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</div></div><p>&nbsp;</p><p>The world of cryptocurrency and blockchain technology has been a wild ride—full of innovation, opportunity, and, let’s be honest, a fair share of regulatory confusion. But 2025 is shaping up to be a game-changer for the U.S. crypto scene, thanks to two major pieces of legislation: the GENIUS Act and the CLARITY Act. These bills are poised to bring much-needed structure to the digital asset space, potentially transforming how businesses, investors, and developers operate in the blockchain ecosystem. In this blog, we’ll break down what these laws are, why they matter, and how they could redefine the future of crypto in America. Let’s dive in!</p><p>&nbsp;</p><h2 class="green-h2">What Are the GENIUS and CLARITY Acts?</h2><p><strong>The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act</strong> and <strong>the Digital Asset Market Clarity (CLARITY) Act</strong> are bipartisan bills designed to provide clear regulatory frameworks for cryptocurrencies and stablecoins in the United States. For years, the crypto industry has been stuck in a regulatory gray zone, with agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) often clashing over jurisdiction. This uncertainty has stifled innovation, pushed developers overseas, and left investors navigating a murky landscape. These acts aim to change that by setting clear rules for stablecoins, digital assets, and blockchain developers.</p><p>GENIUS Act: Focuses on regulating stablecoins—cryptocurrencies pegged to stable assets like the U.S. dollar—to ensure they’re safe, transparent, and usable for everyday transactions.<br>CLARITY Act: Creates a broader framework for digital assets, defining what qualifies as a security, commodity, or stablecoin, and assigns regulatory oversight to the appropriate agencies.</p><p>Together, these laws could unlock a new era of blockchain innovation, making the U.S. a global leader in digital finance.</p><p>&nbsp;</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><p>&nbsp;</p><h2 class="green-h2">Why These Laws Are a Big Deal</h2><p><span style="color:#2A3795;"><strong>Ending the Regulatory Wild West</strong></span></p><p>The crypto industry in the U.S. has long suffered from a lack of clarity. Without clear rules, businesses have faced uncertainty about compliance, and developers have been hesitant to build in the U.S. due to the risk of unexpected enforcement actions. The GENIUS and CLARITY Acts aim to end this chaos by providing:</p><p>Clear Definitions: The CLARITY Act categorizes digital assets into securities, commodities, or stablecoins, clarifying whether the SEC or CFTC has jurisdiction.<br>Stablecoin Guardrails: The GENIUS Act mandates reserve requirements, anti-money laundering compliance, and consumer protections for stablecoin issuers, ensuring they’re as reliable as traditional banking products.</p><p>This clarity is a win for everyone—from startups building decentralized apps to institutional investors looking to enter the crypto market.</p><p><span style="color:#2A3795;"><strong>Boosting Blockchain Innovation</strong></span></p><p>By removing regulatory ambiguity, these laws could unleash a wave of innovation similar to the internet boom after the 1996 Telecommunications Act. The GENIUS Act, for example, encourages traditional financial institutions like JPMorgan to explore blockchain-based solutions, such as tokenized deposits on public blockchains like Ethereum’s Base. Meanwhile, the CLARITY Act protects non-custodial developers (like those building decentralized protocols) from being unfairly treated as money transmitters, fostering a more decentralized ecosystem.</p><p><span style="color:#2A3795;"><strong>Protecting Consumers Without Stifling Growth</strong></span></p><p>One of the biggest criticisms of past crypto regulation attempts was that they either went too hard (crushing innovation) or too soft (leaving consumers vulnerable). These acts strike a balance:</p><p>GENIUS Act: Ensures stablecoins are fully backed by reserves and comply with strict anti-money laundering laws, but it doesn’t overburden issuers with unworkable rules.<br>CLARITY Act: Promotes self-custody and peer-to-peer transactions, empowering users to control their assets without intermediaries while maintaining consumer protections.</p><p>&nbsp;</p><h2 class="green-h2">Breaking Down the GENIUS Act: Stablecoins Get a Makeover</h2><p><span style="color:#2A3795;"><strong>What Is the GENIUS Act?</strong></span></p><p>The GENIUS Act, officially the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025, is all about stablecoins—digital currencies designed to maintain a stable value, typically pegged to the U.S. dollar. Unlike volatile cryptocurrencies like Bitcoin or Ethereum, stablecoins are ideal for payments, remittances, and DeFi applications because of their price stability. The GENIUS Act, which passed the Senate in June 2025, sets out to make stablecoins a trusted part of the financial system.</p><p><span style="color:#2A3795;"><strong>Key Provisions of the GENIUS Act</strong></span></p><p>Reserve Requirements: Stablecoin issuers must hold 1:1 reserves in cash or Treasury bills to ensure every coin is fully backed. This prevents the kind of unbacked stablecoin disasters we’ve seen in the past.<br>Bankruptcy Protections: If an issuer goes bankrupt, coin holders get priority for repayment, protecting consumers from losing their funds.<br>Anti-Money Laundering (AML) Compliance: Issuers must follow strict AML and counter-terrorism financing rules to keep bad actors out of the system.<br>No Interest Payments: Unlike bank deposits, stablecoins under the GENIUS Act can’t pay interest, keeping them distinct from traditional banking products.<br>Ethical Guardrails: The act prohibits members of Congress and senior officials from issuing stablecoins while in office, addressing concerns about conflicts of interest.</p><p><span style="color:#2A3795;"><strong>Why It Matters</strong></span></p><p>Stablecoins are the backbone of DeFi and cross-border payments. By providing a clear regulatory framework, the GENIUS Act could drive mainstream adoption, allowing companies and consumers to use stablecoins for low-cost, instant transactions worldwide. Industry experts like Paul Brody from EY call this a “galvanizing moment” for the crypto market, predicting it will reshape global payments.</p><p>&nbsp;</p><h2 class="green-h2">The CLARITY Act: A Roadmap for Digital Assets</h2><p><span style="color:#2A3795;"><strong>What Is the CLARITY Act?</strong></span></p><p>The Digital Asset Market Clarity Act of 2025 is a broader effort to regulate the entire crypto ecosystem. Introduced by Rep. French Hill, it passed key House committees in June 2025 and is awaiting a full House vote. The CLARITY Act aims to define what digital assets are, who regulates them, and how they can be used, bringing an end to years of regulatory tug-of-war between the SEC and CFTC.</p><p><span style="color:#2A3795;"><strong>Key Provisions of the CLARITY Act</strong></span></p><p>Digital Asset Categories: Divides digital assets into three groups: securities (overseen by the SEC), commodities (overseen by the CFTC), and stablecoins (regulated under frameworks like the GENIUS Act). For example, cryptocurrencies like XRP, DOGE, and ETH could be classified as “digital commodities.”<br>Non-Custodial Protections: Ensures developers of non-custodial protocols (like miners, validators, or wallet providers) aren’t unfairly treated as money transmitters, protecting decentralization.<br>Self-Custody Rights: Guarantees users the right to hold their own assets without relying on intermediaries, promoting financial freedom.<br>Exchange and Broker Registration: Requires digital commodity exchanges, brokers, and dealers to register with the CFTC, creating a regulated marketplace.</p><p><span style="color:#2A3795;"><strong>Why It Matters</strong></span></p><p>The CLARITY Act could finally resolve the question of “who regulates what” in crypto. By assigning the CFTC as the primary regulator for digital commodities, it reduces the SEC’s often heavy-handed approach, which has been criticized for stifling innovation. This shift could make it easier for exchanges and projects to operate in the U.S. without fear of legal repercussions.</p><p>&nbsp;</p><h2 class="green-h2">What’s Next for These Bills?</h2><p>As of July 7, 2025, the GENIUS Act has passed the Senate and is awaiting a House vote, with some experts predicting it could be signed into law by August if it moves quickly. The CLARITY Act, meanwhile, has cleared House committees and is headed for a full House vote, though its Senate journey may be bumpier due to its broader scope. There’s also debate about whether the two bills should be combined, with some lawmakers, including President Trump, opposing this to keep the stablecoin-focused GENIUS Act streamlined.</p><p>&nbsp;</p><h2 class="green-h2">Potential Challenges</h2><p>Political Pushback: Some Democrats have raised concerns about the GENIUS Act’s ties to certain stablecoin issuers and proposed amendments to add stricter anti-corruption measures.<br>Consumer Protection Gaps: Critics argue the GENIUS Act lacks robust protections, like deposit insurance similar to the FDIC’s $250,000 guarantee for bank accounts.<br>Non-Native Tokens: The CLARITY Act’s focus on blockchain-native tokens might leave some utility tokens (like those tied to lending protocols) classified as securities, potentially complicating regulation.</p><p>&nbsp;</p><h2 class="green-h2">How These Laws Could Shape the Future</h2><p>If signed into law, the GENIUS and CLARITY Acts could:</p><p>Attract Investment: Clear rules will give institutional players like Goldman Sachs and JPMorgan confidence to invest heavily in blockchain projects.<br>Boost DeFi and Stablecoin Use: Stablecoins could become a go-to for global payments, while DeFi platforms benefit from clearer guidelines for non-custodial protocols.<br>Keep Innovation in the U.S.: By creating a friendly regulatory environment, these laws could prevent developers from fleeing to jurisdictions like the EU, which already has the MiCA framework.<br>Set a Global Standard: The U.S. could lead the way in crypto regulation, influencing how other countries approach digital assets.</p><p>As crypto advocate John Deaton noted, these laws could make it “highly unlikely” for future administrations to reverse course on crypto-friendly policies, ensuring long-term stability for the industry.</p><p>&nbsp;</p><h2 class="green-h2">Get Ready for a New Crypto Era</h2><p>The GENIUS and CLARITY Acts are more than just bills—they’re a signal that the U.S. is ready to embrace blockchain technology and cryptocurrencies as critical pieces of the financial future. For developers, investors, and everyday users, these laws promise a safer, clearer, and more innovative crypto ecosystem. Whether you’re a blockchain newbie or a seasoned DeFi trader, now’s the time to pay attention. The rules of the game are changing, and the U.S. is gearing up to lead the charge.</p><p>&nbsp;</p><p style="text-align:center;">UD is a leading blockchain and network security solution provider in Hong Kong<br>We are dedicated to assisting enterprises in advancing their businesses through innovative blockchain technology, ushering from Web 2.0 to Web 3.0</p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/en/blockchain-consulting-services">Consult Experts</a></div><p><br>&nbsp;&nbsp;</p>

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</div></div><p>&nbsp;</p><p>加密货币和区块链技术的世界就像一场刺激的冒险，充满创新、机会，但也不乏监管上的混乱。然而，2025年将成为美国加密行业的转捩点，这得益于两项重要的立法：GENIUS法案和CLARITY法案。这两项法案将为数位资产市场提供清晰的监管框架，可能改变企业、投资者和开发者在区块链生态系统中的运作方式。在这篇部落格中，我们将深入解析这两项法案的内容、重要性，以及它们如何重塑美国的加密货币未来。</p><p>&nbsp;</p><h2 class="green-h2">GENIUS与CLARITY法案是什麽？</h2><p><strong>美国稳定币创新与指导法案（GENIUS Act）</strong>和 <strong>数位资产市场清晰法案（CLARITY Act）</strong>是两项跨党派法案，旨在为美国的加密货币和稳定币提供明确的监管框架。多年来，加密行业一直处于监管灰色地带，证券交易委员会（SEC）与商品期货交易委员会（CFTC）在管辖权上频频争执。这种不确定性阻碍了创新，迫使开发者转向海外，投资者也在不明朗的环境中挣扎。这两项法案旨在解决这些问题，为稳定币、数位资产和区块链开发者制定清晰规则。</p><p>GENIUS法案：专注于监管稳定币（与美元等稳定资产挂钩的加密货币），确保其安全、透明且适用于日常交易。<br>CLARITY法案：为数位资产提供更广泛的框架，定义哪些资产属于证券、商品或稳定币，并明确由哪个机构负责监管。</p><p>这两项法案可能开启区块链创新的新时代，让美国成为全球数位金融的领导者。</p><p>&nbsp;</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><p>&nbsp;</p><h2 class="green-h2">为什麽这两项法案如此重要？</h2><p><span style="color:#2A3795;"><strong>终结监管乱象</strong></span></p><p>美国的加密行业长期以来缺乏明确的监管规则，企业面临合规的不确定性，开发者因担心突如其来的执法行动而不敢在美国发展。GENIUS与CLARITY法案通过以下方式解决这一问题：</p><p>明确定义：CLARITY法案将数位资产分为证券、商品和稳定币，明确SEC或CFTC的管辖权。<br>稳定币规范：GENIUS法案要求稳定币发行人遵守储备要求、反洗钱法规和消费者保护措施，确保稳定币像传统银行产品一样可靠。</p><p>这种清晰的监管框架对所有人来说都是双赢——从开发去中心化应用的新创公司到希望进入加密市场的机构投资者。</p><p><span style="color:#2A3795;"><strong>推动区块链创新</strong></span></p><p>通过消除监管不确定性，这两项法案可能引发类似1996年《电信法案》后的互联网热潮。GENIUS法案鼓励像摩根大通这样的传统金融机构探索区块链解决方案，例如在以太坊Base等公链上进行代币化存款。CLARITY法案则保护非託管开发者（例如去中心化协议的开发者），避免他们被不公平地视为货币传输者，促进更去中心化的生态系统。</p><p><span style="color:#2A3795;"><strong>在保护消费者与促进成长间取得平衡</strong></span></p><p>过去的加密监管尝试要麽过于严苛（扼杀创新），要麽过于宽松（让消费者暴露于风险）。这两项法案在两者间找到平衡：</p><p>GENIUS法案：确保稳定币有足额储备，并遵守严格的反洗钱法规，但不会以过于繁琐的规则压垮发行人。<br>CLARITY法案：促进自我託管和点对点交易，让用户能掌控自己的资产，无需依赖中介机构，同时保持消费者保护。</p><p>&nbsp;</p><h2 class="green-h2">深入解析GENIUS法案：稳定币的全面升级</h2><p><span style="color:#2A3795;"><strong>GENIUS法案是什麽？</strong></span></p><p>美国稳定币创新与指导法案（GENIUS Act）专注于稳定币，这是一种设计为保持稳定价值的数位货币，通常与美元挂钩。与比特币或以太坊等波动性较高的加密货币不同，稳定币因其价格稳定，适用于支付、跨境汇款和去中心化金融（DeFi）应用。GENIUS法案于2025年6月通过参议院，旨在让稳定币成为金融系统中值得信赖的一部分。</p><p><span style="color:#2A3795;"><strong>GENIUS法案的关键内容</strong></span></p><p>储备要求：稳定币发行人必须持有1:1的现金或国库券储备，确保每枚稳定币都有足额支持，避免过去未备足储备的稳定币灾难。<br>破产保护：若发行人破产，稳定币持有者享有优先偿付权，保护消费者免于资金损失。<br>反洗钱合规：发行人需遵守严格的反洗钱和反恐融资规定，杜绝不法分子利用稳定币。<br>禁止支付利息：与银行存款不同，GENIUS法案下的稳定币不得支付利息，以区别于传统银行产品。<br>道德规范：法案禁止国会议员和高级官员在任内发行稳定币，以解决利益冲突的问题。</p><p><span style="color:#2A3795;"><strong>为什麽重要？</strong></span></p><p>稳定币是DeFi和跨境支付的支柱。GENIUS法案提供清晰的监管框架，可能推动稳定币的主流採用，让企业和消费者能以低成本、即时的方式进行全球交易。行业专家如安永（EY）的Paul Brody称这是加密市场的“催化时刻”，预测将重塑全球支付格局。</p><p>&nbsp;</p><h2 class="green-h2">CLARITY法案：数位资产的路线图</h2><p><span style="color:#2A3795;"><strong>CLARITY法案是什麽？</strong></span></p><p>数位资产市场清晰法案（CLARITY Act） 旨在为整个加密生态系统提供监管框架。由众议员French Hill提出，该法案于2025年6月通过众议院委员会，现正等待众议院全体投票。CLARITY法案解决了“谁监管什麽”的问题，终结了SEC与CFTC之间的长期争执。</p><p><span style="color:#2A3795;"><strong>CLARITY法案的关键内容</strong></span></p><p>数位资产分类：将数位资产分为三类：证券（由SEC监管）、商品（由CFTC监管）和稳定币（受GENIUS法案等框架监管）。例如，像XRP、DOGE和ETH这样的加密货币可能被归类为“数位商品”。<br>非託管保护：确保非託管协议的开发者（如矿工、验证者或钱包提供者）不被不公平地视为货币传输者，保护去中心化生态。<br>自我託管权利：保障用户无需依赖中介机构即可持有资产，促进财务自由。<br>交易所和经纪人註册：要求数位商品交易所、经纪人和交易商向CFTC註册，建立受监管的市场。</p><p><span style="color:#2A3795;"><strong>为什麽重要？</strong></span></p><p>CLARITY法案最终解决了加密货币监管的归属问题。通过指定CFTC作为数位商品的主要监管机构，减少了SEC过于严苛的监管方式，这种方式常被批评为扼杀创新。这一转变可能使美国的交易所和项目更容易在无法律风险的情况下运营。</p><p>&nbsp;</p><h2 class="green-h2">法案的下一步？</h2><p>截至2025年7月7日，GENIUS法案已通过参议院，正等待众议院投票，若进展顺利，专家预测可能于8月签署成为法律。CLARITY法案已通过众议院委员会，即将进行全体投票，但其参议院审议可能因范围较广而更具挑战。部分议员讨论是否合併这两项法案，但包括川普总统在内的一些人反对合併，认为应保持GENIUS法案对稳定币的专注。</p><p><span style="color:#2A3795;"><strong>潜在挑战</strong></span></p><p>政治阻力：一些民主党人对GENIUS法案与某些稳定币发行人的关联表示担忧，提出增强反腐措施的修正案。<br>消费者保护不足：批评者认为GENIUS法案缺乏强大的保护措施，例如类似FDIC的25万美元存款保险。<br>非原生代币问题：CLARITY法案专注于区块链原生代币，可能导致某些实用代币（如借贷协议相关代币）被归类为证券，增加监管複杂性。</p><p>&nbsp;</p><h2 class="green-h2">这些法案如何塑造未来？</h2><p>若成为法律，GENIUS与CLARITY法案可能：</p><p>吸引投资：清晰的规则将为高盛、摩根大通等机构投资者提供信心，大举投资区块链项目。<br>推动DeFi和稳定币应用：稳定币可能成为全球支付的主流工具，DeFi平台也将受益于非託管协议的明确指引。<br>留住美国创新：友好的监管环境可防止开发者流向欧盟等已有MiCA框架的地区。<br>树立全球标准：美国可能在加密监管上引领全球，影响其他国家的数位资产政策。</p><p>正如加密货币倡导者John Deaton所说，这些法案将使未来政府“极不可能”逆转对加密友好的政策，确保行业长期稳定。</p><p>&nbsp;</p><h2 class="green-h2">迎接加密新时代</h2><p>GENIUS与CLARITY法案不仅仅是法案，它们标誌着美国准备拥抱区块链技术和加密货币作为金融未来的关键部分。对于开发者、投资者和普通用户来说，这些法案承诺打造更安全、清晰和创新的加密生态系统。无论你是区块链新手还是资深的DeFi交易者，现在是关注的时候了。游戏规则正在改变，美国正准备引领潮流。</p><p>&nbsp;</p><p style="text-align:center;"><span style="color:#3C3C3C;">UD 是香港领先区块链及网络安全方案供应商</span><br><span style="color:#3C3C3C;">致力助不同的企业通过创新区块链技术进一步发展业务，从 Web 2.0 向 Web 3.0 的新时代迈进</span></p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/sc/blockchain-consulting-services">谘询专家</a></div><p><br>&nbsp;</p>

