-政策和产业研究院 ttp://20 区块链应用创新与资产上链的战略机遇 更多国泰海通研究和服务 亦可联系对口销售获取 13:30-13:40 领导发言致辞 13:40-14:20 链上通证:科技重塑金融基础设施 陈 斌 - 万向区块链 CEO | 14:20-15:00 全球 RWA 发展趋势简析 | | --- | | Lola - Web3 头部科技企业 研究负责人 | | 15:00-15:40 Tokenization 与全球供应链金融融合发展 | | Franklin – 联易融科技副总裁、web3 负责人 | | 15:40-16:20 公链技术前沿与生态应用 | | 肖 臻 - 北京大学 计算机教授 | | 嘉宾圆桌论坛:Web3.0 的下半场如何破局 16:20-17:00 | | 主持人：伍 巍-国泰海通政策和产业研究院 加密 | | 资产与区块链首席分析师 | 2025年9月26日·第一期 深圳市福田区益田路 4088 号福田香格里拉酒店 3 楼 全球金融体系正经历数字技术驱动的深刻重构,以区块链为基石的创新浪潮不仅重塑 支付清算、资产流通模式,更在货币主权、跨境金融基础设施层面引发历史 ...

Core Viewpoint - The global financial system is undergoing a profound restructuring driven by digital technology, with blockchain as a cornerstone, reshaping payment clearing and asset circulation models, and triggering historic changes in monetary sovereignty and cross-border financial infrastructure [2]. Group 1: Blockchain and Financial Infrastructure - The wave of innovation based on blockchain is transitioning from technical experimentation to compliant market practices, with a breakthrough window for the internationalization of the Renminbi in the digital currency era [2]. - The construction of a cross-border trust network using distributed technology is becoming a key variable in the financial competition among major powers [2]. Group 2: Industry Evolution and Challenges - The blockchain industry is moving from the iteration of underlying protocols to a period of commercial ecosystem explosion, with the large-scale implementation of scenarios in securities, trade, and supply chains requiring forward-looking assessments [2]. - The trend of Tokenization is shifting from experimental scenarios on-chain to mainstream financial infrastructure [2]. - There are significant challenges in mapping on-chain rights to traditional legal frameworks, highlighting the urgent need to explore more innovative regulatory paths [2].

Core Concept - The article discusses the distinction between RWA (Real World Asset) and RDA (Revenue Generating Digital Asset), emphasizing the importance of understanding these concepts for making informed decisions in the context of blockchain integration with real-world assets [1][3]. Group 1: Definitions - RWA refers to the tokenization of tangible or intangible assets in the real world, representing ownership or a share of the asset itself [6]. - RDA represents the rights to future cash flows or revenues generated by an asset, without conferring ownership of the asset [6][4]. Group 2: Key Differences - The fundamental difference lies in ownership: RWA involves the transfer or division of ownership, while RDA does not change ownership, allowing the asset holder to retain full ownership [10]. - RWA is more complex due to legal structures, compliance, and asset custody, whereas RDA is simpler and focuses on cash flow rights [10]. - RWA is suitable for asset restructuring and financing, while RDA is ideal for short-term liquidity without losing ownership [10][11]. Group 3: Implications for Asset Holders - The choice between RWA and RDA depends on the asset holder's goals: RWA is better for deep asset restructuring and global liquidity, while RDA is more flexible for short-term financing needs [9][11]. - Understanding the differences between RWA and RDA can help asset holders communicate effectively with technology and project partners, ensuring their needs are accurately expressed [11].

Group 1 - Coinbase is adopting a "996" work culture, similar to practices in China, as CEO Armstrong boasts about the New York team's long working hours to develop the Everything Exchange [2][3] - The intense work culture has sparked a divide in opinions, with Western users criticizing it as a toxic overwork culture, while Asian users view it as normal [3] - Coinbase's financial struggles are evident, with a 94% year-on-year drop in net profit in Q1 2025, and Q2 profits largely driven by investment gains rather than core operations [4][5] Group 2 - The cryptocurrency exchange industry is facing a crisis, with Coinbase's revenue and trading volume declining significantly due to market changes and increased competition from ETFs and decentralized finance [25][27] - Coinbase's Q1 2025 revenue was $2 billion, a 24.2% increase, but net profit fell sharply, indicating a shrinking business model for centralized exchanges [26][28] - The introduction of ETFs has altered investor behavior, leading to a shift of funds away from traditional exchanges like Coinbase [29][30] Group 3 - Coinbase is undergoing a transformation to become the "Everything Exchange," aiming to integrate all assets on-chain and enhance the trading experience [39][40] - The company is making strategic acquisitions to build a comprehensive infrastructure, including the purchase of Deribit for options trading and other firms to enhance its service offerings [48][50] - Coinbase's future strategy focuses on stablecoins, wallets, and institutional services, moving beyond reliance on retail trading [51][56] Group 4 - The competitive landscape for exchanges has shifted from superficial metrics like transaction speed and fees to deeper infrastructure development and long-term strategies [60][63] - The current competition is characterized by a focus on building foundational services and ecosystems rather than just attracting short-term trading volume [64][65] - Exchanges are now competing for control over critical entry points for funds, identities, and settlement networks, indicating a significant evolution in the industry [63][66]

