Tokenized Stocks & RWA: The 2025 Blockchain Revolution You Can’t Ignore

代币化股票与RWA：2025年你不能错过的区块链革命

代幣化股票與RWA：2025年你不能錯過的區塊鏈革命

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</div></div><p>The Hong Kong Monetary Authority (HKMA) has announced a relaxation of capital requirements for financial institutions holding specific digital assets. The HKMA's easing of capital requirements for banks holding Bitcoin is viewed as a strategic move to solidify Hong Kong's status as an international financial center and actively develop the cryptocurrency industry. The HKMA is also implementing a new regulatory policy manual module, CRP-1, which clearly categorizes virtual assets under the Basel Committee's global capital standards and will take effect on January 1, 2026.</p><p>&nbsp;</p><h3>Easing of Capital Requirements Originating from August Notification</h3><p>&nbsp;</p><p>This new regulation stems from a notification issued by the HKMA in mid-August, confirming that the international Basel standards will be implemented in Hong Kong in early 2026. The authority has circulated a consultation document to the local banking sector outlining the specifics of how it will implement the Basel standards within Hong Kong's regulatory framework.</p><p>&nbsp;</p><p>Notably, the new regulation adopts a differentiated approach for cryptocurrencies operating on unlicensed blockchains, such as Bitcoin (BTC) and Ethereum (ETH). If issuers can effectively implement risk management and mitigation measures, their capital requirements may be reduced. This measure will distinguish tokenized assets and stablecoins from unendorsed cryptocurrencies, moving away from treating all digital assets uniformly.</p><p>&nbsp;</p><p>According to the Basel Agreement, digital assets originally bore a risk weight of 1250%, meaning that banks needed to hold capital equivalent to or exceeding 100% of the digital asset's value as a loss buffer, making participation in the virtual asset business economically unfeasible for banks. The new regulation is expected to lower this threshold.</p><p>&nbsp;</p><h3>Initial Approval for a Limited Number of Stablecoin Issuers</h3><p>&nbsp;</p><p>The HKMA indicated that initially, only a limited number of stablecoin issuers would be approved, allowing them ample time to prepare for the capital requirements set to take effect early next year. Over the years, Hong Kong has established a comprehensive regulatory framework for cryptocurrencies, encompassing licensing systems for cryptocurrency exchanges and stablecoin issuers. The Securities and Futures Commission (SFC) also updated its guidelines in August, requiring licensed cryptocurrency platforms to enhance customer fund custody measures and detailing new requirements for platform custody practices in response to vulnerabilities and customer losses exposed in several overseas incidents. These new requirements include responsibilities for senior management, cold wallet infrastructure, real-time threat monitoring, and third-party wallet oversight.</p><p>&nbsp;</p><p>For stablecoin issuers, the HKMA's new regulations require them to hold a license and issue stablecoins pegged to the Hong Kong dollar, maintaining a minimum capital of HKD 25 million, HKD 3 million in liquidity, and sufficient additional liquidity to cover at least 12 months of operating expenses. Stablecoin holders can redeem assets at face value within one business day, and issuers are prohibited from imposing unreasonable fees or conditions on redemption requests.</p><p>&nbsp;</p><p>Issuers operating regulated stablecoin activities without permission will face fines of up to HKD 5 million and imprisonment for up to seven years, along with daily fines of HKD 100,000 until the violations cease. This series of measures demonstrates the Hong Kong government's commitment to developing the cryptocurrency industry while emphasizing risk management and regulatory transparency.</p>

