Key highlights of this issue:

本期的关键亮点：

Just two weeks after launching its stablecoin, Klarna announced this week that it is exploring its own crypto wallet. The combination of "stablecoin + wallet" is enabling credit-based Fintech companies like BNPL to upgrade to "account-based currency platforms" at a lower cost. From a broader perspective, why are more and more Fintech companies ultimately moving towards wallets and stablecoins? How can this architecture unlock new revenue structures and expansion space for the profit-constrained BNPL model?
Stripe launched a stablecoin payment function, but still uses a 1.5% commission, sparking a renewed discussion about payment pricing models. When the marginal cost of settlement is almost zero, the profit pool of the payment industry is shifting from "channel fees" to "software and financial orchestration." In this restructuring, how can Stripe reshape its pricing power and profit logic by outsourcing complexity and providing high-value-added services?

在推出其稳定币仅两周后，Klarna 本周宣布正在探索自己的加密钱包。"稳定币 + 钱包"的组合使得像 BNPL 这样的基于信用的金融科技公司能够以更低的成本升级为"基于账户的货币平台"。从更广泛的角度来看，为什么越来越多的金融科技公司最终向钱包和稳定币转型？这种架构如何为利润受限的 BNPL 模型解锁新的收入结构和扩展空间？
Stripe 推出了稳定币支付功能，但仍然使用 1.5% 的佣金，引发了关于支付定价模型的新讨论。当结算的边际成本几乎为零时，支付行业的利润池正在从"渠道费用"转向"软件和金融协调"。在这种重组中，Stripe 如何通过外包复杂性和提供高附加值服务来重塑其定价权和利润逻辑？

Market Overview and Growth Highlights

市场概况与增长亮点

The total market capitalization of stablecoins reached $310.001 billion (approximately US$310.001 billion), a week-on-week increase of $1.883 billion (approximately US$1.883 billion). In terms of market structure, USDT continues to dominate, accounting for 60.05%; USDC ranks second with a market capitalization of $78.56 billion (approximately US$78.546 billion), accounting for 25.34%. ...

稳定币的总市值达到了 3100.01 亿美元（约 3100.01 亿美元），较上周增加了 18.83 亿美元（约 18.83 亿美元）。从市场结构来看，USDT 继续占据主导地位，占比 60.05%；USDC 排名第二，市值为 785.6 亿美元（约 785.46 亿美元），占比 25.34%。...

Market Overview and Growth Highlights

市场概况与增长亮点

Market capitalization of stablecoins reached $310.001 billion (approximately Blockchain Network Distribution Top 3 Stablecoin Networks by Market Capitalization: Ethereum: $166.268 billion ($166.268 billion) Tron: $81.308 billion ($81.308 billion) Solana: $16.473 billion ($16.473 billion) Fastest Growing Networks (TOP 3): Resolv USD (USR): +55.96%

稳定币的市值达到了 3100.01 亿美元（约 3100.01 亿美元），区块链网络分布前 3 名稳定币网络按市值计算：以太坊：1662.68 亿美元（1662.68 亿美元）波场：813.08 亿美元（813.08 亿美元）索拉纳：164.73 亿美元（164.73 亿美元）增长最快的网络（前 3 名）：Resolv USD (USR)：+55.96%

USDD (USDD): +14.91% Sky Dollar (USDS): +5.95%

USDD (USDD)：+14.91% Sky Dollar (USDS)：+5.95%

Data from DefiLlama

数据来自 DefiLlama

Klarna's Next Step: From Credit Track to Currency Platform

Klarna 的下一步：从信用轨道到货币平台

Following the launch of its stablecoin KlarnaUSD based on the Tempo chain, Klarna announced this week a partnership with Privy to explore its own crypto wallet.

在基于 Tempo 链推出其稳定币 KlarnaUSD 后，Klarna 本周宣布与 Privy 建立合作关系，探索自己的加密钱包。

On the surface, this appears to be just another large consumer finance company entering the crypto space, but in reality, Klarna is attempting to integrate "user asset relationships" into its own system. Stablecoins, as a new value carrier, and wallets, as the entry point for funds, combine to allow Klarna, for the first time, to directly manage user fund retention and payment paths, leaping from a "transaction tool" to a "fund node." For a company that started with "buy now, pay later" (BNPL), this means redefining its relationship with the monetary system. From a business model perspective, this change touches upon Klarna's core structure. The essence of the BNPL model is credit: Klarna advances payments to merchants, creating accounts receivable and earning interest spreads. However, this model has high capital requirements, concentrated risk, and is subject to regulation and balance sheet size. The introduction of stablecoins and wallets changes this logic. Klarna, for the first time, simultaneously controls both "master account relationships" and "payment path control," enabling it to shift from a credit intermediary to a financial intermediary—moving from relying on credit risk returns to participating in the profit distribution arising from currency flows. When user funds temporarily reside in a wallet, this balance can be activated: generating stagnant fund returns, foreign exchange spreads, and even financial instruments that support merchants. Klarna's profit focus thus shifts from "lending" and "risk" to "liquidity" and "capital efficiency." The fundamental reason driving this change lies in the inherent properties of stablecoins. Compared to traditional deposit systems, stablecoins are fully backed by real fiat currency reserves, do not generate credit creation, and therefore do not bear the risks of maturity mismatch and default. This is a "narrow banking" model, allowing the platform to handle user fund relationships without needing to become a regulated depository institution. What users hold in their wallets are on-chain assets, not bank liabilities. This means Klarna can directly create a closed loop of fund retention and settlement within the application, without needing to comply with capital adequacy ratios or bear the costs of Basel III, yet still maintaining complete monetary business relationships. In a sense, Klarna is using software logic to enter a profit pool that was previously only accessible to banks. From a broader perspective, this implies a shift in the boundaries of fintech competition. With the popularization of digital dollars and on-chain payment networks, the focus of industry innovation has extended from front-end areas such as payment experience, credit risk control, and merchant services to the underlying monetary relationship layer. If the past decade saw fintech competing on installment and credit efficiency, the next decade may see a restructuring of competition around "account—stablecoin—wallet." For platforms with a large user base, stablecoins are not just cross-border payment tools, but a fundamental financial track that can reshape revenue structures and user relationships. Stripe Adds Stablecoin Payment Functionality, Pricing Model Questioned. In a recent notification to merchants, Stripe announced that stablecoin payments will be enabled by default on December 12, 2025. Merchants do not need to modify their code; stablecoin payments from users will be automatically settled in USD to their existing accounts. For merchants, this is undoubtedly a major benefit: reaching crypto-native users, faster settlements, and lower operational barriers. Stripe charges a 1.5% fee, with no fixed fee. At first glance, this seems reasonable, but the fee rate quickly became a point of contention. What is the focus of the debate? Logically, stablecoin payments should be far less expensive than traditional payments: instant settlement, no clearinghouses, no agent banks, and on-chain gas even approaching zero on some networks. However, Stripe still uses a credit card-style 1.5% commission, which is almost irrelevant to actual costs. For a $100,000 payment, the on-chain cost might be only a few cents, while Stripe charges $1,500. When the marginal cost of value transfer is almost zero, charging based on transaction amount seems like a relic of the past. Stablecoins redefine the flow of funds: eliminating intermediaries, reducing latency, and transforming settlement into code execution. In an efficient market, this should force payment pricing to converge towards true costs. But Stripe still prices based on transaction size, not service costs, which is the core of this controversy. However, simply viewing the 1.5% as an "exploitative fee" is inaccurate. Because payments are never as simple as "transferring bytes or tokens," Stripe's role extends beyond transaction processing. Its core value lies in providing an abstraction at scale—productized trust. In fact, this 1.5% covers a large number of unseen but essential aspects: risk management, refunds, dispute resolution, fraud detection, compliance, liquidity, and customer support; and subsidizes the product layer that merchants actually experience: Checkout, API orchestration, analytics tools, subscription systems, and multi-path routing. In other words, merchants aren't paying on-chain transaction fees, but rather the cost of outsourcing this entire complexity to Stripe. Stripe's role is to encapsulate "programmable money" into a ready-to-use payment experience, integrating on-chain assets, compliance, risk control, and traditional payment methods through an orchestration system, allowing stablecoins to operate as smoothly as traditional payments. From a longer-term structural perspective, this pricing method may not be sustainable. Stripe is simultaneously deploying higher value-added enterprise-grade financial service capabilities, including the underlying settlement reconstruction represented by Tempo, the enterprise billing and usage pricing system introduced by Metronome, and new payment and settlement solutions for the AI agent economy. Combined with future AI-centric risk control, dispute management, and business automation capabilities, these directions point to a new profit structure: elevating payments from simple "channel fees" to a "smart financial orchestration" software layer serving both the human and machine economies. Under this strategic shift, 1.5% is more of a transitional pricing mechanism to maintain merchant experience and service integrity until the upper-layer software capabilities mature enough to become a primary source of revenue. As stablecoins bring underlying settlement costs close to zero, the profit pool for payments will shift from the channel to the orchestration layer. Future pricing may no longer be linked to transaction volume but rather to the business value gained by merchants, such as cross-border cost savings, the use of subscription APIs, or the bundling of settlement, risk control, and billing into enterprise-grade services. Capital Layout Crypto Financial Services Platform Nexo Acquires Buenbit, Accelerating Expansion into the Latin American Compliant Crypto Market with Argentine License Key Takeaways Buenbit, a Latin American crypto financial services platform, has acquired over 1 million users and registration with the Argentine Securities and Exchange Commission (CNV), awaiting regulatory approval. Buenbit has long served as a gateway for local fiat currency and crypto assets, processing over $2 billion in transactions and experiencing rapid growth in Argentina, Peru, and Mexico. Buenbit users will gain access to Nexo's high-yield savings, crypto-backed lending, and structured products. Buenos Aires will become Nexo's main market. Latin America Hub.