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</div></div><p>&nbsp;</p><p>加密貨幣和區塊鏈技術的世界就像一場刺激的冒險，充滿創新、機會，但也不乏監管上的混亂。然而，2025年將成為美國加密行業的轉捩點，這得益於兩項重要的立法：GENIUS法案和CLARITY法案。這兩項法案將為數位資產市場提供清晰的監管框架，可能改變企業、投資者和開發者在區塊鏈生態系統中的運作方式。在這篇部落格中，我們將深入解析這兩項法案的內容、重要性，以及它們如何重塑美國的加密貨幣未來。</p><p>&nbsp;</p><h2 class="green-h2">GENIUS與CLARITY法案是什麼？</h2><p><strong>美國穩定幣創新與指導法案（GENIUS Act）</strong>和 <strong>數位資產市場清晰法案（CLARITY Act）</strong>是兩項跨黨派法案，旨在為美國的加密貨幣和穩定幣提供明確的監管框架。多年來，加密行業一直處於監管灰色地帶，證券交易委員會（SEC）與商品期貨交易委員會（CFTC）在管轄權上頻頻爭執。這種不確定性阻礙了創新，迫使開發者轉向海外，投資者也在不明朗的環境中掙扎。這兩項法案旨在解決這些問題，為穩定幣、數位資產和區塊鏈開發者制定清晰規則。</p><p>GENIUS法案：專注於監管穩定幣（與美元等穩定資產掛鉤的加密貨幣），確保其安全、透明且適用於日常交易。<br>CLARITY法案：為數位資產提供更廣泛的框架，定義哪些資產屬於證券、商品或穩定幣，並明確由哪個機構負責監管。</p><p>這兩項法案可能開啟區塊鏈創新的新時代，讓美國成為全球數位金融的領導者。</p><p>&nbsp;</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><p>&nbsp;</p><h2 class="green-h2">為什麼這兩項法案如此重要？</h2><p><span style="color:#2A3795;"><strong>終結監管亂象</strong></span></p><p>美國的加密行業長期以來缺乏明確的監管規則，企業面臨合規的不確定性，開發者因擔心突如其來的執法行動而不敢在美國發展。GENIUS與CLARITY法案通過以下方式解決這一問題：</p><p>明確定義：CLARITY法案將數位資產分為證券、商品和穩定幣，明確SEC或CFTC的管轄權。<br>穩定幣規範：GENIUS法案要求穩定幣發行人遵守儲備要求、反洗錢法規和消費者保護措施，確保穩定幣像傳統銀行產品一樣可靠。</p><p>這種清晰的監管框架對所有人來說都是雙贏——從開發去中心化應用的新創公司到希望進入加密市場的機構投資者。</p><p><span style="color:#2A3795;"><strong>推動區塊鏈創新</strong></span></p><p>通過消除監管不確定性，這兩項法案可能引發類似1996年《電信法案》後的互聯網熱潮。GENIUS法案鼓勵像摩根大通這樣的傳統金融機構探索區塊鏈解決方案，例如在以太坊Base等公鏈上進行代幣化存款。CLARITY法案則保護非託管開發者（例如去中心化協議的開發者），避免他們被不公平地視為貨幣傳輸者，促進更去中心化的生態系統。</p><p><span style="color:#2A3795;"><strong>在保護消費者與促進成長間取得平衡</strong></span></p><p>過去的加密監管嘗試要麼過於嚴苛（扼殺創新），要麼過於寬鬆（讓消費者暴露於風險）。這兩項法案在兩者間找到平衡：</p><p>GENIUS法案：確保穩定幣有足額儲備，並遵守嚴格的反洗錢法規，但不會以過於繁瑣的規則壓垮發行人。<br>CLARITY法案：促進自我託管和點對點交易，讓用戶能掌控自己的資產，無需依賴中介機構，同時保持消費者保護。</p><p>&nbsp;</p><h2 class="green-h2">深入解析GENIUS法案：穩定幣的全面升級</h2><p><span style="color:#2A3795;"><strong>GENIUS法案是什麼？</strong></span></p><p>美國穩定幣創新與指導法案（GENIUS Act）專注於穩定幣，這是一種設計為保持穩定價值的數位貨幣，通常與美元掛鉤。與比特幣或以太坊等波動性較高的加密貨幣不同，穩定幣因其價格穩定，適用於支付、跨境匯款和去中心化金融（DeFi）應用。GENIUS法案於2025年6月通過參議院，旨在讓穩定幣成為金融系統中值得信賴的一部分。</p><p><span style="color:#2A3795;"><strong>GENIUS法案的關鍵內容</strong></span></p><p>儲備要求：穩定幣發行人必須持有1:1的現金或國庫券儲備，確保每枚穩定幣都有足額支持，避免過去未備足儲備的穩定幣災難。<br>破產保護：若發行人破產，穩定幣持有者享有優先償付權，保護消費者免於資金損失。<br>反洗錢合規：發行人需遵守嚴格的反洗錢和反恐融資規定，杜絕不法分子利用穩定幣。<br>禁止支付利息：與銀行存款不同，GENIUS法案下的穩定幣不得支付利息，以區別於傳統銀行產品。<br>道德規範：法案禁止國會議員和高級官員在任內發行穩定幣，以解決利益衝突的問題。</p><p><span style="color:#2A3795;"><strong>為什麼重要？</strong></span></p><p>穩定幣是DeFi和跨境支付的支柱。GENIUS法案提供清晰的監管框架，可能推動穩定幣的主流採用，讓企業和消費者能以低成本、即時的方式進行全球交易。行業專家如安永（EY）的Paul Brody稱這是加密市場的“催化時刻”，預測將重塑全球支付格局。</p><p>&nbsp;</p><h2 class="green-h2">CLARITY法案：數位資產的路線圖</h2><p><span style="color:#2A3795;"><strong>CLARITY法案是什麼？</strong></span></p><p>數位資產市場清晰法案（CLARITY Act） 旨在為整個加密生態系統提供監管框架。由眾議員French Hill提出，該法案於2025年6月通過眾議院委員會，現正等待眾議院全體投票。CLARITY法案解決了“誰監管什麼”的問題，終結了SEC與CFTC之間的長期爭執。</p><p><span style="color:#2A3795;"><strong>CLARITY法案的關鍵內容</strong></span></p><p>數位資產分類：將數位資產分為三類：證券（由SEC監管）、商品（由CFTC監管）和穩定幣（受GENIUS法案等框架監管）。例如，像XRP、DOGE和ETH這樣的加密貨幣可能被歸類為“數位商品”。<br>非託管保護：確保非託管協議的開發者（如礦工、驗證者或錢包提供者）不被不公平地視為貨幣傳輸者，保護去中心化生態。<br>自我託管權利：保障用戶無需依賴中介機構即可持有資產，促進財務自由。<br>交易所和經紀人註冊：要求數位商品交易所、經紀人和交易商向CFTC註冊，建立受監管的市場。</p><p><span style="color:#2A3795;"><strong>為什麼重要？</strong></span></p><p>CLARITY法案最終解決了加密貨幣監管的歸屬問題。通過指定CFTC作為數位商品的主要監管機構，減少了SEC過於嚴苛的監管方式，這種方式常被批評為扼殺創新。這一轉變可能使美國的交易所和項目更容易在無法律風險的情況下運營。</p><p>&nbsp;</p><h2 class="green-h2">法案的下一步？</h2><p>截至2025年7月7日，GENIUS法案已通過參議院，正等待眾議院投票，若進展順利，專家預測可能於8月簽署成為法律。CLARITY法案已通過眾議院委員會，即將進行全體投票，但其參議院審議可能因範圍較廣而更具挑戰。部分議員討論是否合併這兩項法案，但包括川普總統在內的一些人反對合併，認為應保持GENIUS法案對穩定幣的專注。</p><p><span style="color:#2A3795;"><strong>潛在挑戰</strong></span></p><p>政治阻力：一些民主黨人對GENIUS法案與某些穩定幣發行人的關聯表示擔憂，提出增強反腐措施的修正案。<br>消費者保護不足：批評者認為GENIUS法案缺乏強大的保護措施，例如類似FDIC的25萬美元存款保險。<br>非原生代幣問題：CLARITY法案專注於區塊鏈原生代幣，可能導致某些實用代幣（如借貸協議相關代幣）被歸類為證券，增加監管複雜性。</p><p>&nbsp;</p><h2 class="green-h2">這些法案如何塑造未來？</h2><p>若成為法律，GENIUS與CLARITY法案可能：</p><p>吸引投資：清晰的規則將為高盛、摩根大通等機構投資者提供信心，大舉投資區塊鏈項目。<br>推動DeFi和穩定幣應用：穩定幣可能成為全球支付的主流工具，DeFi平台也將受益於非託管協議的明確指引。<br>留住美國創新：友好的監管環境可防止開發者流向歐盟等已有MiCA框架的地區。<br>樹立全球標準：美國可能在加密監管上引領全球，影響其他國家的數位資產政策。</p><p>正如加密貨幣倡導者John Deaton所說，這些法案將使未來政府“極不可能”逆轉對加密友好的政策，確保行業長期穩定。</p><p>&nbsp;</p><h2 class="green-h2">迎接加密新時代</h2><p>GENIUS與CLARITY法案不僅僅是法案，它們標誌著美國準備擁抱區塊鏈技術和加密貨幣作為金融未來的關鍵部分。對於開發者、投資者和普通用戶來說，這些法案承諾打造更安全、清晰和創新的加密生態系統。無論你是區塊鏈新手還是資深的DeFi交易者，現在是關注的時候了。遊戲規則正在改變，美國正準備引領潮流。</p><p>&nbsp;</p><p style="text-align:center;"><span style="color:#3C3C3C;">D 是香港領先區塊鏈及網絡安全方案供應商</span><br><span style="color:#3C3C3C;">致力助不同的企業通過創新區塊鏈技術進一步發展業務，從 Web 2.0 向 Web 3.0 的新時代邁進</span></p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/tc/blockchain-consulting-services">諮詢專家</a></div><p>&nbsp;</p><p>&nbsp;</p>

The GENIUS and CLARITY Acts: Your Guide to the Crypto Laws Reshaping America’s Blockchain Future

GENIUS与CLARITY法案：美国区块链未来的关键加密法规全解析

GENIUS與CLARITY法案：美國區塊鏈未來的關鍵加密法規全解析

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</div></div><p>After the passage of the "One Big Beautiful Bill Act" by Congress, House Republicans are launching "Cryptocurrency Week" with an intensive legislative push aimed at reshaping the U.S. cryptocurrency regulatory framework and preventing future digital currency issuance by state governments. This initiative is seen as part of a broader plan by the Trump administration to establish U.S. leadership in global crypto innovation.</p><p>&nbsp;</p><h3><strong>Core Content of Cryptocurrency Week:</strong></h3><p>&nbsp;</p><p>The House plans to focus on three important cryptocurrency bills during the week of July 14: the "CLARITY Act," the "Anti-CBDC Surveillance State Act," and the "GENIUS Act." Republican lawmakers emphasize that these bills will bring regulatory certainty to the digital asset market while effectively preventing the Federal Reserve from issuing a Central Bank Digital Currency (CBDC).</p><p>&nbsp;</p><p>House Financial Services Committee Chairman French Hill (R-AR) stated, "After years of effort in Congress on digital assets, we are advancing landmark legislation to establish a clear regulatory framework for digital assets." This framework aims to protect consumer rights, enhance regulatory transparency, and explicitly prohibit the Federal Reserve from issuing a CBDC.</p><p>&nbsp;</p><p>House Agriculture Committee Chairman GT Thompson (R-PA) remarked, "The industry has long called for a clear regulatory framework. The House Agriculture Committee has worked alongside the Financial Services Committee to finalize the CLARITY Act, which will soon be voted on by the House and sent to the Senate for consideration."</p><h3>&nbsp;</h3><h3><strong>Progress of Cryptocurrency Week Legislation:</strong></h3><p>&nbsp;</p><p><strong>Anti-CBDC Surveillance State Act:</strong> Passed the House Financial Services Committee in April with a vote of 27 in favor and 22 against. This bill, introduced by Congressman Tom Emmer (R-MN), aims to prevent the Federal Reserve from issuing a digital dollar based on concerns over financial surveillance and the Fed transitioning to a retail banking institution.</p><p>&nbsp;</p><p><strong>CLARITY Act:</strong> Approved by the House Financial Services and Agriculture Committees in June. This bill would strip the U.S. Securities and Exchange Commission (SEC) of its oversight authority over the cryptocurrency industry.</p><p>&nbsp;</p><p><strong>GENIUS Act:</strong> Passed the Senate in June and is currently awaiting a vote in the House.</p><p>&nbsp;</p><p>Congressman Tom Emmer (R-MN) emphasized that these bills will safeguard financial privacy and strengthen the U.S.'s leading position in blockchain innovation, ultimately making America a leader in the global cryptocurrency space. "Innovators in the U.S. will have a clearer understanding of the regulatory environment, enabling them to grow domestically while ensuring that the future of the digital economy reflects our values of privacy, personal sovereignty, and free market competition."</p><p>&nbsp;</p><h3><strong>Coordination Between State Legislation and Federal Policy:</strong></h3><p>&nbsp;</p><p>Senator Cynthia Lummis (R-WY) noted that this federal action aligns with the legislative direction of some states. "Wyoming has actively embraced digital assets for nearly a decade, and we are pleased to see the federal government beginning to follow the Cowboy State's lead." She also expressed support for passing comprehensive stablecoin legislation to establish clear market rules and ensure that any CBDC respects the privacy and financial freedoms of Americans.</p>

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</div></div><p>在「大而美法案」(One Big Beautiful Bill Act)，获国会通过后，美国众议院共和党人正发起「加密货币周」，以密集的立法行动，目标是重塑美国加密货币监管框架，并阻止未来由州政府发行数位货币。此举被视为特朗普政府更广泛计划的一部分，旨在确立美国在全球加密创新领域的领导地位。</p><h3>&nbsp;</h3><h3>加密货币周核心内容：</h3><p>&nbsp;</p><p>众议院计划于7月14日当周集中审议三项重要加密货币法案： 《CLARITY法案》、《反 CBDC 监控国家法案》以及《GENIUS法案》。 共和党立法者强调，这些法案将为数位资产市场带来监管确定性，同时有效阻止美联储发行中央银行数位货币 (CBDC)。</p><p>&nbsp;</p><p>众议院金融服务委员会主席 French Hill (R-AR) 在声明中指出：「经过多年在国会致力于数位资产的努力，我们正推进具有里程碑意义的法案，以建立明确的数位资产监管框架。」 该框架旨在保障消费者权益，提升监管透明度，并明确禁止美联储发行 CBDC。</p><p>&nbsp;</p><p>众议院农业委员会主席 GT Thompson (R-PA) 则表示：「业界长期呼吁明确的监管框架。众议院农业委员会与金融服务委员会携手合作，完成了《CLARITY法案》的制定，接下来将由众议院表决，并送交参议院审议。」</p><p>&nbsp;</p><p>加密货币周法案进展：</p><ul><li><br>《反 CBDC 监控国家法案》: 4月已以27票赞成、22票反对的结果通过众议院金融服务委员会。该法案由众议员 Tom Emmer (R-MN) 提出，旨在基于对金融监控以及美联储转变为零售银行机构的担忧，阻止美联储发行数位美元。<br>《CLARITY法案》: 6月获得众议院金融服务委员会和农业委员会批准。该法案将剥夺美国证券交易委员会 (SEC) 对加密货币行业的监督权。<br>《GENIUS法案》: 6月已通过参议院，目前等待众议院投票。</li></ul><p>&nbsp;</p><p>众议员 Tom Emmer (R-MN) 强调，通过这些法案将维护金融隐私，巩固美国在区块链创新上的领先地位，最终让美国成为全球加密货币领域的领头羊。 「美国的创新者将更清晰地了解监管环境，得以在国内发展，同时确保数位经济的未来能反映我们对隐私、个人主权和自由市场竞争的价值观。」</p><h3>&nbsp;</h3><h3>州级立法与联邦政策的协同：</h3><p>&nbsp;</p><p>参议员 Cynthia Lummis (R-WY) 指出，联邦政府的这一行动与部分州的立法方向一致。 「怀俄明州近十年来一直积极拥抱数位资产，我们很高兴看到联邦政府开始追随牛仔州的脚步。」 她同时表示，支持通过全面的稳定币法案，建立明确的市场规则，并确保任何 CBDC 都能尊重美国人的隐私和金融自由。</p>

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</div></div><p>在「<a href="https://cftime.io/big-beautiful-bill/">大而美法案</a>」(One Big Beautiful Bill Act)，獲國會通過後，美國眾議院共和黨人正發起「加密貨幣週」，以密集的立法行動，目標是重塑美國加密貨幣監管框架，並阻止未來由州政府發行數位貨幣。此舉被視為特朗普政府更廣泛計劃的一部分，旨在確立美國在全球加密創新領域的領導地位。</p><h3>&nbsp;</h3><h3>加密貨幣週<strong>核心內容：</strong></h3><p>&nbsp;</p><p>眾議院計劃於7月14日當週集中審議三項重要加密貨幣法案： 《CLARITY法案》、《反 CBDC 監控國家法案》以及《<a href="https://cftime.io/circle-plunges/">GENIUS</a>法案》。 共和黨立法者強調，這些法案將為數位資產市場帶來監管確定性，同時有效阻止美聯儲發行中央銀行數位貨幣 (CBDC)。</p><p>&nbsp;</p><p>眾議院金融服務委員會主席 French Hill (R-AR) <a href="https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=410793">在聲明中指出</a>：「經過多年在國會致力於數位資產的努力，我們正推進具有里程碑意義的法案，以建立明確的數位資產監管框架。」 該框架旨在保障消費者權益，提升監管透明度，並明確禁止美聯儲發行 CBDC。</p><p>&nbsp;</p><p>眾議院農業委員會主席 GT Thompson (R-PA) 則表示：「業界長期呼籲明確的監管框架。眾議院農業委員會與金融服務委員會攜手合作，完成了《CLARITY法案》的制定，接下來將由眾議院表決，並送交參議院審議。」</p><p>&nbsp;</p><p>加密貨幣週<strong>法案進展：</strong></p><ul><li>&nbsp;</li><li><strong>《反 CBDC 監控國家法案》:</strong> 4月已以27票贊成、22票反對的結果通過眾議院金融服務委員會。該法案由眾議員 Tom Emmer (R-MN) 提出，旨在基於對金融監控以及美聯儲轉變為零售銀行機構的擔憂，阻止美聯儲發行數位美元。</li><li><strong>《CLARITY法案》:</strong> 6月獲得眾議院金融服務委員會和農業委員會批准。該法案將剝奪美國證券交易委員會 (SEC) 對加密貨幣行業的監督權。</li><li><strong>《GENIUS法案》:</strong> 6月已通過參議院，目前等待眾議院投票。</li></ul><p>&nbsp;</p><p>眾議員 Tom Emmer (R-MN) 強調，通過這些法案將維護金融隱私，鞏固美國在區塊鏈創新上的領先地位，最終讓美國成為全球加密貨幣領域的領頭羊。「美國的創新者將更清晰地了解監管環境，得以在國內發展，同時確保數位經濟的未來能反映我們對隱私、個人主權和自由市場競爭的價值觀。」</p><p>&nbsp;</p><h3><strong>州級立法與聯邦政策的協同：</strong></h3><p>&nbsp;</p><p>參議員<a href="https://cftime.io/cynthia-lummis/"> Cynthia </a>Lummis (R-WY) 指出，聯邦政府的這一行動與部分州的立法方向一致。「懷俄明州近十年來一直積極擁抱數位資產，我們很高興看到聯邦政府開始追隨牛仔州的腳步。」 她同時表示，支持通過全面的穩定幣法案，建立明確的市場規則，並確保任何 CBDC 都能尊重美國人的隱私和金融自由。</p>

US House Republicans launch "Crypto Week"

