Group 1: Blockchain Architecture - Consortium blockchains emphasize performance, privacy, and governance efficiency, widely applied in finance, government, and healthcare sectors[3] - Public blockchains represent openness and decentralization, driving innovations like smart contracts, digital assets, DeFi, and NFTs[3] - The relationship between consortium and public blockchains is evolving from competition to collaboration, creating a more resilient and diverse blockchain infrastructure[3] Group 2: Technical Features - Consortium blockchains are maintained by multiple institutions with authorized nodes, typically using high-performance consensus mechanisms like PBFT and Ripple[4] - Public blockchains face structural challenges such as performance bottlenecks, high transaction costs, and insufficient privacy protection[6] - Layer 2 solutions, like Rollup, enhance public blockchain performance by processing transactions off-chain and submitting results on-chain, significantly improving efficiency and reducing costs[10] Group 3: Future Directions - A hybrid chain architecture is proposed, where consortium blockchains handle sensitive data while public blockchains manage proof and value circulation, ensuring both privacy and openness[12] - The trend towards "chain selection" indicates that future blockchain infrastructures will be diverse and modular, allowing for tailored solutions based on business needs[12] - Governance issues are becoming increasingly important as blockchain technology integrates into core sectors like finance and government, with consortium blockchains more easily meeting regulatory requirements[15]

2025年8月1日，香港《稳定币条例》正式生效，全球首个以发牌制度为核心、针对法币锚定稳定币的监管框架正式落地。 香港稳定币发牌之际，稳定币、RWA成为中文世界超热门词汇，有「中国区块链教父」之称的HashKey Group董事长兼CEO肖风博士与《硅谷101》主理 人泓君、《Web3 101》主理人刘锋分享了他对这股热潮一些回归常识的冷思考。 以下是这次对话内容的精选： 01 稳定币与RWA热潮下的冷思考 刘锋：为什么大家这么关注香港的稳定币条例这个事情？香港的在加密货币数字资产监管方面有哪些特别值得关注的重点？ 肖风：我个人是觉得热得有点过头了。 我前几天在一个酒店的咖啡厅里面跟朋友喝咖啡，结果我发现周围的几张桌子都在聊稳定币。前不久我们也去香港金管局跟官员做了有关于稳定币的交 流，官员也一再地提醒我们说这个太热了，香港也不会发很多的牌照。同时香港可能稳定币的发行，相比较来说，初始的时候会非常的谨慎。我想言外之 意就是会非常严格，不仅发牌严格，监管也会严格，尤其是在对待Crypto（Cryptocurrency，加密货币）利用稳定币做反洗钱方面的监管会变得非常严 格，几乎会出乎大家想象的严格。 8月1号只 ...

Core Viewpoint - Dongwu Securities outlines three potential approaches for the issuance of stablecoins in China, emphasizing the importance of public chains, digital wallets, and licensing acquisition [1] Group 1: Issuance Approaches - The first approach is central issuance, where the central authority directly issues stablecoins on-chain, allowing enterprises to build a stablecoin ecosystem around this central node [1] - The second approach involves a licensing system, where companies must obtain a license to issue stablecoins, requiring them to hold a corresponding amount of fiat assets in reserve [1] - The third approach combines central wholesale with enterprise retail, where the central bank manages the public chain and wholesale issuance, while banks and tech companies are authorized to issue stablecoins [1] Group 2: Market Implications - The manufacturing sector could drive the internationalization of the RMB through stablecoins, leveraging China's strong manufacturing background to enhance the influence of public chains via cross-border trade [1] - Companies in the public chain, digital wallet, and licensing acquisition sectors are recommended for attention as potential investment opportunities [1]