表面上，这似乎只是另一家大型消费金融公司进入加密领域，但实际上，Klarna 正在尝试将 “用户资产关系” 整合到其自身系统中。稳定币作为一种新的价值载体，钱包作为资金的入口点，结合在一起，使得 Klarna 首次能够直接管理用户资金的保留和支付路径，从 “交易工具” 跃升为 “资金节点”。对于一家以 “先买后付”（BNPL）起家的公司而言，这意味着重新定义其与货币系统的关系。从商业模式的角度来看，这一变化触及了 Klarna 的核心结构。BNPL 模式的本质是信用：Klarna 向商家预付款项，形成应收账款并赚取利差。然而，这一模式具有高资本要求、集中风险，并受到监管和资产负债表规模的限制。稳定币和钱包的引入改变了这一逻辑。Klarna 首次同时控制 “主账户关系” 和 “支付路径控制”，使其能够从信用中介转变为金融中介——从依赖信用风险回报转向参与货币流动带来的利润分配。当用户资金暂时存放在钱包中时，这一余额可以被激活：产生闲置资金回报、外汇利差，甚至支持商家的金融工具。因此，Klarna 的利润焦点从 “借贷” 和 “风险” 转向 “流动性” 和 “资本效率”。推动这一变化的根本原因在于稳定币的固有特性。与传统存款系统相比，稳定币完全由真实法币储备支持，不产生信用创造，因此不承担到期错配和违约的风险。这是一种 “狭义银行” 模型，使平台能够处理用户资金关系，而无需成为受监管的存款机构。用户在钱包中持有的是链上资产，而不是银行负债。这意味着 Klarna 可以直接在应用程序内创建资金保留和结算的闭环，而无需遵守资本充足率或承担巴塞尔协议 III 的成本，同时仍保持完整的货币业务关系。从某种意义上说，Klarna 正在利用软件逻辑进入一个以前仅对银行开放的利润池。从更广泛的角度来看，这意味着金融科技竞争边界的转变。随着数字美元和链上支付网络的普及，行业创新的重点已从支付体验、信用风险控制和商户服务等前端领域扩展到基础货币关系层。如果过去十年金融科技在分期付款和信用效率上竞争，未来十年可能会围绕 “账户—稳定币—钱包” 重构竞争。对于拥有大量用户基础的平台而言，稳定币不仅仅是跨境支付工具，而是可以重塑收入结构和用户关系的基础金融轨道。Stripe 增加稳定币支付功能，定价模式受到质疑。在最近向商户的通知中，Stripe 宣布稳定币支付将于2025年12月12日默认启用。商户无需修改其代码；用户的稳定币支付将自动以美元结算到他们现有的账户中。对于商户而言，这无疑是一个重大好处：接触加密原生用户、更快的结算和更低的运营门槛。Stripe 收取 1.5% 的费用，没有固定费用。乍一看，这似乎是合理的，但费用率很快成为争议的焦点。争论的焦点是什么？从逻辑上讲，稳定币支付的成本应该远低于传统支付：即时结算，没有清算所，没有代理银行，某些网络上的链上燃气费用甚至接近零。然而，Stripe 仍然使用信用卡式的 1.5% 佣金，这几乎与实际成本无关。对于 100,000 美元的支付，链上成本可能只有几美分，而 Stripe 收取 1,500 美元。当价值转移的边际成本几乎为零时，基于交易金额收费似乎是过去的遗物。稳定币重新定义了资金流动：消除中介、减少延迟，并将结算转变为代码执行。在一个高效的市场中，这应该迫使支付定价趋向于真实成本。但 Stripe 仍然基于交易规模定价，而不是服务成本，这正是争议的核心。然而，简单地将 1.5% 视为 “剥削性费用” 是不准确的。因为支付从来不是简单的 “转移字节或代币”，Stripe 的角色超出了交易处理。其核心价值在于提供大规模的抽象——产品化的信任。事实上，这 1.5% 涵盖了大量看不见但至关重要的方面：风险管理、退款、争议解决、欺诈检测、合规、流动性和客户支持；并补贴商户实际体验的产品层：结账、API 编排、分析工具、订阅系统和多路径路由。换句话说，商户支付的不是链上交易费用，而是将整个复杂性外包给 Stripe 的成本。Stripe 的角色是将 “可编程货币” 封装成即用型支付体验，通过编排系统整合链上资产、合规、风险控制和传统支付方式，使稳定币能够像传统支付一样顺畅运作。从长期结构的角度来看，这种定价方式可能不可持续。Stripe 正在同时部署更高附加值的企业级金融服务能力，包括由 Tempo 代表的基础结算重构、Metronome 引入的企业计费和使用定价系统，以及针对 AI 代理经济的新支付和结算解决方案。结合未来以 AI 为中心的风险控制、争议管理和业务自动化能力，这些方向指向一种新的利润结构：将支付从简单的 “渠道费用” 提升到服务于人类和机器经济的 “智能金融编排” 软件层。在这一战略转变下，1.5% 更像是一种过渡性定价机制，以维持商户体验和服务完整性，直到上层软件能力成熟到足以成为主要收入来源。随着稳定币将基础结算成本拉近至零，支付的利润池将从渠道转向编排层。未来的定价可能不再与交易量挂钩，而是与商户获得的商业价值相关，例如跨境成本节省、使用订阅 API，或将结算、风险控制和计费打包成企业级服务。资本布局加密金融服务平台 Nexo 收购 Buenbit，加速向拉丁美洲合规加密市场扩张，获得阿根廷许可证关键要点 Buenbit 是一家拉丁美洲加密金融服务平台，已获得超过 100 万用户和阿根廷证券交易委员会（CNV）的注册，正在等待监管批准。Buenbit 长期以来一直作为当地法币和加密资产的入口，处理超过 20 亿美元的交易，并在阿根廷、秘鲁和墨西哥迅速增长。Buenbit 用户将获得 Nexo 的高收益储蓄、加密抵押贷款和结构化产品的访问权限。布宜诺斯艾利斯将成为 Nexo 的主要市场。拉丁美洲中心。

Why it's important

为什么这很重要

This move strengthens Nexo's foothold in Latin America, the world's fastest-growing compliant market, and leverages local regulatory licenses to achieve systematic entry, opening up greater business opportunities in regions with high demand for stablecoins, crypto savings, and other similar products.