美国众议院共和党发动「加密货币周」！三大法案7月中表决

美國眾議院共和黨發動「加密貨幣週」！三大法案7月中表決  

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</div></div><p>&nbsp;</p><p>Stablecoins are transforming how we think about money in the digital age, and one name stands out: USDC. Issued by Circle, USDC has become a cornerstone of the crypto market, and Circle’s recent IPO under the ticker CRCL has sent shockwaves through both crypto and traditional finance. In this article, we’ll break down what USDC is, why Circle’s IPO is a game-changer, and what it means for the future of digital currency. Whether you’re a crypto newbie or a seasoned trader, this guide will give you the lowdown on this seismic shift.</p><p>&nbsp;</p><h2 class="green-h2">What Is USDC?</h2><p>The Stablecoin PowerhouseUSDC, or USD Coin, is a stablecoin pegged 1:1 to the U.S. dollar, designed to provide stability in the volatile crypto market. Launched by Circle in 2018, USDC allows users to move funds quickly and securely across blockchains without the wild price swings of cryptocurrencies like Bitcoin or Ethereum. Think of it as a digital dollar that lives on the blockchain, making it ideal for trading, payments, and decentralized finance (DeFi) applications.&nbsp;</p><p>&nbsp;</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><p>&nbsp;</p><h2 class="green-h2">How Does USDC Work?</h2><p>USDC is backed by reserves of cash, short-term U.S. Treasury bills, and other liquid assets, ensuring its value stays close to $1. These reserves are managed by trusted institutions like BlackRock and held in custody at BNY Mellon, with regular audits to maintain transparency. As of July 2025, USDC has a circulating supply of over $61 billion, making it the second-largest stablecoin behind Tether’s USDT.</p><p>Here’s why USDC is a big deal:Stability:&nbsp;</p><p>－ Pegged to the dollar, it’s a safe haven for crypto traders.<br>－ Transparency: Circle publishes regular attestations of its reserves.<br>－ Versatility: USDC operates across multiple blockchains like Ethereum, Solana, and Avalanche, enhancing its usability.<br>－ Institutional Appeal: Its regulatory compliance makes it a favorite for businesses and institutional investors.</p><p>&nbsp;</p><h2 class="green-h2">Circle: The Company Behind USDC</h2><p>Circle Internet Group, the Boston-based fintech behind USDC, is a leader in bridging traditional finance and crypto. Founded in 2013, Circle has focused on building a trusted, regulated platform for digital currencies. Its flagship product, USDC, has grown to dominate 25% of the stablecoin market, driven by pro-crypto legislation like the U.S. Senate’s GENIUS Act.</p><p>Circle’s mission is to create a seamless, transparent financial system on the internet. As CEO Jeremy Allaire puts it, “Circle has long sought to uphold the highest standards of trust, transparency, governance, and compliance.” This commitment has positioned Circle as a trusted player in both crypto and traditional markets.</p><p>&nbsp;</p><h2 class="green-h2">The CRCL IPO: A Crypto Milestone</h2><p>On June 5, 2025, Circle went public on the New York Stock Exchange under the ticker CRCL, raising $1.1 billion in one of the most oversubscribed IPOs in recent memory—25 times oversubscribed, to be exact. The IPO priced shares at $31, but they skyrocketed, hitting a peak of $299 and settling around $181.29 by June 30, giving Circle a market cap of roughly $43.75 billion.</p><p>This explosive debut reflects investor frenzy for stablecoin exposure, fueled by:</p><p>－ Regulatory Tailwinds: The GENIUS Act, passed by the U.S. Senate, signals a crypto-friendly regulatory environment, boosting confidence in USDC’s future.<br>－ Market Demand: With USDC’s $61 billion circulating supply, Circle is a pure-play bet on the growing stablecoin market.<br>－ Institutional Hype: Major banks like Barclays and Bernstein issued “buy” ratings, with price targets above $200, though some, like JPMorgan, cautioned about overvaluation.</p><p>However, the stock’s 485% surge since its debut has sparked debate. Goldman Sachs and JPMorgan warned of elevated valuations, with price targets of $83 and $80, respectively, suggesting potential downside. Despite this, Circle’s market cap briefly surpassed USDC’s circulating supply, a testament to its meteoric rise.</p><p>&nbsp;</p><h2 class="green-h2">Circle’s Big Bet: A National Trust Bank</h2><p>Fresh off its IPO, Circle announced a bold move on June 30, 2025: applying for a U.S. national trust bank charter with the Office of the Comptroller of the Currency (OCC). If approved, Circle would establish the First National Digital Currency Bank, N.A., to directly manage USDC reserves and offer custody services for institutional clients’ digital assets.</p><p><strong>Why This Matters</strong></p><p>A national trust bank charter would:Enhance USDC’s Credibility:&nbsp;</p><p>－ Federal oversight would align Circle with strict regulatory standards, reinforcing trust in USDC.<br>－ Strengthen Infrastructure: Managing its own reserves would reduce reliance on third parties like BNY Mellon.<br>－ Position Circle as a Leader: Only Anchorage Digital holds a similar charter among crypto firms, giving Circle a competitive edge.<br>－ Boost Adoption: Compliance with the GENIUS Act could make USDC the go-to stablecoin for institutions and retailers.</p><p>The OCC has 120 days to review the application, with a 30-day public comment period. This move could redefine Circle’s role in the financial system, but it’s not without risks—analysts warn of regulatory scrutiny, especially after reports of USDC being used for illicit activities like North Korean sanctions evasion.</p><p>&nbsp;</p><h2 class="green-h2">What’s Next for Circle and USDC?</h2><p>Circle’s IPO and bank charter application signal a turning point for stablecoins. Here’s what to watch:</p><p>－ Regulatory Clarity: If the GENIUS Act passes the House, stablecoins could become mainstream, with Circle as a key beneficiary.<br>－ Stock Volatility: CRCL’s wild ride (up 800% at one point, then a 25% weekly drop) suggests more turbulence ahead.<br>－ Competition: Tether’s USDT, with a $156.4 billion market cap, remains the dominant stablecoin, and new players like Meta’s ≋USD could challenge USDC.<br>－ Innovation: Circle’s new Circle Gateway tool simplifies USDC use across blockchains, potentially driving adoption.</p><p>&nbsp;</p><h2 class="green-h2">How to Get Started with USDC</h2><p>Ready to dive into USDC? Here’s a quick guide:</p><p>－ Choose a Wallet: Use a crypto wallet like MetaMask or Coinbase Wallet that supports USDC.<br>－ Buy USDC: Purchase USDC on exchanges like Coinbase, Binance, or Kraken using USD or other cryptocurrencies.<br>－ Explore Use Cases: Use USDC for trading, DeFi (e.g., lending on Aave), or cross-border payments.<br>－ Store Securely: Keep your USDC in a secure wallet or consider hardware wallets for long-term storage.<br>－ Stay Informed: Follow Circle’s updates on X or their official blog for news on USDC and CRCL.</p><p>&nbsp;</p><h2 class="green-h2">The Bottom Line: Is CRCL a Buy?</h2><p>Circle’s IPO and USDC’s growth have made it a darling of Wall Street and crypto enthusiasts alike. The company’s push to become a national trust bank and its alignment with U.S. regulations position it for long-term success. However, CRCL’s lofty valuation and competition from Tether and others introduce risks.</p><p>For crypto fans, USDC is a reliable stablecoin with growing utility. For investors, CRCL offers exposure to the stablecoin boom but comes with volatility. As Jim Cramer noted, “Circle’s a solid company, but the stock’s gotten too hot for me.” Whether you’re trading USDC or eyeing CRCL shares, stay sharp and keep an eye on regulatory developments.</p><p>&nbsp;</p><p style="text-align:center;">UD is a leading blockchain and network security solution provider in Hong Kong<br>We are dedicated to assisting enterprises in advancing their businesses through innovative blockchain technology, ushering from Web 2.0 to Web 3.0</p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/en/blockchain-consulting-services">Consult Experts</a></div><p><br>&nbsp;&nbsp;</p>

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</div></div><p>&nbsp;</p><p>稳定币正在改变我们对数位时代货币的看法，其中 USDC 无疑是一颗耀眼的明星。由 Circle 发行的 USDC 已成为加密货币市场的基石，而 Circle 最近以 CRCL 代码在纽约证券交易所上市的首次公开募股（IPO）更是震惊了加密货币与传统金融界。本文将深入解析 USDC 的本质、Circle IPO 的重大意义，以及这对数位货币未来的影响。无论你是加密货币新手还是资深交易者，这篇指南将为你提供全面的洞察。</p><p>&nbsp;</p><h2 class="green-h2">什麽是 USDC？</h2><p>稳定币的强者USDC（USD Coin）是一种与美元 1:1 挂钩的稳定币，旨在为波动剧烈的加密货币市场提供稳定性。Circle 于 2018 年推出 USDC，让用户能在区块链上快速、安全地转移资金，无需面对比特币或以太坊等加密货币的价格剧烈波动。可以将 USDC 视为区块链上的数位美元，非常适合用于交易、支付和去中心化金融（DeFi）应用。</p><p>&nbsp;</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><p>&nbsp;</p><h2 class="green-h2">USDC 的运作原理</h2><p>USDC 由现金、短期美国国库券和其他流动资产作为储备支持，确保其价值接近 1 美元。这些储备由贝莱德（BlackRock）等信誉良好的机构管理，并由纽约梅隆银行（BNY Mellon）负责保管，定期进行审计以确保透明度。截至 2025 年 7 月，USDC 的流通供应量已超过 610 亿美元，成为仅次于泰达币（USDT）的第二大稳定币。</p><p>USDC 的优势包括：</p><p>－ 稳定性：与美元挂钩，是加密货币交易者的避风港。<br>－ 透明度：Circle 定期发布储备金证明报告。<br>－ 多功能性：USDC 可在以太坊、Solana 和 Avalanche 等多个区块链上运行，应用范围广泛。<br>－ 机构吸引力：其合规性使其深受企业和机构投资者青睐。</p><p>&nbsp;</p><h2 class="green-h2">Circle：USDC 背后的公司</h2><p>总部位于波士顿的金融科技公司 Circle Internet Group 是 USDC 的发行方，也是连接传统金融与加密货币的领导者。成立于 2013 年，Circle 专注于打造一个受监管的数位货币平台。其旗舰产品 USDC 已佔据稳定币市场 25% 的份额，得益于美国参议院通过的《GENIUS 法案》等亲加密货币立法。</p><p>Circle 的使命是在互联网上建立一个无缝、透明的金融系统。正如首席执行官 Jeremy Allaire 所说：「Circle 一直致力于秉持最高的信任、透明度、治理和合规标准。」这一承诺使 Circle 在加密货币和传统市场中赢得了信任。</p><p>&nbsp;</p><h2 class="green-h2">CRCL IPO：加密货币的里程碑</h2><p>2025 年 6 月 5 日，Circle 在纽约证券交易所以 CRCL 代码上市，筹资 11 亿美元，成为近年来最受追捧的 IPO 之一，认购倍数高达 25 倍。IPO 定价为每股 31 美元，但股价随即飙升，最高达到 299 美元，截至 6 月 30 日稳定在 181.29 美元左右，市值约 437.5 亿美元。</p><p>这场火爆的首秀反映了投资者对稳定币的狂热，推动因素包括：</p><p>－ 监管顺风：美国参议院的《GENIUS 法案》为加密货币创造了友好的监管环境，提升了对 USDC 未来的信心。<br>－ 市场需求：USDC 流通供应量达 610 亿美元，Circle 成为稳定币市场的纯粹投资标的。<br>－ 机构热捧：巴克莱银行和伯恩斯坦等主要银行给予「买入」评级，目标价超过 200 美元，儘管摩根大通警告估值过高。</p><p>然而，CRCL 股价自上市以来上涨 485%，引发了估值争议。高盛和摩根大通分别将目标价定为 83 美元和 80 美元，暗示可能存在下行风险。儘管如此，Circle 的市值一度超过 USDC 的流通供应量，显示其惊人涨势。</p><p>&nbsp;</p><h2 class="green-h2">Circle 的大胆计划：申请成为国家信託银行</h2><p>IPO 成功后，Circle 于 2025 年 6 月 30 日宣布申请美国货币监理署（OCC）的国家信託银行执照。如果获得批准，Circle 将成立「第一国家数位货币银行」，直接管理 USDC 储备并为机构客户提供数位资产託管服务。</p><p>为什麽这很重要？</p><p>国家信託银行执照将带来以下影响：<br>－ 提升 USDC 公信力：联邦监管将使 Circle 符合严格标准，进一步增强 USDC 的信任度。<br>－ 强化基础设施：自行管理储备将减少对纽约梅隆银行等第三方的依赖。<br>－ 确立领导地位：目前仅 Anchorage Digital 拥有类似执照，Circle 将获得竞争优势。<br>－ 促进採用：符合《GENIUS 法案》的合规性可能使 USDC 成为机构和零售商的首选稳定币。</p><p>OCC 将在 120 天内审查申请，并开放 30 天的公众评论期。此举可能重新定义 Circle 在金融系统中的角色，但也面临风险，例如监管审查加剧，尤其是在有报导称 USDC 被用于北韩规避制裁等非法活动后</p><p>&nbsp;</p><h2 class="green-h2">Circle 与 USDC 的下一步</h2><p>Circle 的 IPO 和银行执照申请标誌着稳定币的转捩点。以下是需要关注的重点：</p><p>－ 监管进展：若《GENIUS 法案》在众议院通过，稳定币可能成为主流，Circle 将是主要受益者。<br>－ 股价波动：CRCL 股价曾一度上涨 800%，但最近一周下跌 25%，预示未来仍将震盪。<br>－ 竞争压力：泰达币（USDT）以 1564 亿美元的市值领跑稳定币市场，Meta 的 ≋USD 等新竞争者也可能挑战 USDC。<br>－ 创新推动：Circle 推出的 Circle Gateway 工具简化了跨区块链使用 USDC 的流程，可能进一步推广应用。</p><p>&nbsp;</p><h2 class="green-h2">如何开始使用 USDC</h2><p>准备好体验 USDC 了吗？以下是简单入门指南：</p><p>－ 选择钱包：使用支援 USDC 的加密货币钱包，如 MetaMask 或 Coinbase Wallet。<br>－ 购买 USDC：在 Coinbase、Binance 或 Kraken 等交易所使用美元或其他加密货币购买 USDC。<br>－ 探索应用：使用 USDC 进行交易、参与 DeFi（例如在 Aave 上借贷）或跨境支付。<br>－ 安全储存：将 USDC 存放在安全钱包中，长期持有可考虑硬体钱包。<br>－ 保持更新：在 X 平台或 Circle 官方博客关注 USDC 和 CRCL 的最新消息。</p><p>&nbsp;</p><h2 class="green-h2">CRCL 值得投资吗？</h2><p>Circle 的 IPO 和 USDC 的成长使其成为华尔街和加密货币爱好者的焦点。公司申请成为国家信託银行并与美国监管保持一致，为长期成功奠定了基础。然而，CRCL 的高估值以及来自泰达币等竞争对手的压力也带来风险。</p><p>对加密货币爱好者来说，USDC 是一个可靠且用途广泛的稳定币。对投资者而言，CRCL 提供了参与稳定币热潮的机会，但需警惕波动性。正如 Jim Cramer 所说：「Circle 是一家稳健的公司，但股价对我来说太热了。」无论你是交易 USDC 还是考虑投资 CRCL，请保持敏锐并关注监管动态。</p><p>&nbsp;</p><p style="text-align:center;"><span style="color:#3C3C3C;">UD 是香港领先区块链及网络安全方案供应商</span><br><span style="color:#3C3C3C;">致力助不同的企业通过创新区块链技术进一步发展业务，从 Web 2.0 向 Web 3.0 的新时代迈进</span></p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/sc/blockchain-consulting-services">谘询专家</a></div><p><br>&nbsp;</p>

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</div></div><p>&nbsp;</p><p>穩定幣正在改變我們對數位時代貨幣的看法，其中 USDC 無疑是一顆耀眼的明星。由 Circle 發行的 USDC 已成為加密貨幣市場的基石，而 Circle 最近以 CRCL 代碼在紐約證券交易所上市的首次公開募股（IPO）更是震驚了加密貨幣與傳統金融界。本文將深入解析 USDC 的本質、Circle IPO 的重大意義，以及這對數位貨幣未來的影響。無論你是加密貨幣新手還是資深交易者，這篇指南將為你提供全面的洞察。</p><p>&nbsp;</p><h2 class="green-h2">什麼是 USDC？</h2><p>穩定幣的強者USDC（USD Coin）是一種與美元 1:1 掛鉤的穩定幣，旨在為波動劇烈的加密貨幣市場提供穩定性。Circle 於 2018 年推出 USDC，讓用戶能在區塊鏈上快速、安全地轉移資金，無需面對比特幣或以太坊等加密貨幣的價格劇烈波動。可以將 USDC 視為區塊鏈上的數位美元，非常適合用於交易、支付和去中心化金融（DeFi）應用。</p><p>&nbsp;</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><p>&nbsp;</p><h2 class="green-h2"><span style="color:#28AA2E;"><strong>USDC 的運作原理</strong></span></h2><p>USDC 由現金、短期美國國庫券和其他流動資產作為儲備支持，確保其價值接近 1 美元。這些儲備由貝萊德（BlackRock）等信譽良好的機構管理，並由紐約梅隆銀行（BNY Mellon）負責保管，定期進行審計以確保透明度。截至 2025 年 7 月，USDC 的流通供應量已超過 610 億美元，成為僅次於泰達幣（USDT）的第二大穩定幣。</p><p>USDC 的優勢包括：</p><p>－ 穩定性：與美元掛鉤，是加密貨幣交易者的避風港。<br>－ 透明度：Circle 定期發布儲備金證明報告。<br>－ 多功能性：USDC 可在以太坊、Solana 和 Avalanche 等多個區塊鏈上運行，應用範圍廣泛。<br>－ 機構吸引力：其合規性使其深受企業和機構投資者青睞。</p><p>&nbsp;</p><h2 class="green-h2">Circle：USDC 背後的公司</h2><p>總部位於波士頓的金融科技公司 Circle Internet Group 是 USDC 的發行方，也是連接傳統金融與加密貨幣的領導者。成立於 2013 年，Circle 專注於打造一個受監管的數位貨幣平台。其旗艦產品 USDC 已佔據穩定幣市場 25% 的份額，得益於美國參議院通過的《GENIUS 法案》等親加密貨幣立法。</p><p>Circle 的使命是在互聯網上建立一個無縫、透明的金融系統。正如首席執行官 Jeremy Allaire 所說：「Circle 一直致力於秉持最高的信任、透明度、治理和合規標準。」這一承諾使 Circle 在加密貨幣和傳統市場中贏得了信任。</p><p>&nbsp;</p><h2 class="green-h2">CRCL IPO：加密貨幣的里程碑</h2><p>2025 年 6 月 5 日，Circle 在紐約證券交易所以 CRCL 代碼上市，籌資 11 億美元，成為近年來最受追捧的 IPO 之一，認購倍數高達 25 倍。IPO 定價為每股 31 美元，但股價隨即飆升，最高達到 299 美元，截至 6 月 30 日穩定在 181.29 美元左右，市值約 437.5 億美元。</p><p>這場火爆的首秀反映了投資者對穩定幣的狂熱，推動因素包括：</p><p>－ 監管順風：美國參議院的《GENIUS 法案》為加密貨幣創造了友好的監管環境，提升了對 USDC 未來的信心。<br>－ 市場需求：USDC 流通供應量達 610 億美元，Circle 成為穩定幣市場的純粹投資標的。<br>－ 機構熱捧：巴克萊銀行和伯恩斯坦等主要銀行給予「買入」評級，目標價超過 200 美元，儘管摩根大通警告估值過高。</p><p>然而，CRCL 股價自上市以來上漲 485%，引發了估值爭議。高盛和摩根大通分別將目標價定為 83 美元和 80 美元，暗示可能存在下行風險。儘管如此，Circle 的市值一度超過 USDC 的流通供應量，顯示其驚人漲勢。</p><p>&nbsp;</p><h2 class="green-h2">Circle 的大膽計劃：申請成為國家信託銀行</h2><p>IPO 成功後，Circle 於 2025 年 6 月 30 日宣布申請美國貨幣監理署（OCC）的國家信託銀行執照。如果獲得批准，Circle 將成立「第一國家數位貨幣銀行」，直接管理 USDC 儲備並為機構客戶提供數位資產託管服務。</p><p><strong>為什麼這很重要？</strong></p><p>國家信託銀行執照將帶來以下影響：<br>－ 提升 USDC 公信力：聯邦監管將使 Circle 符合嚴格標準，進一步增強 USDC 的信任度。<br>－ 強化基礎設施：自行管理儲備將減少對紐約梅隆銀行等第三方的依賴。<br>－ 確立領導地位：目前僅 Anchorage Digital 擁有類似執照，Circle 將獲得競爭優勢。<br>－ 促進採用：符合《GENIUS 法案》的合規性可能使 USDC 成為機構和零售商的首選穩定幣。</p><p>OCC 將在 120 天內審查申請，並開放 30 天的公眾評論期。此舉可能重新定義 Circle 在金融系統中的角色，但也面臨風險，例如監管審查加劇，尤其是在有報導稱 USDC 被用於北韓規避制裁等非法活動後</p><p>&nbsp;</p><h2 class="green-h2">Circle 與 USDC 的下一步</h2><p>Circle 的 IPO 和銀行執照申請標誌著穩定幣的轉捩點。以下是需要關注的重點：</p><p>－ 監管進展：若《GENIUS 法案》在眾議院通過，穩定幣可能成為主流，Circle 將是主要受益者。<br>－ 股價波動：CRCL 股價曾一度上漲 800%，但最近一周下跌 25%，預示未來仍將震盪。<br>－ 競爭壓力：泰達幣（USDT）以 1564 億美元的市值領跑穩定幣市場，Meta 的 ≋USD 等新競爭者也可能挑戰 USDC。<br>－ 創新推動：Circle 推出的 Circle Gateway 工具簡化了跨區塊鏈使用 USDC 的流程，可能進一步推廣應用。</p><p>&nbsp;</p><h2 class="green-h2">如何開始使用 USDC</h2><p>準備好體驗 USDC 了嗎？以下是簡單入門指南：</p><p>－ 選擇錢包：使用支援 USDC 的加密貨幣錢包，如 MetaMask 或 Coinbase Wallet。<br>－ 購買 USDC：在 Coinbase、Binance 或 Kraken 等交易所使用美元或其他加密貨幣購買 USDC。<br>－ 探索應用：使用 USDC 進行交易、參與 DeFi（例如在 Aave 上借貸）或跨境支付。<br>－ 安全儲存：將 USDC 存放在安全錢包中，長期持有可考慮硬體錢包。<br>－ 保持更新：在 X 平台或 Circle 官方博客關注 USDC 和 CRCL 的最新消息。</p><p>&nbsp;</p><h2 class="green-h2">CRCL 值得投資嗎？</h2><p>Circle 的 IPO 和 USDC 的成長使其成為華爾街和加密貨幣愛好者的焦點。公司申請成為國家信託銀行並與美國監管保持一致，為長期成功奠定了基礎。然而，CRCL 的高估值以及來自泰達幣等競爭對手的壓力也帶來風險。</p><p>對加密貨幣愛好者來說，USDC 是一個可靠且用途廣泛的穩定幣。對投資者而言，CRCL 提供了參與穩定幣熱潮的機會，但需警惕波動性。正如 Jim Cramer 所說：「Circle 是一家穩健的公司，但股價對我來說太熱了。」無論你是交易 USDC 還是考慮投資 CRCL，請保持敏銳並關注監管動態。</p><p>&nbsp;</p><p style="text-align:center;"><span style="color:#3C3C3C;">UD 是香港領先區塊鏈及網絡安全方案供應商</span><br><span style="color:#3C3C3C;">致力助不同的企業通過創新區塊鏈技術進一步發展業務，從 Web 2.0 向 Web 3.0 的新時代邁進</span></p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/tc/blockchain-consulting-services">諮詢專家</a></div><p>&nbsp;</p><p>&nbsp;</p>

Unpacking USDC and Circle’s Explosive CRCL IPO: The Stablecoin Revolution Hits Wall Street