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</div></div><p>香港金融管理局（HKMA）宣布放宽持有特定数位资产的金融机构资本要求。金管局放宽香港银行持有比特币资本要求，被视为香港巩固其国际金融中心地位，积极发展加密货币产业的最新策略。 金管局同时推行新的监管政策手册模组CRP-1，明确规范虚拟资产在巴塞尔银行监管委员会全球资本标准下的分类，并将在2026年1月1日起生效。</p><p>即加入CFTime TG讨论区！想掌握最新加密市场动态与AI新闻与资讯，更能随时获得免费web 3入场券！</p><p>金管局放宽香港银行持有比特币资本要求源于金管局在8月中旬发布的通知</p><p>这项新规定，源于金管局在8月中旬发布的通知，确认国际巴塞尔标准将于2026年初在香港实施。该局已向本地银行业发放咨询文件，详述其在香港监管框架下实施巴塞尔标准的具体方法。</p><p>值得注意的是，新规定针对在无许可区块链上运作的加密资产，例如比特币（BTC）和以太币（ETH），采取差异化处理。 若发行者能有效执行风险管理及缓解措施，则其资本要求可望降低。 这项措施将符合稳定币框架的代币化资产和稳定币，与未经背书的加密货币区隔开来，不再将所有数位资产一概而论。</p><p>根据巴塞尔协议，数位资产原本需承受1250%的风险权重，意味着银行需持有等值于或超过数位资产价值100%的资本作为损失缓冲，此举曾使银行参与虚拟资产业务变得不经济。 新规定则有望降低此门槛。</p><p>初期将仅批准少数稳定币发行者</p><p>金管局表示，初期将仅批准少数稳定币发行者，让其有充足时间准备，应对即将在明年初生效的资本要求。 多年来，香港已建立完善的加密货币监管架构，涵盖加密货币交易所及稳定币发行者的发牌制度。 香港证券及期货事务监察委员会（SFC）也在8月更新指引，要求持牌加密货币平台加强客户资金托管措施，并针对海外多起事件中暴露的漏洞及客户损失，详细说明其对平台托管实务的新要求，包括高级管理人员的责任、冷钱包基础设施、实时威胁监控及第三方钱包监督。</p><p>针对稳定币发行者，金管局的新规定要求其持有牌照，发行以港元为基准维持稳定价值的稳定币，并维持不少于2,500万港元的股本、300万港元的流动资金，以及足以应付至少12个月营运费用的额外流动资金。 稳定币持有人可在一个营业日内按面值赎回资产，发行者也被禁止对赎回请求施加不合理的费用或条件。</p><p>未经许可经营受规管稳定币活动的发行者，将面临最高500万港元的罚款及最高七年的监禁，并每日处以10万港元的罚款，直至违规行为停止。 此一系列措施，展现香港政府在发展加密货币产业的同时，也着重风险管理及监管透明度的决心。</p>

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</div></div><p>香港金融管理局（HKMA）宣佈放寬持有特定數碼資產的金融機構資本要求。金管局放寬香港銀行持有比特幣資本要求，被視為香港鞏固其國際金融中心地位，積極發展加密貨幣產業的最新策略。 金管局同時推行新的監管政策手冊模組CRP-1，明確規範虛擬資產在巴塞爾銀行監管委員會全球資本標準下的分類，並將於2026年1月1日起生效。</p><p>&nbsp;</p><p>金管局放寬香港銀行持有比特幣資本要求 源於金管局在8月中旬發布的通知</p><p>&nbsp;</p><p>此項新規定，<a href="https://brdr.hkma.gov.hk/eng/doc-ldg/docId/getPdf/20250815-1-EN/20250815-1-EN.pdf">源於金管局在8月中旬發布的通知</a>，確認國際巴塞爾標準將於<a href="https://cftime.io/basel-standards-implemented-in-hong-kong/"><i>2026年初在香港實施</i></a>。該局已向本地銀行業發放諮詢文件，詳述其在香港監管框架下實施巴塞爾標準的具體方法。</p><p>&nbsp;</p><p>值得注意的是，新規定針對在無許可區塊鏈上運作的加密資產，例如比特幣（BTC）和以太幣（ETH），採取差異化處理。 若發行者能有效執行風險管理及緩解措施，則其資本要求可望降低。 這項措施將符合穩定幣框架的代幣化資產和穩定幣，與未經背書的加密貨幣區隔開來，不再將所有數碼資產一概而論。</p><p>&nbsp;</p><p>根據巴塞爾協議，數碼資產原本需承受1250%的風險權重，意味著銀行需持有等值於或超過數碼資產價值100%的資本作為損失緩衝，此舉曾使銀行參與虛擬資產業務變得不經濟。 新規定則有望降低此門檻。</p><p>&nbsp;</p><p>初期將僅批准少數穩定幣發行者</p><p>&nbsp;</p><p>金管局表示，初期將僅批准少數穩定幣發行者，讓其有充足時間準備，應對即將於明年初生效的資本要求。 多年來，香港已建立完善的加密貨幣監管架構，涵蓋加密貨幣交易所及穩定幣發行者的發牌制度。 香港證券及期貨事務監察委員會（SFC）<a href="https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=25PR124">亦於8月更新指引</a>，要求持牌加密貨幣平台加強客戶資金託管措施，並針對海外多起事件中暴露的漏洞及客戶損失，詳細說明其對平台託管實務的新要求，包括高級管理人員的責任、冷錢包基礎設施、實時威脅監控及第三方錢包監督。</p><p>&nbsp;</p><p>針對穩定幣發行者，<a href="https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers">金管局的新規定要求其持有牌照</a>，發行以港元為基準維持穩定價值的穩定幣，並維持不少於2,500萬港元的股本、300萬港元的流動資金，以及足以應付至少12個月營運費用的額外流動資金。 穩定幣持有人可於一個營業日內按面值贖回資產，發行者亦被禁止對贖回請求施加不合理的費用或條件。</p><p>&nbsp;</p><p>未經許可經營受規管穩定幣活動的發行者，將面臨最高500萬港元的罰款及最高七年的監禁，並每日處以10萬港元的罰款，直至違規行為停止。 此一系列措施，展現香港政府在發展加密貨幣產業的同時，亦著重風險管理及監管透明度的決心。</p>