此举加强了 Nexo 在拉丁美洲的立足点，该地区是全球增长最快的合规市场，并利用当地的监管许可证实现系统性进入，为对稳定币、加密储蓄和其他类似产品需求旺盛的地区开辟了更大的商业机会。

This move strengthens Nexo's presence in Latin America, the world's fastest-growing compliant market, and leverages local regulatory licenses to achieve systematic entry, opening up greater business opportunities in regions with high demand for stablecoins, crypto savings, and other similar products.

此举加强了 Nexo 在拉丁美洲的存在，该地区是全球增长最快的合规市场，并利用当地的监管许可证实现系统性进入，为对稳定币、加密储蓄和其他类似产品需求旺盛的地区开辟了更大的商业机会。

This move strengthens Nexo's foothold in Latin America, the fastest-growing compliant market, and leverages local regulatory licenses to achieve systematic entry, opening up greater business opportunities in regions with high demand for stablecoins, crypto savings, and other similar products.

此举加强了 Nexo 在拉丁美洲的立足点，该地区是增长最快的合规市场，并利用当地的监管许可证实现系统性进入，为对稳定币、加密储蓄和其他类似产品需求旺盛的地区开辟了更大的商业机会。

Why it's important

为什么这很重要

This move strengthens Nexo's foothold in Latin America, the fastest-growing compliant market, and leverages local regulatory licenses to achieve systematic entry, opening up greater business opportunities in regions with high demand for stablecoins, crypto savings, and other similar products.

此举加强了 Nexo 在拉丁美洲的立足点，该地区是增长最快的合规市场，并利用当地的监管许可证实现系统性进入，为对稳定币、加密储蓄和其他类似产品需求旺盛的地区开辟了更大的商业机会。

Why it's important

为什么这很重要

This move strengthens Nexo's foothold in Latin America, the fastest-growing compliant market, and leverages local regulatory licenses to achieve systematic entry, opening up greater business opportunities in regions with high demand for stablecoins, crypto savings, and other products.

此举加强了 Nexo 在拉丁美洲的立足点，该地区是增长最快的合规市场，并利用当地的监管许可证实现系统性进入，为对稳定币、加密储蓄和其他产品需求旺盛的地区开辟了更大的商业机会。

Why it Tether Participates in $80 Million Funding Round, Betting on High-Risk Industrial Humanoid Robots in Italy Tether, along with AMD Ventures and the Italian National AI Fund, participated in an $80 million funding round for Generative Bionics, a company developing "Physical AI" humanoid robots capable of operating in high-risk factory and logistics environments. This investment continues Tether's strategy of expanding into AI and physical infrastructure, including brain-computer interfaces, large-scale GPU clusters, and Bitcoin mining. Generative Bionics plans to deploy its first mass-produced systems in manufacturing, logistics, healthcare, and retail industries by 2026.

为什么 Tether 参与 8000 万美元融资轮，押注意大利高风险工业类人形机器人 Tether 与 AMD Ventures 和意大利国家人工智能基金共同参与了 Generative Bionics 的 8000 万美元融资轮，该公司正在开发能够在高风险工厂和物流环境中操作的 “物理人工智能” 人形机器人。这项投资延续了 Tether 在人工智能和物理基础设施方面的扩展战略，包括脑机接口、大规模 GPU 集群和比特币挖矿。Generative Bionics 计划在 2026 年前在制造、物流、医疗和零售行业部署其首批大规模生产的系统。

Why it matters

为什么这很重要

This move shows that Tether is systematically penetrating key technologies and real industries "beyond stablecoins", building a diversified asset and infrastructure portfolio through AI and robotics investments to enhance its resilience and expand its global technological influence.

此举表明 Tether 正在系统性地渗透关键技术和真实产业，超越稳定币，通过人工智能和机器人投资构建多元化的资产和基础设施组合，以增强其韧性并扩大其全球技术影响力。

Why it matters

为什么这很重要

- This move shows that Tether is systematically penetrating key technologies and real industries "beyond stablecoins", building a diversified asset and infrastructure portfolio through AI and robotics investments to enhance its resilience and expand its global technological influence.

- 此举表明 Tether 正在系统性地渗透关键技术和真实产业，超越稳定币，通过人工智能和机器人投资构建多元化的资产和基础设施组合，以增强其韧性并扩大其全球技术影响力。

Why it matters

**** 为什么这很重要 ****

This move shows that Tether is systematically Paradigm Makes First Bets on Brazil; Local Currency Yield Stablecoin Crown Becomes a New Channel for Institutions to Enter High-Interest-Rate Economies. Paradigm led a $13.5 million Series A funding round for Brazilian stablecoin project Crown, valuing the company at $90 million. Crown's Brazilian Real stablecoin, BRLV, is fully backed by government bonds and has become the world's largest "emerging market stablecoin," with approximately $66 million in subscriptions to date. BRLV provides institutions with on-chain yields based on Brazil's 15% benchmark interest rate, addressing the issue of "zero yield and difficulty in competing" for USD stablecoins in high-interest-rate markets, and is known as "Brazil's..." Circle is positioned as a yield-generating stablecoin in its local currency, exclusively for institutional investors. Brazil is the world's fifth-largest cryptocurrency market, with digital asset investors now outnumbering stock investors. Crown projects that BRLV will reach 1 trillion reais in circulation within ten years, representing a high single-digit percentage of the money supply, indicating significant market expansion potential. Local currency stablecoins are becoming a new gateway for global capital to access the returns of high-interest-rate economies. The "local currency + interest rate" model may reshape the competitive landscape of stablecoins and change the structure of cross-border capital flows. Paradigm's entry demonstrates the rapidly rising strategic value of stablecoins in emerging markets. Stripe Acquires Self-Custodial Wallet Valora, Expanding Stablecoin Wallet and Issuance Infrastructure. (Key Takeaways) Stripe acquired the Valora team (excluding IP) to expand its stablecoin business; the Valora app will return to Celo developer cLabs for continued operation. Stripe has acquired Bridge and Privy in recent years, launched the Open Issuance platform, and participated in Tempo chain development, building a one-stop capability from stablecoin issuance, management to custody. Valora has focused on mobile stablecoin payments and has launched in regions such as Africa; the addition of the team will help Stripe improve global user reach and on-chain payment experience.

此举表明 Tether 正在系统性地进入巴西市场；地方货币收益稳定币 Crown 成为机构进入高利率经济的新渠道。Paradigm 主导了巴西稳定币项目 Crown 的 1350 万美元 A 轮融资，使公司估值达到 9000 万美元。Crown 的巴西雷亚尔稳定币 BRLV 完全由政府债券支持，已成为全球最大的 “新兴市场稳定币”，迄今为止约有 6600 万美元的认购。BRLV 为机构提供基于巴西 15% 基准利率的链上收益，解决了在高利率市场中 “零收益和竞争困难” 的问题，并被称为 “巴西的...” Circle 被定位为其地方货币的收益生成稳定币，仅面向机构投资者。巴西是全球第五大加密货币市场，数字资产投资者现在超过了股票投资者。Crown 预计 BRLV 将在十年内达到 1 万亿雷亚尔的流通量，占货币供应的高个位数百分比，表明市场扩展潜力巨大。地方货币稳定币正成为全球资本获取高利率经济回报的新通道。“地方货币 + 利率” 模型可能重塑稳定币的竞争格局，并改变跨境资本流动的结构。Paradigm 的进入表明稳定币在新兴市场的战略价值迅速上升。Stripe 收购自托管钱包 Valora，扩展稳定币钱包和发行基础设施。（关键要点）Stripe 收购了 Valora 团队（不包括知识产权），以扩展其稳定币业务；Valora 应用程序将返回 Celo 开发者 cLabs 继续运营。Stripe 近年来收购了 Bridge 和 Privy，推出了开放发行平台，并参与了 Tempo 链的开发，构建了从稳定币发行、管理到托管的一站式能力。Valora 专注于移动稳定币支付，并已在非洲等地区推出；团队的加入将帮助 Stripe 改善全球用户覆盖和链上支付体验。

Why it matters

**** 为什么这很重要 ****

- Payment giants are rapidly absorbing crypto-native capabilities through team acquisitions, and stablecoins are becoming the strategic core of the next generation of global payment networks. Stripe's portfolio strategy demonstrates that traditional technology companies are vying for dominance in stablecoin infrastructure.