稳定币革命席捲华尔街：揭秘 USDC 与 Circle 的 CRCL IPO

穩定幣革命席捲華爾街：揭秘 USDC 與 Circle 的 CRCL IPO

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</div></div><p>&nbsp;</p><p>Against the backdrop of intense volatility in the cryptocurrency market, stablecoin issuer Circle Internet Financial (CRCL) has risen against the tide. Its stock price has soared by as much as 800% since its listing, and it has become the highest-weighted (13%) component of the VanEck Digital Assets Index (MVDAPP), surpassing Coinbase (COIN) and MicroStrategy (MSTR). Why has Circle attracted massive capital inflows from Wall Street? This article analyzes Circle's rise to become a "must-have asset" for institutions, focusing on three key aspects: its stablecoin's dominant position, its leading role in index funds, and its regulatory moat.</p><h3><span style="color:#2A3795;"><strong>Circle's Three Key Advantages: Part 1 - USDC's "Cash Flow Monopoly": From Payment Tool to Financial Infrastructure</strong></span></h3><p>Circle's stablecoin, USDC, is currently the second-largest USD stablecoin globally, with a circulating supply of $32 billion.</p><p>▍Institutional-Grade Applications Explode</p><p>Futures Market Integration: Coinbase's clearinghouse, Nodal Clear, announced that from 2025, USDC will become eligible collateral for settling futures contracts, directly connecting it to traditional financial markets.<br>GENIUS Act Benefits: If passed, the GENIUS Act would incorporate USDC into the official US payment system, making it a compliant tool for corporate taxes and treasury transactions, further solidifying its government-level applications.</p><p>▍Robust Cash Flow Model</p><p>Circle generates revenue through interest sharing from USDC reserves, with an estimated annual income of $1.7 billion in 2024. This "low volatility + high liquidity" business model is extremely rare in the crypto industry, leading to CRCL being seen as the "Visa of crypto."</p><p>Read more: The Truth Behind Wall Street's Rush for Circle Stock; Stablecoin Scale Exceeds $250 Billion</p><h3><span style="color:#2A3795;"><strong>Circle's Three Key Advantages: Part 2 - Index Fund "Weight Hegemony": Passive Capital Continues to Increase</strong></span></h3><p>Less than three weeks after its IPO, Circle became the largest component (13% weight) of the VanEck MVDAPP index, significantly exceeding MicroStrategy (7%) and Coinbase (9%).</p><p>▍Passive Investment's Buying Effect</p><p>The VanEck Digital Transformation ETF (DAPP) must allocate CRCL according to its weight, creating an "institutional buying spiral."<br>Data shows that VanEck holds more CRCL shares than Circle CEO Jeremy Allaire, demonstrating Wall Street's recognition of its long-term value.</p><p>▍Comparison with Crypto Peers</p><p>&nbsp;</p><figure class="table"><table><thead><tr><th>Company</th><th>Index Weight</th><th>Year-to-Date Stock Price Increase</th><th>Main Business</th></tr></thead><tbody><tr><td><strong>Circle</strong></td><td>13%</td><td><strong>+445%</strong></td><td>Stablecoin (USDC)</td></tr><tr><td>Coinbase</td><td>9%</td><td>+23%</td><td>Exchange</td></tr><tr><td>Strategy</td><td>7%</td><td>+26%</td><td>Bitcoin Holdings</td></tr></tbody></table></figure><p>&nbsp;</p><p>Compared to the highly volatile exchanges and Bitcoin holding companies, Circle's "stablecoin cash flow" makes it the preferred choice for institutional funds seeking risk hedging.</p><p>&nbsp;</p><h3><span style="color:#2A3795;"><strong>Circle's Three Key Advantages: Part 3 - Regulatory Moat: Stablecoins Become "Regulatory Favorites"</strong></span></h3><p>&nbsp;</p><p>Circle's significant post-IPO rise can be attributed in part to the passage of the GENIUS Act in the Senate</p><p>&nbsp;</p><h2><strong>▍Strategic Value of the GENIUS Act</strong></h2><p>The GENIUS Act only awaits House passage and presidential signature. The Bernstein analyst Gautam Chhugani team predicts that if the bill is enacted, stablecoins will transition from the cryptocurrency ecosystem to a broader internet finance system.<br>The US Treasury has tested using USDC for tokenized settlement of treasury bonds, potentially leading to further integration into the global financial system.</p><p>&nbsp;</p><h3>▍Traditional Finance Alliances</h3><p>Circle has partnered with Visa and BlackRock to explore cross-border payments for tokenized assets and has received support from numerous banks, giving it a central position in the trend towards "crypto compliance."</p><p>Conclusion: Has Circle Become a "Blue-Chip Stock of Crypto"?</p><p>Based on market performance, Circle's three key moats—its stablecoin business, index weight, and policy advantages—have indeed moved it beyond the category of "high-risk crypto stocks," bringing it closer to the positioning of traditional financial payment giants (like Visa and Mastercard).</p><p>However, risks remain:</p><p>Interest Rate Policy Impact: If the Federal Reserve lowers interest rates, USDC interest income may decline.<br>Regulatory Variables: Delays in the GENIUS Act would postpone institutional adoption.</p><p>In the short term, the continuous inflow of passive capital has significantly increased Circle's market capitalization. The long-term outlook depends on whether USDC can truly become a global financial infrastructure. For investors, CRCL is no longer just a crypto concept stock; it is a crucial bet on digital dollar dominance.</p>

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</div></div><p>在加密货币市场剧烈波动的背景下，稳定币发行商Circle Internet Financial（CRCL）却逆势崛起，不仅股价自上市以来最多暴涨800%，更成为VanEck数位资产指数（MVDAPP）中权重最高（13%）的成分股，超越Coinbase（COIN）和MicroStrategy（MSTR）。究竟Circle为何能吸引华尔街巨额资金进驻？本文将从稳定币垄断地位、指数基金主导权、政策护城河三大面向，解析Circle崛起，成为机构「必配资产」的关键原因。</p><hr><h3><span style="color:#2A3795;"><strong>Circle崛起三大关键优势之一：USDC的「现金流垄断」：从支付工具升级为金融基础设施</strong></span></h3><p>&nbsp;</p><p>Circle旗下稳定币USDC是目前全球第二大美元稳定币，流通量达320亿美元。</p><p>&nbsp;</p><h3><strong>▍机构级应用爆发</strong></h3><p>&nbsp;</p><p>期货市场整合：Coinbase旗下清算所Nodal Clear宣布，2025年起USDC将成为合格抵押品，用于结算期货合约，直接打通传统金融市场。<br>GENIUS法案红利：该法案若通过，USDC将被纳入美国官方支付系统，成为企业税收、国债交易的合规工具，进一步巩断政府级应用。</p><p>&nbsp;</p><h3>▍稳健的现金流模式</h3><p>&nbsp;</p><p>Circle透过USDC储备金的利息分润，2024年的年收入约为17亿美元，这种「低波动+高流动性」的商业模式，在加密产业中极为罕见，也让CRCL被视为「加密界的Visa」。</p><hr><h2><span style="color:#2A3795;"><strong>Circle崛起三大关键优势之二：指数基金「权重霸权」：被动资金持续加仓</strong></span></h2><p>&nbsp;</p><p>Circle上市不到三周，即成VanEck MVDAPP指数，最大成分股（13%权重），远超Strategy（7%）和Coinbase（9%）。</p><p>&nbsp;</p><p>▍被动投资的买盘效应</p><p>VanEck数位转型ETF（DAPP）需按权重配置CRCL，形成「机构买盘螺旋」。<br>数据显示，VanEck持有CRCL的股份已超过Circle执行长Jeremy Allaire，显示华尔街对其长期价值的认可。</p><p>&nbsp;</p><p>▍对比加密同业</p><p>&nbsp;</p><figure class="table"><table><thead><tr><th>公司</th><th>指数权重</th><th>今年股价涨幅</th><th>主要业务</th></tr></thead><tbody><tr><td><strong>Circle</strong></td><td>13%</td><td><strong>+445%</strong></td><td>稳定币（USDC）</td></tr><tr><td>Coinbase</td><td>9%</td><td>+23%</td><td>交易所</td></tr><tr><td>Strategy</td><td>7%</td><td>+26%</td><td>比特币控股</td></tr></tbody></table></figure><p>相较于高波动的交易所与比特币控股公司，Circle的「稳定币现金流」使其成为机构资金避险首选。</p><hr><h3><strong>Circle崛起三大关键优势之三：政策护城河： 稳定币成「监管宠儿」</strong></h3><p>&nbsp;</p><p>Circle 上市后大升，GENIUS法案通过参议院可成一大主因。</p><p>&nbsp;</p><p>▍GENIUS法案的战略价值</p><p>&nbsp;</p><p>《GENIUS法案》只待众院通过及总统签署，Bernstein 分析师Gautam Chhugani 团队预期，若法案落实，稳定币将从加密货币生态迈向更广泛的互联网金融体系。<br>美国财政部已测试使用USDC进行国债代币化结算，未来可能进一步整合至全球金融体系。</p><p>&nbsp;</p><p>▍传统金融联盟</p><p>&nbsp;</p><p>Circle已与Visa、BlackRock合作，探索代币化资产的跨境支付，并获得多家银行支持，使其在「加密合规化」趋势中占据核心地位。</p><h3>&nbsp;</h3><h3>结论：Circle是否已成为「加密界的蓝筹股」？</h3><p>&nbsp;</p><p>从市场表现来看，Circle的稳定币业务、指数权重、政策优势三大护城河，确实让它脱离「高风险加密股」范畴，更接近传统金融的支付巨头（如Visa、Mastercard）定位。</p><p>&nbsp;</p><p>然而，风险仍存：</p><p>利率政策影响：若联准会降息，USDC利息收入可能下滑。<br>监管变数：GENIUS法案若延宕，将推迟机构采用进度。</p><p>&nbsp;</p><p>短期来看，随着被动资金持续流入，令Circle的市值大升，长期则取决于USDC能否真正成为全球金融基础设施。对投资者而言，CRCL已不仅是加密概念股，更是数位美元霸权的关键押注。</p><p>&nbsp;</p>

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</div></div><p>在加密貨幣市場劇烈波動的背景下，穩定幣發行商<strong>Circle Internet Financial（CRCL）</strong>卻逆勢崛起，不僅股價自上市以來最多暴漲800%，更成為<a href="http://vaneck.com/us/en/investments/digital-transformation-etf-dapp/overview/">VanEck數位資產指數</a>（MVDAPP）中<strong>權重最高（13%）</strong>的成分股，超越Coinbase（COIN）和MicroStrategy（MSTR）。究竟Circle為何能吸引華爾街巨額資金進駐？本文將從<strong>穩定幣壟斷地位、指數基金主導權、政策護城河</strong>三大面向，解析Circle崛起，成為機構「必配資產」的關鍵原因。</p><hr><h3><span style="color:#2A3795;"><strong>Circle崛起三大關鍵優勢之一：USDC的「現金流壟斷」：從支付工具升級為金融基礎設施</strong></span></h3><p>&nbsp;</p><p>Circle旗下穩定幣<strong>USDC</strong>是目前全球第二大美元穩定幣，流通量達<strong>320億美元</strong>。</p><p>&nbsp;</p><h3><strong>▍機構級應用爆發</strong></h3><ul><li><strong>期貨市場整合</strong>：Coinbase旗下清算所<strong>Nodal Clear</strong>宣佈，2025年起USDC將成為<strong>合格抵押品</strong>，用於結算期貨合約，直接打通傳統金融市場。</li><li><strong>GENIUS法案紅利</strong>：該法案若通過，USDC將被納入美國<strong>官方支付系統</strong>，成為企業稅收、國債交易的合規工具，進一步鞏斷政府級應用。</li></ul><p>&nbsp;</p><h3><strong>▍穩健的現金流模式</strong></h3><p>Circle透過USDC儲備金的<strong>利息分潤</strong>，2024年的年收入約為<strong>17億美元</strong>，這種「低波動+高流動性」的商業模式，在加密產業中極為罕見，也讓CRCL被視為<strong>「加密界的Visa」</strong>。</p><p>&nbsp;</p><p><a href="https://cftime.io/stablecoin-size/"><strong>看更多：華爾街瘋搶Circle股票背後真相 穩定幣規模突破2500億美元</strong></a></p><p>&nbsp;</p><hr><h3><span style="color:#2A3795;"><strong>Circle崛起三大關鍵優勢之二：指數基金「權重霸權」：被動資金持續加倉</strong></span></h3><p>&nbsp;</p><p>Circle上市不到三週，即成<strong>VanEck MVDAPP指數</strong>，最大成分股（13%權重），遠超Strategy（7%）和Coinbase（9%）。</p><p>&nbsp;</p><h3><strong>▍被動投資的買盤效應</strong></h3><ul><li><strong>VanEck數位轉型ETF（DAPP）</strong>需按權重配置CRCL，形成「<strong>機構買盤螺旋</strong>」。</li><li>數據顯示，VanEck持有CRCL的股份已超過<strong>Circle執行長Jeremy Allaire</strong>，顯示華爾街對其長期價值的認可。</li></ul><h3><strong>▍對比加密同業</strong></h3><figure class="table"><table><thead><tr><th>公司</th><th>指數權重</th><th>今年股價漲幅</th><th>主要業務</th></tr></thead><tbody><tr><td><strong>Circle</strong></td><td>13%</td><td><strong>+445%</strong></td><td>穩定幣（USDC）</td></tr><tr><td>Coinbase</td><td>9%</td><td>+23%</td><td>交易所</td></tr><tr><td>Strategy</td><td>7%</td><td>+26%</td><td>比特幣控股</td></tr></tbody></table></figure><p>相較於高波動的交易所與比特幣控股公司，Circle的「穩定幣現金流」使其成為機構資金避險首選。</p><p>&nbsp;</p><p><a href="https://cftime.io/circle-surges/"><strong>看更多：中東戰火擋不住 上市17日狂升10倍！ Circle暴漲後分析警告：崩盤倒數？</strong></a></p><hr><h3><span style="color:#2A3795;"><strong>Circle崛起三大關鍵優勢之三：政策護城河： 穩定幣</strong>成<strong>「監管寵兒」</strong></span></h3><p>Circle 上市後大升，GENIUS法案通過參議院可成一大主因。</p><h3><strong>▍GENIUS法案的戰略價值</strong></h3><ul><li>《GENIUS法案》只待眾院通過及總統簽署，Bernstein 分析師Gautam Chhugani 團隊預期，若法案落實，穩定幣將從加密貨幣生態邁向<strong>更廣泛的互聯網金融體系</strong>。</li><li>美國財政部已測試使用USDC進行<strong>國債代幣化結算</strong>，未來可能進一步整合至全球金融體系。</li></ul><h3><strong>▍傳統金融聯盟</strong></h3><p>Circle已與<strong>Visa、BlackRock</strong>合作，探索代幣化資產的跨境支付，並獲得多家銀行支持，使其在「<strong>加密合規化</strong>」趨勢中佔據核心地位。</p><hr><h2><strong>結論：Circle是否已成為「加密界的藍籌股」？</strong></h2><p>從市場表現來看，Circle的<strong>穩定幣業務、指數權重、政策優勢</strong>三大護城河，確實讓它脫離「高風險加密股」範疇，更接近傳統金融的<strong>支付巨頭（如Visa、Mastercard）</strong>定位。</p><p>然而，風險仍存：</p><ul><li><strong>利率政策影響</strong>：若聯準會降息，USDC利息收入可能下滑。</li><li><strong>監管變數</strong>：GENIUS法案若延宕，將推遲機構採用進度。</li></ul><p>短期來看，隨著被動資金持續流入，令Circle的市值大升，長期則取決於USDC能否真正成為<strong>全球金融基礎設施</strong>。對投資者而言，CRCL已不僅是加密概念股，更是<strong>數位美元霸權</strong>的關鍵押注。</p>

Circle has emerged as a new crypto blue chip

Circle崛起为加密新蓝筹：三大关键优势奠定机构「必配资产」地位

Circle崛起為加密新藍籌：三大關鍵優勢奠定機構「必配資產」地位

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</div><p>Since its IPO on June 4, 2025, Circle Crypto, the issuer of the USDC stablecoin, and its CRCL stock have seen a remarkable 7-fold increase in share price (after last Friday's market close) compared to its initial offering price. This surge coincides with the robust growth of the stablecoin market, highlighting its expanding influence. According to Token Terminal data, stablecoins currently account for 1.1% of the U.S. money supply (M2). While seemingly small, this percentage signifies their growing importance within the global financial system. Furthermore, CoinDesk data from mid-June shows that the global market capitalization of fiat-backed stablecoins has surpassed $250 billion, a record high, sparking widespread discussion about their potential to reshape global finance.</p><p>&nbsp;</p><p>Token Terminal predicts that stablecoins' share of the overall money supply will continue to rise, potentially approaching 100%, reflecting the industry's ambition to integrate programmable digital assets into mainstream financial infrastructure.&nbsp;</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/06/image-8.png" alt=""><figcaption><strong>Stablecoins currently represent 1.1% of the U.S. money supply (M2).</strong></figcaption></figure><p>&nbsp;</p><p>&nbsp;</p><p>Over the past decade, the supply of stablecoins has experienced explosive growth, contrasting sharply with the long-term expansion of the U.S. dollar, indicating the rapid adoption of blockchain-based digital dollars. CoinDesk's mid-June data confirms this, reporting a record-breaking $250 billion market cap for global fiat-backed stablecoins. CryptoQuant's data from early June also reached a record high of $228 billion, demonstrating the significant influx of capital into USD-pegged stablecoins.</p><p>&nbsp;</p><h3><span style="color:#2A3795;"><strong>The stablecoin market capitalization exceeding $250 billion showcases the substantial inflow of funds into USD-pegged stablecoins.</strong></span></h3><p>&nbsp;</p><p>Compared to the same period last year, this represents approximately a 55% increase. Since the beginning of 2025, stablecoin market capitalization has grown by $33 billion (a 17% increase). CoinGecko data further indicates a $97 billion increase since January 2024, primarily driven by Tether's USDT and Circle's USDC, with emerging player Ethena Labs accumulating nearly $6 billion in assets. Centralized exchanges currently hold a record amount of stablecoins, further enhancing liquidity in the cryptocurrency market.</p><p>&nbsp;</p><p>The applications of stablecoins extend beyond trading, penetrating broader financial sectors. Fireblocks' "2025 State of Stablecoins" report reveals that 49% of global financial institutions utilize stablecoins for payments, with another 41% testing or planning integration, indicating a shift from niche concept to a core component of payment and financial infrastructure.</p><p>&nbsp;</p><p>Payment giants like Visa and Mastercard have integrated stablecoins, and stablecoins such as USDC, USDT, and PYUSD are increasingly used in cross-border payments. Governments are actively exploring regulatory frameworks for CBDCs (Central Bank Digital Currencies) and stablecoins. These trends point towards stablecoins playing an increasingly crucial role in the future financial system.</p>

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</div><p>稳定币USDC 发行商 Circle Crypto 及其 CRCL 股票自 2025 年 6 月 4 日上市以来，股价已较招股价升近7倍（至上周五收市）。同一时间，稳定币市场展现强劲增长态势，其影响力正逐步扩大。根据Token Terminal数据显示，稳定币目前占据美国货币供给量（M2）的1.1%，尽管比例看似微小，却标志着其在全球金融体系中日益重要的地位，同时，根据CoinDesk 6月中旬的数据，全球法币支持型稳定币市值已突破2500亿美元，创下历史新高，引发关于其未来潜力重塑全球金融的广泛讨论。</p><p>&nbsp;</p><p>Token Terminal预测，稳定币在整体货币供给中的占比将持续攀升，甚至可能逼近100%，反映出业界积极将可编程数位资产整合至主流金融基础设施的雄心。</p><p>&nbsp;</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/06/image-8.png" alt=""><figcaption>稳定币目前占据美国货币供给量（M2）的1.1%。</figcaption></figure><p>&nbsp;</p><p>&nbsp;</p><p>过去十年，稳定币供给量呈现爆炸式增长，与美元长期扩张形成鲜明对比，这也反映出基于区块链的数位美元快速普及的趋势。 同时，根据CoinDesk 6月中旬的数据，全球法币支持型稳定币市值已突破2500亿美元，创下历史新高；CryptoQuant本月初的数据也显示，市值达到2280亿美元，同样创下历史纪录，显示资金持续大量涌入美元挂钩的稳定币。</p><p>&nbsp;</p><h3><span style="color:#2A3795;"><strong>稳定币规模突破2500亿美元 显示资金持续大量涌入美元挂钩的稳定币</strong></span></h3><p>&nbsp;</p><p>与去年同期相比，增长幅度约为55%；自2025年初以来，增长330亿美元，增幅达17%；CoinGecko数据更指出，自2024年1月以来，稳定币市值已增加970亿美元，主要受Tether的USDT和Circle的USDC推动，新兴玩家Ethena Labs也累积了近60亿美元的资产。 中心化交易所目前持有创纪录数量的稳定币，进一步提升了加密货币市场的流动性。</p><p>&nbsp;</p><p>稳定币的应用场景已不再局限于交易，正逐步渗透至更广泛的金融领域。 Fireblocks的《2025年稳定币现状》报告指出，全球49%的金融机构已将稳定币应用于支付业务，另有41%的机构正在测试或计划整合稳定币，显示稳定币正从小众概念转变为支付和财务基础设施的核心组成部分。</p><p>&nbsp;</p><p>Visa和万事达卡等支付巨头也已整合稳定币，USDC、USDT和PYUSD等稳定币在跨境支付中的应用也日益增多，各国政府也积极探索CBDC（中央银行数位货币）和稳定币监管框架。 这些发展趋势都指向稳定币在未来金融体系中扮演更为关键的角色。</p>

