Key highlights of this issue:

本期的關鍵亮點：

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?

在推出其穩定幣僅兩週後，Klarna 本週宣佈正在探索自己的加密錢包。"穩定幣 + 錢包"的組合使得像 BNPL 這樣的基於信用的金融科技公司能夠以更低的成本升級為"基於賬户的貨幣平台"。從更廣泛的角度來看，為什麼越來越多的金融科技公司最終向錢包和穩定幣轉型？這種架構如何為利潤受限的 BNPL 模型解鎖新的收入結構和擴展空間？
Stripe 推出了穩定幣支付功能，但仍然使用 1.5% 的佣金，引發了關於支付定價模型的新討論。當結算的邊際成本幾乎為零時，支付行業的利潤池正在從"渠道費用"轉向"軟件和金融協調"。在這種重組中，Stripe 如何通過外包複雜性和提供高附加值服務來重塑其定價權和利潤邏輯？

Market Overview and Growth Highlights

市場概況與增長亮點

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%. ...

穩定幣的總市值達到了 3100.01 億美元（約 3100.01 億美元），較上週增加了 18.83 億美元（約 18.83 億美元）。從市場結構來看，USDT 繼續佔據主導地位，佔比 60.05%；USDC 排名第二，市值為 785.6 億美元（約 785.46 億美元），佔比 25.34%。...

Market Overview and Growth Highlights

市場概況與增長亮點

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%

穩定幣的市值達到了 3100.01 億美元（約 3100.01 億美元），區塊鏈網絡分佈前 3 名穩定幣網絡按市值計算：以太坊：1662.68 億美元（1662.68 億美元）波場：813.08 億美元（813.08 億美元）索拉納：164.73 億美元（164.73 億美元）增長最快的網絡（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

數據來自 DefiLlama

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

Klarna 的下一步：從信用軌道到貨幣平台

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.

