# Bài viết Liên quan Intermediary

Trung tâm Tin tức HTX cung cấp những bài viết mới nhất và phân tích chuyên sâu về "Intermediary", bao gồm xu hướng thị trường, cập nhật dự án, phát triển công nghệ và chính sách quản lý trong ngành tiền kỹ thuật số.

Who Captures Value in Web 2.5?

Title: Who Captures Value in Web 2.5? Summary: For most of financial history, moving money was difficult and slow. Cryptocurrencies and stablecoins promised faster, cheaper transfers. However, their true potential is realized not by replacing traditional finance but by acting as an efficient, invisible settlement layer beneath it—a hybrid model called "Web 2.5." This fusion combines the regulation and familiar interfaces of traditional finance with the low-cost, programmable, always-on settlement of crypto. The critical question is: where does value accumulate in this new system? The answer lies in the coordination or "translation" layer that bridges the two financial worlds. History shows that the middleman connecting systems often captures immense value, as seen with Visa or SWIFT. This layer controls the flow of funds and can extract fees, collect float interest, and wield significant power (e.g., sanctions). Now, four main models are competing to become this dominant translation layer: protocols (like Chainlink), market utilities, banking cooperatives, and central bank clubs. For instance, Chainlink, in partnership with a consortium of banks, is piloting real-time FX settlement. SWIFT is building its own blockchain-based ledger layer. The Bank for International Settlements is testing tokenized central bank reserves. Ultimately, Web 2.5 is more promising than a purely decentralized utopia because it doesn't require abandoning existing systems. Instead, crypto becomes a commoditized, hidden infrastructure enabling faster, cheaper transactions within the traditional financial framework. The winning coordination layer will hold the power and capture the economic value in this new landscape.

链捕手07/20 15:52

Who Captures Value in Web 2.5?

链捕手07/20 15:52

Collateral Dollars: How the 'Second-Layer Dollar' Above Stablecoins Takes Shape?

"Collateralized Dollars: How a 'Second Layer of Dollars' Forms on Top of Stablecoins" Most assume stablecoins replicate Eurodollars and expand the offshore dollar system, but this is not accurate. Stablecoins primarily replace certain functions within the existing system, especially operational dollar balances for daily settlement. The critical question is what happens when financial intermediaries create a new layer of dollar claims *on top of* stablecoins. This article explains how this new collateralized funding channel works. Stablecoins introduce tokenized private dollar claims. Even if issuers and reserves are within the US legal perimeter, their circulation and use as collateral can become economically "offshore." Enforceable control over collateral opens a secured credit channel but does not itself create a monetary claim. A true monetary event occurs only when another balance sheet funds, rolls over, or accepts a liability issued against the controlled token at near-par value. The discount prices the gap between "effective control over the token" and "reliable convertibility into bank dollars." Elasticity comes from the balance sheet issuing the liability against the token and from third-party willingness to treat that liability as a near-par asset. Collateralized Dollars are not the stablecoins themselves; they are the second-layer liability that another balance sheet is willing to issue, fund, and maintain at near-par against a controlled token balance. The Eurodollar system is a hierarchy of claims, with elasticity originating in expandable bank liabilities. In contrast, the stablecoin collateral chain starts with a tokenized asset. It gains systemic significance only when an intermediary's liability against that token is treated as money-like by other balance sheets. Key determining factors include: who has effective control, the legal/operational path to bank dollars, and whether the resulting claim can still be financed near-par under stress. Pressure in this new channel manifests differently. The upper-layer (intermediary) claim fails first, losing its money-like status, potentially while the underlying stablecoin remains solvent. Increased haircuts and forced sales can create a destructive feedback loop, widening the very gap the discount measures. In conclusion, the Eurodollar analogy has limits. Reserve quality supports the underlying token's solvency, but the leverage, credit, and liabilities built atop it face a separate test. Collateral eligibility is not monetary acceptance. Only when a claim built on stablecoins survives the leap from "token liquidity" to "bank dollar liquidity" do Collateralized Dollars truly exist.

链捕手07/08 06:16

Collateral Dollars: How the 'Second-Layer Dollar' Above Stablecoins Takes Shape?

链捕手07/08 06:16

Understanding the New Economic Model of Tokenization

Understanding the New Token Economics Model The commercialization of AI applications is evolving from selling software and subscriptions to selling token call capacity. Tokens, the fundamental unit of information processing for large language models (LLMs), have become the basis for API billing and consumption. With call volumes exploding, tokens themselves are now being traded—procured, routed, split, and resold—forming a new intermediary market. This layer connects upstream LLM providers with downstream developers and enterprises, acting as a global wholesale-to-retail liquidity network. The rise of this business is fueled by a massive surge in China's daily token call volume—growing over a thousandfold from 100 billion in early 2024 to over 140 trillion by March 2026—and significant improvements in domestic LLM capabilities, which are now competitive globally. The core value of token distribution platforms extends beyond simple arbitrage. Key functions include aggregating multiple models (like GPT, Claude, and domestic models such as Kimi and DeepSeek) under a unified API, lowering network and payment barriers, and providing enterprise services like model selection, prompt engineering, and system integration. Profit models are diversifying: (1) resale margins; (2) technical premiums from proprietary inference acceleration (e.g., reducing costs to 1/10 of the industry standard); and (3) enterprise value-added services. High-consumption scenarios like marketing, short-form video, gaming, and e-commerce are primary drivers. Investment opportunities are seen in both companies with strong model capabilities (e.g., Alibaba, Tencent, MiniMax) and those with high-consumption client scenarios (e.g., marketing agencies with overseas reach). However, risks are significant: low entry barriers leading to intense competition, capital requirements and bad debt risks from advance payments, and dependency on policy changes from upstream LLM providers who control API pricing and access.

marsbit05/19 02:54

Understanding the New Economic Model of Tokenization

marsbit05/19 02:54

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