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</div><p>穩定幣USDC 發行商 Circle Crypto 及其 <a href="https://cftime.io/circle-profit/">CRCL 股票</a>自 2025 年 6 月 4 日上市以來，股價已較招股價升近7倍（至上周五收市）。同一時間，穩定幣市場展現強勁增長態勢，其影響力正逐步擴大。根據Token Terminal數據顯示，<a href="https://x.com/tokenterminal/status/1935827049077522544">穩定幣目前佔據美國貨幣供給量</a>（M2）的1.1%，儘管比例看似微小，卻標誌著其在全球金融體系中日益重要的地位，同時，根據CoinDesk 6月中旬的數據，全球法幣支持型穩定幣市值已突破2500億美元，創下歷史新高，引發關於其未來潛力重塑全球金融的廣泛討論。</p><p>&nbsp;</p><p>Token Terminal預測，穩定幣在整體貨幣供給中的佔比將持續攀升，甚至可能逼近100%，反映出業界積極將可編程數位資產整合至主流金融基礎設施的雄心。</p><p>&nbsp;</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/06/image-8.png" alt=""><figcaption><strong>穩定幣目前佔據美國貨幣供給量（M2）的1.1%。</strong></figcaption></figure><p>&nbsp;</p><p>&nbsp;</p><p>過去十年，穩定幣供給量呈現爆炸式增長，與美元長期擴張形成鮮明對比，這也反映出基於區塊鏈的數位美元快速普及的趨勢。 同時，根據CoinDesk 6月中旬的數據，全球法幣支持型穩定幣市值已突破2500億美元，創下歷史新高；CryptoQuant本月初的數據也顯示，市值達到2280億美元，同樣創下歷史紀錄，顯示資金持續大量湧入美元掛鉤的穩定幣。</p><p>&nbsp;</p><h3><span style="color:#2A3795;"><strong>穩定幣規模突破2500億美元 顯示資金持續大量湧入美元掛鉤的穩定幣</strong></span></h3><p>&nbsp;</p><p>與去年同期相比，增長幅度約為55%；自2025年初以來，增長330億美元，增幅達17%；CoinGecko數據更指出，自2024年1月以來，穩定幣市值已增加970億美元，主要受Tether的USDT和Circle的USDC推動，新興玩家Ethena Labs也累積了近60億美元的資產。 中心化交易所目前持有創紀錄數量的穩定幣，進一步提升了加密貨幣市場的流動性。</p><p>&nbsp;</p><p>穩定幣的應用場景已不再侷限於交易，正逐步滲透至更廣泛的金融領域。Fireblocks的《2025年穩定幣現狀》報告指出，全球49%的金融機構已將穩定幣應用於支付業務，另有41%的機構正在測試或計劃整合穩定幣，顯示穩定幣正從小眾概念轉變為支付和財務基礎設施的核心組成部分。</p><p>&nbsp;</p><p>Visa 和萬事達卡等支付巨頭也已整合穩定幣，USDC、USDT和PYUSD等穩定幣在跨境支付的應用也日益增多，各國政府也積極探索CBDC（中央銀行數位貨幣）和穩定幣監管框架。 這些發展趨勢都指向穩定幣在未來金融體系中扮演更關鍵的角色。</p>

The truth behind Wall Street's crazy rush for Circle shares

华尔街疯抢Circle股票背后真相 稳定币规模突破2500亿美元

華爾街瘋搶Circle股票背後真相 穩定幣規模突破2500億美元

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</div></div><p>&nbsp;</p><p>Stablecoins have become a cornerstone of the cryptocurrency world, bridging the gap between traditional finance and digital assets. With their value pegged to stable assets like the U.S. dollar, stablecoins offer a reliable way to transact, save, and invest in the volatile crypto market. Recently, their popularity has surged, driven by institutional adoption, innovative use cases, and high-profile events like Circle’s blockbuster IPO in June 2025. In this blog, we’ll break down what stablecoins are, explore why they’re gaining traction, and highlight the role of institutional players in this booming sector.</p><p>&nbsp;</p><h2 class="green-h2">What Is a Stablecoin? A Beginner’s Guide</h2><p>Stablecoins are cryptocurrencies designed to maintain a stable value, typically by pegging their price to a fiat currency (like the U.S. dollar or euro), commodities (like gold), or other assets. Unlike volatile cryptocurrencies such as Bitcoin or Ethereum, stablecoins aim to minimize price fluctuations, making them ideal for everyday transactions, trading, and storing value.</p><p>&nbsp;</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><h2 class="green-h2"><br>How Do Stablecoins Work?</h2><p>Stablecoins achieve stability through various mechanisms:</p><p>1. Fiat-Backed Stablecoins: These are backed 1:1 by reserves of fiat currency held in bank accounts. For example, 1 USDC (issued by Circle) is redeemable for 1 U.S. dollar. Regular audits ensure transparency and trust.</p><p>2. Crypto-Backed Stablecoins: These are backed by other cryptocurrencies, often over-collateralized to absorb price volatility. Examples include DAI from MakerDAO.</p><p>3. Algorithmic Stablecoins: These use algorithms to control supply and demand, maintaining a stable value without direct asset backing. However, they can be riskier, as seen in past failures like TerraUSD.</p><p>Fiat-backed stablecoins, like USDC and Tether (USDT), dominate the market due to their simplicity and reliability. As of May 2025, the global stablecoin market cap exceeds $250 billion, with USDC alone accounting for $61 billion.</p><p>&nbsp;</p><h2 class="green-h2"><strong>Why Are Stablecoins Useful?</strong></h2><p>Stablecoins combine the benefits of cryptocurrencies—speed, low-cost transactions, and borderless access—with the stability of traditional currencies. They’re widely used for:</p><p>1. Trading: Stablecoins act as a “safe haven” for crypto traders, allowing them to park funds without converting to fiat.</p><p>2. Payments and Remittances: They enable fast, low-cost cross-border transfers, reducing fees compared to traditional wire transfers (from $44 to as low as $0.30 on some blockchains).</p><p>3. DeFi (Decentralized Finance): Stablecoins provide liquidity for lending, borrowing, and yield farming in DeFi protocols.</p><p>4. Financial Inclusion: They offer access to dollar-based assets for unbanked populations in developing regions, bypassing restrictive banking systems.</p><p>&nbsp;</p><h2 class="green-h2">Why Are Stablecoins So Popular in 2025?</h2><p>Stablecoins have evolved from niche crypto tools to critical infrastructure for global finance. Their recent surge in popularity can be attributed to several factors, including institutional adoption, regulatory clarity, and Circle’s high-profile IPO.</p><p><span style="color:#2A3795;"><strong>1. Institutional Adoption: Big Players Launch Their Own Stablecoins</strong></span></p><p>Traditional financial institutions and tech giants are increasingly entering the stablecoin space, recognizing their potential to revolutionize payments and asset management. Notable examples include:</p><p>－ Fidelity Investments: In 2025, Fidelity announced plans to develop a dollar-backed stablecoin to capitalize on investor interest and generate reserve income.</p><p>－ JPMorgan Chase and Bank of America: Both are exploring stablecoin issuance, awaiting clearer market conditions and regulatory frameworks.</p><p>－ PayPal: Launched PYUSD in 2023, leveraging its 400 million users and 20 million merchants to drive adoption. While still small, PYUSD signals fintech’s strategic focus on stablecoins.</p><p>－ Wyoming’s State Stablecoin: Wyoming is finalizing a state-issued dollar-backed stablecoin to fund education and other initiatives, showcasing public-sector innovation.</p><p>－ Trump’s World Liberty Financial: Even the Trump family has joined the trend, launching a stablecoin in 2025, though it’s stirred controversy over conflicts of interest.</p><p>These moves reflect a broader shift: stablecoins are no longer just crypto-native assets but are becoming “programmable dollars” for mainstream finance. Institutions see stablecoins as a way to offer efficient payment rails, earn reserve income, and tap into the growing digital economy.</p><p><span style="color:#2A3795;"><strong>2. Circle’s IPO: A Landmark Moment for Stablecoins</strong></span></p><p>Circle, the issuer of USDC, made history in June 2025 with its initial public offering (IPO) on the New York Stock Exchange (NYSE) under the ticker CRCL. The IPO was a resounding success, raising $1.05 billion and valuing Circle at $6.9 billion. Shares surged 168% on debut, closing at $83.23 after opening at $69, reflecting massive investor enthusiasm.</p><p><strong>Why Circle’s IPO Matters</strong></p><p><strong>－ </strong>Legitimizing Stablecoins: By going public, Circle subjected itself to U.S. securities laws, quarterly reporting, and enhanced transparency, boosting trust among risk-averse institutions. This sets a new standard for the industry, contrasting with Tether’s opaque reserve practices.</p><p>－ Institutional Backing: Major players like ARK Investment ($150 million stake) and BlackRock (managing 90% of USDC reserves) signaled strong Wall Street support.</p><p>－ Revenue Model: Circle reported $1.68 billion in revenue in 2024, primarily from interest on USDC reserves. This profitable model attracts investors seeking exposure to stablecoin growth.</p><p>－ Market Positioning: USDC, with a $61 billion market cap, holds 27% of the stablecoin market, second only to Tether’s 67%. Circle’s compliance focus and partnerships (e.g., with Coinbase, Visa, and Mastercard) position USDC as a trusted digital dollar.</p><p>Circle’s IPO has sparked a wave of optimism, with posts on X calling it “crypto’s financial coming-of-age” and a signal that stablecoins are becoming “essential infrastructure.”</p><p><span style="color:#2A3795;"><strong>3. Regulatory Tailwinds and the GENIUS Act</strong></span></p><p>The regulatory landscape for stablecoins is improving, particularly in the U.S. under the Trump administration, which has promised lighter crypto regulations. A key development is the proposed GENIUS Act, which aims to establish a legal framework for stablecoin issuers. This bill, supported by the crypto industry, is expected to pass in summer 2025, further legitimizing stablecoins and encouraging adoption.</p><p>Globally, countries like the UK, Japan, and Singapore have implemented stablecoin regulations, providing clarity for institutional players. Circle’s proactive compliance—holding a New York BitLicense since 2015 and publishing monthly reserve audits—aligns with these frameworks, giving it a competitive edge.</p><p><span style="color:#2A3795;"><strong>4. Expanding Use Cases: From Payments to Tokenization</strong></span></p><p>Stablecoins are finding new applications beyond crypto trading, driving their mainstream appeal:<br>－ Cross-Border Payments: Circle’s Payments Network enables real-time settlements in USDC, attracting financial institutions seeking efficient global transfers.<br>－ Real-World Asset (RWA) Tokenization: Stablecoins like USDC are key liquidity layers for tokenizing assets like real estate, carbon credits, and supply chain receivables. This trend is expected to grow as more assets move on-chain.<br>－ Corporate Treasury Management: Businesses are adopting stablecoins for yield-generating accounts, transforming idle capital into revenue through DeFi protocols. Circle aims to build “banking rails” for such use cases.<br>－ Tech Integration: Reports suggest tech giants like Google, Apple, Airbnb, and X are exploring stablecoin integration for payments, hinting at mass adoption.</p><p>These use cases highlight stablecoins’ versatility, making them a critical bridge between traditional and digital finance.</p><p>&nbsp;</p><h2 class="green-h2">Challenges and Risks to Watch</h2><p>Despite their popularity, stablecoins face challenges:</p><p>－ Regulatory Uncertainty: While progress is being made, inconsistent global regulations could hinder growth.</p><p>－ Competition: The market is crowded, with Tether’s dominance, new entrants like PYUSD, and potential bank-issued stablecoins.</p><p>－ Reserve Risks: Past incidents, like Circle’s $3.3 billion USDC reserves being trapped during the 2023 Silicon Valley Bank crisis, underscore the importance of robust reserve management.</p><p>－ Trust and Transparency: Tether’s lack of audits contrasts with Circle’s transparency, but all issuers must maintain trust to avoid de-pegging risks.</p><p>&nbsp;</p><h2 class="green-h2">The Future of Stablecoins</h2><p>Stablecoins are poised to reshape finance in 2025 and beyond. Circle’s IPO has solidified their legitimacy, while institutional adoption and regulatory clarity are unlocking new opportunities. As stablecoins evolve into infrastructure for payments, tokenization, and treasury management, they’re becoming the “digital anchor” of the global economy.</p><p>Whether you’re a crypto enthusiast or a business exploring digital assets, stablecoins offer a stable entry point into the future of finance. Keep an eye on regulatory developments and emerging use cases to stay ahead in this rapidly evolving space.</p><p>&nbsp;</p><p style="text-align:center;">UD is a leading blockchain and network security solution provider in Hong Kong<br>We are dedicated to assisting enterprises in advancing their businesses through innovative blockchain technology, ushering from Web 2.0 to Web 3.0</p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/en/blockchain-consulting-services">Consult Experts</a></div><p><br>&nbsp;&nbsp;</p>

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</div></div><p>&nbsp;</p><p>稳定币已成为加密货币世界的基石，衔接传统金融与数位资产的桥樑。稳定币的价值通常与美元等稳定资产挂钩，提供在波动的加密市场中进行交易、储蓄和投资的可靠方式。近期，稳定币的受欢迎程度激增，受到机构採用、创新应用案例以及Circle于2025年6月成功IPO的推动。在这篇部落格中，我们将解析稳定币的定义，探讨其受欢迎的原因，并强调机构参与者在这一蓬勃发展领域的角色。</p><p>&nbsp;</p><h2 class="green-h2">什麽是稳定币？入门指南</h2><p>稳定币是一种旨在保持价值稳定的加密货币，通常透过将其价格与法定货币（如美元或欧元）、商品（如黄金）或其他资产挂钩来实现。与比特币或以太坊等波动较大的加密货币不同，稳定币旨在减少价格波动，使其适合日常交易、贸易和价值储存。</p><p>&nbsp;</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><p>&nbsp;</p><h2 class="green-h2">稳定币如何运作？</h2><p>稳定币透过多种机制实现稳定性：</p><p>1. 法定货币支持的稳定币：这些稳定币以1:1的比例由银行帐户中的法定货币储备支持。例如，Circle发行的1 USDC可兑换1美元。定期审计确保透明度和信任。</p><p>2. 加密货币支持的稳定币：这些稳定币由其他加密货币支持，通常採用超额抵押以吸收价格波动。例如MakerDAO的DAI。</p><p>3. 演算法稳定币：这些稳定币使用演算法控制供需，维持稳定价值，但不直接由资产支持。然而，这类稳定币风险较高，如TerraUSD的崩盘案例所示。</p><p>法定货币支持的稳定币，如USDC和Tether（USDT），因其简单性和可靠性而主导市场。截至2025年5月，全球稳定币市值超过2500亿美元，其中USDC佔据610亿美元。</p><p>&nbsp;</p><h2 class="green-h2">稳定币有何用途？</h2><p>稳定币结合了加密货币的优势——速度快、交易成本低、无国界存取——与传统货币的稳定性。它们广泛应用于：</p><p>1. 交易：稳定币为加密交易者提供“避险港”，允许他们在不转换为法定货币的情况下存放资金。</p><p>2. 支付与汇款：稳定币实现快速、低成本的跨境转帐，相较传统电汇费用（从44美元降至某些区块链上的0.3美元）大幅降低。</p><p>3. 去中心化金融（DeFi）：稳定币为借贷、借款和收益农场等DeFi协议提供流动性。</p><p>4. 金融包容性：稳定币为发展中地区的无银行帐户人口提供美元资产存取，绕过限制性银行系统。</p><p>&nbsp;</p><h2 class="green-h2">为何稳定币在2025年如此受欢迎？</h2><p>稳定币已从小众加密工具演变为全球金融的关键基础设施。其近期受欢迎程度的激增可归因于多个因素，包括机构採用、监管清晰化以及Circle的高调IPO。</p><p><span style="color:#2A3795;"><strong>1. 机构採用：大企业推出自有稳定币</strong></span></p><p>传统金融机构和科技巨头日益进入稳定币领域，认识到其在支付和资产管理方面的潜力。显着案例包括：</p><p>－ 富达投资（Fidelity Investments）：2025年，富达宣佈计画开发美元支持的稳定币，以利用投资者兴趣并产生储备收入。</p><p>－ 摩根大通（JPMorgan Chase）与美国银行（Bank of America）：两者正在探索稳定币发行，等待更明确的市场条件和监管框架。</p><p>－ PayPal：2023年推出PYUSD，凭藉其4亿用户和2000万商家推动採用。虽然规模仍小，但PYUSD显示金融科技对稳定币的策略性关注。</p><p>－ 怀俄明州稳定币：怀俄明州正最终确定州发行的美元支持稳定币，用于资助教育等项目，展示公共部门的创新。</p><p>－ 川普的World Liberty Financial：连川普家族也加入这一趋势，于2025年推出稳定币，儘管引发了利益冲突争议。</p><p>这些举措反映出更广泛的转变：稳定币不再仅是加密原生资产，而是成为主流金融的“可程式化美元”。机构视稳定币为提供高效支付管道、赚取储备收入并进入成长中数位经济的方式。</p><p><span style="color:#2A3795;"><strong>2. Circle的IPO：稳定币的里程碑时刻</strong></span></p><p>Circle，USDC的发行方，于2025年6月在纽约证券交易所（NYSE）以CRCL代码进行首次公开募股（IPO），创造历史。这次IPO大获成功，募资10.5亿美元，公司估值达69亿美元。首日股价飙升168%，收盘价为83.23美元，开盘价为69美元，反映出投资者的极大热情。</p><p>为何Circle的IPO意义重大</p><p>－ 稳定币合法化：透过公开上市，Circle接受美国证券法、季度报告和更高透明度的约束，提升了风险规避型机构的信任。这为行业树立新标准，与Tether不透明的储备做法形成对比。</p><p>－ 机构支持：ARK投资（1.5亿美元持股）和贝莱德（管理90%的USDC储备）等主要参与者显示出华尔街的强力支持。</p><p>－ 收入模式：Circle于2024年报告16.8亿美元收入，主要来自USDC储备利息。这一盈利模式吸引寻求稳定币成长敞口的投资者。</p><p>－ 市场定位：USDC以610亿美元市值佔稳定币市场27%，仅次于Tether的67%。Circle的合规焦点及与Coinbase、Visa和Mastercard的合作，使USDC成为可信的数位美元。</p><p>Circle的IPO引发乐观浪潮，X平台上的贴文称其为“加密金融的成年礼”，并认为稳定币正成为“基础设施”。</p><p><span style="color:#2A3795;"><strong>3. 监管顺风与GENIUS法案</strong></span></p><p>稳定币的监管环境正在改善，特别是在美国川普政府承诺放宽加密监管的情况下。一项关键进展是拟议的GENIUS法案，旨在为稳定币发行人建立法律框架。这项法案得到加密行业支持，预计于2025年夏季通过，进一步合法化稳定币并鼓励採用。</p><p>全球范围内，英国、日本和新加坡等国已实施稳定币监管，为机构参与者提供清晰度。Circle的积极合规——自2015年持有纽约BitLicense并每月发布储备审计报告——与这些框架一致，赋予其竞争优势。</p><p><span style="color:#2A3795;"><strong>4. 扩展应用案例：从支付到代币化</strong></span></p><p>稳定币正在超越加密交易，找到新的应用场景，推动其主流吸引力：</p><p>－ 跨境支付：Circle的支付网络实现USDC的实时结算，吸引寻求高效全球转帐的金融机构。</p><p>－ 实物资产（RWA）代币化：USDC等稳定币是房地产、碳信用和供应链应收帐款等资产代币化的关键流动性层。随着更多资产上链，这一趋势预计将增长。</p><p>－ 企业资金管理：企业採用稳定币进行收益帐户，透过DeFi协议将闲置资本转化为收入。Circle旨在为此类应用打造“银行管道”。</p><p>－ 科技整合：报告显示，谷歌、苹果、Airbnb和X等科技巨头正在探索稳定币支付整合，暗示大规模採用。</p><p>这些应用案例突显稳定币的多功能性，使其成为传统与数位金融的关键桥樑。</p><p>&nbsp;</p><h2 class="green-h2">挑战与风险需关注</h2><p>儘管稳定币受欢迎，它们仍面临挑战：</p><p>－ 监管不确定性：虽然取得进展，但全球监管不一致可能阻碍成长。</p><p>－ 竞争：市场拥挤，Tether佔主导地位，PYUSD等新进者以及潜在的银行发行稳定币均构成挑战。</p><p>－ 储备风险：过去事件，如2023年硅谷银行危机期间Circle 33亿美元USDC储备被困，凸显稳健储备管理的重要性。</p><p>－ 信任与透明度：Tether缺乏审计与Circle的透明形成对比，但所有发行人都必须维持信任以避免脱钩风险。</p><p>&nbsp;</p><h2 class="green-h2">稳定币的未来</h2><p>稳定币将在2025年及未来重塑金融。Circle的IPO巩固了其合法性，而机构採用和监管清晰化正在开启新机遇。随着稳定币演变为支付、代币化和资金管理的基础设施，它们正成为全球经济的“数位锚”。</p><p>无论你是加密爱好者还是探索数位资产的企业，稳定币提供稳定的数位金融入门点。密切关注监管进展和新兴应用案例，以在这快速演变的领域保持领先。</p><p>&nbsp;</p><p style="text-align:center;"><span style="color:#3C3C3C;">UD 是香港领先区块链及网络安全方案供应商</span><br><span style="color:#3C3C3C;">致力助不同的企业通过创新区块链技术进一步发展业务，从 Web 2.0 向 Web 3.0 的新时代迈进</span></p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/sc/blockchain-consulting-services">谘询专家</a></div><p><br>&nbsp;</p>