在基於 Tempo 鏈推出其穩定幣 KlarnaUSD 後，Klarna 本週宣佈與 Privy 建立合作關係，探索自己的加密錢包。

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，這似乎只是另一家大型消費金融公司進入加密領域，但實際上，Klarna 正在嘗試將 “用户資產關係” 整合到其自身系統中。穩定幣作為一種新的價值載體，錢包作為資金的入口點，結合在一起，使得 Klarna 首次能夠直接管理用户資金的保留和支付路徑，從 “交易工具” 躍升為 “資金節點”。對於一家以 “先買後付”（BNPL）起家的公司而言，這意味着重新定義其與貨幣系統的關係。從商業模式的角度來看，這一變化觸及了 Klarna 的核心結構。BNPL 模式的本質是信用：Klarna 向商家預付款項，形成應收賬款並賺取利差。然而，這一模式具有高資本要求、集中風險，並受到監管和資產負債表規模的限制。穩定幣和錢包的引入改變了這一邏輯。Klarna 首次同時控制 “主賬户關係” 和 “支付路徑控制”，使其能夠從信用中介轉變為金融中介——從依賴信用風險回報轉向參與貨幣流動帶來的利潤分配。當用户資金暫時存放在錢包中時，這一餘額可以被激活：產生閒置資金回報、外匯利差，甚至支持商家的金融工具。因此，Klarna 的利潤焦點從 “借貸” 和 “風險” 轉向 “流動性” 和 “資本效率”。推動這一變化的根本原因在於穩定幣的固有特性。與傳統存款系統相比，穩定幣完全由真實法幣儲備支持，不產生信用創造，因此不承擔到期錯配和違約的風險。這是一種 “狹義銀行” 模型，使平台能夠處理用户資金關係，而無需成為受監管的存款機構。用户在錢包中持有的是鏈上資產，而不是銀行負債。這意味着 Klarna 可以直接在應用程序內創建資金保留和結算的閉環，而無需遵守資本充足率或承擔巴塞爾協議 III 的成本，同時仍保持完整的貨幣業務關係。從某種意義上説，Klarna 正在利用軟件邏輯進入一個以前僅對銀行開放的利潤池。從更廣泛的角度來看，這意味着金融科技競爭邊界的轉變。隨着數字美元和鏈上支付網絡的普及，行業創新的重點已從支付體驗、信用風險控制和商户服務等前端領域擴展到基礎貨幣關係層。如果過去十年金融科技在分期付款和信用效率上競爭，未來十年可能會圍繞 “賬户—穩定幣—錢包” 重構競爭。對於擁有大量用户基礎的平台而言，穩定幣不僅僅是跨境支付工具，而是可以重塑收入結構和用户關係的基礎金融軌道。Stripe 增加穩定幣支付功能，定價模式受到質疑。在最近向商户的通知中，Stripe 宣佈穩定幣支付將於2025年12月12日默認啓用。商户無需修改其代碼；用户的穩定幣支付將自動以美元結算到他們現有的賬户中。對於商户而言，這無疑是一個重大好處：接觸加密原生用户、更快的結算和更低的運營門檻。Stripe 收取 1.5% 的費用，沒有固定費用。乍一看，這似乎是合理的，但費用率很快成為爭議的焦點。爭論的焦點是什麼？從邏輯上講，穩定幣支付的成本應該遠低於傳統支付：即時結算，沒有清算所，沒有代理銀行，某些網絡上的鏈上燃氣費用甚至接近零。然而，Stripe 仍然使用信用卡式的 1.5% 佣金，這幾乎與實際成本無關。對於 100,000 美元的支付，鏈上成本可能只有幾美分，而 Stripe 收取 1,500 美元。當價值轉移的邊際成本幾乎為零時，基於交易金額收費似乎是過去的遺物。穩定幣重新定義了資金流動：消除中介、減少延遲，並將結算轉變為代碼執行。在一個高效的市場中，這應該迫使支付定價趨向於真實成本。但 Stripe 仍然基於交易規模定價，而不是服務成本，這正是爭議的核心。然而，簡單地將 1.5% 視為 “剝削性費用” 是不準確的。因為支付從來不是簡單的 “轉移字節或代幣”，Stripe 的角色超出了交易處理。其核心價值在於提供大規模的抽象——產品化的信任。事實上，這 1.5% 涵蓋了大量看不見但至關重要的方面：風險管理、退款、爭議解決、欺詐檢測、合規、流動性和客户支持；並補貼商户實際體驗的產品層：結賬、API 編排、分析工具、訂閲系統和多路徑路由。換句話説，商户支付的不是鏈上交易費用，而是將整個複雜性外包給 Stripe 的成本。Stripe 的角色是將 “可編程貨幣” 封裝成即用型支付體驗，通過編排系統整合鏈上資產、合規、風險控制和傳統支付方式，使穩定幣能夠像傳統支付一樣順暢運作。從長期結構的角度來看，這種定價方式可能不可持續。Stripe 正在同時部署更高附加值的企業級金融服務能力，包括由 Tempo 代表的基礎結算重構、Metronome 引入的企業計費和使用定價系統，以及針對 AI 代理經濟的新支付和結算解決方案。結合未來以 AI 為中心的風險控制、爭議管理和業務自動化能力，這些方向指向一種新的利潤結構：將支付從簡單的 “渠道費用” 提升到服務於人類和機器經濟的 “智能金融編排” 軟件層。在這一戰略轉變下，1.5% 更像是一種過渡性定價機制，以維持商户體驗和服務完整性，直到上層軟件能力成熟到足以成為主要收入來源。隨着穩定幣將基礎結算成本拉近至零，支付的利潤池將從渠道轉向編排層。未來的定價可能不再與交易量掛鈎，而是與商户獲得的商業價值相關，例如跨境成本節省、使用訂閲 API，或將結算、風險控制和計費打包成企業級服務。資本佈局加密金融服務平台 Nexo 收購 Buenbit，加速向拉丁美洲合規加密市場擴張，獲得阿根廷許可證關鍵要點 Buenbit 是一家拉丁美洲加密金融服務平台，已獲得超過 100 萬用户和阿根廷證券交易委員會（CNV）的註冊，正在等待監管批准。Buenbit 長期以來一直作為當地法幣和加密資產的入口，處理超過 20 億美元的交易，並在阿根廷、秘魯和墨西哥迅速增長。Buenbit 用户將獲得 Nexo 的高收益儲蓄、加密抵押貸款和結構化產品的訪問權限。布宜諾斯艾利斯將成為 Nexo 的主要市場。拉丁美洲中心。

Why it's important

為什麼這很重要

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.

此舉加強了 Nexo 在拉丁美洲的立足點，該地區是全球增長最快的合規市場，並利用當地的監管許可證實現系統性進入，為對穩定幣、加密儲蓄和其他類似產品需求旺盛的地區開闢了更大的商業機會。

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.

