（来源：吴说） 吴说获悉，据 CryptoRank 统计，在市值超过 5 亿美元的代币中，2025 年涨幅前十代币分别为 ZEC（+861%）、WBT（+131%）、XMR（+123%）、OKB （+118%）、PAX Gold（+67%）、Tether Gold（+66%）、Bitcoin Cash（+37%）、Beldex（+24%）、BNB（+22%） 和 Dash（+12%）。 阅读原文 ...

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Popular cryptocurrency analyst Ali Martinez argued that Bitcoin (CRYPTO: BTC) is shifting from a peer-to-peer currency to a store of value, citing a sharp dip in network activity. Analyst Spotlights Drop In BTC Active Addresses Martinez took to X, highlighting a 42.6% decline in Bitcoin’s active addresses since 2021, citing data from on-chain analytics firm Glassnode “This illustrates the shift from peer ...

Core Insights - Stablecoins, particularly U.S. dollar stablecoins like Tether and USDC, are primarily designed for digital payments rather than investment opportunities, with a market size of approximately $317 billion, where Tether and USDC account for about $263 billion [1] - Commodity-backed stablecoins, such as PAX Gold and Tether Gold, provide an alternative investment avenue, as they are backed by physical gold and have performed well amidst a declining crypto market [2] Group 1: Overview of PAX Gold and Tether Gold - PAX Gold and Tether Gold are both backed by one troy ounce of gold per token, issued by Paxos Trust Company and Tether Limited respectively, with each company managing gold storage and ownership rights for token holders [3] - Token holders have the option to redeem their tokens for physical gold, although this may reduce the convenience of investing in these stablecoins [4] Group 2: Pricing and Fees - Both stablecoins aim to track the spot price of gold, with Paxos charging fees based on order size for transactions, while Tether charges a one-time fee of 0.25% for purchases or redemptions [5] - As of December 27, gold was priced at $4,534 per ounce, with PAX Gold priced at $4,560 and Tether Gold at $4,543, indicating Tether Gold is slightly closer to the spot price [6][7] Group 3: Trust and Safety - The safety of these stablecoins is influenced by their issuers and the methods used to maintain their asset peg, with arguments suggesting Paxos may be viewed as more trustworthy due to its U.S. licensing and wider availability on U.S. crypto exchanges compared to Tether Gold [8]

Core Insights - Economic uncertainty continues to raise questions about the safety of investments, with cryptocurrency not performing as a reliable hedge against inflation and market volatility in 2025 [1][2]. Group 1: Cryptocurrency Performance - In 2025, the S&P 500 increased by approximately 16%, while Bitcoin only rose around 6%, indicating that even major cryptocurrencies can lag behind traditional stock markets for extended periods [2]. - Cryptocurrency is increasingly viewed as a high-risk asset rather than a safe haven, particularly during economic instability [2][3]. Group 2: Market Behavior - Cryptocurrencies behave similarly to high-risk tech stocks, lacking the backing of established companies, making them highly sensitive to investor sentiment and prone to sharp declines during market panic [3][4]. - During significant market sell-offs, such as the October Black Friday event, Bitcoin's value dropped from $122,000 to $102,000, while safe-haven assets like PAX Gold appreciated [3]. Group 3: Regulatory Environment - The cryptocurrency market remains largely unregulated compared to traditional stocks, leading to speculation that future regulations could enhance transparency but also diminish the appeal of cryptocurrencies [5][6]. - Legislative efforts, such as the U.S. GENIUS Act and the CLARITY Act, aim to establish a regulatory framework for digital assets, which could significantly impact the industry [6]. Group 4: Economic Instability - Economic instability exacerbates the risks associated with cryptocurrencies, as companies holding digital assets as part of their reserves face increased volatility in their balance sheets [7]. - Sharp market declines can rapidly devalue token holdings, undermining both balance sheets and investor confidence [8].