Group 1 - The latest stock price of Aorede is 4.16 yuan as of August 11, 2025, reflecting a 10.05% increase from the previous trading day [1] - The opening price on the same day was 3.89 yuan, with a high of 4.16 yuan and a low of 3.86 yuan, resulting in a trading volume of 2,328,588 hands and a transaction amount of 939 million yuan [1] - Aorede's main business involves the optical optoelectronics sector, and the company is registered in Heilongjiang Province [1] Group 2 - Recently, Aorede completed the first nationwide issuance of computing power asset RWA, with an asset scale reaching several tens of millions [1] - The underlying assets of this project are AI servers held by its subsidiary, Shenzhen Zhikuanli Digital Technology Co., Ltd., with technical support from Ant Group for asset on-chain implementation [1] - On August 11, the net inflow of main funds into Aorede was 108 million yuan, accounting for 1.07% of the circulating market value, while the cumulative net outflow over the past five trading days was 36.32 million yuan, representing 0.36% of the circulating market value [1]

Core Viewpoint - Coinbase is undergoing a significant strategic transformation to become an "everything exchange," planning to move all assets, including stocks, derivatives, and prediction markets, onto the blockchain for trading [1][3][10]. Group 1: Strategic Expansion - The CEO Brian Armstrong announced on social media that Coinbase aims to consolidate all trading assets in one place, emphasizing the inevitability of assets moving on-chain [3][5]. - The company plans to introduce tokenized equities as a key next step, viewing the $100 trillion traditional stock market as a prime opportunity for blockchain transformation [10][11]. - Coinbase's expansion strategy aims to provide a unified platform for trading diverse assets, moving beyond traditional cryptocurrency trading pairs [11][12]. Group 2: Competitive Landscape - This initiative intensifies competition with other platforms like Robinhood, Gemini, and Kraken, which have already opened tokenized stock products to users outside the U.S. [12]. - Coinbase's goal is to become a top financial services application within the next decade, as stated by its CEO [12]. Group 3: Regulatory Environment - Recent changes in the regulatory environment are encouraging Coinbase to accelerate its diversification efforts, with clearer guidelines on stablecoins and a more defined digital asset regulatory framework [13][14]. - Despite a 26% decline in revenue in Q2, the company views these developments as catalysts for growth, with a 12% increase in stablecoin activity revenue partially offsetting weaker trading income [14][15]. - The launch of the "Base App" indicates Coinbase's shift from a cryptocurrency trading platform to a comprehensive financial services provider, aiming to redefine the boundaries of digital asset trading in a supportive regulatory environment [15].

Core Insights - The global regulatory framework for crypto assets is rapidly evolving, with significant developments such as the EU's MiCA regulation, the US GENIUS Act, and Hong Kong's Ensemble project sandbox, indicating a strategic competition for digital financial sovereignty [1] - The "stablecoin + RWA + DeFi" model is disrupting traditional financial infrastructure, serving as a key driver for attracting trillions of dollars in assets on-chain [1] - The total value locked (TVL) in the RWA sector has reached a new high of $12.863 billion, but this remains small compared to the global $800 trillion in real assets, highlighting a bottleneck due to the lack of stablecoins [1] Group 1 - The revolution in finance directly addresses three major pain points for SMEs: difficulty in accessing global funds, challenges in pricing non-standard assets, and high costs of cross-border settlements [1] - Stablecoins provide a core value scale and medium of circulation for the RWA system, enabling the tokenization of private credit and government bonds, which currently dominate 92% of the RWA market [1] - The asset tokenization revolution is at a critical point, with BlackRock's BUIDL government bond fund enabling 24/7 income-generating asset trading, and Longxin Group tokenizing charging pile revenue rights to open new financing channels for asset-light operators [1][2] Group 2 - The efficiency revolution driven by "stablecoin-RWA-DeFi" is systematically addressing the liquidity challenges of non-standard assets for SMEs, high costs of cross-border settlements, and high technical compliance barriers [2] - Traditional finance's low collateral rates for assets like charging pile revenue rights are being disrupted by compliant tokenization, which offers a 33% premium rate [2] - Cross-border payments are transitioning from 3-5 days for settlement with friction costs exceeding 4% to instant T+0 clearing with only 0.5% costs through smart contracts [2][3]