- 支付巨头通过团队收购迅速吸收加密原生能力，稳定币正成为下一代全球支付网络的战略核心。Stripe 的投资组合战略表明传统科技公司正在争夺稳定币基础设施的主导地位。

Lead Bank, an innovative commercial bank invested in by a16z, introduces Loop Crypto, bringing stablecoin payments into the banking system. Key Takeaways: Loop Crypto, a stablecoin payment processor, joins the ecosystem of Lead Bank, a community bank in Missouri, USA, combining its banking license with on-chain payment capabilities to expand its stablecoin and digital asset payment business. Following the acquisition of a technology team, Lead Bank has fully transformed into a fintech and crypto-focused entity, known for its community-centric approach and innovative banking services. It has raised $70 million and is valued at $1.47 billion, providing banking services to companies like Affirm, Ramp, and Stripe's Bridge. Loop received investment from VanEck and Fabric this year. Strategic investments, such as those in the banking sector, have led to a 344% year-on-year increase in payment volume. Partnerships with banks can deeply integrate on-chain stablecoin settlement with traditional payment networks. Why is this important? US community banks are leveraging crypto infrastructure to enter the rapidly growing stablecoin settlement field, forming a new payment architecture of "bank license + crypto technology." This echoes the trend of US regulators promoting bank participation in crypto custody, settlement, and transactions, indicating that stablecoins are integrating into the mainstream banking system and reshaping the payment landscape.

Lead Bank 是一家由 a16z 投资的创新商业银行，推出了 Loop Crypto，将稳定币支付引入银行系统。关键要点：Loop Crypto 是一家稳定币支付处理商，加入了位于美国密苏里州的 Lead Bank 生态系统，结合其银行许可证与链上支付能力，扩展其稳定币和数字资产支付业务。在收购了一支技术团队后，Lead Bank 已全面转型为一家专注于金融科技和加密货币的实体，以其以社区为中心的方法和创新的银行服务而闻名。它已筹集了 7000 万美元，估值为 14.7 亿美元，为 Affirm、Ramp 和 Stripe 的 Bridge 等公司提供银行服务。Loop 今年获得了 VanEck 和 Fabric 的投资。对银行业的战略投资导致支付量同比增长 344%。与银行的合作可以将链上稳定币结算与传统支付网络深度整合。这为何重要？美国社区银行正在利用加密基础设施进入快速增长的稳定币结算领域，形成 “银行许可证 + 加密技术” 的新支付架构。这呼应了美国监管机构推动银行参与加密保管、结算和交易的趋势，表明稳定币正在融入主流银行系统，并重塑支付格局。

## Regulatory Compliance

## 监管合规

### US Crypto Regulation Accelerates Across the Board, Multiple Departments Deregulate and Build a Unified Market Structure

### 美国加密监管全面加速，多部门放松管制并构建统一市场结构

Key Highlights

**** 关键亮点 ****

- Bipartisan Senate members and CEOs of major banks have made progress on a comprehensive market structure bill spanning the SEC and CFTC. Gillibrand and Lummis stated that the Senate will release the comprehensive crypto regulatory draft this week, with hearings and a vote next week, aiming to submit it to President Trump in early 2026.

- 两党参议院成员和主要银行的首席执行官在涵盖 SEC 和 CFTC 的综合市场结构法案上取得了进展。Gillibrand 和 Lummis 表示，参议院将在本周发布综合加密监管草案，下周进行听证和投票，目标是在 2026 年初提交给特朗普总统。

## Regulatory Compliance

## 监管合规

### US Crypto Regulation Accelerates Across the Board, Multiple Departments Deregulate and Build a Unified Market Structure

### 美国加密监管全面加速，多部门放松管制并构建统一市场结构

Key Highlights

**** 关键亮点 ****

- The Senate has made progress on a comprehensive market structure bill spanning the SEC and CFTC. Gillibrand and Lummis stated that the Senate will release the comprehensive crypto regulation draft this week, with hearings and a vote next week, aiming to submit it to President Trump in early 2026.

- 参议院在涵盖 SEC 和 CFTC 的综合市场结构法案上取得了进展。Gillibrand 和 Lummis 表示，参议院将在本周发布综合加密监管草案，下周进行听证和投票，目标是在 2026 年初提交给特朗普总统。

## The topics covered included yield-generating assets, stablecoins, DeFi, and the definition of "auxiliary assets"; The CFTC Acting Chairman withdrew the 2020 "physical settlement" guidance, opening up space for reshaping the regulatory framework for crypto products; the OCC simultaneously released supportive signals, opposing restrictions on bank crypto custody while also approving the inclusion of "risk-free principal" crypto trading in its core business; The industry lobbying landscape is consolidating rapidly, with the US Digital Chamber absorbing the UK's CryptoUK, attempting to build a unified cross-border discourse during a crucial period of US and UK legislation.

## 涉及的主题包括收益生成资产、稳定币、去中心化金融（DeFi）和 “辅助资产” 的定义；CFTC 代理主席撤回了 2020 年的 “实物结算” 指导，为重塑加密产品的监管框架开辟了空间；OCC 同时发布了支持信号，反对对银行加密保管的限制，同时批准将 “无风险本金” 加密交易纳入其核心业务；行业游说格局正在迅速整合，美国数字商会吸收了英国的 CryptoUK，试图在美国和英国立法的关键时期建立统一的跨境话语。

Why it matters

**** 为何重要 ****

- The Senate's legislative advancement, the CFTC's conceptual redesign, and the deregulation of OCC operations are converging in a rare manner. The United States is moving from fragmented regulation to systemic restructuring, which not only strengthens institutional participation but may also redefine the focus of global crypto businesses in the US market.

- 参议院的立法进展、CFTC 的概念重塑和 OCC 的放松管制以罕见的方式汇聚在一起。美国正从碎片化的监管转向系统性重组，这不仅加强了机构参与，还可能重新定义全球加密企业在美国市场的关注点。

Why it matters

**** 为何重要 ****

- The Senate's legislative advancement, the CFTC's conceptual redesign, and the deregulation of OCC operations are converging in a rare manner. The United States is moving from fragmented regulation to systemic restructuring, which will not only strengthen institutional participation but may also redefine the focus of global crypto businesses in the US market.

- 参议院的立法进展、CFTC 的概念重塑和 OCC 的放松管制以罕见的方式汇聚在一起。美国正从碎片化的监管转向系统性重组，这将不仅加强机构参与，还可能重新定义全球加密企业在美国市场的关注点。

Why it matters

**** 为何重要 ****

### The UK's FCA has listed stablecoin payments as a regulatory priority for 2026, and is promoting the local issuance of a sterling stablecoin.

### 英国金融行为监管局（FCA）已将稳定币支付列为 2026 年的监管优先事项，并正在推动当地发行英镑稳定币。

Key Highlights

**** 关键亮点 ****

- The UK's Financial Conduct Authority (FCA) stated that supporting local stablecoin payments will be a priority in 2026, and is collaborating with the Bank of England to develop a comprehensive crypto regulatory framework covering transactions, lending, custody, etc.; - The FCA has opened a stablecoin regulatory sandbox, allowing companies to test products, with applications closing on January 18; digital assets have already gained legal property status in the UK this year; - The UK is adopting a phased regulatory strategy to balance innovation and protection, but has been criticized for lagging behind the rapid progress in the US.

