# Сопутствующие статьи по теме Stablecoins

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Stablecoins", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Pharos Ecosystem Security Guide: Full-Link Risk Control for RWA Asset Integration

"Pharos Ecosystem Security Guide: Comprehensive Risk Control for RWA Asset Integration" This guide provides developers in the Pharos ecosystem with a practical framework for integrating Real-World Assets (RWAs), addressing the unique challenges of combining off-chain legal claims with on-chain functionality. Pharos’s Layer 1 infrastructure, featuring Block-STM for parallel execution and dual EVM/WASM support, offers the high-speed settlement and complex computational power required for RWA operations. The analysis identifies two primary RWA models: 1) the on-chain to off-chain model (e.g., fundraising in stablecoins for off-chain investments like U.S. Treasuries) and 2) the asset tokenization model (e.g., fractionalizing real estate for on-chain ownership). The core focus is mitigating critical risks beyond smart contracts. Key strategies include: enforcing identity compliance via smart contract-level whitelisting and DID integration; implementing oracle-based circuit breakers to halt operations during stablecoin depegging events; ensuring asset authenticity with multi-source oracles for real-time NAV updates; mandating transparency for off-chain Special Purpose Vehicles (SPVs); designing built-in redemption queues and liquidity buffers to prevent secondary market collapses; and rigorously defending against inherited EVM vulnerabilities using audited libraries and reentrancy guards. The conclusion emphasizes that RWA security is a full-stack challenge, requiring robust integration of legal, financial, and technical safeguards to ensure asset authenticity and systemic resilience on Pharos.

marsbit01/20 14:10

Pharos Ecosystem Security Guide: Full-Link Risk Control for RWA Asset Integration

marsbit01/20 14:10

SEC Chairman confirms U.S. crypto bill nears finish line: Details

The long-standing tension between Washington and the crypto industry is easing as SEC Chairman Paul Atkins confirms the Digital Asset Market Clarity Act of 2025 is ready for presidential review. The SEC and CFTC are now cooperating to align regulations, ending years of conflict. The bill clearly divides oversight: the CFTC will regulate decentralized digital commodities like Bitcoin, while the SEC handles investment-style tokens. A "maturity clause" allows tokens to transition from SEC to CFTC oversight once their networks become sufficiently decentralized. This regulatory clarity could unlock institutional adoption and real-world asset tokenization, potentially ending crypto’s regulatory winter and fostering innovation. Despite recent market pressures, the bill represents a significant step toward legal certainty.

ambcrypto01/20 12:47

SEC Chairman confirms U.S. crypto bill nears finish line: Details

ambcrypto01/20 12:47

NYSE Moves Toward 24/7 Markets With Blockchain Trading Venue for Tokenized Equities

The New York Stock Exchange (NYSE), under its parent company Intercontinental Exchange, is developing a blockchain-based trading platform to enable 24/7 trading of tokenized stocks and ETFs. This initiative aims to meet investor demand for continuous trading and instant settlements, similar to cryptocurrency markets. The platform will combine the NYSE’s existing order-matching technology with blockchain for record-keeping, settlements, and funding—using stablecoins and tokenized bank deposits. However, the project is still pending approval from the U.S. Securities and Exchange Commission (SEC), which will review investor protections and regulatory compliance. If approved, the system could significantly reduce settlement times and costs, marking a major step toward integrating blockchain technology into traditional finance. The move also reflects competitive pressure, as other exchanges like Nasdaq are exploring tokenized equity offerings.

TheNewsCrypto01/20 09:22

NYSE Moves Toward 24/7 Markets With Blockchain Trading Venue for Tokenized Equities

TheNewsCrypto01/20 09:22

$6 Trillion Deposit Drain Theory Sends Banking Industry into Panic

The article discusses how the U.S. CLARITY Act, which prohibits crypto exchanges from paying yields on payment stablecoins, is part of a broader effort to protect traditional banks' profitable net interest margins. Large banks like JPMorgan benefit from near-zero deposit rates while earning significantly higher returns by investing in assets like Treasury bills. The banking industry warns that stablecoin yield offerings could lead to $6.6 trillion in deposit outflows, harming lending capacity. However, the article argues that these funds often remain within the traditional financial system, as stablecoin reserves are held in cash and short-term Treasuries. The real concern for banks is competition from higher-yielding alternatives like USDC rewards and DeFi protocols, which force them to offer better rates. This situation mirrors historical debate around Regulation Q and the rise of money market funds in the 1970s. The stablecoin market has grown rapidly, reflecting demand for digital dollars that offer both liquidity and yield. The author suggests that, much like money market funds, stablecoin yields represent a technological shift that benefits consumers and will likely be adopted despite resistance from incumbent institutions.