此舉加強了 Nexo 在拉丁美洲的存在，該地區是全球增長最快的合規市場，並利用當地的監管許可證實現系統性進入，為對穩定幣、加密儲蓄和其他類似產品需求旺盛的地區開闢了更大的商業機會。

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.

此舉加強了 Nexo 在拉丁美洲的立足點，該地區是增長最快的合規市場，並利用當地的監管許可證實現系統性進入，為對穩定幣、加密儲蓄和其他類似產品需求旺盛的地區開闢了更大的商業機會。

Why it's important

為什麼這很重要

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.

此舉加強了 Nexo 在拉丁美洲的立足點，該地區是增長最快的合規市場，並利用當地的監管許可證實現系統性進入，為對穩定幣、加密儲蓄和其他類似產品需求旺盛的地區開闢了更大的商業機會。

Why it's important

為什麼這很重要

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.

此舉加強了 Nexo 在拉丁美洲的立足點，該地區是增長最快的合規市場，並利用當地的監管許可證實現系統性進入，為對穩定幣、加密儲蓄和其他產品需求旺盛的地區開闢了更大的商業機會。

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.

為什麼 Tether 參與 8000 萬美元融資輪，押注意大利高風險工業類人形機器人 Tether 與 AMD Ventures 和意大利國家人工智能基金共同參與了 Generative Bionics 的 8000 萬美元融資輪，該公司正在開發能夠在高風險工廠和物流環境中操作的 “物理人工智能” 人形機器人。這項投資延續了 Tether 在人工智能和物理基礎設施方面的擴展戰略，包括腦機接口、大規模 GPU 集羣和比特幣挖礦。Generative Bionics 計劃在 2026 年前在製造、物流、醫療和零售行業部署其首批大規模生產的系統。

Why it matters

為什麼這很重要

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.

此舉表明 Tether 正在系統性地滲透關鍵技術和真實產業，超越穩定幣，通過人工智能和機器人投資構建多元化的資產和基礎設施組合，以增強其韌性並擴大其全球技術影響力。

Why it matters

為什麼這很重要

- 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.

- 此舉表明 Tether 正在系統性地滲透關鍵技術和真實產業，超越穩定幣，通過人工智能和機器人投資構建多元化的資產和基礎設施組合，以增強其韌性並擴大其全球技術影響力。

Why it matters

**** 為什麼這很重要 ****

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.

此舉表明 Tether 正在系統性地進入巴西市場；地方貨幣收益穩定幣 Crown 成為機構進入高利率經濟的新渠道。Paradigm 主導了巴西穩定幣項目 Crown 的 1350 萬美元 A 輪融資，使公司估值達到 9000 萬美元。Crown 的巴西雷亞爾穩定幣 BRLV 完全由政府債券支持，已成為全球最大的 “新興市場穩定幣”，迄今為止約有 6600 萬美元的認購。BRLV 為機構提供基於巴西 15% 基準利率的鏈上收益，解決了在高利率市場中 “零收益和競爭困難” 的問題，並被稱為 “巴西的...” Circle 被定位為其地方貨幣的收益生成穩定幣，僅面向機構投資者。巴西是全球第五大加密貨幣市場，數字資產投資者現在超過了股票投資者。Crown 預計 BRLV 將在十年內達到 1 萬億雷亞爾的流通量，佔貨幣供應的高個位數百分比，表明市場擴展潛力巨大。地方貨幣穩定幣正成為全球資本獲取高利率經濟回報的新通道。“地方貨幣 + 利率” 模型可能重塑穩定幣的競爭格局，並改變跨境資本流動的結構。Paradigm 的進入表明穩定幣在新興市場的戰略價值迅速上升。Stripe 收購自託管錢包 Valora，擴展穩定幣錢包和發行基礎設施。（關鍵要點）Stripe 收購了 Valora 團隊（不包括知識產權），以擴展其穩定幣業務；Valora 應用程序將返回 Celo 開發者 cLabs 繼續運營。Stripe 近年來收購了 Bridge 和 Privy，推出了開放發行平台，並參與了 Tempo 鏈的開發，構建了從穩定幣發行、管理到託管的一站式能力。Valora 專注於移動穩定幣支付，並已在非洲等地區推出；團隊的加入將幫助 Stripe 改善全球用户覆蓋和鏈上支付體驗。

Why it matters

**** 為什麼這很重要 ****

- 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.