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</div></div><p>&nbsp;</p><p><span style="background-color:transparent;color:black;">穩定幣已成為加密貨幣世界的基石，銜接傳統金融與數位資產的橋樑。穩定幣的價值通常與美元等穩定資產掛鉤，提供在波動的加密市場中進行交易、儲蓄和投資的可靠方式。近期，穩定幣的受歡迎程度激增，受到機構採用、創新應用案例以及Circle於2025年6月成功IPO的推動。在這篇部落格中，我們將解析穩定幣的定義，探討其受歡迎的原因，並強調機構參與者在這一蓬勃發展領域的角色。</span></p><p>&nbsp;</p><h2 class="green-h2"><span style="background-color:transparent;color:#28AA2E;">什麼是穩定幣？入門指南</span></h2><p><span style="background-color:transparent;color:black;">穩定幣是一種旨在保持價值穩定的加密貨幣，通常透過將其價格與法定貨幣（如美元或歐元）、商品（如黃金）或其他資產掛鉤來實現。與比特幣或以太坊等波動較大的加密貨幣不同，穩定幣旨在減少價格波動，使其適合日常交易、貿易和價值儲存。</span></p><p>&nbsp;</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><p>&nbsp;</p><h2 class="green-h2"><span style="background-color:transparent;color:#28AA2E;">穩定幣如何運作？</span></h2><p><span style="background-color:transparent;color:black;">穩定幣透過多種機制實現穩定性：</span></p><p><span style="background-color:transparent;color:black;">1. 法定貨幣支持的穩定幣：這些穩定幣以1:1的比例由銀行帳戶中的法定貨幣儲備支持。例如，Circle發行的1 USDC可兌換1美元。定期審計確保透明度和信任。</span></p><p><span style="background-color:transparent;color:black;">2. 加密貨幣支持的穩定幣：這些穩定幣由其他加密貨幣支持，通常採用超額抵押以吸收價格波動。例如MakerDAO的DAI。</span></p><p><span style="background-color:transparent;color:black;">3. 演算法穩定幣：這些穩定幣使用演算法控制供需，維持穩定價值，但不直接由資產支持。然而，這類穩定幣風險較高，如TerraUSD的崩盤案例所示。</span></p><p><span style="background-color:transparent;color:black;">法定貨幣支持的穩定幣，如USDC和Tether（USDT），因其簡單性和可靠性而主導市場。截至2025年5月，全球穩定幣市值超過2500億美元，其中USDC佔據610億美元。</span></p><p>&nbsp;</p><h2 class="green-h2"><span style="background-color:transparent;color:#28AA2E;">穩定幣有何用途？</span></h2><p><span style="background-color:transparent;color:black;">穩定幣結合了加密貨幣的優勢——速度快、交易成本低、無國界存取——與傳統貨幣的穩定性。它們廣泛應用於：</span></p><p><span style="background-color:transparent;color:black;">1. 交易：穩定幣為加密交易者提供“避險港”，允許他們在不轉換為法定貨幣的情況下存放資金。</span></p><p><span style="background-color:transparent;color:black;">2. 支付與匯款：穩定幣實現快速、低成本的跨境轉帳，相較傳統電匯費用（從44美元降至某些區塊鏈上的0.3美元）大幅降低。</span></p><p><span style="background-color:transparent;color:black;">3. 去中心化金融（DeFi）：穩定幣為借貸、借款和收益農場等DeFi協議提供流動性。</span></p><p><span style="background-color:transparent;color:black;">4. 金融包容性：穩定幣為發展中地區的無銀行帳戶人口提供美元資產存取，繞過限制性銀行系統。</span></p><p>&nbsp;</p><h2 class="green-h2"><span style="background-color:transparent;color:#28AA2E;">為何穩定幣在2025年如此受歡迎？</span></h2><p><span style="background-color:transparent;color:black;">穩定幣已從小眾加密工具演變為全球金融的關鍵基礎設施。其近期受歡迎程度的激增可歸因於多個因素，包括機構採用、監管清晰化以及Circle的高調IPO。</span></p><p><span style="background-color:transparent;color:#2A3795;"><strong>1. 機構採用：大企業推出自有穩定幣</strong></span></p><p><span style="background-color:transparent;color:black;">傳統金融機構和科技巨頭日益進入穩定幣領域，認識到其在支付和資產管理方面的潛力。顯著案例包括：</span></p><p><span style="background-color:transparent;color:black;">－ 富達投資（Fidelity Investments）：2025年，富達宣佈計畫開發美元支持的穩定幣，以利用投資者興趣並產生儲備收入。</span></p><p><span style="background-color:transparent;color:black;">－ 摩根大通（JPMorgan Chase）與美國銀行（Bank of America）：兩者正在探索穩定幣發行，等待更明確的市場條件和監管框架。</span></p><p><span style="background-color:transparent;color:black;">－ PayPal：2023年推出PYUSD，憑藉其4億用戶和2000萬商家推動採用。雖然規模仍小，但PYUSD顯示金融科技對穩定幣的策略性關注。</span></p><p><span style="background-color:transparent;color:black;">－ 懷俄明州穩定幣：懷俄明州正最終確定州發行的美元支持穩定幣，用於資助教育等項目，展示公共部門的創新。</span></p><p><span style="background-color:transparent;color:black;">－ 川普的World Liberty Financial：連川普家族也加入這一趨勢，於2025年推出穩定幣，儘管引發了利益衝突爭議。</span></p><p><span style="background-color:transparent;color:black;">這些舉措反映出更廣泛的轉變：穩定幣不再僅是加密原生資產，而是成為主流金融的“可程式化美元”。機構視穩定幣為提供高效支付管道、賺取儲備收入並進入成長中數位經濟的方式。</span></p><p><span style="background-color:transparent;color:#2A3795;"><strong>2. Circle的IPO：穩定幣的里程碑時刻</strong></span></p><p><span style="background-color:transparent;color:black;">Circle，USDC的發行方，於2025年6月在紐約證券交易所（NYSE）以CRCL代碼進行首次公開募股（IPO），創造歷史。這次IPO大獲成功，募資10.5億美元，公司估值達69億美元。首日股價飆升168%，收盤價為83.23美元，開盤價為69美元，反映出投資者的極大熱情。</span></p><p><span style="background-color:transparent;color:black;"><strong>為何Circle的IPO意義重大</strong></span></p><p><span style="background-color:transparent;color:black;">－ 穩定幣合法化：透過公開上市，Circle接受美國證券法、季度報告和更高透明度的約束，提升了風險規避型機構的信任。這為行業樹立新標準，與Tether不透明的儲備做法形成對比。</span></p><p><span style="background-color:transparent;color:black;">－ 機構支持：ARK投資（1.5億美元持股）和貝萊德（管理90%的USDC儲備）等主要參與者顯示出華爾街的強力支持。</span></p><p><span style="background-color:transparent;color:black;">－ 收入模式：Circle於2024年報告16.8億美元收入，主要來自USDC儲備利息。這一盈利模式吸引尋求穩定幣成長敞口的投資者。</span></p><p><span style="background-color:transparent;color:black;">－ 市場定位：USDC以610億美元市值佔穩定幣市場27%，僅次於Tether的67%。Circle的合規焦點及與Coinbase、Visa和Mastercard的合作，使USDC成為可信的數位美元。</span></p><p><span style="background-color:transparent;color:black;">Circle的IPO引發樂觀浪潮，X平台上的貼文稱其為“加密金融的成年禮”，並認為穩定幣正成為“基礎設施”。</span></p><p><span style="background-color:transparent;color:#2A3795;"><strong>3. 監管順風與GENIUS法案</strong></span></p><p><span style="background-color:transparent;color:black;">穩定幣的監管環境正在改善，特別是在美國川普政府承諾放寬加密監管的情況下。一項關鍵進展是擬議的GENIUS法案，旨在為穩定幣發行人建立法律框架。這項法案得到加密行業支持，預計於2025年夏季通過，進一步合法化穩定幣並鼓勵採用。</span></p><p><span style="background-color:transparent;color:black;">全球範圍內，英國、日本和新加坡等國已實施穩定幣監管，為機構參與者提供清晰度。Circle的積極合規——自2015年持有紐約BitLicense並每月發布儲備審計報告——與這些框架一致，賦予其競爭優勢。</span></p><p><span style="background-color:transparent;color:#2A3795;"><strong>4. 擴展應用案例：從支付到代幣化</strong></span></p><p><span style="background-color:transparent;color:black;">穩定幣正在超越加密交易，找到新的應用場景，推動其主流吸引力：</span></p><p><span style="background-color:transparent;color:black;">－ 跨境支付：Circle的支付網絡實現USDC的實時結算，吸引尋求高效全球轉帳的金融機構。</span></p><p><span style="background-color:transparent;color:black;">－ 實物資產（RWA）代幣化：USDC等穩定幣是房地產、碳信用和供應鏈應收帳款等資產代幣化的關鍵流動性層。隨著更多資產上鏈，這一趨勢預計將增長。</span></p><p><span style="background-color:transparent;color:black;">－ 企業資金管理：企業採用穩定幣進行收益帳戶，透過DeFi協議將閒置資本轉化為收入。Circle旨在為此類應用打造“銀行管道”。</span></p><p><span style="background-color:transparent;color:black;">－ 科技整合：報告顯示，谷歌、蘋果、Airbnb和X等科技巨頭正在探索穩定幣支付整合，暗示大規模採用。</span></p><p><span style="background-color:transparent;color:black;">這些應用案例突顯穩定幣的多功能性，使其成為傳統與數位金融的關鍵橋樑。</span></p><p>&nbsp;</p><h2 class="green-h2"><span style="background-color:transparent;color:#28AA2E;"><strong>挑戰與風險需關注</strong></span></h2><p><span style="background-color:transparent;color:black;">儘管穩定幣受歡迎，它們仍面臨挑戰：</span></p><p><span style="background-color:transparent;color:black;">－ 監管不確定性：雖然取得進展，但全球監管不一致可能阻礙成長。</span></p><p><span style="background-color:transparent;color:black;">－ 競爭：市場擁擠，Tether佔主導地位，PYUSD等新進者以及潛在的銀行發行穩定幣均構成挑戰。</span></p><p><span style="background-color:transparent;color:black;">－ 儲備風險：過去事件，如2023年矽谷銀行危機期間Circle 33億美元USDC儲備被困，凸顯穩健儲備管理的重要性。</span></p><p><span style="background-color:transparent;color:black;">－ 信任與透明度：Tether缺乏審計與Circle的透明形成對比，但所有發行人都必須維持信任以避免脫鉤風險。</span></p><p>&nbsp;</p><h2 class="green-h2"><span style="background-color:transparent;color:#28AA2E;"><strong>穩定幣的未來</strong></span></h2><p><span style="background-color:transparent;color:black;">穩定幣將在2025年及未來重塑金融。Circle的IPO鞏固了其合法性，而機構採用和監管清晰化正在開啟新機遇。隨著穩定幣演變為支付、代幣化和資金管理的基礎設施，它們正成為全球經濟的“數位錨”。</span></p><p><span style="background-color:transparent;color:black;">無論你是加密愛好者還是探索數位資產的企業，穩定幣提供穩定的數位金融入門點。密切關注監管進展和新興應用案例，以在這快速演變的領域保持領先。</span></p><p>&nbsp;</p><p style="text-align:center;"><span style="color:#3C3C3C;">UD 是香港領先區塊鏈及網絡安全方案供應商</span><br><span style="color:#3C3C3C;">致力助不同的企業通過創新區塊鏈技術進一步發展業務，從 Web 2.0 向 Web 3.0 的新時代邁進</span></p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/tc/blockchain-consulting-services">諮詢專家</a></div><p>&nbsp;</p>

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什麼是穩定幣？了解其崛起及2025年為何如此受歡迎

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</div><p>Latest AI Rankings | ChatGPT Dominates the AI Market! Similarweb's data reveals the brutal reality of the generative AI market: While debates continue about which AI model is technically superior, ChatGPT has achieved a landslide victory in user adoption, its lead so significant it surpasses traditional competitive metrics.</p><p>In May 2025, ChatGPT reached 5.5 billion monthly active user visits, accounting for approximately 80% of all generative AI traffic. This means ChatGPT's traffic surpasses the combined total of competitors such as Google Gemini, DeepSeek, Grok, Perplexity, and Claude, and by a significant margin. Between September and November 2024, ChatGPT's mobile app boasted over 250 million monthly active users, surpassing 500 million weekly active users by the end of March 2025. Despite a slight dip in traffic early in 2025, OpenAI quickly reversed this trend, pushing user numbers to new highs.</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/06/image-5.png" alt=""><figcaption><strong>Data shows OpenAI's traffic hasn't been negatively impacted by increased competition.</strong></figcaption></figure><p>&nbsp;</p><p>&nbsp;</p><h3>Latest AI Rankings | ChatGPT Dominates the AI Market: The Rise of Chinese Startup DeepSeek</h3><p>Data reveals the impressive performance of Chinese startup DeepSeek. Despite being banned from many US government-issued devices and institutions due to concerns about data transfer to China, its monthly active user visits surged from 33.7 million in January 2025 to 436 million in May 2025, a 13-fold increase.</p><p>While OpenAI invests heavily in purchasing massive quantities of GPUs to support its model, DeepSeek's operational costs are significantly lower than Western models. Its input token cost is just $0.55, compared to OpenAI's $15. DeepSeek achieved this using a limited number of Nvidia H800 chips (affected by export restrictions), a feat described as winning a Formula 1 race at the speed of a Toyota Corolla. Similarweb data shows DeepSeek's primary markets are concentrated in China, India, and Indonesia, with users from these three markets accounting for over 51% of its total user base.</p><h3>Latest AI Rankings | Performance of Other Competitors: Google and Anthropic</h3><p>For a $2 trillion company processing 3.5 billion searches daily, Google's AI performance is relatively underwhelming. Despite its massive resources, integration throughout the Google ecosystem, and the world's largest user base, Gemini's monthly visits stand at only 527.7 million, slightly higher than DeepSeek. Notably, Gemini's visits were 284 million in February, indicating user growth.</p><p>Anthropic's Claude shows even more surprising results. Despite backing from Amazon and Google, excellent performance in many benchmark tests, and widespread praise from AI researchers and academia, its May 2025 visits were under 100 million. As of early 2025, Claude had 18.9 million monthly active users globally; while this represents significant growth, it pales in comparison to ChatGPT's billions. Claude 4 Opus outperforms competitors on complex reasoning and creative tasks, but this hasn't translated into large-scale user adoption, again proving that the best product isn't always the most popular. Meta AI's current usage is likely far lower than ChatGPT, with many users currently not favoring Zuck's chatbot as their preferred AI tool. Meta's significant contributions to the open-source community, particularly its Llama model, are noteworthy, but the open-source nature differs from direct user interaction.</p><h3>Latest AI Rankings | ChatGPT Dominates the AI Market: Impact on Traditional Industries</h3><p>Similarweb's data shows AI's rise is significantly impacting traditional internet businesses. Chegg's traffic plummeted 64% due to students using ChatGPT to complete assignments for free; Quora dropped 51%; and freelance platforms like Fiverr fell 14%. Meanwhile, DevOps and code completion tools saw a 41% year-over-year increase; voice generation platforms grew 14%; and automation tools grew 12%.</p><h3>Conclusion:</h3><p>Similarweb's data clearly shows that in the AI industry, technical superiority doesn't guarantee market success; user adoption is key. ChatGPT's success is attributed to its first-mover advantage, sufficiently good performance, and a strategy that meets user needs. OpenAI may lag in some benchmark tests, but in global user adoption, it has crossed the finish line first. The real competition is now for second place.</p>

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</div><p>最新AI排名｜ChatGPT称霸AI市场！ Similarweb最新数据揭示生成式AI市场的残酷现实：尽管各界持续辩论哪款AI模型在技术上更胜一筹，但ChatGPT已在用户采纳方面取得压倒性胜利，其领先幅度之大，已远超传统竞争指标所能衡量的范围。</p><p>&nbsp;</p><p>2025年5月，ChatGPT的月活跃用户访问量达到55亿次，约占所有生成式AI流量的80%。 此数据意味着ChatGPT的访问量超过Google Gemini、DeepSeek、Grok、Perplexity和Claude等竞争对手的总和，且远不止于此。 ChatGPT在2024年9月至11月期间，其手机应用程式月活跃用户已超过2.5亿，并在2025年3月底突破每周5亿活跃用户。 尽管在2025年初曾出现流量小幅下滑，但OpenAI迅速扭转了这一趋势，用户量再次攀升至新高。</p><p>&nbsp;</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/06/image-5.png" alt=""><figcaption><strong>数据显示， Openai未有因其他对手增加而令流量下跌。</strong></figcaption></figure><h3>&nbsp;</h3><h3>最新AI排名｜ChatGPT称霸AI市场 另一方面 中国新创公司DeepSeek的崛起</h3><p>&nbsp;</p><p>数据显示，中国新创公司DeepSeek表现亮眼。尽管由于担心其数据可能被传输至中国，DeepSeek被禁止安装在许多美国政府发放的设备和许多机构中，但其月活跃用户数在2025年1月至5月期间仍从3370万次激增至4.36亿次，增长了13倍。</p><p>&nbsp;</p><p>尽管OpenAI投入巨资采购大量GPU以支持其模型运作，但DeepSeek的营运成本却远低于西方模型，其输入代币成本仅为0.55美元，而OpenAI则高达15美元。 DeepSeek 凭借有限的Nvidia H800晶片（受出口限制影响），取得了这项成就，堪称以「丰田卡罗拉」的速度赢得了「一级方程式赛车」的比赛。 Similarweb数据显示，DeepSeek的主要市场集中于中国、印度和印尼，这三个市场的用户占其总用户数的51%以上。</p><h3>&nbsp;</h3><h3>最新AI排名｜其他竞争者的表现：Google和Anthropic</h3><p>&nbsp;</p><p>对于一家市值2万亿美元，每日处理35亿次搜寻的巨头公司而言，Google的AI表现却相对平庸。 尽管拥有巨额资金、遍布Google生态系统的整合以及全球最大的用户群，Gemini的月访问量仅为5.277亿次，略高于DeepSeek。 值得注意的是，Gemini在2月份的访问量为2.84亿次，显示其用户量正在增长。</p><p>&nbsp;</p><p>Anthropic的Claude表现则更加令人意外。尽管获得亚马逊和Google的支持，在许多基准测试中表现出色，并受到AI研究人员和学术界的广泛赞誉，但其2025年5月的访问量却不到1亿次。 截至2025年初，Claude的全球月活跃用户数为1890万，尽管增长显著，但与ChatGPT的数十亿用户相比，仍相形见绌。 Claude 4 Opus在复杂推理和创意任务上的表现优于竞争对手，但未能将此转化为大规模用户采纳，再次证明最佳产品并不一定是最受欢迎的产品。 Meta AI的现有使用量与ChatGPT相比可能要低得多，许多用户目前并不倾向于将Zuck的聊天机器人作为其首选的AI工具。 Meta对开源社群的重大贡献，尤其是其Llama模型，值得关注，但开源的使用性质与直接的用户互动有所不同。</p><p>&nbsp;</p><h3>最新AI排名｜ChatGPT称霸AI市场 AI对传统产业的冲击：</h3><p>&nbsp;</p><p>Similarweb的数据显示，AI的崛起正对传统互联网业务造成巨大冲击。 Chegg的流量因学生使用ChatGPT免费完成作业而暴跌64%；Quora下跌51%；Fiverr等自由职业平台下跌14%。 与此同时，DevOps和代码完成工具同比增长41%；语音生成平台增长14%；自动化工具增长12%。</p><p>&nbsp;</p><h3>结论：</h3><p>Similarweb的数据清楚地表明，在AI产业中，技术优势并不能保证市场成功，用户采纳才是关键。 ChatGPT的成功，归功于其先发优势、足够好的性能以及满足用户需求的策略。 OpenAI或许在某些基准测试中落后，但在全球用户采纳方面，它已率先冲过终点线，而真正的竞争，现在已转向争夺第二名的位置。</p>

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</div><p>最新AI排名｜<a href="https://cftime.io/chatgpt-will-bring-unimaginable-prosperity/">ChatGPT</a>稱霸AI市場！<a href="https://www.similarweb.com/corp/wp-content/uploads/2025/06/attachment-Global-AI-Tracker.pdf?utm_medium=social&amp;utm_source=twit">Similarweb最新數據</a>揭示生成式AI市場的殘酷現實：儘管各界持續辯論哪款AI模型在技術上更勝一籌，但ChatGPT已在用戶採納方面取得壓倒性勝利，其領先幅度之大，已遠超傳統競爭指標所能衡量的範圍。</p><p>&nbsp;</p><p>2025年5月，ChatGPT的月活躍用戶訪問量達到55億次，約佔所有生成式AI流量的80%。 此數據意味著ChatGPT的訪問量超過Google Gemini、DeepSeek、Grok、Perplexity和Claude等競爭對手的總和，且遠不止於此。ChatGPT在2024年9月至11月期間，其手機應用程式月活躍用戶已超過2.5億，並在2025年3月底突破每周5億活躍用戶。 儘管在2025年初曾出現流量小幅下滑，但OpenAI迅速扭轉了這一趨勢，用戶量再次攀升至新高。</p><p>&nbsp;</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/06/image-5.png" alt=""><figcaption><strong>數據顯示， Openai未有因其他對手增加而令流量下跌。</strong></figcaption></figure><p>&nbsp;</p><p>&nbsp;</p><h3>最新AI排名｜ChatGPT稱霸AI市場 另一方面 <strong>中國新創公司DeepSeek的崛起</strong></h3><p>&nbsp;</p><p>數據顯示，中國新創公司DeepSeek表現亮眼。儘管由於擔心其數據可能被傳輸至中國，DeepSeek被禁止安裝在許多美國政府發放的設備和許多機構中，但其月活躍用戶數在2025年1月至5月期間仍從3370萬次激增至4.36億次，增長了13倍。</p><p>&nbsp;</p><p>儘管OpenAI投入巨資採購大量GPU以支持其模型運作，但DeepSeek的營運成本卻遠低於西方模型，其輸入代幣成本僅為0.55美元，而OpenAI則高達15美元。 DeepSeek 憑藉有限的Nvidia H800晶片（受出口限制影響），取得了這項成就，堪稱以「豐田卡羅拉」的速度贏得了「一級方程式賽車」的比賽。 Similarweb數據顯示，DeepSeek的主要市場集中於中國、印度和印尼，這三個市場的用戶佔其總用戶數的51%以上。</p><p>&nbsp;</p><h3><strong>最新AI排名｜其他競爭者的表現：Google和Anthropic</strong></h3><p>&nbsp;</p><p>對於一家市值2萬億美元，每日處理35億次搜尋的巨頭公司而言，Google的AI表現卻相對平庸。 儘管擁有巨額資金、遍布Google生態系統的整合以及全球最大的用戶群，Gemini的月訪問量僅為5.277億次，略高於DeepSeek。 值得注意的是，Gemini在2月份的訪問量為2.84億次，顯示其用戶量正在增長。</p><p>&nbsp;</p><p>Anthropic的Claude表現則更加令人意外。儘管獲得亞馬遜和Google的支持，在許多基準測試中表現出色，並受到AI研究人員和學術界的廣泛讚譽，但其2025年5月的訪問量卻不到1億次。 截至2025年初，Claude的全球月活躍用戶數為1890萬，儘管增長顯著，但與ChatGPT的數十億用戶相比，仍相形見絀。 Claude 4 Opus在複雜推理和創意任務上的表現優於競爭對手，但未能將此轉化為大規模用戶採納，再次證明最佳產品並不一定是最受歡迎的產品。Meta AI的現有使用量與ChatGPT相比可能要低得多，許多用戶目前並不傾向於將Zuck的聊天機器人作為其首選的AI工具。 Meta對開源社群的重大貢獻，尤其是其Llama模型，值得關注，但開源的使用性質與直接的用戶互動有所不同。</p><p>&nbsp;</p><h3>最新AI排名｜ChatGPT稱霸AI市場 <strong>AI對傳統產業的衝擊：</strong></h3><p>&nbsp;</p><p>Similarweb的數據顯示，AI的崛起正對傳統互聯網業務造成巨大衝擊。Chegg的流量因學生使用ChatGPT免費完成作業而暴跌64%；Quora下跌51%；Fiverr等自由職業平台下跌14%。 與此同時，DevOps和代碼完成工具同比增長41%；語音生成平台增長14%；自動化工具增長12%。</p><p>&nbsp;</p><h3><strong>結論：</strong></h3><p>Similarweb的數據清楚地表明，在AI產業中，技術優勢並不能保證市場成功，用戶採納才是關鍵。 ChatGPT的成功，歸功於其先發優勢、足夠好的性能以及滿足用戶需求的策略。 OpenAI或許在某些基準測試中落後，但在全球用戶採納方面，它已率先衝過終點線，而真正的競爭，現在已轉向爭奪第二名的位置。</p>