marsbit01/20 05:49

$6 Trillion Deposit Drain Theory Sends Banking Industry into Panic

marsbit01/20 05:49

Funds Are Still in the Market, But Interest in Altcoins Has Faded

The article analyzes the structural shifts in the crypto market in 2025, arguing it was not a typical bull or bear cycle but a period of institutional repositioning. Key themes include: - **Policy and Regulation**: Clearer frameworks emerged (e.g., GENIUS Act, ETF approvals), reducing uncertainty and defining compliance boundaries, but without triggering a broad market boom. - **Capital Flow**: Significant capital entered through low-risk channels like stablecoins (e.g., USDe growth), ETFs (favoring BTC/ETH), RWA (e.g., treasury bonds), and DAT strategies, but this liquidity did not spread to most altcoins. - **Market Stratification**: While Bitcoin and Ethereum saw institutional support, ~85% of new tokens underperformed, with median FDV down over 70%. The market split: institutional capital focused on compliant assets, while speculative activity concentrated in niches. - **Key Sectors**: - *Real-yield assets* (e.g., DeFi protocols with fee mechanisms) gained traction as they offered returns without relying solely on narrative hype. - *AI/Robotics x Crypto* cooled in price but remained relevant long-term for infrastructure potential. - *Prediction markets and Perp DEXs* grew by serving native demand for leverage and event speculation, though they face efficiency challenges. Conclusion: 2025 marked a transition where narrative-driven rallies became shorter and more selective, while institutional capital prioritized assets with clear utility, compliance, and yield. The market is structured for continued divergence between mainstream and altcoins in 2026.

比推01/20 05:41

Funds Are Still in the Market, But Interest in Altcoins Has Faded

比推01/20 05:41

The Infinite Expansion of 'Tradability': NYSE's 24/7 Trading Has Nothing to Do with Crypto's Victory or Defeat

The New York Stock Exchange (NYSE) is developing a tokenized securities platform to enable 24/7 trading of stocks and ETFs, using stablecoins for instant settlement and allowing fractional share purchases. Partnering with established financial institutions like BNY Mellon and Citigroup, the move represents a significant shift toward blockchain-based solutions in traditional finance. This initiative breaks down traditional barriers: time (enabling continuous global trading), space (facilitating cross-border access with stablecoins), and investment thresholds (allowing micro-investments). While these innovations originated in the crypto space, their adoption by major institutions like NYSE and Nasdaq signals a broader expansion of "tradability" rather than a victory for crypto itself. The trend toward non-stop, accessible, and global trading is accelerating, with traditional and crypto-finance ecosystems increasingly converging. The core transformation is the erosion of limits on what, when, and how assets can be traded—making the world a perpetual marketplace.

比推01/20 03:34

The Infinite Expansion of 'Tradability': NYSE's 24/7 Trading Has Nothing to Do with Crypto's Victory or Defeat

比推01/20 03:34

Understanding JPMorgan Chase: The Enforcer of Dollar Hegemony, the Temple of Banking, and Bitcoin's Most Stubborn Opponent

J.P. Morgan Chase stands as a titan in the global financial system, often regarded as the enforcer of dollar hegemony and a神殿级银行 (temple-level bank). Its pivotal role in dollar clearing—processing over $10 trillion daily—grants it unparalleled influence over global capital flows. While it has selectively partnered with compliant crypto entities like Coinbase, providing crucial banking access that legitimized their operations, the bank remains a staunch critic of Bitcoin. CEO Jamie Dimon has consistently dismissed Bitcoin as a “fraud” and emphasized its use in illicit activities. The bank’s historical significance is profound. Founded by J.P. Morgan, who acted as a de facto central banker during the 1907 crisis, its modern incarnation is a cornerstone of the U.S. financial infrastructure, integral to Treasury operations and crisis management. Its stringent compliance standards make a J.P. Morgan account a coveted symbol of trust and access. Yet, it faces a paradigm shift from decentralized finance. Tether’s USDT has emerged as a “shadow competitor,” creating a parallel system for dollar transactions that bypasses traditional banking channels. In response, J.P. Morgan is exploring its own blockchain solutions, like JPM Coin, aiming to integrate the efficiency of distributed ledger technology while maintaining control within the regulated financial framework. The tension between its centralized power and the rise of decentralized alternatives defines its complex relationship with the crypto world.

marsbit01/20 03:06

Understanding JPMorgan Chase: The Enforcer of Dollar Hegemony, the Temple of Banking, and Bitcoin's Most Stubborn Opponent

marsbit01/20 03:06

NYSE Launches 24/7 Tokenized Stock Trading: Which Crypto Businesses Will Directly Benefit or Suffer?