- 支付巨頭通過團隊收購迅速吸收加密原生能力，穩定幣正成為下一代全球支付網絡的戰略核心。Stripe 的投資組合戰略表明傳統科技公司正在爭奪穩定幣基礎設施的主導地位。

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 投資的創新商業銀行，推出了 Loop Crypto，將穩定幣支付引入銀行系統。關鍵要點：Loop Crypto 是一家穩定幣支付處理商，加入了位於美國密蘇里州的 Lead Bank 生態系統，結合其銀行許可證與鏈上支付能力，擴展其穩定幣和數字資產支付業務。在收購了一支技術團隊後，Lead Bank 已全面轉型為一家專注於金融科技和加密貨幣的實體，以其以社區為中心的方法和創新的銀行服務而聞名。它已籌集了 7000 萬美元，估值為 14.7 億美元，為 Affirm、Ramp 和 Stripe 的 Bridge 等公司提供銀行服務。Loop 今年獲得了 VanEck 和 Fabric 的投資。對銀行業的戰略投資導致支付量同比增長 344%。與銀行的合作可以將鏈上穩定幣結算與傳統支付網絡深度整合。這為何重要？美國社區銀行正在利用加密基礎設施進入快速增長的穩定幣結算領域，形成 “銀行許可證 + 加密技術” 的新支付架構。這呼應了美國監管機構推動銀行參與加密保管、結算和交易的趨勢，表明穩定幣正在融入主流銀行系統，並重塑支付格局。

## Regulatory Compliance

## 監管合規

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

### 美國加密監管全面加速，多部門放松管制並構建統一市場結構

Key Highlights

**** 關鍵亮點 ****

- 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.

- 兩黨參議院成員和主要銀行的首席執行官在涵蓋 SEC 和 CFTC 的綜合市場結構法案上取得了進展。Gillibrand 和 Lummis 表示，參議院將在本週發佈綜合加密監管草案，下週進行聽證和投票，目標是在 2026 年初提交給特朗普總統。

## Regulatory Compliance

## 監管合規

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

### 美國加密監管全面加速，多部門放松管制並構建統一市場結構

Key Highlights

**** 關鍵亮點 ****

- 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.

- 參議院在涵蓋 SEC 和 CFTC 的綜合市場結構法案上取得了進展。Gillibrand 和 Lummis 表示，參議院將在本週發佈綜合加密監管草案，下週進行聽證和投票，目標是在 2026 年初提交給特朗普總統。

## 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.

## 涉及的主題包括收益生成資產、穩定幣、去中心化金融（DeFi）和 “輔助資產” 的定義；CFTC 代理主席撤回了 2020 年的 “實物結算” 指導，為重塑加密產品的監管框架開闢了空間；OCC 同時發佈了支持信號，反對對銀行加密保管的限制，同時批准將 “無風險本金” 加密交易納入其核心業務；行業遊説格局正在迅速整合，美國數字商會吸收了英國的 CryptoUK，試圖在美國和英國立法的關鍵時期建立統一的跨境話語。

Why it matters

**** 為何重要 ****

- 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.

- 參議院的立法進展、CFTC 的概念重塑和 OCC 的放松管制以罕見的方式匯聚在一起。美國正從碎片化的監管轉向系統性重組，這不僅加強了機構參與，還可能重新定義全球加密企業在美國市場的關注點。

Why it matters

**** 為何重要 ****

- 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.

- 參議院的立法進展、CFTC 的概念重塑和 OCC 的放松管制以罕見的方式匯聚在一起。美國正從碎片化的監管轉向系統性重組，這將不僅加強機構參與，還可能重新定義全球加密企業在美國市場的關注點。

Why it matters

**** 為何重要 ****

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

### 英國金融行為監管局（FCA）已將穩定幣支付列為 2026 年的監管優先事項，並正在推動當地發行英鎊穩定幣。

Key Highlights

**** 關鍵亮點 ****

- 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.

- 英國金融行為監管局（FCA）表示，支持當地穩定幣支付將是 2026 年的優先事項，並正在與英格蘭銀行合作，制定涵蓋交易、借貸、保管等的綜合加密監管框架； - FCA 已開放穩定幣監管沙盒，允許公司測試產品，申請截止日期為 1 月 18 日；數字資產今年已在英國獲得法律財產權； - 英國正在採取分階段的監管策略，以平衡創新和保護，但因滯後於美國的快速進展而受到批評。

Why it matters

**** 為何重要 ****

- 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.