Core Viewpoint - The collaboration between government and enterprises is creating a stablecoin ecosystem anchored by high-quality Chinese assets, with RWA assets on-chain expected to usher in the era of Web 3.0 [1][5] Group 1: Stablecoin and RWA - Stablecoins focus on "fiat currency tokenization," while RWA emphasizes "asset tokenization," enhancing asset liquidity and providing low-risk, stable-return financial products in the Web 3.0 space [2] - Hong Kong is leading the world in stablecoin legislation, closely following the U.S. legislative progress [2] Group 2: Blockchain Layers - The progression from consortium chains to Layer 2 public chains and then to Layer 1 public chains highlights the advantages of each layer, including compliance with KYC/AML regulations and high transaction performance [3] - Layer 1 public chains serve as the foundational layer for consensus, data storage, and smart contract execution, while Layer 2 enhances performance and liquidity [3] Group 3: RWA Development Phases - The first phase of RWA focuses on foundational construction, with assets being tokenized and offering fixed returns similar to traditional investments [4] - The second phase activates liquidity through a layered architecture, enabling a closed-loop of "financing-splitting-circulation" for RWA [4] - The third phase aims to create a mature global RWA ecosystem with cross-chain transactions becoming the norm [4] Group 4: Investment Recommendations - The report suggests monitoring companies involved in RWA asset tokenization, such as Aorede, Longxin Group, and Xiexin Energy, during the foundational phase [5] - For the liquidity activation phase, attention should be given to trading platforms and internet brokerages like Yao Cai Securities and Dongfang Wealth [5] - In the global asset network integration phase, major internet giants like JD.com and Alibaba are recommended for observation [5]

Group 1 - Yuxin Technology has initiated systematic layouts in stablecoin issuance, payment, and financial innovation, aiming to support the development of new asset and circulation ends through technology and solution outputs [1] - The recent investor relations activities highlight the alignment of stablecoin business with Yuxin Technology's global strategy, reflecting the acceleration of financial technology companies' participation in the stablecoin ecosystem [1][2] - The Chinese government has released clear signals for stablecoin development, emphasizing innovation and research in digital currencies, which aligns with Yuxin Technology's strategic direction [2] Group 2 - Hong Kong is actively advancing its stablecoin framework, with the "Stablecoin Ordinance" set to take effect on August 1, 2023, and the launch of a "stablecoin issuer sandbox" by the Hong Kong Monetary Authority [3] - Yuxin Technology aims to create innovative business models, particularly in overseas markets, by implementing a diversified product portfolio and a comprehensive service model that integrates operations and products [4] - The company plans to leverage its extensive experience serving over 1,000 financial institutions to address the technical and business challenges of connecting the banking system with the stablecoin system [4] Group 3 - Yuxin Technology's strategy is closely aligned with current market opportunities, particularly in the tokenization of bonds and real-world assets (RWA), leveraging its strengths in credit services [5] - The company has established a mature ecosystem operation capability, helping financial institutions expand their business scale through technology empowerment [6] - The stablecoin industry is expected to bring benefits to financial IT and companies with stable asset holdings, with Yuxin Technology positioned to benefit from this trend [6] Group 4 - The rise of stablecoins reflects a global demand for efficiency and trust in the financial system, with Yuxin Technology's efforts representing a shift of Chinese financial IT capabilities to new markets [7] - The development of stablecoins presents new opportunities for the financial industry, requiring collaborative efforts from industry participants to foster a healthy ecosystem [7] - Stablecoins are seen as a core bridge connecting traditional finance and the crypto world, with the potential to enhance cross-border payment efficiency and reshape the international monetary landscape [8]

Core Viewpoint - Robinhood's introduction of tokenized stock trading in Europe has sparked regulatory scrutiny and investor caution, particularly due to the inclusion of tokens for private companies like OpenAI and SpaceX [1][3]. Group 1: Product Overview - Robinhood's new product allows European users to trade tokens linked to U.S. stocks through blockchain, with over 150,000 users across 30 EU countries [2]. - These tokens are digital assets anchored to real equity, theoretically granting holders certain economic benefits like dividends, but typically excluding voting rights [2]. - Other institutions, including Kraken and BlackRock, are also developing tokenized securities, indicating a growing interest in "asset tokenization" in global capital markets [2]. Group 2: Market Reactions - OpenAI publicly criticized Robinhood's offering, stating that the tokens do not represent actual company equity and that any equity transfer requires their approval, which has not been granted [3]. - Following OpenAI's statement, Robinhood's stock price experienced a significant drop, raising concerns about the safety and actual representation of tokenized stocks [5]. Group 3: Regulatory Challenges - Robinhood's choice to launch the tokenized product in Europe is partly due to the ambiguous regulatory environment in the U.S. regarding such products [6]. - The Bank of Lithuania has initiated an investigation into Robinhood's tokenized stock product, seeking clarification on the information provided to customers [6]. - Robinhood's CEO expressed confidence in the product's compliance with regulations, asserting that it can withstand rigorous scrutiny [6].