区块链技术服务于实体经济的路径，正迎来新的注脚。近期数据显示，基于高性能公链Solana的"现实资产映射"生态，总规模已跨越7亿美元门槛。这一数 据背后，是多家传统领域机构与科技团队协同探索的成果，也为更多拥有实体资产的伙伴提供了可参考的范式。 传统金融资产的链上实践：以美国国债等现金等价物为例，部分领先资产管理机构已率先行动。公开信息显示，富兰克林坦伯顿 此前已将其旗下货币 基金通过BENJI代币的形式在Solana链上进行映射。这一案例的关键在于，它验证了主流机构对于特定区块链技术栈在合规、效率与安全性上的认可。 对于资产方而言，这意味着一套经过市场检验的技术方案正在成熟。 多元化资产的数字化尝试： beyond标准化金融产品，在商业地产、绿色能源投资、知识产权等非标资产领域，也出现了基于Solana的解决方案。这些 尝试的核心，是利用区块链技术实现资产权益的精准登记与高效流转，为解决传统场景中交易成本高、流程复杂的痛点提供了新思路。 技术支撑：为何特定基础设施成为首选？ 将实体资产映射到数字世界，对底层网络提出了苛刻要求。当前实践之所以能快速推进，与所选公链的特性密不可分： 探索路径：您的资产可以如何借 ...

Core Insights - The report from the U.S. Treasury Department on digital currencies, particularly stablecoins, highlights the current market value of stablecoins at approximately $234 billion, with over 99% pegged to the U.S. dollar, primarily led by Tether (USDT) and Circle (USDC) [1][2][25] - The GENIUS Act, proposed for 2025, aims to establish a regulatory framework for stablecoins, defining them as "digital assets for payment" and imposing requirements on issuers regarding reserve assets and transparency [2][25] - The stablecoin market is projected to grow significantly, potentially reaching $2 trillion by 2028, driven by institutional participation and the migration of wholesale markets to blockchain [1][24][22] Market Overview - The current total market capitalization of stablecoins is around $234 billion, with Tether and Circle holding $145 billion and $60.2 billion respectively [1][16] - The emergence of tokenized money market funds (MMFs) is providing an alternative to stablecoins, attracting significant investments, such as BlackRock's BUIDL token, which raised over $240 million in its first week [1][18] - The report indicates that the stablecoin market is evolving, with the boundaries between MMFs and payment stablecoins becoming increasingly blurred [6][18] Regulatory Landscape - The GENIUS Act outlines that stablecoin issuers must hold reserves in low-risk assets, such as short-term U.S. Treasury securities, and mandates monthly disclosures of reserves [2][25] - Comparisons with regulatory frameworks in the EU, Singapore, and Hong Kong reveal that all regions emphasize the need for stablecoins to be non-interest bearing and backed by low-risk assets, though differences exist in issuer qualifications and blockchain types [2][25] - The proposed legislation is expected to clarify the regulatory environment for stablecoins, potentially influencing their market dynamics and growth trajectory [25][24] Financial Implications - Stablecoins are anticipated to have a neutral net impact on U.S. money supply, although they may facilitate the transfer of non-dollar liquidity into dollars and cause internal fund shifts within M1/M2 [2][32] - The demand for U.S. Treasury securities is expected to increase significantly, with stablecoin issuers currently holding over $120 billion in Treasuries, and a projected additional demand of approximately $900 billion if stablecoin usage expands [2][30] - The potential for stablecoins to disrupt traditional banking is acknowledged, with implications for deposit flows and the need for banks to adapt their interest rates in response to competition from stablecoins [2][28][37] Use Cases and Market Dynamics - Stablecoins are being utilized for various applications, including cross-border transfers, on-chain settlements, and merchant payments, supported by blockchain technology for instant transactions [3][19] - The report emphasizes the potential for stablecoins to enhance financial services offered by banks and financial institutions, leveraging blockchain for improved efficiency and new business models [20][37] - The growth of stablecoins is expected to accelerate due to changing market dynamics and regulatory advancements, with projections indicating a market value of around $2 trillion by 2028 [22][24]