- 穩定幣正成為國家級金融基礎設施競爭的焦點。英國決定將當地發行和監管框架作為核心任務，標誌着其試圖重新獲得全球合規加密金融的主導地位。

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

波蘭議會未能推翻總統的否決，成為唯一沒有 MiCA 框架的歐盟成員國

### Key Takeaways

### 關鍵要點

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.

- 波蘭議會未能獲得推翻總統否決所需的三分之二多數，Crypto-Asset Market Act 僅以 18 票之差被否決； - 波蘭總統表示該法案過於繁瑣，可能導致企業遷移；首相圖斯克以國家安全為由推動其通過，聲稱加密貨幣被俄羅斯情報機構和犯罪團伙濫用； - 儘管德國和馬耳他已經發放了 MiCA 許可證，波蘭仍是唯一沒有當地 MiCA 框架的歐盟成員國，但其本地加密交易量仍在增長超過 50%，用户基礎接近[缺失數字]。 - 800 萬。

Why it matters

**** 為何重要 ****

- 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.

- 波蘭的監管僵局突顯了歐盟在實施 MiCA 方面的政治分歧。加密公司面臨持續的不確定性，這可能促使歐盟加快推動更集中化的跨境監管架構，從而減少成員國獨立行動的空間。

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.

波蘭的監管僵局突顯了歐盟在實施 MiCA 方面的政治分歧。加密公司面臨持續的不確定性，這也可能促使歐盟加快推動更集中化的跨境監管架構，從而減少成員國獨立行動的空間。

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

### 美國消費者和工會聯合反對參議院的加密立法，養老金和證券保護成為最大的爭議點

Key Points

**** 關鍵點 ****

- 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 個消費者和金融改革組織以及多個工會聯合反對參議院的加密市場結構法案，認為當前草案未能解決諸如欺詐、利益衝突和監管豁免等核心風險，可能削弱現有的證券保護框架； - 美國教師聯合會（AFT）也發出信函請求撤回《負責任的金融創新法》，警告稱這可能使養老金系統面臨加密貨幣和穩定幣的風險，並允許公司通過鏈上代幣化繞過註冊和披露要求； - 重要性 - 如果阿根廷允許銀行參與加密，將顯著改善合規接入和用户覆蓋，改變拉丁美洲市場的競爭格局，並促使各國加快發展統一的監管路徑。如果阿根廷允許銀行參與加密，將顯著改善合規接入和用户覆蓋，改變拉丁美洲市場的競爭格局，並促使各國加快發展統一的監管路徑。

## New Product Express

## 新產品快訊

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

### Tassat 獲得美國專利，推出"Yield-in-Transit"鏈上結算技術

Key Highlights

**** 關鍵亮點 ****

- 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 的專利"Yield-in-Transit"鏈上技術涵蓋了在鏈上結算過程中，利息的積累和分配，明確界定了資產所有權變更時利潤的歸屬； - 該技術已在 Tassat 及其合作伙伴於 2025 年 7 月推出的機構結算網絡 Lynq 中使用，旨在提高市場製造商、保管人和穩定幣發行人的資本利用效率； - 超過 50 家機構正在連接 Lynq，以及... - RWA、穩定幣和加密市場的擴展推動了對高效鏈上結算的需求。如果被機構採用，允許在資產"運輸中"階段累積利息的機制將重塑鏈上結算資金的效率和收益分配，為 RWA 和穩定幣的大規模機構化奠定更復雜的金融基礎設施。Coinbase 孵化的 AI 支付協議 x402 推出 V2，支持與傳統支付網絡的統一多鏈格式集成。關鍵亮點：x402 V2 升級為統一支付層，標準化多鏈和資產識別，實現"多鏈默認"，並與傳統支付網絡如 ACH 和銀行卡兼容。在短短六個月內，處理超過 1 億筆支付，覆蓋 API、應用程序和 AI 代理，並引入可定製的支付流程和動態 payTo 路由。開發者可以使用生命週期鈎子創建訂閲、按需計費和多步驟交易等場景。該協議的生態系統由 Cloudflare 和 Coinbase 共同推動。

