#Crypto一年过去了，市场里并没有新东西。可以说这一轮的牛市只有两个主角，几个配角。主角是 BTC 和 Ethena。配角是各种微策略、Pendle、AAVE/Morpho。---和比较厉害的同行朋友交流，大家有一些共识：1. 都买了点 BTC —— 因为 BTC 牛逼。2. 都没有买任何 $ENA $Pendle —— 因为我们在 Ethena 和 Pendle 赚到钱了，是我们自己牛逼，而不是平台牛逼。非常朴实😂𝘁𝗮𝗿𝗲𝘀𝗸𝘆 (@taresky):#CryptoEthena + Pendle，基本等于 2024 年的 DeFi 了。很多 DeFi 玩家今年的收益大头也来源于此。怀念 APR 100%+ 的低风险挖矿机会，都陆续获利完结了。希望九月份能给力一次。 ...

Group 1: Stablecoin Overview - Stablecoins are digital currencies anchored to a reference value, primarily traditional financial assets, with Tether (USDT) and USDC being the largest, valued at $156.7 billion and $61.8 billion respectively, together accounting for over 85% of the total market[30] - The total market capitalization of stablecoins reached approximately $232 billion by March 2025, a nearly 45-fold increase from $5.2 billion at the end of 2019[31] - Stablecoin transaction volume approached $35.5 trillion in the past 12 months, with $7.4 trillion in payments settled, indicating significant growth compared to traditional payment platforms like PayPal and Mastercard[36] Group 2: Regulatory Developments - The U.S. is enhancing its stablecoin regulatory framework through the STABLE Act and GENIUS Act, requiring a 1:1 reserve ratio with assets like U.S. dollars or short-term U.S. Treasury securities[54] - U.S. stablecoins, particularly USDT and USDC, hold over $170 billion in U.S. Treasury securities, ranking them as the 17th largest holder, surpassing countries like Germany and South Korea[48] - Hong Kong's Stablecoin Ordinance, effective August 1, 2025, allows for a more inclusive regulatory environment, permitting reserves in multiple currencies and maintaining a 1:1 reserve requirement[63] Group 3: Market Implications - Stablecoins are expected to play a crucial role in reshaping the international financial system, particularly in cross-border payments, due to their efficiency and low costs[70] - The integration of stablecoins with Real World Assets (RWA) is anticipated to create a sustainable growth environment, leveraging blockchain technology to enhance trust and efficiency in asset transactions[74] - The demand for decentralized and efficient payment solutions is increasing as countries seek to reduce reliance on traditional dollar-based systems amid geopolitical tensions[70]