With the crypto market seemingly in free fall these days, it's no surprise that investors are searching for potential safe haven assets. At one time, Bitcoin (CRYPTO: BTC) was supposed to be that safe haven. But it's down more than 25% in 2026, and that hardly sounds safe to me. So what about dollar-pegged stablecoins such as USDC (CRYPTO: USDC)? These stablecoins are specifically designed to retain their value over time. At any time, they can be redeemed 1:1 for U.S. dollars and are fully backed by cash ...

Core Perspective - The debate over the true purpose of Decentralized Finance (DeFi) has been reignited by Ethereum co-founder Vitalik Buterin and crypto analyst c-node, who challenge the industry to rethink its priorities [1][2] Group 1: Critique of Current DeFi Practices - Much of the current DeFi hype is considered superficial, primarily serving speculative interests rather than advancing genuine DeFi infrastructure [2] - Common yield-generating strategies, such as depositing USDC into lending protocols, are dismissed as "cargo cults," which mimic DeFi's success without embodying its original ethos [3] - Non-Ethereum chains may struggle to replicate Ethereum's DeFi boom due to a lack of ideological commitment to self-custody among newer ecosystems, which are often dominated by venture capital funds [3] Group 2: Definition and Vision of "Real" DeFi - Buterin argues that algorithmic stablecoins, especially those that are overcollateralized or structured to decentralize counterparty risk, qualify as genuinely decentralized [4] - The ability to transfer counterparty risk to a market maker is highlighted as a significant feature of DeFi, even if most liquidity is backed by collateralized debt positions (CDPs) [5] - Buterin criticizes USDC-based strategies, asserting that depositing centralized stablecoins into lending protocols does not meet the criteria for DeFi [6] Group 3: Ideological Divide in DeFi - There exists a deeper ideological divide within the crypto community regarding the purpose of DeFi, with some viewing it as a tool for speculative capital efficiency while others see it as a foundational financial system capable of reshaping the global monetary sector [6][7] - The long-term vision articulated by Buterin involves moving away from dollar-denominated systems towards diversified units of account backed by decentralized collateral structures [6]

（来源：吴说） 作者：Hazel 支无不言 编辑：Pat Larry Ma SNZ Holding 合伙人，曾在 Visa 任职，拥有超过 25 年的全球化从业经验，横跨电商、数字营销、金融 服务与区块链创新领域。 【主播】 原文链接：https://mp.weixin.qq.com/s/KWoywbocq3BqaI6nPieYsQ 声明：本文为转载内容，读者可通过原文链接获得更多信息。如作者对转载形式有任何异议，请联系我 们，我们将按照作者要求进行修改。转载仅用于信息分享，不构成任何投资建议，不代表吴说观点与立 场。 一、本期介绍 你可能对 Visa 庞大的数字并无概念：它每年处理超过 15 万亿美元的交易量，几乎相当于中国全年的 GDP；它连接着全球 1.3 亿家商户，背后是 43 亿张卡片的跳动。 但在这台精密机器的齿轮间，藏着一个传统金融难以言说的隐疾：为了让跨境支付看起来丝滑，全球银 行体系被迫在水管里锁死了数以万亿计的预存资金。这些钱静静地躺在银行账户里动弹不得，只为了应 对清算的时间差。当加密社区还在争论如何用区块链"杀死" Visa 时，这家巨头已经悄悄完成了对自身 底层大动脉的链上手术。上个 ...

Core Viewpoint - Stablecoins are rapidly growing, with a 49% increase last year and a combined market cap of $250 billion for Tether and USDC [1] Group 1: Industry Perspective on Stablecoins - Executives at Visa and Mastercard express skepticism about the demand for stablecoins, stating there is limited utility beyond cross-border payments [2][3] - They argue that in developed markets, stablecoins lack a "product-market fit" as consumers prefer existing payment options [3] Group 2: Advantages of Stablecoins - Stablecoins offer 24/7 settlement and faster payment finalization compared to traditional methods, which can take days [4] - Some stablecoins provide attractive yields, appealing to consumers looking for better returns than traditional bank accounts; Standard Chartered predicts $500 billion in bank deposits will shift to stablecoins by 2028 [6] Group 3: Investment Landscape - There are currently nine stablecoins with market caps exceeding $1 billion, including Tether, USDC, a stablecoin from PayPal, and one from Ripple [7]