Why is it important

**** 為什麼重要 ****

- 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 將網絡價值傳輸抽象為標準化基礎設施，使 AI 代理和應用程序能夠原生調用跨鏈和傳統支付系統，為"機器經濟"和下一代互聯網支付奠定基礎協議框架。加密錢包 Exodus 推出 Exodus Pay，計劃在 2026 年進入現實支付場景，支持自我保管的穩定幣。Exodus 將在 2026 年初推出 Exodus Pay，允許用户在自我保管的錢包中存儲、轉移和消費穩定幣，支持銀行卡和 Apple Pay 支付。用户可以通過手機號碼轉賬，並根據持有和消費獲得獎勵，而無需放棄對私鑰的控制。Exodus 的目標是吸引逐漸遠離傳統銀行的年輕用户，希望通過穩定幣降低現實世界加密支付的門檻。

Why it matters

**** 為什麼重要 ****

- 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.

- 穩定幣正從交換媒介轉變為日常支付工具。自我保管解決方案的加入使得"鏈上數字美元"能夠直接進入消費市場，推動錢包從資產管理向支付網關的演變。

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

Tether 推出隱私聚焦的健康應用 QVAC Health，加速從穩定幣巨頭向 AI 和本地智能的擴展

Key Highlights

**** 關鍵亮點 ****

- 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，一款本地運行的健康和健身數據應用。所有用户數據以加密形式離線存儲，不經過商業服務器，強調隱私和 “本地智能”； - 該應用基於 Tether 自開發的去中心化 AI 平台 QVAC，允許 AI 代理在設備上運行，繞過集中式雲基礎設施； - Tether 最近投資了 Generative Bionics 和 Blackrock Neurotech，涉足機器人技術和腦機接口，顯示其業務已從金融擴展到 AI 和前沿技術基礎設施。 - Tether 最近投資了 Generative Bionics 和 Blackrock Neurotech，涉足機器人技術和腦機接口，表明其業務已從金融擴展到 AI 和前沿技術基礎設施。

Why it matters

**** 為什麼這很重要 ****

- 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.

- 作為全球最大的穩定幣發行者，Tether 正在利用其金融和技術優勢，在金融系統之外建立一個 AI 和隱私技術帝國。這標誌着穩定幣巨頭在 “去中心化基礎設施 + 本地 AI” 方面的戰略飛躍，可能重新定義其在加密和技術行業中的角色。

Why it matters

**** 為什麼這很重要 ****

- 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.

- 作為全球最大的穩定幣發行者，Tether 正在利用其金融和技術優勢，在金融系統之外建立一個 AI 和隱私技術帝國。這意味着穩定幣巨頭正在向 “去中心化基礎設施 + 本地 AI” 邁出戰略性的一步，可能重新定義其在加密和技術行業中的角色。

Why it matters

**** 為什麼這很重要 ****

- 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 發佈了零 Webhook 開源支付解決方案，允許 AI 一次性集成 SaaS 計費。Flowglad 提供的開源支付系統無需 Webhook，生成與開發者代碼庫和定價模型匹配的定製集成提示，使 AI 代理能夠 “一次” 完成支付集成；該平台還作為計費的 “單一事實來源”，消除了開發者維護多個價格、計劃和用户權限映射的需要，並且不再需要本地存儲付款人 ID；開源代碼包括 130,000 行測試用例，允許 AI 直接解析所有邊界場景，減少文檔依賴和 Webhook 引起的競爭條件和同步問題。Flowglad 抽象化了傳統 SaaS 支付集成的高耦合性和脆弱性，重塑了 AI 時代開發過程中的支付接入方式，預計將成為 “AI 原生計費基礎設施” 的重要組成部分。由 Stripe 支持的支付鏈 Tempo 推出測試網，開放原生穩定幣支付基礎設施。（關鍵亮點）Tempo 是由 Stripe 和 Paradigm 構建的專用鏈，已推出公共測試版，提供原生穩定幣燃料費、內置 DEX、0.5 秒最終結算和 Passkey 生物識別登錄等核心支付功能。自 9 月宣佈以來，Tempo 已增加了 14 個設計合作伙伴，包括 Brex、Klarna、萬事達卡和瑞銀，並吸引了 40 個基礎設施合作伙伴參與測試。客户端現已與 Apache 兼容... 隨着其開源許可證的發佈，Tempo 的合作伙伴正在測試跨境匯款、全球支付、嵌入式金融和代幣化存款等場景。Tempo 背後的開發團隊還開發了一個極快的開源區塊瀏覽器，基於 Cloudflare Workers 和索引提供商，月維護成本僅為幾美元（假設 RPC 使用）。Tempo 旨在為企業級應用構建高性能的穩定幣支付網絡，加速鏈上支付從實驗階段向大規模部署的過渡。這意味着傳統支付巨頭正在全力投資建設專用支付區塊鏈基礎設施。OSL 選擇 Anchorage Digital 發行 USDGO 穩定幣

