编者按： 根据ARK Invest（方舟投资）发布的《大创意（2025）》研究报告，2024年稳定币年化交易额已达15.6万亿美元，相当于Visa全年交易量的119%，万事达 卡的200%。尤其值得注意的是，2024年12月稳定币单日交易额创下2700亿美元的历史新高，月交易量达到2.7万亿美元。 进入2025年，稳定币市场规模持续扩大，比特币价格一度突破10万美元大关，去中心化金融（DeFi）生态也日益丰富，全球加密资产市场正步入规范创新 与快速发展的新阶段。 更重要的是，稳定币与传统支付体系的融合正在加速。银行机构积极拓展加密资产相关服务，资本市场与加密市场之间的壁垒逐步被打破，展现出全面整 合的发展趋势。 在这一进程中，美国通过加快建立稳定币及加密资产监管框架，明确将比特币等纳入战略储备投资类别，进一步推动了加密资产的规范化与大众化，也为 其与传统金融体系的深度融合提供了制度保障。 可以预见，稳定币、加密货币与传统金融体系的融合已成为不可逆转的趋势。其中，稳定币在重塑全球支付体系、升级金融基础设施方面的作用尤为关 键，值得市场与监管机构高度重视。 *文章摘自《稳定币：重塑全球金融新秩序》一书，作者为沈建 ...

来源：市场资讯 （来源：辰珵） 在全球金融市场加速数字化转型的浪潮中，现实世界资产（RWA）代币化正以惊人速度重塑投资格 局。据最新行业预测，RWA市场规模预计将在2034年达到30万亿美元，这一数字正在引发传统金融与 加密世界的深度碰撞。在这一趋势下，XBIT去中心化交易所凭借其创新的交易架构，为稳定币与RWA 资产的深度融合提供了重要基础设施支持。 机构级基础设施完善催生RWA生态繁荣 稳定币成为RWA生态系统的核心结算层 在RWA市场快速扩张的背景下，稳定币展现出惊人的增长潜力。最新数据显示，以美元计价的稳定币 USDT市值已达1750亿美元，USDC市值也达到750亿美元，这些稳定币正逐渐取代SWIFT进行中小型转 账，实现近乎即时且低成本的全球资金流动。 XBIT去中心化交易所观察到，稳定币在RWA生态中正扮演着三重关键角色：首先是价值锚定工具，为 代币化资产提供价格参照；其次是流动性媒介，实现不同资产类别间的快速转换；最后是结算层基础设 施，确保交易效率与安全性。XBIT平台通过优化稳定币的交易对和流动性池，为RWA资产的定价和流 转提供了更加完善的市场机制。 监管框架与市场环境同步演进 今日早间 ...

你还会看到区块链在金融中的落地：比特币、稳定币（USDT、USDC）、去中心化金融 DeFi （Uniswap、Aave）、RWA（Real World Asset），以及在供应链溯源、防伪、公益捐款、NFT 艺术、版 权确权等领域的应用。如果你想快速入门加密货币（Crypto）、数字货币（Digital Currency），这期区 块链科普视频会帮你建立清晰的整体认知。 区块链是什么？这期视频我们将用最简单的大白话，带你快速理解区块链（Blockchain）的本质。我们 会从比特币（Bitcoin）和中本聪（Satoshi Nakamoto）的故事讲起，解释去中心化、不可篡改、公开透 明、可追溯这四大特性。 ...

作者：刘诗瑶 从业资格证号：F3041949 交易咨询证号：Z0019385 邮箱：liushiyao@zjtfqh.com 审核：李文涛 交易咨询证号：Z0015640 我公司依法已获取期货交易咨询业务资格 ◼ 经历长达四个月的盘整后，黄金终于再次突破上涨，年内涨幅已接近40%。随着2025年9月、10月和12月连续降息逐渐成为基准情形，叠加对 美联储独立性丧失以及美元信用体系的不信任的宏观对冲，我们仍然相信金价还有进一步上涨的空间。 ◼ "大美丽法案"落地、关税收入暴增以及长端国债增发计划推迟等举措使得美国的财政前景似乎有所改善，但由于财政支出存在刚性约束， 即便疫情这类特殊危机阶段已过，6%的赤字率仍成为一种"新常态"。这一深层财政背景，正是黄金价格获得支撑的根本逻辑。 ◼ 与此同时，美联储独立性的削弱也成为推升黄金的另一重要动力。尽管FOMC的人员架构未发生实质性变动，但政治力量对货币政策的干预明 显加强，进一步动摇了市场对传统政策框架的信心。 ◼ 二季度以来，全球央行购金量有所减少，但我们预计各国央行——尤其是俄罗斯、土耳其和中国——继续推进储备资产分散化的动机仍将延 续。在减持美债的同时增持黄金， ...

