近日，PayPal推出的美元稳定币PayPal USD（PYUSD）将以"PYUSD0"的形式，通过Stargate Hydra跨链协议正式登陆波场网络，并采用LayerZero的全链互通 （Omnichain Full Transfer，OFT）标准。此次传统金融巨头与新兴区块链生态的深度融合，将推动稳定币在全球范围内的高效流通与场景应用。作为波场网 络的创始人，孙宇晨及其团队通过技术创新与生态布局，正为区块链金融的普惠化发展开辟新航道。 "跨链枢纽"打通流动性壁垒 区块链行业的核心痛点之一在于价值孤岛效应。不同公链间的资产流动存在技术壁垒，导致资金效率与用户体验受限。此次PYUSD通过Stargate Hydra跨链 桥接入波场网络，标志着波场生态在跨链互操作性领域的重大突破。Stargate作为波场生态的原生跨链协议，依托Hydra技术框架实现了低延迟、高吞吐量的 跨链转移，而波场网络本身具备的TPS超2000的高性能与低成本优势，将使得PYUSD能够以毫秒级速度完成跨链操作，大幅降低传统金融资产的链间转移 成本。 孙宇晨曾多次强调，波场网络的愿景是构建"全球金融自由港"，通过开放协议与跨链技术打破链间 ...

Investment Rating - The report does not explicitly state an investment rating for Yeahka (9923 HK) Core Insights - Stablecoins are reshaping the global cross-border payment landscape with advantages such as short settlement times, low costs, and resistance to exchange rate fluctuations, making them ideal for various payment scenarios [2][10] - Yeahka has expanded internationally since 2021, obtaining payment licenses in Singapore and the U.S., and launched its cross-border payment brand YeahPay in 2023, achieving an overseas transaction volume of over 1.1 billion RMB in 2024, a nearly 5-fold year-on-year increase [11][12] - The traditional cross-border payment model incurs fees of approximately 3-8% for merchants, while third-party payment platforms like Yeahka generate revenue through diverse models including transaction fees, currency conversion fees, and interest income from deposited funds [12][10] Summary by Sections Section: Stablecoins in Cross-Border Payments - Stablecoins enable peer-to-peer real-time settlement through distributed ledger technology, reducing transaction costs and compressing settlement times to minutes compared to the traditional banking system which relies on the SWIFT network [2][10] Section: Yeahka's Overseas Expansion - Yeahka has successfully launched its cross-border payment brand YeahPay and signed a global strategic cooperation memorandum with Alipay International, marking significant growth in its overseas business [11][12] Section: Existing Payment Industry Model - The revenue model for third-party payment platforms includes transaction fees, currency conversion fees, interest income from overseas payments, and technology output, showcasing a diverse approach to profitability [12][10] Section: Future Business Models for Third-Party Payment Providers - Stablecoins present new business opportunities for acquirers, allowing them to expand into overseas markets and diversify payment scenarios, such as providing one-stop services for merchants [13][14]