HKMA relaxes capital requirements for HK banks holding Bitcoin

金管局放宽香港银行持有比特币资本要求 抢攻全球加密金融霸主地位

金管局放寬香港銀行持有比特幣資本要求 搶攻全球加密金融霸主地位

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</div></div><p>BlackRock, the world's largest asset management company, has made a significant change in its cryptocurrency investment strategy this year, increasing its holdings in Ethereum (ETH) at a pace far exceeding that of Bitcoin (BTC). This shift has sent shockwaves through the crypto market and provides important insights for institutional investors' future strategies.</p><p>&nbsp;</p><p>According to Finbold's analysis of Arkham Intel wallet cluster data, as of September 9, 2025, BlackRock's Bitcoin holdings amount to 732,384 BTC, valued at approximately $81.7 billion based on a price of $111,513 at that time. In contrast, its Ethereum holdings have reached an impressive 3.74 million ETH, valued at around $16 billion (at a price of $4,301).</p><p>&nbsp;</p><p>Compared to January 1, 2025, BlackRock's Bitcoin holdings have increased by over 30%. However, the growth in Ethereum holdings is even more remarkable, having increased by 2.5 times. In other words, in terms of percentage growth, BlackRock's accumulation of Ethereum is 7.6 times that of Bitcoin.</p><p>&nbsp;</p><p>Despite both Ethereum and Bitcoin prices rising during this period, the increase in token holdings far outpaces the price growth, indicating that BlackRock's actions are not merely reactive to market cap changes but represent proactive net purchases.</p><p>&nbsp;</p><h3>Shift in Portfolio Allocation: From 6.6% to 17.2%</h3><p>&nbsp;</p><p>This strategic adjustment has significantly altered the composition of BlackRock's cryptocurrency investment portfolio. At the beginning of the year, Ethereum accounted for just 6.6% of its portfolio ($3.59 billion out of $54.83 billion). As of September 2, this allocation has risen to 17.2% ($16.58 billion out of $96.44 billion), an increase of 10.6 percentage points.</p><p>&nbsp;</p><p>The massive accumulation by BlackRock is likely to have a considerable impact on the market. Firstly, the increase of 2.71 million Ethereum relative to its total circulating supply represents a substantial amount of stable buying pressure. Secondly, this signals that institutional investors are reassessing their cryptocurrency strategies, gradually extending their investments beyond Bitcoin and actively engaging with the Ethereum ecosystem. This aligns with the increasing maturity of Ethereum-related products and capital flows.</p><p>&nbsp;</p><p>BlackRock's actions indicate a growing confidence among institutional investors in Ethereum, potentially leading to further institutional participation and driving both the price and market position of Ethereum.</p>