Core Insights - The report focuses on the rise of Real-World Assets (RWA) tokenization, analyzing its concept, value, regulation, practice, and trends, highlighting its role in bridging traditional finance and the Web3.0 ecosystem [1][11][13]. Group 1: RWA Concept and Background - RWA refers to the tokenization of physical assets like real estate, bonds, and commodities using blockchain technology, enhancing asset liquidity, transparency, and accessibility [1][18]. - The emergence of RWA addresses traditional financial pain points such as low liquidity, high entry barriers, and lack of transparency, leveraging blockchain's immutable nature and smart contracts for automation [1][23][25]. - The global RWA market has surpassed hundreds of billions of dollars, with expectations for explosive growth in the coming years [13][24]. Group 2: Investment Value and Advantages - RWA significantly enhances asset liquidity and market efficiency, with tokenized real estate trading cycles averaging 47 days compared to traditional commercial real estate's 6-9 months [2][39]. - RWA improves investment accessibility and promotes financial inclusion by lowering entry barriers, allowing broader participation in high-value assets [2][39]. - The tokenization process increases transparency and security, although challenges regarding the credibility of off-chain data remain [2][39]. Group 3: RWA Asset Categories and Examples - RWA encompasses diverse asset categories, including stablecoins (e.g., USDT, USDC), private credit, U.S. Treasury bonds, real estate, commodities, intellectual property, and emerging sectors like renewable energy and agriculture [2][29][30]. - Stablecoins serve as foundational RWA, providing a stable value anchor and facilitating the integration of Web3.0 with the real economy [2][34][37]. - The tokenization of real estate allows fractional ownership, significantly reducing investment thresholds and enhancing liquidity [2][30]. Group 4: Global Regulatory Landscape - The global regulatory framework for RWA is evolving, with a focus on compliance and risk management, as seen in the U.S. GENIUS Act and the EU MiCA regulation [3][4]. - Different jurisdictions are adopting varied approaches to RWA regulation, with the U.S. and EU leading in establishing comprehensive frameworks [3][4]. - In China, RWA is in a regulatory gray area, with initiatives focusing on private chains and sectors like renewable energy and agriculture [3][4]. Group 5: Future Trends and Challenges - The RWA market is expected to grow significantly, driven by institutional participation and the increasing importance of stablecoins as a liquidity infrastructure [3][6][12]. - Emerging asset categories like computing power are gaining traction, presenting new opportunities and legal challenges [3][6][12]. - The report emphasizes the need for ongoing research into the intersection of law and technology to support the healthy development of RWA [3][6].

Core Insights - The report titled "Stablecoin Payments: Global Waves and New Financial Cornerstones" reveals a significant shift of stablecoins from niche tools to mainstream payment infrastructure, with a total settlement amount exceeding $94.2 billion from January 2023 to February 2025 [1][2][18] - The annualized run rate for stablecoin payments reached $72.3 billion by February 2025, with B2B payments being the most active segment at $36 billion [1][2][18] - USDT dominates the stablecoin market with approximately 90% market share, followed by USDC, while Tron is the most popular blockchain for stablecoin transactions [1][2][18] Summary by Category Overall Trends - Stablecoin payments are becoming a crucial part of global payment systems, with a notable increase in B2B and card payment sectors [2][19] - The total stablecoin supply has grown to approximately $239 billion, up from less than $10 billion five years ago, indicating a rapid adoption [19] Payment Types - B2B payments account for the largest share at an annualized rate of $36 billion, followed by P2P payments at $18 billion, card payments at $13.2 billion, B2C payments at $3.3 billion, and pre-funding at $2.5 billion [1][2][18][28] Blockchain Preferences - Tron is the leading blockchain for stablecoin transactions, followed by Ethereum, Binance Smart Chain (BSC), and Polygon, with varying average transaction values depending on the blockchain used [1][2][18][31] Regional Insights - In Latin America, Tron is the dominant blockchain, particularly in Colombia, Ecuador, and Brazil, while Ethereum leads in Argentina and Peru [2][49] - In Africa, Tron and Ethereum are the primary blockchains, with USDT being the most widely used stablecoin, although USDC shows significant adoption in countries like Nigeria and Uganda [2][61][68] - North America and the Caribbean also follow global trends, with Tron and Ethereum leading, and USDT consistently dominating transaction volumes across markets [2][71][74] Use Cases and Applications - Companies like Binance Pay and BVNK are integrating stablecoin payments into their platforms, facilitating cross-border transactions and improving payment efficiency [2][46][47] - Yellow Card is addressing forex shortages in Africa by enabling stablecoin transactions, having facilitated over 5 billion transactions [2][70]