- 英国金融行为监管局（FCA）表示，支持当地稳定币支付将是 2026 年的优先事项，并正在与英格兰银行合作，制定涵盖交易、借贷、保管等的综合加密监管框架； - FCA 已开放稳定币监管沙盒，允许公司测试产品，申请截止日期为 1 月 18 日；数字资产今年已在英国获得法律财产权； - 英国正在采取分阶段的监管策略，以平衡创新和保护，但因滞后于美国的快速进展而受到批评。

Why it matters

**** 为何重要 ****

- Stablecoins are becoming a focal point of competition for national-level financial infrastructure. The UK's decision to frame local issuance and regulation as a core mission signifies its attempt to regain dominance in global compliant crypto finance.

- 稳定币正成为国家级金融基础设施竞争的焦点。英国决定将当地发行和监管框架作为核心任务，标志着其试图重新获得全球合规加密金融的主导地位。

Polish Parliament Fails to Overturn President's Veto, Becoming the Only EU Member State Without a MiCA Framework

波兰议会未能推翻总统的否决，成为唯一没有 MiCA 框架的欧盟成员国

### Key Takeaways

### 关键要点

Quick Overview

**** 快速概述 ****

- The Polish Parliament failed to obtain the three-fifths majority required to overturn the president's veto, and the Crypto-Asset Market Act was rejected by just 18 votes; - The Polish president stated that the bill was too cumbersome and could lead to the relocation of businesses; Prime Minister Tusk pushed for its passage on national security grounds, claiming that cryptocurrencies were being abused by Russian intelligence and criminal groups; - While Germany and Malta have already issued MiCA licenses, Poland remains the only EU member state without a local MiCA framework, yet its local crypto trading volume continues to grow by over 50%, and its user base is approaching [number missing]. - 8 million.

- 波兰议会未能获得推翻总统否决所需的三分之二多数，Crypto-Asset Market Act 仅以 18 票之差被否决； - 波兰总统表示该法案过于繁琐，可能导致企业迁移；首相图斯克以国家安全为由推动其通过，声称加密货币被俄罗斯情报机构和犯罪团伙滥用； - 尽管德国和马耳他已经发放了 MiCA 许可证，波兰仍是唯一没有当地 MiCA 框架的欧盟成员国，但其本地加密交易量仍在增长超过 50%，用户基础接近[缺失数字]。 - 800 万。

Why it matters

**** 为何重要 ****

- Poland's regulatory deadlock highlights the political divisions within the EU regarding the implementation of MiCA. Crypto companies face continued uncertainty and may prompt the EU to accelerate the push for a more centralized cross-border regulatory architecture, reducing the space for member states to act independently.

- 波兰的监管僵局突显了欧盟在实施 MiCA 方面的政治分歧。加密公司面临持续的不确定性，这可能促使欧盟加快推动更集中化的跨境监管架构，从而减少成员国独立行动的空间。

Poland's regulatory deadlock highlights the political divisions within the EU regarding the implementation of MiCA. Crypto companies face continued uncertainty and may also prompt the EU to accelerate the promotion of a more centralized cross-border regulatory architecture, reducing the space for member states to act independently.

波兰的监管僵局突显了欧盟在实施 MiCA 方面的政治分歧。加密公司面临持续的不确定性，这也可能促使欧盟加快推动更集中化的跨境监管架构，从而减少成员国独立行动的空间。

### US consumers and unions jointly oppose Senate crypto legislation, with pension funds and securities protection becoming the biggest points of contention

### 美国消费者和工会联合反对参议院的加密立法，养老金和证券保护成为最大的争议点

Key Points

**** 关键点 ****

- Nearly 200 consumer and financial reform organizations and several unions have jointly opposed the Senate's crypto market structure bill, arguing that the current draft fails to address core risks such as fraud, conflicts of interest, and regulatory exemptions, and may weaken the existing securities protection framework; - The American Federation of Teachers (AFT) has also sent a letter requesting the withdrawal of the Responsible Finance Innovation Act, warning that it could expose the pension system to the risks of crypto and stablecoins and allow companies to bypass registration and disclosure requirements through on-chain tokenization; - Why it matters - If Argentina allows banks to engage in crypto, it will significantly improve compliance access and user coverage, change the competitive landscape of the Latin American market, and prompt countries to accelerate the development of a unified regulatory path.If Argentina allows banks to engage in crypto, it will significantly improve compliance access and user coverage, change the competitive landscape of the Latin American market, and prompt countries to accelerate the development of a unified regulatory path.

- 近 200 个消费者和金融改革组织以及多个工会联合反对参议院的加密市场结构法案，认为当前草案未能解决诸如欺诈、利益冲突和监管豁免等核心风险，可能削弱现有的证券保护框架； - 美国教师联合会（AFT）也发出信函请求撤回《负责任的金融创新法》，警告称这可能使养老金系统面临加密货币和稳定币的风险，并允许公司通过链上代币化绕过注册和披露要求； - 重要性 - 如果阿根廷允许银行参与加密，将显著改善合规接入和用户覆盖，改变拉丁美洲市场的竞争格局，并促使各国加快发展统一的监管路径。如果阿根廷允许银行参与加密，将显著改善合规接入和用户覆盖，改变拉丁美洲市场的竞争格局，并促使各国加快发展统一的监管路径。

## New Product Express

## 新产品快讯

### Tassat Receives US Patent for "Yield-in-Transit" On-Chain Settlement Technology

### Tassat 获得美国专利，推出"Yield-in-Transit"链上结算技术

Key Highlights

**** 关键亮点 ****

- Tassat's patented "Yield-in-Transit" on-chain technology covers the accumulation and distribution of interest at the block and intraday granularity during the on-chain settlement process, clearly defining the ownership of profits at the moment of asset ownership change; - This technology has been used in Lynq, the institutional settlement network launched by Tassat and its partners in July 2025, aiming to improve the capital utilization efficiency of market makers, custodians, and stablecoin issuers; - More than 50 institutions are connecting to Lynq, along with... - The expansion of RWA, stablecoins, and the crypto market is driving increased demand for efficient on-chain settlement. A mechanism that allows interest to accrue during the "in transit" phase of assets, if adopted by institutions, will reshape the efficiency of on-chain settlement funds and the distribution of returns, laying a more sophisticated financial infrastructure for the large-scale institutionalization of RWA and stablecoins. Coinbase-incubated AI payment protocol x402 launches V2, enabling unified multi-chain format integration with traditional payment networks. Key Highlights: x402 V2 upgrades to a unified payment layer, standardizing multi-chain and asset recognition, achieving "multi-chain default" and compatibility with traditional payment networks such as ACH and bank cards. In just six months, it has processed over 100 million payments, covering APIs, applications, and AI agents, and introduces customizable payment flows and dynamic payTo routing. Developers can use lifecycle hooks to create scenarios such as subscriptions, pay-as-you-go billing, and multi-step transactions. The protocol's ecosystem is jointly driven by Cloudflare and Coinbase.