### OSL Selects Anchorage Digital to Issue USDGO Stablecoin

### OSL 選擇 Anchorage Digital 發行 USDGO 穩定幣

Key Takeaways

**** 關鍵要點 ****

- 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.

- 總部位於香港的 OSL 集團選擇 Anchorage Digital 發行 USDGO，這是一種受美國聯邦政府監管的穩定幣。該平台目前是唯一一個在聯邦直接監管下的穩定幣發行方案。 - 今年 9 月，Tether 也選擇 Anchorage 發行 USAT，瞄準美國市場，突顯其在受監管發行領域的稀缺性。 - Anchorage 表示，其聯邦合規狀態為穩定幣發行者提供了確定性，並將促進美國穩定幣的合規發行。 - Anchorage 聲稱，其聯邦合規狀態為穩定幣發行者提供了確定性，並將促進美國穩定幣的合規發行。

Why it matters

**** 為什麼這很重要 ****

- 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.

- 隨着穩定幣在全球支付和市場基礎設施中扮演越來越重要的角色，監管信譽已成為關鍵競爭因素。Anchorage 憑藉其聯邦銀行許可證，爭奪高合規市場份額，可能重塑穩定幣發行的權力結構。

## Market Adoption

## 市場採用

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

### Revolut 與 Trust Wallet 合作，在歐盟推出即時加密購買，強調自我保管和零費用體驗

Key Highlights

**** 關鍵亮點 ****

- 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 與 Trust Wallet 集成，允許歐盟用户通過 RevolutPay、銀行卡和銀行轉賬即時購買加密貨幣。資產直接進入自我保管錢包，繞過集中式交易所。

## 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 與 Trust Wallet 已集成，允許歐盟用户通過 RevolutPay、銀行卡和銀行轉賬即時購買加密貨幣。資產直接進入自我保管錢包，繞過集中式交易所。

## Market Adoption

## 市場採用

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

### Revolut 與 Trust Wallet 合作，在歐盟推出即時加密貨幣購買，強調自我保管和零費用體驗。

Key Highlights

**** 關鍵亮點 ****

- 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 與 Trust Wallet 已整合，允許歐盟用户通過 RevolutPay、銀行卡和銀行轉賬即時購買加密貨幣。資產直接進入自我保管錢包，繞過中心化交易所。

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

## Revolut 與 Trust Wallet 合作，在歐盟推出即時加密貨幣購買，強調自我保管和零費用體驗。

## 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 與 Trust Wallet 合作，在歐盟推出即時加密貨幣購買，強調自我保管和零費用體驗。一些交易可以在零費用的情況下完成，最初支持 BTC、ETH、SOL、USDC 和 USDT；Trust Wallet 聲稱擁有超過 2.2 億全球用户；Revolut 已獲得歐盟 MiCA 許可證，並正在加速擴展，最近估值達到 750 億美元，並推進其跨境加密支付和全球銀行戰略。這為何重要？在日益嚴格的監管和對自我保管需求上升的背景下，主流金融科技公司正在將 “購買 - 保管” 作為用户的切入點，可能推動歐洲加密服務從交易所模式向本地錢包模式的遷移。摩根大通在 Solana 上發行 USCP 代幣，幫助 Galaxy 完成商業票據融資。關鍵要點：Galaxy 首次發行美國商業票據，並引入由摩根大通在 Solana 上創建的 USCP 代幣，發行和贖回以 USDC 結算；Coinbase 和富蘭克林鄧普頓參與了認購，並提供保管和 USDC 存取服務，使這成為在公共區塊鏈上罕見的機構級債務發行；這一交易展示了機構對鏈上貨幣市場工具的興趣，Galaxy 繼續將其融資和股權結構上鍊，探索可編程金融基礎設施。

Why it matters

**** 這為何重要 ****

- 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.