币界网7月23日讯，全球市场正上演着一场深刻的资本迁徙。曾经风光无限的科技股"七巨头"神话逐渐褪色，纳斯达克指数的七连阳势头戛 然而止，这清晰地标志着一个时代的投资主题正发生着重大转变。XBIT表示：资金正以前所未有的规模逃离拥挤的科技板块，奔向新的价 值洼地。 图片来源:币界网 这并非简单的获利了结，而是一场范围更广、逻辑更深的板块轮动。一部分资本遵循传统路径，流向医疗保健、公用事业等防御性板块以 及估值更具吸引力的国际市场。这些板块通常在经济不稳定时期表现出较强的稳定性，能够为投资者提供一定的避险功能。值得注意的 是，部分传统资产正通过RWA代币化形式进入加密市场，将房地产、基建等实物资产转化为链上可交易份额，为投资者提供兼具稳定收益 与流动性的新选择。在这场变革中，XBIT去中心化交易平台为投资者提供数学确定性、规则透明性和政治中立性的价值储存方案。 XBIT的数据清晰地反映了这一趋势——比特币交易量在短短一个月内增长超过200%，而稳定币（如USDT、USDC）的流动性也创下新 高。与此同时，RWA代币化市场迎来爆发式增长，美国国债、企业贷款等金融资产通过区块链技术实现部分所有权分割，吸引传统金融机 ...

Investment Rating - The report maintains an "Outperform" rating for the environmental and public utility sector [7]. Core Insights - The report emphasizes the potential of Real World Assets (RWA) in conjunction with renewable energy companies, highlighting that RWA could become a significant development direction for stablecoins, with a projected market size of $16 trillion by 2030 [24][39]. - The report discusses the recent advancements in RWA, particularly in Hong Kong, where the Ensemble project has initiated themes related to green and sustainable finance, indicating a shift towards tokenizing assets like carbon credits and renewable energy charging stations [39][40]. Summary by Sections 1. RWA and Renewable Energy - RWA connects real-world assets with digital finance, providing unique value in bridging virtual and real economies [27]. - The Ensemble project in Hong Kong includes green finance as a key theme, with the first project involving the tokenization of electric vehicle charging stations [39][40]. - RWA technology can lower investment thresholds and attract more investors, offering new financing channels for renewable energy companies [42]. 2. Market Review - From July 5 to July 18, the Shanghai Composite Index rose by 1.79%, while the environmental index increased by 2.66%, outperforming the composite index [43]. - The public utility index decreased by 0.27%, underperforming the Shanghai Composite Index by 2.06 percentage points [43]. 3. Market Information Tracking - In July 2025, the average transaction price for electricity in Jiangsu was 395.6 RMB/MWh, up 26.47% month-on-month [55]. - The price of thermal coal at Qinhuangdao Port was reported at 642 RMB/ton, reflecting a 19 RMB/ton increase from the previous week [58]. 4. Industry Dynamics - The report notes that the garbage incineration sector is seeing improved cash flow due to debt reduction policies, while companies are exploring new trends such as high-energy direct power supply [13]. - The water service sector is expected to enhance profitability as residential water prices gradually adjust [13]. 5. Investment Portfolio and Recommendations - For public utilities, the report suggests focusing on thermal power companies that are expected to perform well due to proximity to coal production areas and cost reductions [12]. - In the green energy sector, companies that integrate power generation, sales, and consumption are recommended for their resilience against market disruptions [12].