- Tassat 的专利"Yield-in-Transit"链上技术涵盖了在链上结算过程中，利息的积累和分配，明确界定了资产所有权变更时利润的归属； - 该技术已在 Tassat 及其合作伙伴于 2025 年 7 月推出的机构结算网络 Lynq 中使用，旨在提高市场制造商、保管人和稳定币发行人的资本利用效率； - 超过 50 家机构正在连接 Lynq，以及... - RWA、稳定币和加密市场的扩展推动了对高效链上结算的需求。如果被机构采用，允许在资产"运输中"阶段累积利息的机制将重塑链上结算资金的效率和收益分配，为 RWA 和稳定币的大规模机构化奠定更复杂的金融基础设施。Coinbase 孵化的 AI 支付协议 x402 推出 V2，支持与传统支付网络的统一多链格式集成。关键亮点：x402 V2 升级为统一支付层，标准化多链和资产识别，实现"多链默认"，并与传统支付网络如 ACH 和银行卡兼容。在短短六个月内，处理超过 1 亿笔支付，覆盖 API、应用程序和 AI 代理，并引入可定制的支付流程和动态 payTo 路由。开发者可以使用生命周期钩子创建订阅、按需计费和多步骤交易等场景。该协议的生态系统由 Cloudflare 和 Coinbase 共同推动。

Why is it important

**** 为什么重要 ****

- x402 is abstracting network value transmission into standardized infrastructure, enabling AI agents and applications to natively call cross-chain and traditional payment systems, laying the underlying protocol framework for the "machine economy" and the next generation of Internet payments. Crypto wallet Exodus launches Exodus Pay, aiming to enter real-world payment scenarios with self-custodied stablecoins in 2026. Exodus will launch Exodus Pay in early 2026, allowing users to store, transfer, and spend stablecoins within a self-custodied wallet, supporting bank card and Apple Pay payments. Users can transfer funds via mobile phone number and earn rewards based on holdings and spending, without relinquishing control of their private keys. Exodus targets a younger user base moving away from traditional banks, hoping to lower the barrier to entry for real-world crypto payments with stablecoins.

- x402 将网络价值传输抽象为标准化基础设施，使 AI 代理和应用程序能够原生调用跨链和传统支付系统，为"机器经济"和下一代互联网支付奠定基础协议框架。加密钱包 Exodus 推出 Exodus Pay，计划在 2026 年进入现实支付场景，支持自我保管的稳定币。Exodus 将在 2026 年初推出 Exodus Pay，允许用户在自我保管的钱包中存储、转移和消费稳定币，支持银行卡和 Apple Pay 支付。用户可以通过手机号码转账，并根据持有和消费获得奖励，而无需放弃对私钥的控制。Exodus 的目标是吸引逐渐远离传统银行的年轻用户，希望通过稳定币降低现实世界加密支付的门槛。

Why it matters

**** 为什么重要 ****

- Stablecoins are transitioning from a medium of exchange to an everyday payment tool. The addition of self-custody solutions allows "on-chain digital dollars" to directly enter the consumer market, driving the evolution of wallets from asset management to payment gateways.

- 稳定币正从交换媒介转变为日常支付工具。自我保管解决方案的加入使得"链上数字美元"能够直接进入消费市场，推动钱包从资产管理向支付网关的演变。

Tether Launches Privacy-Focused Health App QVAC Health, Accelerating Expansion from Stablecoin Giant to AI and Local Intelligence

Tether 推出隐私聚焦的健康应用 QVAC Health，加速从稳定币巨头向 AI 和本地智能的扩展

Key Highlights

**** 关键亮点 ****

- Tether launched QVAC Health, a locally running health and fitness data app. All user data is stored offline in encrypted form, without passing through commercial servers, emphasizing privacy and "local intelligence"; - The app is based on Tether's self-developed decentralized AI platform QVAC, which allows AI agents to run on the device, bypassing centralized cloud infrastructure; - Tether recently invested in Generative Bionics and Blackrock Neurotech, venturing into robotics and brain-computer interfaces, demonstrating that its business has expanded from finance to AI and cutting-edge technology infrastructure. - Tether recently invested in Generative Bionics and Blackrock Neurotech, venturing into robotics and brain-computer interfaces, showing that its business has expanded from finance to AI and cutting-edge technology infrastructure.

- Tether 推出了 QVAC Health，一款本地运行的健康和健身数据应用。所有用户数据以加密形式离线存储，不经过商业服务器，强调隐私和 “本地智能”； - 该应用基于 Tether 自开发的去中心化 AI 平台 QVAC，允许 AI 代理在设备上运行，绕过集中式云基础设施； - Tether 最近投资了 Generative Bionics 和 Blackrock Neurotech，涉足机器人技术和脑机接口，显示其业务已从金融扩展到 AI 和前沿技术基础设施。 - Tether 最近投资了 Generative Bionics 和 Blackrock Neurotech，涉足机器人技术和脑机接口，表明其业务已从金融扩展到 AI 和前沿技术基础设施。

Why it matters

**** 为什么这很重要 ****

- As the world's largest stablecoin issuer, Tether is leveraging its financial and technological advantages to build an AI and privacy technology empire outside the financial system. This marks a strategic leap for the stablecoin giant towards "decentralized infrastructure + local AI," potentially redefining its role in the crypto and technology industries.

- 作为全球最大的稳定币发行者，Tether 正在利用其金融和技术优势，在金融系统之外建立一个 AI 和隐私技术帝国。这标志着稳定币巨头在 “去中心化基础设施 + 本地 AI” 方面的战略飞跃，可能重新定义其在加密和技术行业中的角色。

Why it matters

**** 为什么这很重要 ****

- As the world's largest stablecoin issuer, Tether is leveraging its financial and technological advantages to build an AI and privacy technology empire outside the financial system. This signifies that the stablecoin giant is making a strategic leap towards "decentralized infrastructure + local AI," potentially redefining its role in the crypto and technology industries.

- 作为全球最大的稳定币发行者，Tether 正在利用其金融和技术优势，在金融系统之外建立一个 AI 和隐私技术帝国。这意味着稳定币巨头正在向 “去中心化基础设施 + 本地 AI” 迈出战略性的一步，可能重新定义其在加密和技术行业中的角色。

Why it matters

**** 为什么这很重要 ****

- Flowglad Releases Zero-Webhook Open-Source Payment Solution, Allowing AI to Integrate SaaS Billing in One Go Flowglad provides an open-source payment system that requires no webhook, generating customized integration prompts that match the developer's codebase and pricing model, enabling AI agents to complete payment integration "once"; The platform also serves as a "single source of fact" for billing, eliminating the need for developers to maintain multiple mappings for prices, plans, and user permissions, and eliminating the need to store payer IDs locally; The open-source code includes 130,000 lines of test cases, allowing AI to directly parse all boundary scenarios, reducing document dependencies and race conditions and synchronization issues caused by webhooks. Flowglad abstracts away the high coupling and fragility of traditional SaaS payment integration, reshaping the payment access method for the development process in the AI era, and is expected to become an important component of "AI-native billing infrastructure". Stripe-supported payment chain Tempo launches testnet, opening up native stablecoin payment infrastructure. (Key Highlights) Tempo, a dedicated chain built by Stripe and Paradigm, has launched its public beta, offering core payment functions such as native stablecoin gas fees, built-in DEX, 0.5-second final settlement, and Passkey biometric login. Since its announcement in September, Tempo has added 14 design partners, including Brex, Klarna, Mastercard, and UBS, and attracted 40 infrastructure partners to participate in testing. The client is now available with Apache... With the release of its open-source license, Tempo's partners are testing scenarios such as cross-border remittances, global payments, embedded finance, and tokenized deposits. The development team behind Tempo has also developed an extremely fast open-source block explorer, built on Cloudflare Workers and an index provider, with monthly maintenance costs of only a few dollars (assuming RPC usage). Tempo aims to build a high-performance stablecoin payment network for enterprise-level applications, accelerating the transition of on-chain payments from the experimental stage to large-scale deployment. This signifies that traditional payment giants are fully investing in the construction of dedicated payment blockchain infrastructure. OSL Selects Anchorage Digital to Issue USDGO Stablecoin

