Bitwise：为何顶级资本疯狂押注Arc、Canton和Tempo这样的新公链？

marsbitОпубликовано 2026-05-13Обновлено 2026-05-13

Введение

近期，Arc、Canton和Tempo三条为稳定币和资产代币化定制的新公链接连获得巨额融资，吸引了贝莱德、a16z、高盛、Visa等顶级资本。其背后反映出加密行业三大关键趋势。首先，明确的监管是资本涌入的关键推手。2025年7月美国《Genius法案》通过后，这些融资才集中出现。预计未来更全面的《Clarity法案》若通过，将进一步释放行业潜力，尤其在合规金融基础设施领域。其次，隐私保护正成为核心需求。与以太坊、Solana的公开透明不同，这三条新链均原生内置私密交易功能，精准解决了商业场景中交易信息需保密的现实痛点，满足了传统机构的实际需求。最后，传统金融与科技巨头正式下场。这些新链由Circle、Stripe等企业主导或获华尔街巨头支持，带来了雄厚资本和规范运作。虽然加密原生项目仍有优势，但巨头的入局将加剧竞争，从而推动整个行业加速创新与边界拓展。

撰文:Matt Hougan,Bitwise 首席投资官

编译:Saoirse,Foresight News

行业消息往往扎堆涌现。遇到这种时刻值得高度关注,因为背后一定有重大趋势正在发生。

就在本周一,稳定币发行商 Circle 官宣,旗下全新区块链项目 Arc 完成 2.22 亿美元融资,整体估值达 30 亿美元。投资方阵容豪华,包括贝莱德、Apollo Funds、纽约证券交易所母公司等顶级机构。

而在此前一天,另一条新兴区块链 Canton Network 开发方 Digital Asset 传出融资消息:由 a16z 领投,以 20 亿美元估值募资 3 亿美元。

无独有偶,Stripe 旗下的 Tempo 区块链早已领跑赛道:去年年底完成 5 亿美元融资,估值高达 50 亿美元,后续又陆续官宣与 DoorDash、Visa 等企业达成战略合作。

Arc、Canton、Tempo 三条公链,均是为稳定币与资产代币化场景量身打造。这一波集中融资热潮,也让我总结出加密行业至关重要的三点启示。

资本永远跟随监管立法

上述几笔数亿美元级别的大额融资,全都发生在 2025 年 7 月美国国会通过《Genius 法案》之后。

我始终认为,在法案落地前,美国加密立法进程拖沓低迷,直接拖累了行业投资热度;各大机构不愿在监管前景模糊的前提下,贸然布局业务、搭建公链基础设施。而如今监管明确化,行业格局正在发生改变。

没人能确定,倘若没有《Genius 法案》保驾护航,这些项目还能否维持当下的估值、完成大额募资,但可以肯定的是,监管明朗绝对起到了关键助推作用。

对于投资者而言,最值得思考的问题是:加密行业综合性市场架构法案《Clarity 法案》若顺利在国会通过,将会释放多大的行业机遇?

《Clarity 法案》的覆盖广度远超《Genius 法案》,且法案最终文本尚未定稿,暂时无法精准预判影响范围。但可以确定,资产代币化赛道、合规金融基础设施,将是最大受益方向。我也期待法案最终版本能同时利好去中心化金融、创新通证设计等领域,具体仍需等待正式文本落地。《Clarity 法案》值得所有人持续跟踪。

隐私保护或将成为现象级核心应用

Arc、Canton、Tempo 有一个共性特征,也是和以太坊、Solana 最大的区别:三条公链均原生内置私密交易功能。

随着加密资产逐步融入主流商业场景,这一设计逻辑十分贴合现实需求。公有区块链的公开透明,本是建立信任的基石,但放在商业场景中反而会成为短板。

企业不愿让每一笔未完成的交易全网公开,职场人也不希望薪资流水能被任何人通过区块浏览器随意查询。这时,公开透明不再是优势,反而成了现实痛点。

即便是区块链透明性最坚定的支持者,也不得不承认:商业世界本就需要适度隐私与信息保密。这三条新兴公链从底层设计就预埋隐私功能,精准切中了传统机构的真实需求。而近期一轮轮高额融资也印证:这条赛道的方向完全走对了。

传统巨头正式下场,入局赛道竞争

Arc、Canton、Tempo 最特殊的一点,是背靠顶级企业与金融机构。

Arc 由上市公司 Circle 主导开发;
Canton 背后投资方囊括高盛、Citadel、美国存托信托清算公司(DTCC)、纳斯达克、BNY Mellon、标普全球(S&P Global)、Virtu 等华尔街巨头;
Tempo 是支付巨头 Stripe 与加密风投 Paradigm 联合打造,Anthropic、德意志银行、Revolut、Shopify、Visa、OpenAI 均参与了项目架构设计。

反观老牌公链截然不同:以太坊由一名 19 岁辍学青年在比特币论坛发起创立,Solana 则是高通工程师灵光一闪构思而来。

当然,这不代表传统巨头就一定会赢,实际上我个人更长期看好加密原生项目。但不可否认,银行、大型科技企业的入局,会为行业带来更雄厚的资本、更强的落地执行力、更专业的规范化运作。

同行竞合倒逼成长,我相信在巨头与原生项目的双向竞争下,整个加密行业的创新速度、发展边界都会被进一步拓宽。

毕竟,以钢砺钢,竞合方能催生进步。

Связанные с этим вопросы

Q根据文章内容，Arc、Canton和Tempo这三条新公链的共同特点是什么？

A它们的共同特点是为稳定币与资产代币化场景量身打造，并且均原生内置了私密交易功能，以满足商业场景对隐私保护的需求。

Q文章提到美国通过《Genius 法案》对加密行业有何具体影响？

A《Genius 法案》的落地使美国加密监管前景变得明朗，极大地助推了行业投资热度，直接促成了Arc、Canton、Tempo等项目在监管明确后的大额融资。

Q为什么说隐私保护将成为现象级核心应用？

A因为随着加密资产融入主流商业，公开透明的公有链特性在商业场景中（如企业交易、薪资流水）成为痛点，而Arc、Canton、Tempo等新公链从底层设计内置隐私功能，精准切中了传统机构的真实需求，获得了资本的高度认可。

Q与传统公链（如以太坊、Solana）相比，Arc、Canton、Tempo在背景上有何显著不同？

AArc、Canton、Tempo三条新公链均由顶级企业或金融机构主导或深度参与（如Circle、高盛、Stripe等），拥有强大的传统资本和规范化运作背景；而以太坊、Solana等传统公链是由个人或小团队发起的加密原生项目。

Q文章作者对传统巨头下场布局新公链持怎样的看法？

A作者认为，虽然他个人更长期看好加密原生项目，但传统巨头的入局能为行业带来更雄厚的资本、更强的落地执行力以及更专业的规范化运作。巨头与原生项目之间的竞合关系将拓宽整个加密行业的创新速度和发展边界。

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