The New York Stock Exchange (NYSE) has announced plans to launch a tokenized securities trading and on-chain settlement platform supporting 24/7 trading of U.S. stocks and ETFs, fractional shares, stablecoin-based settlements, and instant settlement. This move is expected to have significant implications for the crypto industry. Potential beneficiaries include compliant U.S. stablecoins like USDC, which could be chosen for settlements, boosting their adoption. Leveraged stock-to-crypto trading platforms (e.g., Hyperliquid) may benefit from improved hedging opportunities due to aligned 24/7 trading hours. Perpetual swap and basis trading protocols (e.g., Ethena) could gain new, high-quality assets for arbitrage strategies. Selected infrastructure providers, such as blockchains and oracles, may also see growth, though traditional finance connections will be crucial. Conversely, existing crypto-native stock tokenization platforms face direct competition from the NYSE's superior regulatory backing and promise of equal dividends and governance rights. Spot stock-to-crypto trading platforms are particularly vulnerable and may need to pivot to offshore markets or derivatives to survive. Overall, while the NYSE's entry threatens some crypto-native businesses, it highlights the growing value of crypto's unique strengths: stablecoin infrastructure, leveraged trading, and on-chain financial engineering. Competition will intensify, but new opportunities will emerge.

Odaily星球日报01/20 02:13

NYSE Launches 24/7 Tokenized Stock Trading: Which Crypto Businesses Will Directly Benefit or Suffer?

Odaily星球日报01/20 02:13

Funds Haven't Disappeared, They Just Don't Love Altcoins Anymore

"Capital Hasn't Disappeared—It Just Stopped Loving Altcoins" offers a retrospective analysis of the crypto market in 2025, framing it not as a simple bull or bear cycle but as a period of structural repositioning. The year was defined by a clear regulatory shift, with the U.S. moving from a stance of suppression to establishing a clearer legislative framework, exemplified by the GENIUS Act. This institutionalization was a key driver, with Bitcoin and Ethereum ETFs attracting significant institutional capital. However, this capital was highly selective, flowing into low-volatility, compliant channels like stablecoins, low-risk Real-World Assets (RWA), and corporate treasuries (DATs), rather than fueling a broad-based "altcoin season." Consequently, the market experienced a stark stratification: while major assets saw institutional support, approximately 85% of new token launches ended the year below their initial price. The report identifies three key narrative sectors that adapted to this new reality: tokens with real yield (e.g., yield-bearing stablecoins, mature DeFi), which provided a reason to hold assets beyond pure speculation; AI/Robotics x Crypto, seen as a long-term infrastructure play despite short-term underperformance; and prediction markets/Perp DEXs, which thrived by fulfilling the native demand for leveraged trading and event speculation. The conclusion is that 2025 marked a transition in market pricing power, where narratives still drive short-term trades, but only assets with real utility, distribution, and institutional acceptance are poised for long-term value accrual.

marsbit01/20 01:40

Funds Haven't Disappeared, They Just Don't Love Altcoins Anymore

marsbit01/20 01:40

How Do Stablecoins Touch the Most Profitable Nerve of Banks?

U.S. banks are fiercely opposing interest-bearing stablecoins, not because they cause deposit outflows, but because they threaten the core profitability of large commercial banks. When funds flow into stablecoins like USDC, the money eventually returns to the banking system as reserves held in cash or short-term liquid assets. The real concern is the total amount of deposits, but a shift in deposit structure. Large U.S. banks rely heavily on "low-rate banking," where they hold massive amounts of non-interest or ultra-low-interest transaction deposits (used for payments, transfers, and settlements). These deposits are extremely cheap for banks, costing only 0-11 basis points in interest, while the Fed funds rate is 3.5%-3.75%. This spread, along with transaction fees, generates over $360 billion in annual revenue for banks. Interest-bearing stablecoins directly compete with these transaction deposits. If stablecoins offer yield, users may move funds from traditional bank transaction accounts into stablecoins for both utility and returns. Although the money remains in the banking system, stablecoin issuers would likely place most reserves in higher-yielding non-transaction accounts, forcing banks to pay market rates for these funds. This erodes banks' profit margins and reduces their fee income from payment services. The battle over the CLARITY法案 revolves around this profit redistribution. Banks want to ban all forms of yield on stablecoins to protect their lucrative low-cost deposit base and dominant position in the payment ecosystem.

比推01/19 14:58

How Do Stablecoins Touch the Most Profitable Nerve of Banks?

比推01/19 14:58

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