Group 1 - The article focuses on the disruptive impact of stablecoins on traditional monetary theory, proposing the "algorithmic liquidity" theory to explain the shift from a "central bank-commercial bank" intermediary model to a "code-network" disintermediation model [1][2] - The rise of stablecoins, particularly since the introduction of USDT in 2014, has led to a significant increase in their market value, projected to exceed $250 billion by 2025, with a trading volume surpassing $25 trillion annually [1][2] - The study highlights the limitations of traditional monetary theory in the digital age, emphasizing the need for a new framework to understand the supply of money and its implications for global financial regulation [1][2] Group 2 - Traditional monetary theory is based on a binary structure involving central banks and commercial banks, which has been effective in explaining monetary supply in the industrial era but is increasingly challenged by the emergence of stablecoins [2][4] - The article identifies three main dilemmas faced by traditional monetary theory in the context of stablecoins: the failure of liquidity stratification, the breakdown of the money multiplier, and the ungoverned distribution of cross-border liquidity [2][7][12] - The emergence of stablecoins has led to a "flattening" of liquidity, allowing for instant conversions across different asset classes, which undermines the traditional hierarchical liquidity structure [8][9] Group 3 - The article introduces the concept of "algorithmic liquidity," which describes the decentralized production of liquidity through blockchain technology and smart contracts, contrasting it with traditional liquidity production mechanisms [13][14] - Algorithmic liquidity is characterized by three types: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins, each with distinct production logic and mechanisms [18][19] - The study constructs a mathematical model for algorithmic liquidity production, revealing its unique expansion mechanisms driven by network effects and scenario penetration [24][27] Group 4 - Case studies of USDT and DAI illustrate the practical applications of algorithmic liquidity, with USDT serving as a fiat-collateralized stablecoin that enhances dollar liquidity in emerging markets, while DAI exemplifies a crypto-collateralized model that operates independently of traditional monetary systems [29][30][31] - The comparison between USDT and DAI highlights the spectrum of algorithmic liquidity, showing how different types of stablecoins interact with traditional monetary systems, from digital extensions of fiat to independent liquidity sources [33]

Core Insights - Stablecoins are a type of cryptocurrency designed to maintain a stable value, typically pegged to fiat currencies or real assets, making them suitable for daily transactions [4][9] - The global stablecoin market has surpassed $200 billion as of 2025, with on-chain transactions in 2024 exceeding $32 trillion, indicating significant potential as a payment method [10] Group 1: Overview and Characteristics - Stablecoins serve as a bridge between digital currencies and fiat money, rapidly gaining traction in the financial sector [3] - Major stablecoins include USDT (Tether) and USDC (USD Coin), which together account for approximately 80%-85% of the market share [6] Group 2: Applications in Cultural Industries - Stablecoins are entering various cultural sectors, including film, music, gaming, and art, showcasing unique application potential [3] - In the film industry, stablecoins are used for financing, distribution, and copyright management, providing new possibilities for funding and revenue sharing [13][20] Group 3: Film Industry Applications - Case 1: Independent films have utilized stablecoins for fundraising through token issuance, allowing investors to participate in film projects with reduced risk [15] - Case 2: Films like "Zero Contact" have issued NFTs, enabling fans to purchase exclusive content using stablecoins, thus enhancing audience engagement [17] - Case 3: Some cinemas in the U.S. allow payments for tickets and concessions using stablecoins, streamlining cross-border revenue sharing [19] Group 4: Music Industry Applications - Case 1: Audius, a decentralized music platform, uses USDC for payments, allowing creators to receive near-instant payments while ensuring transparency [27] - Case 2: Independent musicians have sold NFTs with stablecoin payments, providing a stable pricing mechanism for digital assets [29] Group 5: Gaming Industry Applications - Case 1: Blockchain games like Axie Infinity allow players to earn and use stablecoins for in-game purchases, ensuring stable value for rewards [37] - Case 2: Stablecoins facilitate secure transactions in decentralized markets for virtual assets, enhancing player confidence in asset value [39] Group 6: Art Industry Applications - Case 1: Auction houses like Christie's and Sotheby's have begun accepting stablecoins for high-value art transactions, improving payment efficiency and reducing currency risk [48] - Case 2: Stablecoins are increasingly used in NFT markets, providing a stable pricing mechanism and enhancing liquidity [50] Group 7: Advantages and Challenges - Advantages of stablecoins include democratized financing, efficient settlement processes, and enhanced cross-border transactions [24][33] - Challenges include market volatility risks, regulatory uncertainties, and the need for broader acceptance within traditional industries [24][33][55] Group 8: Future Trends - The regulatory framework for stablecoins is expected to become clearer, facilitating compliant applications in cultural industries [60] - Technological advancements will improve user experience and transaction efficiency, making stablecoins more integrated into existing digital ecosystems [63] - Stablecoins may coexist with Central Bank Digital Currencies (CBDCs), enhancing their role in the financial landscape [65] - Innovative application models are anticipated, including crowdfunding platforms and real-time royalty distribution systems [68]