- Flowglad 发布了零 Webhook 开源支付解决方案，允许 AI 一次性集成 SaaS 计费。Flowglad 提供的开源支付系统无需 Webhook，生成与开发者代码库和定价模型匹配的定制集成提示，使 AI 代理能够 “一次” 完成支付集成；该平台还作为计费的 “单一事实来源”，消除了开发者维护多个价格、计划和用户权限映射的需要，并且不再需要本地存储付款人 ID；开源代码包括 130,000 行测试用例，允许 AI 直接解析所有边界场景，减少文档依赖和 Webhook 引起的竞争条件和同步问题。Flowglad 抽象化了传统 SaaS 支付集成的高耦合性和脆弱性，重塑了 AI 时代开发过程中的支付接入方式，预计将成为 “AI 原生计费基础设施” 的重要组成部分。由 Stripe 支持的支付链 Tempo 推出测试网，开放原生稳定币支付基础设施。（关键亮点）Tempo 是由 Stripe 和 Paradigm 构建的专用链，已推出公共测试版，提供原生稳定币燃料费、内置 DEX、0.5 秒最终结算和 Passkey 生物识别登录等核心支付功能。自 9 月宣布以来，Tempo 已增加了 14 个设计合作伙伴，包括 Brex、Klarna、万事达卡和瑞银，并吸引了 40 个基础设施合作伙伴参与测试。客户端现已与 Apache 兼容... 随着其开源许可证的发布，Tempo 的合作伙伴正在测试跨境汇款、全球支付、嵌入式金融和代币化存款等场景。Tempo 背后的开发团队还开发了一个极快的开源区块浏览器，基于 Cloudflare Workers 和索引提供商，月维护成本仅为几美元（假设 RPC 使用）。Tempo 旨在为企业级应用构建高性能的稳定币支付网络，加速链上支付从实验阶段向大规模部署的过渡。这意味着传统支付巨头正在全力投资建设专用支付区块链基础设施。OSL 选择 Anchorage Digital 发行 USDGO 稳定币

### OSL Selects Anchorage Digital to Issue USDGO Stablecoin

### OSL 选择 Anchorage Digital 发行 USDGO 稳定币

Key Takeaways

**** 关键要点 ****

- Hong Kong-based OSL Group has selected Anchorage Digital to issue USDGO, a stablecoin regulated by the US federal government. This platform is currently the only stablecoin issuance scheme under direct federal regulation. - In September of this year, Tether also selected Anchorage to issue USAT, targeting the US market, highlighting its scarcity in the regulated issuance field. - Anchorage states that its federal compliance status provides certainty for stablecoin issuers and will promote the compliant issuance of stablecoins in the United States. - Anchorage claims that its federal compliance status provides certainty for stablecoin issuers and will promote the compliant issuance of stablecoins in the United States.

- 总部位于香港的 OSL 集团选择 Anchorage Digital 发行 USDGO，这是一种受美国联邦政府监管的稳定币。该平台目前是唯一一个在联邦直接监管下的稳定币发行方案。 - 今年 9 月，Tether 也选择 Anchorage 发行 USAT，瞄准美国市场，突显其在受监管发行领域的稀缺性。 - Anchorage 表示，其联邦合规状态为稳定币发行者提供了确定性，并将促进美国稳定币的合规发行。 - Anchorage 声称，其联邦合规状态为稳定币发行者提供了确定性，并将促进美国稳定币的合规发行。

Why it matters

**** 为什么这很重要 ****

- As stablecoins play an increasingly important role in global payments and market infrastructure, regulatory credibility has become a key competitive factor. Anchorage, with its federal banking license, is vying for a high-compliance market share and may reshape the power structure of stablecoin issuance.

- 随着稳定币在全球支付和市场基础设施中扮演越来越重要的角色，监管信誉已成为关键竞争因素。Anchorage 凭借其联邦银行许可证，争夺高合规市场份额，可能重塑稳定币发行的权力结构。

## Market Adoption

## 市场采用

### Revolut Partners with Trust Wallet to Launch Instant Crypto Purchase in the EU, Emphasizing Self-Custodial and Zero-Fee Experience

### Revolut 与 Trust Wallet 合作，在欧盟推出即时加密购买，强调自我保管和零费用体验

Key Highlights

**** 关键亮点 ****

- Revolut integrates with Trust Wallet, allowing EU users to instantly purchase crypto via RevolutPay, bank cards, and bank transfers. Assets go directly into self-custodial wallets, bypassing centralized exchanges.

- Revolut 与 Trust Wallet 集成，允许欧盟用户通过 RevolutPay、银行卡和银行转账即时购买加密货币。资产直接进入自我保管钱包，绕过集中式交易所。

## Revolut and Trust Wallet have integrated, allowing EU users to instantly purchase crypto via RevolutPay, bank cards, and bank transfers. Assets go directly into self-custodial wallets, bypassing centralized exchanges.

## Revolut 与 Trust Wallet 已集成，允许欧盟用户通过 RevolutPay、银行卡和银行转账即时购买加密货币。资产直接进入自我保管钱包，绕过集中式交易所。

## Market Adoption

## 市场采用

### Revolut partners with Trust Wallet to launch instant cryptocurrency purchase in the EU, emphasizing self-custodial and zero-fee experience.

### Revolut 与 Trust Wallet 合作，在欧盟推出即时加密货币购买，强调自我保管和零费用体验。

Key Highlights

**** 关键亮点 ****

- Revolut and Trust Wallet have integrated, allowing EU users to instantly purchase crypto via RevolutPay, bank cards, and bank transfers. Assets go directly into self-custodial wallets, bypassing centralized exchanges.

- Revolut 与 Trust Wallet 已整合，允许欧盟用户通过 RevolutPay、银行卡和银行转账即时购买加密货币。资产直接进入自我保管钱包，绕过中心化交易所。

## Revolut partners with Trust Wallet to launch instant cryptocurrency purchase in the EU, emphasizing self-custodial and zero-fee experience.

## Revolut 与 Trust Wallet 合作，在欧盟推出即时加密货币购买，强调自我保管和零费用体验。

## Revolut partners with Trust Wallet to launch instant cryptocurrency purchase in the EU, emphasizing self-cus Some transactions can be completed with zero fees, initially supporting BTC, ETH, SOL, USDC, and USDT; Trust Wallet claims over 220 million global users; Revolut has obtained an EU MiCA license and is accelerating its expansion, recently reaching a valuation of $75 billion and advancing its cross-border crypto payments and global banking strategy. Why is this important? Against the backdrop of increasingly stringent regulations and rising demand for self-custody, mainstream fintech companies are using "buy-to-custody" as a user entry point, potentially driving the migration of European crypto services from exchange models to native wallet models. JPMorgan issues USCP tokens on Solana to help Galaxy complete commercial paper financing. Key Takeaways: Galaxy's first issuance of US commercial paper and introduction of USCP tokens, created by JPMorgan on Solana, with issuance and redemption settled in USDC; Coinbase and Franklin Templeton participated in the subscription and provided custody and USDC deposit/withdrawal services, making this a rare institutional-grade debt issuance on a public blockchain; This transaction demonstrates institutional interest in on-chain money market instruments, and Galaxy continues to put its financing and equity structure on-chain, exploring programmable financial infrastructure.

## Revolut 与 Trust Wallet 合作，在欧盟推出即时加密货币购买，强调自我保管和零费用体验。一些交易可以在零费用的情况下完成，最初支持 BTC、ETH、SOL、USDC 和 USDT；Trust Wallet 声称拥有超过 2.2 亿全球用户；Revolut 已获得欧盟 MiCA 许可证，并正在加速扩展，最近估值达到 750 亿美元，并推进其跨境加密支付和全球银行战略。这为何重要？在日益严格的监管和对自我保管需求上升的背景下，主流金融科技公司正在将 “购买 - 保管” 作为用户的切入点，可能推动欧洲加密服务从交易所模式向本地钱包模式的迁移。摩根大通在 Solana 上发行 USCP 代币，帮助 Galaxy 完成商业票据融资。关键要点：Galaxy 首次发行美国商业票据，并引入由摩根大通在 Solana 上创建的 USCP 代币，发行和赎回以 USDC 结算；Coinbase 和富兰克林邓普顿参与了认购，并提供保管和 USDC 存取服务，使这成为在公共区块链上罕见的机构级债务发行；这一交易展示了机构对链上货币市场工具的兴趣，Galaxy 继续将其融资和股权结构上链，探索可编程金融基础设施。

Why it matters

**** 这为何重要 ****

- The participation of large banks and asset management institutions in on-chain commercial paper issuance signifies that the traditional capital market is migrating to public blockchains for high-grade short-term debt instruments, promoting the initial formation of a compliant and large-scale on-chain money market.