- 大型銀行和資產管理機構參與鏈上商業票據發行，標誌着傳統資本市場正在向公共區塊鏈遷移高等級短期債務工具，促進合規和大規模鏈上貨幣市場的初步形成。

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 主導的加密支付公司 Oobit 與 Bakkt 合作進入美國市場，在所有 50 個州推出加密支付。關鍵要點：Oobit 和 Bakkt 在美國推出，提供支持非保管錢包（如 Base、Binance 和 Phantom）的加密 “觸碰支付”。商家可以通過 Visa 即時接收法幣。Bakkt 提供合規和許可支持，覆蓋所有 50 個州。背景包括美國通過的 GENIUS 法案，一項穩定幣監管法，以及 Tether 在美國推出 USAT 穩定幣。Oobit 由 Tether 主導。在 2024 年，Oobit 獲得 2500 萬美元的 A 輪融資。上個月，其代幣從以太坊遷移到 Solana，VCI Global 宣佈了一項 1 億美元的代幣投資。Oobit 進入美國市場，以穩定幣和 “鏈上錢包直接支付” 為標誌，加速其與主流支付系統的整合。Tether 通過生態系統項目和合規路徑加強其在歐洲和美國市場的戰略佈局。Tether 與非洲金融科技提供商 HoneyCoin 合作，將 USD₮引入離線 POS 和跨境支付場景。Tether 與快速增長的非洲金融科技平台 HoneyCoin 合作，推出支持 USD₮的無現金 POS 系統，允許商家直接接收穩定幣並降低支付成本。HoneyCoin 將 USD₮整合到在線和離線支付、實時外匯（KES↔USD₮）、二維碼支付和商家後端功能中，幫助非洲商家以更低的摩擦進行跨境交易，並對抗當地貨幣貶值。非洲的鏈上交易量...預計市場將在 2024-2025 年間同比增長約 52%，對穩定幣的需求和較少的銀行人口推動了該地區加密支付的快速採用。在貨幣波動和金融基礎設施薄弱的非洲，穩定幣正成為一種實用的支付和價值儲存工具。Tether 與當地金融科技公司的合作正在加速穩定幣在零售支付和跨境貿易中的採用，將穩定幣從 “交換媒介” 轉變為 “真實經濟的支付網絡”。PNC 成為首家在其在線銀行平台上提供現貨比特幣交易的主要美國銀行。PNC 私人銀行推出了一項比特幣現貨交易服務，基礎設施由 Coinbase 提供，允許客户在現有在線銀行賬户中直接買賣和持有 BTC。Coinbase 負責保管、交易執行和合規，使 PNC 能夠提供加密資產的接觸，而無需持有自己的資產或註冊加密經紀業務。該合作始於 2021 年，並於 2025 年 7 月正式宣佈，使 PNC 能夠滿足高淨值客户的需求，同時 Coinbase 進一步滲透傳統金融體系。

Why it matters

**** 這為何重要 ****

- 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.

- 主要銀行直接將比特幣整合到其核心在線銀行系統中，標誌着主流金融對加密資產整合的加速，也為 “銀行作為加密網關” 模型的監管和商業可行性打開了大門。

## Macroeconomic Trends

## 宏觀經濟趨勢

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

### 歐洲央行：數字歐元可能在 2027 年早期試點，計劃在 2029 年發行，旨在增強支付自主性和戰略安全

Key Highlights

**** 關鍵亮點 ****

- 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;

- 歐洲央行表示，如果數字歐元法規在 2026 年通過，試點項目和初始交易將在 2027 年開始，發行準備將在 2029 年完成，定位為 “現金的數字補充” 而非替代品； - 數字歐元將是免費的、簡單的、可普遍使用的，支持在線和離線支付，並提供 “現金般” 的隱私保護，以確保所有歐洲人都能無障礙使用；

Why it matters

**** 為什麼這很重要 ****

- 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.

- 這一辯論突顯了穩定幣在全球金融體系中的雙重角色——它們可能成為新興市場的 “影子美元渠道”，但其規模不足已阻止系統性衝擊。隨着採用率的上升，如何監管跨境穩定幣流動將成為各國政策談判中的關鍵問題。

Klarna 通過 “穩定幣 + 錢包” 重組其賬户系統