Latest AI rankings | ChatGPT dominates the AI ​​market

The inside story of Musk split with Trump

马斯克与特朗普决裂内幕 世纪决裂的关键48小时

馬斯克與特朗普決裂內幕 世紀決裂的關鍵48小時

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</div><p>The Hong Kong Special Administrative Region (HKSAR) government has officially enacted the Stablecoin Ordinance, set to take effect by the end of 2025. This landmark legislation introduces a mandatory licensing regime for issuers of fiat-backed stablecoins, marking a significant step forward in Hong Kong's approach to regulating the cryptocurrency sector.</p><p>The ordinance mandates that all entities issuing fiat-backed stablecoins in Hong Kong must obtain a license. Unauthorized entities will be prohibited from selling and promoting such stablecoins. This move aims to enhance regulatory transparency and protect investor interests through stringent compliance requirements, including a 1:1 fiat reserve backing and robust Anti-Money Laundering (AML) measures.</p><p>HKMA Chief Executive Eddie Yue stated, "The new licensing regime will provide better protection for the public and investors. The Hong Kong Monetary Authority will continue to work with stakeholders to develop the regulatory framework for stablecoin activities in Hong Kong." However, initial industry reaction has been relatively cautious, with major stablecoin providers yet to publicly comment.</p><h3><strong>Hong Kong's Approach Mirrors EU's MiCA, but with a Stronger Stance</strong></h3><p>Hong Kong's regulatory approach shares similarities with the EU's Markets in Crypto-Assets (MiCA) regulation. However, Hong Kong's implementation of a mandatory licensing system from day one is notably more direct and is relatively uncommon in global financial regulation.</p><p>According to CoinMarketCap data, Tether (USDT) maintains its price at US$1.00, with a market capitalization of US$153.09 billion, commanding a 4.70% market dominance. While the price saw a slight 0.04% increase in the past 24 hours, trading volume decreased by 12.52% to US$87.27 billion.</p><p>Coincu's research team analyzes that this new regulatory measure will likely have a profound impact on the global cryptocurrency market, driving it towards a more transparent and secure trading environment. It may also prompt stablecoin issuers to adjust their operational strategies to meet Hong Kong's stricter compliance standards.</p>

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</div><p>香港特区政府已正式颁布《稳定币条例》（Stablecoin Ordinance），并将于2025年底生效。该条例的核心是对法币支持型稳定币发行商实施强制性牌照制度。香港正式实施稳定币牌照制度，标志着香港在监管加密货币领域迈出关键一步。</p><p>&nbsp;</p><p>根据条例，所有在香港发行法币支持型稳定币的机构必须申请并获得牌照，未经授权的实体将被禁止销售和推广相关稳定币。此举旨在提升监管透明度，并透过严格的合规要求，例如1:1的法币储备以及严格的反洗钱（AML）措施，来保障投资者利益。</p><p>&nbsp;</p><p>香港金融管理局（HKMA）行政总裁余伟文表示：「新的牌照制度将为大众和投资者提供更好的保障。香港金融管理局将继续与持份者合作，发展香港稳定币活动的监管制度。」 然而，目前业界反应相对谨慎，主要稳定币供应商尚未公开表态。</p><p>&nbsp;</p><h3><strong>香港正式实施稳定币牌照制度 与欧盟的MiCA规范有相似之处</strong></h3><p>&nbsp;</p><p>值得注意的是，香港的监管措施与欧盟的MiCA（市场在加密资产市场的监管）规范有相似之处，但香港采取了更为直接的措施，从第一天起就实施强制性牌照制度，这在全球金融监管领域中相当罕见。</p><p>&nbsp;</p><p>根据CoinMarketCa数据显示，Tether (USDT) 的价格维持在1.00美元，市值达1530.9亿美元，占市场主导地位的4.70%。尽管过去24小时价格微涨0.04%，但交易量却下降了12.52%，来到872.7亿美元。</p><p>&nbsp;</p><p>Coincu研究团队分析指出，香港的这项新监管措施将可能深刻影响全球加密货币市场的动态，推动市场朝向更透明和安全的交易环境发展。 同时，也可能促使稳定币发行商调整其营运策略，以符合香港更严格的合规标准。</p>

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</div><p>香港特區政府已正式頒布<a href="https://www.hkma.gov.hk/chi/news-and-media/press-releases/2025/05/20250521-3/">《穩定幣條例》（</a>Stablecoin Ordinance），並將於2025年底生效。該條例的核心是對法幣支持型穩定幣發行商實施強制性牌照制度。香港正式實施穩定幣牌照制度，標誌著香港在監管加密貨幣領域邁出關鍵一步。</p><p>&nbsp;</p><p>根據條例，所有在香港發行法幣支持型穩定幣的機構必須申請並獲得牌照，未經授權的實體將被禁止銷售和推廣相關穩定幣。此舉旨在提升監管透明度，並透過嚴格的合規要求，例如1:1的法幣儲備以及嚴格的反洗錢（AML）措施，來保障投資者利益。</p><p>&nbsp;</p><p>香港金融管理局（HKMA）行政總裁余偉文表示：「新的牌照制度將為大眾和投資者提供更好的保障。香港金融管理局將繼續與持份者合作，發展香港穩定幣活動的監管制度。」 然而，目前業界反應相對謹慎，主要穩定幣供應商尚未公開表態。</p><p>&nbsp;</p><h3><strong>香港正式實施穩定幣牌照制度 與歐盟的MiCA規範有相似之處</strong></h3><p>&nbsp;</p><p>值得注意的是，香港的監管措施與<a href="https://cftime.io/uk-government-rejects-bitcoin-asset-reserve-plan/">歐盟的MiCA</a>（市場在加密資產市場的監管）規範有相似之處，但香港採取了更為直接的措施，從第一天起就實施強制性牌照制度，這在全球金融監管領域中相當罕見。</p><p>&nbsp;</p><p>根據CoinMarketCa數據顯示，Tether (USDT) 的價格維持在1.00美元，市值達1530.9億美元，佔市場主導地位的4.70%。儘管過去24小時價格微漲0.04%，但交易量卻下降了12.52%，來到872.7億美元。</p><p>&nbsp;</p><p>Coincu研究團隊分析指出，香港的這項新監管措施將可能深刻影響全球加密貨幣市場的動態，推動市場朝向更透明和安全的交易環境發展。 同時，也可能促使穩定幣發行商調整其營運策略，以符合香港更嚴格的合規標準。</p>

HK implements stablecoin licensing system

香港正式实施稳定币牌照制度 加密货币市场迎来新监管时代

香港正式實施穩定幣牌照制度 加密貨幣市場迎來新監管時代

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</div></div><p>&nbsp;</p><p>The world of decentralized finance (DeFi) is evolving at breakneck speed, with new platforms emerging to challenge the status quo of centralized exchanges (CEXs). Among these, Hyperliquid has captured significant attention, rapidly climbing the ranks to become a leading decentralized exchange (DEX) for perpetual futures trading. With its native token, HYPE, soaring to new all-time highs and its platform handling billions in trading volume, Hyperliquid is no longer just a niche project—it’s a major player in the crypto derivatives space. But what exactly is Hyperliquid, and why has it become such a hot topic in recent blockchain news? This article dives into the nuts and bolts of Hyperliquid, its unique features, and the reasons behind its meteoric rise in popularity.</p><p>&nbsp;</p><h2 class="green-h2">What Is Hyperliquid?</h2><p>Hyperliquid is a decentralized perpetual futures exchange built on its own high-performance Layer 1 blockchain, known as HyperEVM. Launched in 2023, it aims to combine the speed and efficiency of centralized platforms with the transparency and decentralization of DeFi. Unlike traditional DEXs that rely on automated market makers (AMMs) or off-chain order matching, Hyperliquid uses a fully on-chain order book model, offering real-time trading, deep liquidity, and near-zero gas fees. This makes it a compelling alternative for traders seeking a fast, cost-effective, and non-custodial trading experience.</p><p>The platform supports a range of financial instruments, including perpetual futures, spot trading, and borrowing/lending services. Its flagship product is its decentralized perpetuals exchange, which has gained traction for allowing users to trade without know-your-customer (KYC) requirements, a feature typically associated with centralized platforms. Hyperliquid’s ability to deliver a centralized exchange (CEX)-like user experience while maintaining DeFi’s core principles—decentralization, transparency, and user control—has positioned it as a game-changer in the crypto trading landscape.</p><p>&nbsp;</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><p>&nbsp;</p><h2 class="green-h2">Key Features of Hyperliquid</h2><p>To understand Hyperliquid’s appeal, let’s break down its core features:</p><p><strong>High-Performance Layer 1 Blockchain</strong>: Hyperliquid operates on HyperEVM, a custom-built Layer 1 blockchain optimized for DeFi applications. This blockchain enables high transaction throughput, low latency, and minimal fees, addressing the inefficiencies of traditional DEXs like slow transaction speeds and fragmented liquidity.</p><p><strong>On-Chain Order Book</strong>: Unlike AMM-based DEXs, Hyperliquid uses a fully on-chain order book, providing real-time price discovery and deep liquidity comparable to top CEXs like Binance or Bybit. This allows for precise trade execution and better pricing for users.</p><p><strong>No KYC Requirement</strong>: Hyperliquid allows anyone with a crypto wallet to trade permissionlessly, removing barriers like KYC that are common on centralized platforms. This accessibility appeals to privacy-conscious traders and those in regions with restricted access to CEXs.</p><p><strong>High Leverage Trading</strong>: The platform supports up to 40x leverage on trades, attracting both retail and institutional traders looking to amplify their positions. This feature has drawn significant attention, as evidenced by high-profile trades like James Wynn’s $1.25 billion Bitcoin long position.</p><p><strong>Community-Centric Tokenomics</strong>: Hyperliquid’s native token, HYPE, has a fixed supply of 1 billion tokens, with 31% distributed to early users via a genesis airdrop in November 2024—one of the largest in crypto history. The platform also redistributes nearly 97% of trading revenue to HYPE tokenholders, creating a strong incentive for community participation.</p><p><strong>Protocol-Owned Market Maker (HLP)</strong>: Hyperliquid’s Hyperliquidity Provider Vault (HLP) acts as a protocol-owned market maker, reducing toxic flow and ensuring liquidity for large trades. This innovative approach sets it apart from other DEXs.</p><p>These features collectively make Hyperliquid a powerful platform that bridges the gap between centralized and decentralized finance, offering a user experience that rivals CEXs while upholding DeFi’s ethos.</p><p>&nbsp;</p><h2 class="green-h2">Why Is Hyperliquid So Popular Recently?</h2><p>Hyperliquid’s rise to prominence in 2025 can be attributed to a combination of market trends, technological innovation, and strategic moves that have resonated with the crypto community. Below, we explore the key factors driving its recent popularity.</p><h3><span style="color:#2A3795;"><strong>1. Explosive Growth in Trading Volume and Open Interest</strong></span></h3><p>Hyperliquid has seen staggering growth in trading activity. In March 2025, the platform processed $175 billion in trading volume, and by mid-April, it recorded $83 billion. Its open interest recently hit a record $10 billion, reflecting strong trader confidence in the platform. This growth has been fueled by Bitcoin’s surge past $105,000 and a broader market upswing, with Hyperliquid capturing 70% of the on-chain perpetual futures market.</p><p>The platform’s ability to handle massive trades, such as James Wynn’s $1.25 billion Bitcoin long position, has further cemented its reputation as a go-to venue for high-stakes trading. These high-profile trades highlight Hyperliquid’s capacity to support whale-sized positions, a rarity for DEXs, and signal a shift in capital migration from centralized finance to DeFi.</p><h3><span style="color:#2A3795;"><strong>2. HYPE Token’s Meteoric Rise</strong></span></h3><p>The native HYPE token has been a significant driver of Hyperliquid’s popularity. In recent weeks, HYPE has surged, reaching new all-time highs and achieving a 95% monthly gain as of May 23, 2025. The token’s price jumped 15% in a single day following Hyperliquid’s engagement with the U.S. Commodity Futures Trading Commission (CFTC), outperforming major cryptocurrencies. Analysts predict HYPE could reach $128, a potential 240% rally from its breakout zone near $35, mirroring Solana’s 2021 price action.</p><p>HYPE’s tokenomics are designed to reward users, with 97% of trading revenue redistributed to tokenholders through buybacks. This model creates a self-reinforcing cycle where increased trading volume boosts HYPE’s value, attracting more users to the ecosystem. Additionally, the absence of venture capital funding and a community-centric distribution model (e.g., the November 2024 airdrop) have fostered a strong sense of ownership among users, further driving HYPE’s appeal.</p><h3><span style="color:#2A3795;"><strong>3. Regulatory Engagement and DeFi Advocacy</strong></span></h3><p>Hyperliquid’s proactive engagement with regulators, particularly the CFTC, has boosted its credibility and visibility. On May 23, 2025, Hyperliquid Labs submitted two comment letters to the CFTC, advocating for 24/7 perpetual derivatives trading and emphasizing how DeFi principles can enhance market efficiency, integrity, and user protection. This rare instance of a DeFi protocol directly engaging with U.S. regulators signals maturity in the sector and positions Hyperliquid as a leader in shaping favorable policy frameworks.<br>The CFTC’s openness to crypto perpetual futures, with Commissioner Summer Mersinger stating that such contracts could receive approval “very soon,” has further fueled optimism around Hyperliquid. By aligning with regulatory discussions, Hyperliquid is positioning itself as a compliant yet innovative player, appealing to both retail traders and institutional investors.</p><h3><span style="color:#2A3795;"><strong>4. Community Buzz and Social Media Traction</strong></span></h3><p>Hyperliquid has become a trending topic across crypto forums, X, and Telegram groups, with influencers and traders amplifying its narrative. Posts on X highlight its unique features, such as its CEX-level liquidity and user experience, lack of venture capital backing, and innovative approach to combining a perpetuals DEX with a general-purpose Layer 1 blockchain. For example, users like @stevenyuntcap and @Hyperintern have praised Hyperliquid’s self-funded model, protocol-owned market maker, and massive airdrop, which distributed $9 billion in value to users.</p><p>This community-driven hype, combined with Hyperliquid’s strong on-chain metrics (e.g., consistent growth in trading volume and user adoption), has created a “cult-like” following, as noted by some X users. The platform’s focus on user experience, speed, and decentralization resonates with traders seeking alternatives to centralized exchanges like Binance or Bybit.</p><h3><span style="color:#2A3795;"><strong>5. Resilience Amid Challenges</strong></span></h3><p>Despite its rapid growth, Hyperliquid has faced challenges, including a $6.2 million exploit in March 2025 involving the JELLY memecoin. A whale manipulated the token’s price through a short squeeze, exploiting Hyperliquid’s liquidation parameters. The platform responded by delisting JELLY and freezing the whale’s withdrawals, but the incident raised concerns about DEX vulnerabilities.<br>However, Hyperliquid’s ability to weather this storm and maintain trader confidence underscores its resilience. The platform’s transparency in addressing the exploit and its continued growth in trading volume and open interest demonstrate its robustness. Moreover, the incident highlighted the risks inherent in DeFi but did not deter users, as Hyperliquid’s market share in on-chain perpetuals continued to climb.</p><p>&nbsp;</p><h2 class="green-h2">Challenges and Risks to Consider</h2><p>While Hyperliquid’s rise is impressive, it’s not without risks. The JELLY exploit exposed vulnerabilities in its liquidation parameters, raising questions about the platform’s ability to handle malicious actors. Additionally, the high leverage offered (up to 40x) can lead to significant losses, as seen in James Wynn’s $13.4 million loss on a $1.25 billion Bitcoin long position. Traders should exercise caution and use proper risk management strategies.</p><p>Regulatory uncertainty is another factor. While Hyperliquid’s engagement with the CFTC is a positive step, the evolving regulatory landscape for DeFi could impact its operations. Traders should stay informed about potential changes in U.S. or global crypto regulations.</p><p>&nbsp;</p><h2 class="green-h2">The Future of Hyperliquid</h2><p>Hyperliquid’s trajectory suggests it’s poised to remain a dominant force in DeFi. Its upcoming features, such as the Hyperbridge for cross-chain interoperability and the full rollout of HyperEVM, could further enhance its capabilities. Analysts are bullish on HYPE’s price potential, with some forecasting a 240% rally to $128, driven by its Solana-like price structure and strong fundamentals.</p><p>Moreover, Hyperliquid’s community-centric approach, including potential future airdrops (with 38% of HYPE’s supply reserved for the community), could drive further adoption. The platform’s ability to combine CEX-level performance with DeFi’s transparency positions it as a potential competitor to giants like Binance, especially as traders increasingly favor decentralized platforms.</p><p>&nbsp;</p><h2 class="green-h2">Conclusion</h2><p>Hyperliquid is redefining decentralized trading by offering a high-performance, transparent, and user-friendly platform that rivals centralized exchanges. Its explosive growth in trading volume, HYPE token’s meteoric rise, and proactive regulatory engagement have made it a standout project in 2025. Despite challenges like the JELLY exploit, Hyperliquid’s resilience and innovative features—such as its on-chain order book, high leverage, and community-driven tokenomics—have fueled its popularity.</p><p>For traders and investors, Hyperliquid represents an opportunity to participate in the future of DeFi, whether through trading, holding HYPE, or engaging with its vibrant community. As the platform continues to innovate and expand, it’s clear that Hyperliquid is not just a fleeting trend but a transformative force in the crypto world. Ready to dive in? Set up your wallet, connect to Hyperliquid, and join the revolution reshaping decentralized finance.<br>&nbsp;</p><p style="text-align:center;">UD is a leading blockchain and network security solution provider in Hong Kong<br>We are dedicated to assisting enterprises in advancing their businesses through innovative blockchain technology, ushering from Web 2.0 to Web 3.0</p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/en/blockchain-consulting-services">Consult Experts</a></div><p><br>&nbsp;&nbsp;</p>