Digital Asset Overview - PAX Gold (PAXG) is a digital asset backed by physical gold [1] - PAXG allows for instant and secure swapping with other assets via Trust Wallet [1] Trading Platform - Trust Wallet supports PAXG trading [1] - Users can easily swap to/from PAXG within Trust Wallet [1]

Market Trends - PAX Gold and Tether Gold are the only two cryptocurrencies showing positive performance today, suggesting a trend towards gold-backed digital assets [1]

Core Insights - Gold has reached new all-time highs on October 15, following record highs on October 13 and 14, with CFDs trading at $4,196 per ounce [1][4] - Significant purchases of Tether's tokenized gold, XAUt, were made by crypto whales, totaling over $30 million in the past week [2][3] Group 1: Gold Market Performance - Gold made a record high past the $4,000 psychological resistance on October 8, consolidating before retracing on October 11 [5] - The recent all-time highs for gold were $4,218 on October 15, $4,179 on October 14, and $4,117 on October 13 [4] - Gold's market capitalization stands at $29.27 trillion, making it the world's most valuable asset [6] Group 2: Tokenized Gold and Crypto Activity - XAUt is the second-largest gold-pegged stablecoin by market capitalization, valued at $1 billion, following PAX Gold at $1.30 billion [3] - Whale 0xdfcA purchased 2,879 XAUt for $12.1 million, while casualpig.eth bought 4,463 XAUt for $18.7 million [2] - The recent crash in the cryptocurrency market, with over $19 billion in liquidations, may have prompted investors to shift capital to gold through tokenized solutions [7]

Core Insights - A historic auction for the issuance rights of the stablecoin USDH is reshaping the power dynamics in the cryptocurrency market, with significant annual revenue potential of up to $220 million [1][4] - The competition involves ten major institutions, each presenting distinct proposals that reflect different future development paths for stablecoins [3][7] Group 1: Auction Details - Hyperliquid's auction for USDH issuance rights is unprecedented in the history of stablecoins, with the platform's monthly trading volume nearing $400 billion and generating $106 million in fees in August, capturing about 70% of the decentralized perpetual market [4] - The auction has attracted notable participants including Ethena Labs, Paxos, Frax Finance, and others, with the winning entity expected to control issuance rights potentially worth billions [4][11] Group 2: Proposals and Strategies - Ethena Labs promises to return 95% of reserve earnings to the community, while Paxos emphasizes its regulatory compliance and infrastructure advantages [3][8] - Frax Finance proposes a zero-fee model, aiming to link USDH with frxUSD at a 1:1 ratio and return 100% of underlying treasury yields to Hyperliquid users [9] - Sky Ecosystem offers a multi-collateral approach, providing $2.2 billion in USDC liquidity and proposing a 4.85% yield on USDH, with all profits directed to a buyback fund [10] Group 3: Market Implications - The auction signifies a profound shift in the stablecoin market's power structure, moving from traditional issuers like Circle and Tether to a more competitive landscape where DeFi protocols can demand revenue sharing and customized services [11][12] - The outcome of this competition will influence the governance models of stablecoins, determining whether regulatory compliance or decentralized innovation prevails [11][12]

Group 1 - The RWA market is projected to exceed $26 billion by the end of June 2025, representing a fivefold increase from approximately $5 billion in 2022, making it one of the most dynamic segments in the digital asset ecosystem [1][2] - The integration of traditional finance (TradFi) and decentralized finance (DeFi) is driving RWA development but also introduces complex security challenges beyond smart contract vulnerabilities, including oracle manipulation and legal enforcement issues [1][2] - Direct losses from RWA-related security incidents reached $14.6 million in the first half of 2025, a significant increase from $6 million in 2024, with losses primarily stemming from on-chain and operational vulnerabilities [1][2] Group 2 - The security landscape for RWA is evolving, shifting the risk focus from off-chain financial defaults to on-chain technical vulnerabilities and operational management errors [2] - Top-performing protocols in the RWA space are from traditional financial giants like BlackRock and Franklin Templeton, which demonstrate robust security through institutional-grade compliance and transparency mechanisms [2] - The growth of RWA is currently concentrated on a few key blockchains and protocols, with most RWA assets deployed on Ethereum, indicating that the overall stability of the RWA market heavily relies on the security and operational status of these core participants [2]