion acquisition of GTreasury, and a $200 million investment in Rail [4] - The company plans to buy back $1 billion worth of shares from employees and early investors at the new $40 billion valuation, indicating confidence in its growth trajectory [4] Group 4: Strategic Focus - Ripple aims to be a major player in the stablecoin and its infrastructure, with stablecoins being viewed as a faster and cheaper alternative to existing payment methods [5] - The company operates its own stablecoin, RLUSD, with a nominal market value of $1 billion, and is closely associated with XRP, which has a circulating market value of $133 billion [5]

Financial Data and Key Metrics Changes - The company reported Q3 revenue of $1.172 billion, reflecting a 14% year-over-year growth, driven by 11% organic revenue growth [14][15] - Cash EPS for Q3 was $5.70, also up 14% year-over-year, with adjusted EPS growing 17% on a constant macro basis [15][22] - The full year 2025 revenue guidance was increased to $4.515 billion, representing a 14% growth, and adjusted EPS guidance was raised to $21.24 per share, indicating a 12% growth [22] Business Line Data and Key Metrics Changes - The corporate payments segment achieved 17% organic growth in Q3, despite a 1% drag from float revenue compression due to lower interest rates [15][16] - The vehicle payment segment grew 10% organically, with the US vehicle payment segment accelerating to 5% [3][17] - The lodging business saw a decline of 5% in organic revenue, primarily due to lower emergency revenue [18] Market Data and Key Metrics Changes - Corporate payments revenue per spend volume decreased year-over-year, attributed to new payables and cross-border enterprise clients [16] - Spend volume in corporate payments increased by 57% on a reported basis, reaching over $68 billion in Q3, positioning the company for an annual run-rate exceeding $250 billion [16] Company Strategy and Development Direction - The company is focusing on expanding its corporate payments business, aiming for over $2 billion in revenue next year, which will represent about 40% of total revenue [6][7] - The company is pursuing M&A opportunities, having closed the AvidXchange investment and the Alpha acquisition, which are expected to enhance profitability and growth [10][11] - The company is also exploring stablecoin opportunities to enhance its payment systems and provide new services to clients [12][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macroeconomic environment for 2026, anticipating better FX rates and lower interest rates, with expected organic revenue growth in the 9-11% range [5][6] - The company is confident in achieving strong earnings growth next year, driven by synergies from recent acquisitions and productivity improvements [6][30] Other Important Information - The company ended Q3 with liquidity of $3.5 billion and a leverage ratio of 2.4 times, indicating a strong balance sheet [20] - The company plans to continue share repurchases while maintaining leverage within target ranges [21][22] Q&A Session Summary Question: Corporate payments organic growth outlook for Q4 - Management expects core corporate payments growth to be around 16%, with a drag of 100 basis points from float, leading to a mid-teens growth rate overall [24] Question: Confidence in organic growth outlook for next year - Management is confident in achieving 10% organic growth, with expectations for mid-teens growth in corporate payments despite macro challenges [26] Question: Impact of Mastercard investment on revenue growth - The Mastercard investment is expected to add a point or two to revenue growth, with synergies from Alpha contributing around $300 million [28][29] Question: Update on AvidXchange's margin improvement - Management is focused on improving Avid's profitability and growth, with clear actions already taken to enhance performance [46] Question: Progress on divestitures - Management indicated that the divestiture process is underway, with first bids expected soon, and expressed confidence in selling decent businesses [42] Question: Sustainability of US fleet growth - Management noted improved retention and sales in the US vehicle payments segment, indicating a more sustainable growth trajectory [44]

Group 1 - The core viewpoint of the article highlights the rapid increase in the use of stablecoins for real-world payments and transactions since the U.S. regulatory framework was introduced in July [1] - Tang Bo, Director of the Financial Research Institute at Hong Kong University of Science and Technology, emphasizes that stablecoins and RWA tokenization involve monetary control, cross-border capital flows, and investor protection [1][3] - Stablecoins are described as a form of "narrow banking," fully backed by safe assets, which may absorb deposits, reshape credit channels, and introduce new systemic risks, thereby putting pressure on traditional financial intermediaries [1] Group 2 - Tang Bo suggests that Hong Kong should focus on institution-led projects, such as the tokenization of government bonds and regulatory stablecoins for trade settlement, leveraging its position as a bridge between East and West [3] - According to a report from blockchain data provider Artemis, the total amount transacted through stablecoins for goods, services, and transfers exceeded $10 billion in August, representing a 70% increase from $6 billion in February and more than double the amount from August of the previous year [3]

Market Overview - The current market is experiencing a period of consolidation before a potential breakout, with last night's favorable CPI data briefly boosting mainstream assets, but the buying momentum was insufficient to sustain the rally [1] - In the past 24 hours, a total of 113,801 individuals were liquidated, amounting to $221 million, with long positions accounting for $98.81 million and short positions for $123 million [1] Bitcoin Analysis - Bitcoin is currently in a triangular consolidation pattern, having faced resistance at the upper boundary last night. If it can maintain support around $1,093, there is a significant chance for upward movement [2][3] - A breakdown below this support could lead to a decline towards the lower boundary around $1,070, where a rebound may occur. A breakout above $1,130 is necessary to confirm a strong bullish trend and open new upside potential [3] Ethereum Analysis - Ethereum attempted to break through the upper boundary of its channel last night but faced resistance and retreated. The focus is now on the support level around $3,860; if it can consolidate above this level, the outlook remains bullish [4] - If the $3,860 support fails, the price may further decline towards the lower boundary around $3,710, where the rebound strength should be monitored. A significant bullish trend requires a breakout above the upper boundary at $4,050 [4] Altcoin Sentiment - There is a prevailing bearish sentiment towards altcoins, with many considered to be of low quality. However, some altcoins have not been disproven, particularly leading public chains that rely on new asset issuance and future financial asset onboarding [6] - DeFi projects, as foundational infrastructure for on-chain ecosystems, have clear user bases and applications, indicating potential for growth despite the overall negative sentiment [6] Meme Coins and New Narratives - Meme coins, as native assets in the crypto space, still hold value, especially those that are fully circulated on major exchanges. New narratives such as Real World Assets (RWA), stablecoin payments, and AI integration with cryptocurrencies are still being explored and have not been disproven [7] - Projects that do not fall into the aforementioned categories should be avoided, particularly those lacking funding or facing competitive failures. Focus should be on projects with clear user bases and defined growth scenarios [7] Specific Coin Analysis - $ASTER has seen a continuous price decline since its launch on October 6, but a rebound has occurred since the 23rd, indicating a potential reversal. However, long-term performance remains uncertain due to intense competition in the Perpetual DEX space [8] - $ZEC is currently being shorted around the $265 mark, with a short-term target of $190. $SUI has support between $2.30 and $2.35, with resistance at $2.57 to $3.10 [9]