8月23日，以"引领生态，聚势未来"为主题的中商会商家通证经济生态大会暨星店联合全国战略启动仪 式在京举行。这场聚焦实体商业数字化转型的盛会，不仅宣告了中国商业文化研究会商家通证经济工作 委员会的成立，更启动了星店联合覆盖全国的五大区域战略部署，标志着星店联合赋能实体经济进入规 范化发展新阶段。 "当前，通证经济作为一种商业形态和分配方式，正在得到更多企业和协会的重视和接纳。"国务院原国 有重点大型企业监事会主席，现任中国国际跨国公司促进会特邀副会长季晓南表示，从这些年通证经济 的实践来看，通证经济的应用场景主要是供应链金融和各种消费领域，应用方式主要是消费积分兑换， 消费者持有的消费积分不仅可以兑换商品，还可以兑换股份，使持有通证权益的消费者从传统的单纯消 费者变成"消费者+出资人"，共同实现价值创造和企业成长。 商家通证经济工作委员会的成立，是响应国家发展数字经济战略、顺应实体商业数字化转型浪潮的关键 举措。中国商业文化研究会执行会长庞毅表示，数字经济浪潮下，商家通证经济作为创新模式，将为实 体经济转型升级注入新动能。 破解传统消费激励与商家连接痛点，是数字经济时代实体商业升级的关键。作为先行探索者，星店 ...

Summary of Key Points from the Conference Call on Stablecoins and RWA Industry Overview - The discussion revolves around the **stablecoin** industry, highlighting its applications in **cross-border trade** and **smart payment solutions** such as invoice tokenization and Project DSFT, which have received fintech innovation awards and funding, showcasing commercial potential [1][2] - The global trend towards stablecoin policy is one of increasing attention and support, with central banks and regulatory bodies accelerating the formulation of relevant policies to ensure safe and compliant development, although regulatory intensity varies across countries [1][3] Core Insights and Arguments - Future trends for stablecoins include expansion in cross-border trade and smart payment sectors, growth in commercial applications, and increased attention and investment from traditional financial institutions, indicating a positive outlook [1][5] - The digital asset market has recently shown strong performance, with Bitcoin and Ethereum prices surging, suggesting that major economies are entering the stablecoin economic competition, driven by expectations of relaxed monetary policy from the Federal Reserve [1][10] - The market faces challenges from geopolitical tensions, policy changes, monetary policy uncertainties, internal market risks, and potential bubble cycles, necessitating vigilance against various risks [1][12] Regulatory Landscape - Key regulations impacting the digital asset space include the **Stablecoin Act**, **Clarity Act**, **Anti-CBDC Act**, and **Fit 21 Act**, which could significantly influence the global digital asset landscape and economy [1][6] - Different countries exhibit varying regulatory attitudes, with Hong Kong actively following U.S. legislation, while Singapore is tightening regulations, leading to operational challenges for stablecoin payment companies [1][7] Misconceptions and Risks - There are misconceptions within the Chinese community regarding the potential and risks of stablecoin economic models, which could lead to new risks if not addressed [1][4] - The digital asset market is expected to experience a new bull market, with stablecoins playing a central role, but significant risks and misunderstandings could lead to a potential crash [1][11] Market Dynamics - The primary battleground for stablecoins is in the offshore dollar stablecoin system, with major users of USDT and USDC located outside the U.S., particularly in regions like Africa, Asia, and Latin America [1][17] - The issuance of stablecoins is seen as straightforward, but operational security and management are complex due to the prevalence of malicious actors in the blockchain ecosystem [1][18] Future Opportunities and Challenges - The stablecoin market is expected to see hundreds or even thousands of different types of stablecoins, with major companies and celebrities likely to issue their own for brand promotion and low-cost financing [1][26] - Hong Kong is positioned as a significant player in the global stablecoin market, with initiatives to support Chinese entrepreneurs in the stablecoin economy [1][28] Conclusion - The future scale of the stablecoin market is closely tied to China's stablecoin strategy, with significant challenges in competing against the dominance of the U.S. dollar, which currently holds 97% to 99% of the market share [1][30] - Users in global payment systems tend to prefer dollar stablecoins, indicating a need for strategies to encourage the use of Hong Kong or Renminbi offshore stablecoins [1][31][32]