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</div></div><p>&nbsp;</p><p>去中心化金融（DeFi）的世界正在以惊人的速度演进，新平台不断涌现，挑战中心化交易所（CEX）的现状。在众多平台中，Hyperliquid 引起了广泛关注，迅速跻身成为永续期货交易的领先去中心化交易所（DEX）。其原生代币 HYPE 屡创新高，平台交易量达到数十亿美元，Hyperliquid 已不再是小众项目，而是加密货币衍生品市场的主要参与者。那麽，Hyperliquid 究竟是什麽？为何最近在区块链新闻中如此炙手可热？本文将深入探讨 Hyperliquid 的核心功能、独特之处及其迅速崛起的背后原因。</p><p>&nbsp;</p><h2 class="green-h2">什麽是Hyperliquid？</h2><p>Hyperliquid 是一个去中心化的永续期货交易所，建构在其专有的高性能第一层区块链 HyperEVM 上。该平台于 2023 年推出，旨在结合中心化平台的速度与效率，以及 DeFi 的透明性与去中心化特性。与依赖自动做市商（AMM）或链下订单匹配的传统 DEX 不同，Hyperliquid 採用完全链上的订单簿模型，提供即时交易、深度流动性和近乎零的 Gas 费用。这使得它成为寻求快速、经济且非託管交易体验的交易者的理想选择。</p><p>该平台支持多种金融工具，包括永续期货、现货交易以及借贷服务。其旗舰产品是去中心化永续期货交易所，因无需 KYC（了解您的客户）要求而受到关注，这一特性通常与中心化平台相关。Hyperliquid 提供类似中心化交易所（CEX）的用户体验，同时坚持 DeFi 的核心原则——去中心化、透明度和用户控制，使其成为加密货币交易领域的游戏规则改变者。</p><p>&nbsp;</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><p>&nbsp;</p><h2 class="green-h2">Hyperliquid 的核心功能</h2><p>为了理解 Hyperliquid 的吸引力，让我们来分析其核心功能：<br>高性能第一层区块链：Hyperliquid 运行在 HyperEVM 上，这是一个专为 DeFi 应用优化的第一层区块链。此区块链实现了高交易吞吐量、低延迟和极低费用，解决了传统 DEX 的低效问题，如交易速度慢和流动性分散。</p><p><strong>链上订单簿</strong>：与基于 AMM 的 DEX 不同，Hyperliquid 採用完全链上的订单簿，提供即时价格发现和与顶级 CEX（如 Binance 或 Bybit）相当的深度流动性。这使得交易执行更精确，价格更优。</p><p><strong>无需 KYC</strong>：Hyperliquid 允许任何人使用加密货币钱包进行无许可交易，消除了 KYC 等障碍。这对注重隐私的交易者以及无法使用 CEX 的地区用户尤其具有吸引力。</p><p><strong>高槓杆交易</strong>：平台支持高达 40 倍槓杆交易，吸引了希望放大仓位的散户和机构交易者。例如，James Wynn 的 12.5 亿美元比特币多头仓位等高调交易显示了其吸引力。</p><p><strong>以社区为中心的代币经济学</strong>：Hyperliquid 的原生代币 HYPE 总供应量固定为 10 亿枚，其中 31% 通过 2024 年 11 月的创世空投分发给早期用户，这是加密货币历史上最大规模的空投之一。平台将近 97% 的交易收入重新分配给 HYPE 代币持有者，激励社区参与。</p><p><strong>协议自有做市商（HLP）</strong>：Hyperliquid 的 Hyperliquidity Provider Vault（HLP）作为协议自有的做市商，减少了不良流动性并确保大额交易的流动性，这一创新方法使其在 DEX 中脱颖而出。</p><p>这些功能共同使 Hyperliquid 成为一个强大的平台，弥合了中心化金融与去中心化金融之间的差距，提供了媲美 CEX 的用户体验，同时坚持 DeFi 的核心理念。</p><p>&nbsp;</p><h2 class="green-h2"><strong>为何 Hyperliquid 最近如此受欢迎？</strong></h2><p>Hyperliquid 在 2025 年的迅速崛起得益于市场趋势、技术创新和策略性举措的结合，这些因素与加密货币社区产生了强烈共鸣。以下是推动其近期热度的关键因素。</p><h3><span style="color:#2A3795;"><strong>1. 交易量和未平仓合约的爆炸性增长</strong></span></h3><p>Hyperliquid 的交易活动呈现惊人增长。2025 年 3 月，平台处理了 1750 亿美元的交易量，到 4 月中旬，交易量达到 830 亿美元。其未平仓合约最近创下 100 亿美元 的纪录，反映了交易者对平台的强烈信心。这种增长得益于比特币突破 10.5 万美元以及更广泛的市场上涨，Hyperliquid 占据了 70% 的链上永续期货市场。</p><p>该平台能够处理巨额交易，例如 James Wynn 的 12.5 亿美元比特币多头仓位，进一步巩固了其作为高风险交易首选场所的声誉。这些高调交易显示 Hyperliquid 支持大户级仓位的能力，这在 DEX 中极为罕见，标誌着资本从中心化金融向 DeFi 的转移。</p><h3><span style="color:#2A3795;"><strong>2. HYPE 代币的惊人涨势</strong></span></h3><p>原生 HYPE 代币是 Hyperliquid 热度的主要驱动力之一。近几週，HYPE 代币屡创新高，截至 2025 年 5 月 23 日实现了 95% 的月度涨幅。在 Hyperliquid 与美国商品期货交易委员会（CFTC）互动后，HYPE 代币单日上涨 15%，表现优于主要加密货币。分析师预测 HYPE 可能达到 128 美元，从其突破区 35 美元计算，潜在涨幅高达 240%，类似于 Solana 在 2021 年的价格走势。</p><p>HYPE 的代币经济学设计旨在奖励用户，97% 的交易收入通过回购重新分配给代币持有者。这种模式创造了一个自我强化的循环：交易量增加提升 HYPE 的价值，吸引更多用户加入生态系统。此外，没有风险投资的支持以及以社区为中心的分配模型（例如 2024 年 11 月的空投）培养了用户的强烈参与感，进一步推动了 HYPE 的吸引力。</p><h3><span style="color:#2A3795;"><strong>3. 监管参与和 DeFi 倡导</strong></span></h3><p>Hyperliquid 与监管机构（特别是 CFTC）的积极互动提升了其可信度和知名度。2025 年 5 月 23 日，Hyperliquid Labs 向 CFTC 提交了两封意见函，主张 24/7 永续衍生品交易，并强调 DeFi 原则如何提升市场效率、完整性和用户保护。这种 DeFi 协议直接与美国监管机构互动的罕见举动显示了该领域的成熟度，并将 Hyperliquid 定位为塑造有利政策框架的领导者。</p><p>CFTC 对加密货币永续期货的开放态度（委员 Summer Mersinger 表示此类合约可能「很快」获得批准）进一步推动了对 Hyperliquid 的乐观情绪。通过与监管讨论保持一致，Hyperliquid 将自己定位为合规但创新的参与者，吸引了散户交易者和机构投资者。</p><h3><span style="color:#2A3795;"><strong>4. 社区热议和社交媒体吸引力</strong></span></h3><p>Hyperliquid 在加密货币论坛、X 平台和 Telegram 群组中成为热门话题，影响者和交易者放大了其叙事。X 上的帖子突出了其独特功能，例如 类似 CEX 的流动性和用户体验、无风险投资支持以及将永续期货 DEX 与通用第一层区块链结合的创新方法。例如，用户如 stevenyuntcap 和 Hyperintern 赞扬了 Hyperliquid 的自筹资金模式、协议自有做市商和价值 90 亿美元的巨额空投。</p><p>这种以社区为驱动的热度，结合 Hyperliquid 强大的链上指标（例如交易量和用户採用率的持续增长），创造了类似「邪教」的追随者群体，如一些 X 用户所述。该平台专注于用户体验、速度和去中心化，吸引了寻求 Binance 或 Bybit 替代方案的交易者。</p><h3><span style="color:#2A3795;"><strong>5. 面对挑战的韧性</strong></span></h3><p>儘管增长迅速，Hyperliquid 也面临挑战，包括 2025 年 3 月涉及 JELLY 迷因币的 620 万美元漏洞。一名大户通过短暂挤压操纵代币价格，暴露了 Hyperliquid 清算参数的漏洞。平台通过下架 JELLY 和冻结该大户的提现作出回应，但这一事件引发了对 DEX 漏洞的担忧。</p><p>然而，Hyperliquid 在这场风暴中保持了交易者的信心，显示了其韧性。该平台对漏洞的透明处理以及交易量和未平仓合约的持续增长证明了其稳健性。此外，这一事件突显了 DeFi 的风险，但并未吓退用户，Hyperliquid 在链上永续期货市场的份额继续攀升。</p><p>&nbsp;</p><h2 class="green-h2">需要考虑的挑战和风险</h2><p>虽然 Hyperliquid 的崛起令人印象深刻，但也存在风险。JELLY 漏洞 暴露了其清算参数的弱点，引发了对平台处理恶意行为者能力的质疑。此外，高达 40 倍的槓杆可能导致重大损失，例如 James Wynn 在 12.5 亿美元比特币多头仓位上损失 1340 万美元。交易者应谨慎并採用适当的风险管理策略。</p><p>监管不确定性是另一个因素。虽然 Hyperliquid 与 CFTC 的互动是一个积极的步骤，但 DeFi 的监管环境不断变化可能影响其运营。交易者应密切关注美国及全球加密货币监管的潜在变化。</p><p>&nbsp;</p><h2 class="green-h2">Hyperliquid 的未来</h2><p>Hyperliquid 的发展轨迹表明它有望继续成为 DeFi 的主导力量。其即将推出的功能，例如用于跨链互操作性的 Hyperbridge 和 HyperEVM 的全面推出，可能进一步增强其能力。分析师对 HYPE 的价格潜力持乐观态度，预测其可能实现 240% 的涨幅 至 128 美元，这得益于其类似 Solana 的价格结构和强大的基本面。</p><p>此外，Hyperliquid 以社区为中心的方法，包括未来可能的空投（HYPE 供应量的 38% 保留给社区），可能进一步推动採用。该平台结合 CEX 级性能与 DeFi 透明度的能力使其成为 Binance 等巨头的潜在竞争者，特别是随着交易者越来越青睐去中心化平台。</p><p>&nbsp;</p><h2 class="green-h2">结论</h2><p>Hyperliquid 正在通过提供高性能、透明且用户友好的平台重新定义去中心化交易，与中心化交易所相媲美。其交易量的爆炸性增长、HYPE 代币的惊人涨势以及与监管的积极互动使其成为 2025 年的明星项目。儘管面临 JELLY 漏洞等挑战，Hyperliquid 的韧性和创新功能——如链上订单簿、高槓杆和以社区为中心的代币经济学——推动了其热度。</p><p>对于交易者和投资者来说，Hyperliquid 代表了参与 DeFi 未来的机会，无论是通过交易、持有 HYPE 还是参与其充满活力的社区。随着平台继续创新和扩展，Hyperliquid 显然不仅是一个短暂的趋势，而是重塑去中心化金融的变革力量。准备好加入了吗？设置您的钱包，连接到 Hyperliquid，加入这场改变加密货币世界的革命吧！<br>&nbsp;</p><p style="text-align:center;">UD 是香港领先区块链及网络安全方案供应商<br>致力助不同的企业通过创新区块链技术进一步发展业务，从 Web 2.0 向 Web 3.0 的新时代迈进</p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/sc/blockchain-consulting-services">谘询专家</a></div><p><br>&nbsp;</p>

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</div></div><p>&nbsp;</p><p>去中心化金融（DeFi）的世界正在以驚人的速度演進，新平台不斷湧現，挑戰中心化交易所（CEX）的現狀。在眾多平台中，Hyperliquid 引起了廣泛關注，迅速躋身成為永續期貨交易的領先去中心化交易所（DEX）。其原生代幣 HYPE 屢創新高，平台交易量達到數十億美元，Hyperliquid 已不再是小眾項目，而是加密貨幣衍生品市場的主要參與者。那麼，Hyperliquid 究竟是什麼？為何最近在區塊鏈新聞中如此炙手可熱？本文將深入探討 Hyperliquid 的核心功能、獨特之處及其迅速崛起的背後原因。</p><p>&nbsp;</p><h2 class="green-h2">什麼是Hyperliquid？</h2><p>Hyperliquid 是一個去中心化的永續期貨交易所，建構在其專有的高性能第一層區塊鏈 HyperEVM 上。該平台於 2023 年推出，旨在結合中心化平台的速度與效率，以及 DeFi 的透明性與去中心化特性。與依賴自動做市商（AMM）或鏈下訂單匹配的傳統 DEX 不同，Hyperliquid 採用完全鏈上的訂單簿模型，提供即時交易、深度流動性和近乎零的 Gas 費用。這使得它成為尋求快速、經濟且非託管交易體驗的交易者的理想選擇。</p><p>該平台支持多種金融工具，包括永續期貨、現貨交易以及借貸服務。其旗艦產品是去中心化永續期貨交易所，因無需 KYC（了解您的客戶）要求而受到關注，這一特性通常與中心化平台相關。Hyperliquid 提供類似中心化交易所（CEX）的用戶體驗，同時堅持 DeFi 的核心原則——去中心化、透明度和用戶控制，使其成為加密貨幣交易領域的遊戲規則改變者。</p><p>&nbsp;</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><p>&nbsp;</p><h2 class="green-h2">Hyperliquid 的核心功能</h2><p>為了理解 Hyperliquid 的吸引力，讓我們來分析其核心功能：<br>高性能第一層區塊鏈：Hyperliquid 運行在 HyperEVM 上，這是一個專為 DeFi 應用優化的第一層區塊鏈。此區塊鏈實現了高交易吞吐量、低延遲和極低費用，解決了傳統 DEX 的低效問題，如交易速度慢和流動性分散。</p><p><strong>鏈上訂單簿</strong>：與基於 AMM 的 DEX 不同，Hyperliquid 採用完全鏈上的訂單簿，提供即時價格發現和與頂級 CEX（如 Binance 或 Bybit）相當的深度流動性。這使得交易執行更精確，價格更優。</p><p><strong>無需 KYC</strong>：Hyperliquid 允許任何人使用加密貨幣錢包進行無許可交易，消除了 KYC 等障礙。這對注重隱私的交易者以及無法使用 CEX 的地區用戶尤其具有吸引力。</p><p><strong>高槓桿交易</strong>：平台支持高達 40 倍槓桿交易，吸引了希望放大倉位的散戶和機構交易者。例如，James Wynn 的 12.5 億美元比特幣多頭倉位等高調交易顯示了其吸引力。</p><p><strong>以社區為中心的代幣經濟學</strong>：Hyperliquid 的原生代幣 HYPE 總供應量固定為 10 億枚，其中 31% 通過 2024 年 11 月的創世空投分發給早期用戶，這是加密貨幣歷史上最大規模的空投之一。平台將近 97% 的交易收入重新分配給 HYPE 代幣持有者，激勵社區參與。</p><p><strong>協議自有做市商（HLP）</strong>：Hyperliquid 的 Hyperliquidity Provider Vault（HLP）作為協議自有的做市商，減少了不良流動性並確保大額交易的流動性，這一創新方法使其在 DEX 中脫穎而出。</p><p>這些功能共同使 Hyperliquid 成為一個強大的平台，彌合了中心化金融與去中心化金融之間的差距，提供了媲美 CEX 的用戶體驗，同時堅持 DeFi 的核心理念。</p><p>&nbsp;</p><h2 class="green-h2">為何 Hyperliquid 最近如此受歡迎？</h2><p>Hyperliquid 在 2025 年的迅速崛起得益於市場趨勢、技術創新和策略性舉措的結合，這些因素與加密貨幣社區產生了強烈共鳴。以下是推動其近期熱度的關鍵因素。</p><h3><span style="color:#2A3795;"><strong>1. 交易量和未平倉合約的爆炸性增長</strong></span></h3><p>Hyperliquid 的交易活動呈現驚人增長。2025 年 3 月，平台處理了 1750 億美元的交易量，到 4 月中旬，交易量達到 830 億美元。其未平倉合約最近創下 100 億美元 的紀錄，反映了交易者對平台的強烈信心。這種增長得益於比特幣突破 10.5 萬美元以及更廣泛的市場上漲，Hyperliquid 占據了 70% 的鏈上永續期貨市場。</p><p>該平台能夠處理巨額交易，例如 James Wynn 的 12.5 億美元比特幣多頭倉位，進一步鞏固了其作為高風險交易首選場所的聲譽。這些高調交易顯示 Hyperliquid 支持大戶級倉位的能力，這在 DEX 中極為罕見，標誌著資本從中心化金融向 DeFi 的轉移。</p><h3><span style="color:#2A3795;"><strong>2. HYPE 代幣的驚人漲勢</strong></span></h3><p>原生 HYPE 代幣是 Hyperliquid 熱度的主要驅動力之一。近幾週，HYPE 代幣屢創新高，截至 2025 年 5 月 23 日實現了 95% 的月度漲幅。在 Hyperliquid 與美國商品期貨交易委員會（CFTC）互動後，HYPE 代幣單日上漲 15%，表現優於主要加密貨幣。分析師預測 HYPE 可能達到 128 美元，從其突破區 35 美元計算，潛在漲幅高達 240%，類似於 Solana 在 2021 年的價格走勢。</p><p>HYPE 的代幣經濟學設計旨在獎勵用戶，97% 的交易收入通過回購重新分配給代幣持有者。這種模式創造了一個自我強化的循環：交易量增加提升 HYPE 的價值，吸引更多用戶加入生態系統。此外，沒有風險投資的支持以及以社區為中心的分配模型（例如 2024 年 11 月的空投）培養了用戶的強烈參與感，進一步推動了 HYPE 的吸引力。</p><h3><span style="color:#2A3795;"><strong>3. 監管參與和 DeFi 倡導</strong></span></h3><p>Hyperliquid 與監管機構（特別是 CFTC）的積極互動提升了其可信度和知名度。2025 年 5 月 23 日，Hyperliquid Labs 向 CFTC 提交了兩封意見函，主張 24/7 永續衍生品交易，並強調 DeFi 原則如何提升市場效率、完整性和用戶保護。這種 DeFi 協議直接與美國監管機構互動的罕見舉動顯示了該領域的成熟度，並將 Hyperliquid 定位為塑造有利政策框架的領導者。</p><p>CFTC 對加密貨幣永續期貨的開放態度（委員 Summer Mersinger 表示此類合約可能「很快」獲得批准）進一步推動了對 Hyperliquid 的樂觀情緒。通過與監管討論保持一致，Hyperliquid 將自己定位為合規但創新的參與者，吸引了散戶交易者和機構投資者。</p><h3><span style="color:#2A3795;"><strong>4. 社區熱議和社交媒體吸引力</strong></span></h3><p>Hyperliquid 在加密貨幣論壇、X 平台和 Telegram 群組中成為熱門話題，影響者和交易者放大了其敘事。X 上的帖子突出了其獨特功能，例如 類似 CEX 的流動性和用戶體驗、無風險投資支持以及將永續期貨 DEX 與通用第一層區塊鏈結合的創新方法。例如，用戶如 stevenyuntcap 和 Hyperintern 讚揚了 Hyperliquid 的自籌資金模式、協議自有做市商和價值 90 億美元的巨額空投。</p><p>這種以社區為驅動的熱度，結合 Hyperliquid 強大的鏈上指標（例如交易量和用戶採用率的持續增長），創造了類似「邪教」的追隨者群體，如一些 X 用戶所述。該平台專注於用戶體驗、速度和去中心化，吸引了尋求 Binance 或 Bybit 替代方案的交易者。</p><h3><span style="color:#2A3795;"><strong>5. 面對挑戰的韌性</strong></span></h3><p>儘管增長迅速，Hyperliquid 也面臨挑戰，包括 2025 年 3 月涉及 JELLY 迷因幣的 620 萬美元漏洞。一名大戶通過短暫擠壓操縱代幣價格，暴露了 Hyperliquid 清算參數的漏洞。平台通過下架 JELLY 和凍結該大戶的提現作出回應，但這一事件引發了對 DEX 漏洞的擔憂。</p><p>然而，Hyperliquid 在這場風暴中保持了交易者的信心，顯示了其韌性。該平台對漏洞的透明處理以及交易量和未平倉合約的持續增長證明了其穩健性。此外，這一事件突顯了 DeFi 的風險，但並未嚇退用戶，Hyperliquid 在鏈上永續期貨市場的份額繼續攀升。</p><p>&nbsp;</p><h2 class="green-h2">需要考慮的挑戰和風險</h2><p>雖然 Hyperliquid 的崛起令人印象深刻，但也存在風險。JELLY 漏洞 暴露了其清算參數的弱點，引發了對平台處理惡意行為者能力的質疑。此外，高達 40 倍的槓桿可能導致重大損失，例如 James Wynn 在 12.5 億美元比特幣多頭倉位上損失 1340 萬美元。交易者應謹慎並採用適當的風險管理策略。</p><p>監管不確定性是另一個因素。雖然 Hyperliquid 與 CFTC 的互動是一個積極的步驟，但 DeFi 的監管環境不斷變化可能影響其運營。交易者應密切關注美國及全球加密貨幣監管的潛在變化。</p><p>&nbsp;</p><h2 class="green-h2">Hyperliquid 的未來</h2><p>Hyperliquid 的發展軌跡表明它有望繼續成為 DeFi 的主導力量。其即將推出的功能，例如用於跨鏈互操作性的 Hyperbridge 和 HyperEVM 的全面推出，可能進一步增強其能力。分析師對 HYPE 的價格潛力持樂觀態度，預測其可能實現 240% 的漲幅 至 128 美元，這得益於其類似 Solana 的價格結構和強大的基本面。</p><p>此外，Hyperliquid 以社區為中心的方法，包括未來可能的空投（HYPE 供應量的 38% 保留給社區），可能進一步推動採用。該平台結合 CEX 級性能與 DeFi 透明度的能力使其成為 Binance 等巨頭的潛在競爭者，特別是隨著交易者越來越青睞去中心化平台。</p><p>&nbsp;</p><h2 class="green-h2"><strong>結論</strong></h2><p>Hyperliquid 正在通過提供高性能、透明且用戶友好的平台重新定義去中心化交易，與中心化交易所相媲美。其交易量的爆炸性增長、HYPE 代幣的驚人漲勢以及與監管的積極互動使其成為 2025 年的明星項目。儘管面臨 JELLY 漏洞等挑戰，Hyperliquid 的韌性和創新功能——如鏈上訂單簿、高槓桿和以社區為中心的代幣經濟學——推動了其熱度。</p><p>對於交易者和投資者來說，Hyperliquid 代表了參與 DeFi 未來的機會，無論是通過交易、持有 HYPE 還是參與其充滿活力的社區。隨著平台繼續創新和擴展，Hyperliquid 顯然不僅是一個短暫的趨勢，而是重塑去中心化金融的變革力量。準備好加入了嗎？設置您的錢包，連接到 Hyperliquid，加入這場改變加密貨幣世界的革命吧！<br>&nbsp;</p><p style="text-align:center;">UD 是香港領先區塊鏈及網絡安全方案供應商<br>致力助不同的企業通過創新區塊鏈技術進一步發展業務，從 Web 2.0 向 Web 3.0 的新時代邁進</p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/tc/blockchain-consulting-services">諮詢專家</a></div><p>&nbsp;</p><p>&nbsp;</p>

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