- 大型银行和资产管理机构参与链上商业票据发行，标志着传统资本市场正在向公共区块链迁移高等级短期债务工具，促进合规和大规模链上货币市场的初步形成。

Tether-led crypto payment company Oobit partners with Bakkt to enter the US market, launching crypto payments in all 50 states. Key Takeaways: Oobit and Bakkt have launched in the US, offering crypto "touch payments" that support non-custodial wallets such as Base, Binance, and Phantom. Merchants can instantly receive fiat currency via Visa. Bakkt provides compliance and licensing support, covering all 50 states. Background includes the passage of the GENIUS Act, a stablecoin regulatory law in the US, and Tether's deployment of the USAT stablecoin in the US. Oobit is led by Tether. In 2024, Oobit raised $25 million in Series A funding. Last month, its token migrated from Ethereum to Solana, and VCI Global announced a $100 million token investment. Oobit's entry into the US market, marked by stablecoins and "on-chain wallet direct payments," accelerates its integration into mainstream payment systems. Tether strengthens its strategic footprint in the European and American markets through ecosystem projects and compliance pathways. Tether Partners with African Fintech Provider HoneyCoin to Introduce USD₮ to Offline POS and Cross-Border Payment Scenarios Tether has partnered with HoneyCoin, a rapidly growing African fintech platform, to launch a cashless POS system supporting USD₮, allowing merchants to directly receive stablecoins and reduce payment costs. HoneyCoin will integrate USD₮ into online and offline payments, real-time foreign exchange (KES↔USD₮), QR payments, and merchant back-end functions, helping African merchants conduct cross-border transactions with lower friction and hedge against local currency depreciation. On-chain transaction volume in Africa... The market is projected to grow by approximately 52% year-on-year to $205 billion in 2024–2025, with demand for stablecoins and a less-banked population driving the rapid adoption of crypto payments in the region. In Africa, where currency volatility and financial infrastructure are weak, stablecoins are becoming a practically usable tool for payments and storing value. Tether's partnerships with local fintech companies are accelerating the adoption of stablecoins in retail payments and cross-border trade, transforming stablecoins from a "medium of exchange" to a "payment network for the real economy." PNC Becomes the First Major U.S. Bank to Offer Spot Bitcoin Trading Within its Online Banking Platform PNC Private Bank has launched a Bitcoin spot trading service with infrastructure provided by Coinbase, allowing customers to directly buy, sell, and hold BTC within their existing online banking accounts. Coinbase handles custody, trade execution, and compliance, enabling PNC to offer crypto exposure without holding its own assets or registering a crypto brokerage business. This partnership, initiated in 2021 and officially announced in July 2025, allows PNC to meet the needs of high-net-worth clients, while Coinbase further penetrates the traditional financial system.

Tether 主导的加密支付公司 Oobit 与 Bakkt 合作进入美国市场，在所有 50 个州推出加密支付。关键要点：Oobit 和 Bakkt 在美国推出，提供支持非保管钱包（如 Base、Binance 和 Phantom）的加密 “触碰支付”。商家可以通过 Visa 即时接收法币。Bakkt 提供合规和许可支持，覆盖所有 50 个州。背景包括美国通过的 GENIUS 法案，一项稳定币监管法，以及 Tether 在美国推出 USAT 稳定币。Oobit 由 Tether 主导。在 2024 年，Oobit 获得 2500 万美元的 A 轮融资。上个月，其代币从以太坊迁移到 Solana，VCI Global 宣布了一项 1 亿美元的代币投资。Oobit 进入美国市场，以稳定币和 “链上钱包直接支付” 为标志，加速其与主流支付系统的整合。Tether 通过生态系统项目和合规路径加强其在欧洲和美国市场的战略布局。Tether 与非洲金融科技提供商 HoneyCoin 合作，将 USD₮引入离线 POS 和跨境支付场景。Tether 与快速增长的非洲金融科技平台 HoneyCoin 合作，推出支持 USD₮的无现金 POS 系统，允许商家直接接收稳定币并降低支付成本。HoneyCoin 将 USD₮整合到在线和离线支付、实时外汇（KES↔USD₮）、二维码支付和商家后端功能中，帮助非洲商家以更低的摩擦进行跨境交易，并对抗当地货币贬值。非洲的链上交易量...预计市场将在 2024-2025 年间同比增长约 52%，对稳定币的需求和较少的银行人口推动了该地区加密支付的快速采用。在货币波动和金融基础设施薄弱的非洲，稳定币正成为一种实用的支付和价值储存工具。Tether 与当地金融科技公司的合作正在加速稳定币在零售支付和跨境贸易中的采用，将稳定币从 “交换媒介” 转变为 “真实经济的支付网络”。PNC 成为首家在其在线银行平台上提供现货比特币交易的主要美国银行。PNC 私人银行推出了一项比特币现货交易服务，基础设施由 Coinbase 提供，允许客户在现有在线银行账户中直接买卖和持有 BTC。Coinbase 负责保管、交易执行和合规，使 PNC 能够提供加密资产的接触，而无需持有自己的资产或注册加密经纪业务。该合作始于 2021 年，并于 2025 年 7 月正式宣布，使 PNC 能够满足高净值客户的需求，同时 Coinbase 进一步渗透传统金融体系。

Why it matters

**** 这为何重要 ****

- The fact that major banks have directly integrated Bitcoin into their core online banking systems marks an acceleration in the integration of crypto assets by mainstream finance, and also opens up regulatory and commercial feasibility for the "bank as crypto gateway" model.

- 主要银行直接将比特币整合到其核心在线银行系统中，标志着主流金融对加密资产整合的加速，也为 “银行作为加密网关” 模型的监管和商业可行性打开了大门。

## Macroeconomic Trends

## 宏观经济趋势

### ECB: Digital Euro May Pilot as Early as 2027, Prepare for Issuance in 2029, Aiming to Enhance Payment Autonomy and Strategic Security

### 欧洲央行：数字欧元可能在 2027 年早期试点，计划在 2029 年发行，旨在增强支付自主性和战略安全

Key Highlights

**** 关键亮点 ****

- The ECB stated that if the digital euro regulations are passed in 2026, pilot programs and initial transactions will begin in 2027, and issuance preparations will be completed by 2029, positioned as a "digital supplement to cash" rather than a replacement; - The digital euro will be free, simple, and universally usable, supporting online and offline payments, and providing "cash-like" privacy protection to ensure that all Europeans can use it without barriers;

- 欧洲央行表示，如果数字欧元法规在 2026 年通过，试点项目和初始交易将在 2027 年开始，发行准备将在 2029 年完成，定位为 “现金的数字补充” 而非替代品； - 数字欧元将是免费的、简单的、可普遍使用的，支持在线和离线支付，并提供 “现金般” 的隐私保护，以确保所有欧洲人都能无障碍使用；

Why it matters

**** 为什么这很重要 ****

- This debate highlights the dual role of stablecoins in the global financial system—they could become "shadow dollar channels" for emerging markets, yet their insufficient scale has prevented a systemic shock. As adoption rates rise, how to regulate cross-border stablecoin flows will become a key issue in policy negotiations among nations.

- 这一辩论突显了稳定币在全球金融体系中的双重角色——它们可能成为新兴市场的 “影子美元渠道”，但其规模不足已阻止系统性冲击。随着采用率的上升，如何监管跨境稳定币流动将成为各国政策谈判中的关键问题。

Klarna 通过 “稳定币 + 钱包” 重组其账户系统