在中国人民银行等八部门联合发布的2026年第一份监管文件中，虚拟货币及稳定币被纳入更严格的监管网络，金融监管部门对新型金融风险的防 范态度已然明确。 2026年2月6日，中国人民银行、国家发展改革委、工业和信息化部等八部门联合印发《关于进一步防范和处置虚拟货币等相关风险的通知》，这是对2021 年"237号文"的进一步延续和完善。这份文件重申了境内对虚拟货币相关业务活动保持一贯的禁止性政策立场，同时首次明确了对挂钩人民币的稳定币的监 管要求。 通知明确指出，虚拟货币相关业务活动属于非法金融活动，未经相关部门依法依规同意，境内外任何单位和个人不得在境外发行挂钩人民币的稳定币，境内 主体及其控制的境外主体不得在境外发行虚拟货币。 一、政策背景 中国对虚拟货币的监管政策由来已久且立场一贯。早在2013年，当比特币刚开始在全球范围内被炒作时，人民银行等五部门就联合发布《关于防范比特币风 险的通知》，明确比特币属于一种虚拟商品而非货币，同时禁止金融机构开展相关业务。 随着虚拟货币市场的发展，监管政策也在不断升级。2017年，针对代币发行融资(ICO)投机炒作盛行的现象，监管部门联合发布公告，清理整顿了各类虚拟 货币交易 ...

据 Onchain Lens 监测，2 月 7 日，稳定币发行商 Circle 在过去 9 小时内于 Solana 链上增发了 15 亿枚 USDC。截至目前，Circle 2026 年已于 Solana 链上累计增发 147.5 亿枚 USDC 稳定币。 （来源：吴说） ...

Billionaires managing multi-trillion-dollar portfolios are bullish on a future that is tokenized. They expect real estate, bonds, currencies, and pretty much everything of value to float on public ledgers like Ethereum and Solana in the coming months. Tokenization of fiat, like the USD and Euro, has been a huge success. As of February 6, over $308Bn of stablecoins, most of them tracking the greenback, are in circulation on Ethereum and other popular smart contract platforms. (Source: Coingecko) Given t ...

接着，是稳定币时代在2025年开启，这对全球杠杆逻辑形成了冲击，而这次我们也看到，这种大跌下，无论是Coinbase还是其他行业巨头，聚焦的点却是稳 定币，并计划以此推动《全面数字资产》法案，而这将赋予社区银行在稳定币系统中更大的作用，让其可以通过合作持有准备金或发行代币，实际上就是全 力保住稳定币信用基础不动摇，并让利与传统金融！ 首先是AI泡沫叠加AI对就业的冲击，已经全面显像化，一方面是甲骨文、微软、OpenAI陷入了融资和投资收益的商业悖论区，另一方面美国挑战者企业1月 裁员10.8万人，创2009年以来同期新高，环比激增205%，较去年同期激增118%，几乎全部是来自科技和专业服务行业的City Worker，而就业数仅0.53万， 较2025年12月骤降49%，创下Challenger有记录以来的1月最低水平！叠加1月ADP的就业腰斩数据及结构分析，几乎已经可以断定，AI对人的替代已经达到 了危险的速度，资本在投资端加进去的钱，都希望先从就业端回本！ 其次，是金银连同美股均处于历史最大泡沫、最高价格阶段，且失去了互相对冲的量价关系，我们看到市场中美元处于全球储备量最低、市场流动性紧张度 最高、弱势 ...

Robinhood shares slid sharply, down about 40% from their 52-week high, as a steep selloff pushed the stock into oversold territory despite weak momentum. ARK Invest bought roughly $32.7 million worth of shares, betting on a potential long-term boost from proposed "Trump Accounts" and a technical rebound.ARKK , ARKF and ARK Next Generation Internet ETF (BATS: ARKW ) funds collectively bought 89,677 shares of Robinhood, valued at around $7.8 million.Shares of Coinbase and other crypto-related companies traded ...

吴说获悉，据 Onchain Lens 监测，World Liberty Finance 过去 10 小时内累计卖出 173 枚 WBTC，获得 约 1,175 万美元 USDC，其中最新一笔为卖出 100 枚 WBTC，对应约 671 万美元 USDC。 来源：市场资讯 （来源：吴说） ...