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</div></div><p>全球最大资产管理公司贝莱德今年以来对加密货币的投资策略出现重大转变，其增持以太币(ETH)的速度远超比特币(BTC)，贝莱德投资策略，为加密货币市场投下震撼弹，也为机构投资者的未来布局提供了重要参考。</p><p>&nbsp;</p><p>根据Finbold分析Arkham Intel钱包集群数据显示，截至2025年9月9日，贝莱德的比特币持有量为732,384个BTC，按当时价格111,513美元计算，价值约817亿美元；而以太币持有量则达到惊人的374万个ETH，价值约160亿美元（当时价格4,301美元）。</p><p>&nbsp;</p><p>与2025年1月1日相比，贝莱德的比特币持有量增加了y逾三成；但以太币持有量增长则更加显著，增加2.5倍， 换言之，以百分比增长计算，贝莱德增持以太币的速度是比特币的7.6倍。</p><p>&nbsp;</p><p>尽管以太币和比特币价格在测量期间均有所上涨，但代币持有量的增长幅度远远超过价格涨幅，显示贝莱德的增持行为并非仅仅是市值变动的结果，而是积极的净购买行为。</p><h3>&nbsp;</h3><h3><strong>贝莱德投资策略 占比由6.6%跃升至17.2%</strong></h3><p>&nbsp;</p><p>这种策略性调整也明显改变了贝莱德加密货币投资组合的结构。年初，以太币在其投资组合中仅占6.6%（35.9亿美元/548.3亿美元），但截至9月2日，其占比已跃升至17.2%（165.8亿美元/964.4亿美元），增长了10.6个百分点。</p><p>贝莱德的巨额增持对市场的影响不容小觑。首先，271万个以太币的增长规模相对于以太币的总流通量而言相当可观，将为市场注入大量的稳定买盘。其次，这也发出了强烈的信号，表明机构投资者正在重新评估其加密货币投资策略，逐步将投资范围扩展至比特币之外，并积极布局以太坊生态系统，这与以太坊相关产品和资金流的日益成熟相呼应。 贝莱德的行动，预示着机构投资者对以太币的信心与日俱增，并可能引领更多机构跟进，进一步推动以太币的价格和市场地位。</p>

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</div></div><p>全球最大資產管理公司<a href="https://cftime.io/usd-hegemony-is-under-threat/">貝萊德</a>今年以來對加密貨幣的投資策略出現重大轉變，其增持以太幣(ETH)的速度遠超比特幣(BTC)，貝萊德投資策略，為加密貨幣市場投下震撼彈，也為機構投資者的未來佈局提供了重要參考。</p><p>&nbsp;</p><p><strong>即加入</strong><a href="https://t.me/+l--9PJpFdIgxOTk9"><strong>CFTime TG 討論區</strong></a><strong>！想掌握最新加密市場動態與 AI 新聞與資訊，更能隨時獲得免費 web 3入場券！</strong></p><p>&nbsp;</p><p>根據Finbold分析Arkham Intel錢包集群數據顯示，截至2025年9月9日，貝萊德的比特幣持有量為732,384個BTC，以當時價格111,513美元計算，價值約817億美元；而以太幣持有量則達到驚人的374萬個ETH，價值約1601億美元（當時價格約1401萬美元）。</p><p>&nbsp;</p><p>與2025年1月1日相比，貝萊德的比特幣持有量增加了y逾三成；但以太幣持有量增長則更加顯著，增加2.5倍， 換言之，以百分比增長計算，貝萊德增持以太幣的速度是比特幣的7.6倍。</p><p>&nbsp;</p><p>儘管以太幣和比特幣價格在測量期間均有所上漲，但代幣持有量的增長幅度遠遠超過價格漲幅，顯示貝萊德的增持行為並非僅僅是市值變動的結果，而是積極的淨購買行為。</p><p>&nbsp;</p><h3><strong>貝萊德投資策略 佔比由6.6%躍升至17.2%</strong></h3><p>&nbsp;</p><p>這種策略性調整也明顯改變了貝萊德加密貨幣投資組合的結構。年初，以太幣在其投資組合中僅佔6.6%（35.9億美元/548.3億美元），但截至9月2日，其佔比已躍升至17.2%（165.8億美元/964.4億美元），增長了10.6個百分點。</p><p>&nbsp;</p><p>貝萊德的巨額增持對市場的影響不容小覷。首先，271萬個以太幣的增長規模相對於以太幣的總流通量而言相當可觀，將為市場注入大量的穩定買盤。其次，這也發出了強烈的信號，表明機構投資者正在重新評估其加密貨幣投資策略，逐步將投資範圍擴展至比特幣之外，並積極布局以太坊生態系統，這與以太坊相關產品和資金流的日益成熟相呼應。 貝萊德的行動，預示著機構投資者對以太幣的信心與日俱增，並可能引領更多機構跟進，進一步推動以太幣的價格和市場地位。</p>

BlackRock's investment strategy shifts from Bitcoin to Ethereum

贝莱德投资策略由比特币转向以太坊 数据揭秘惊人增持策略

貝萊德投資策略由比特幣轉向以太坊 數據揭秘驚人增持策略

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</div></div><p>Bank of China (Hong Kong) has reportedly expressed its intention to apply for the issuance of a stablecoin, officially entering the stablecoin market. The Hong Kong Monetary Authority (HKMA) had previously called for interested institutions to express their intentions by the end of August and advised well-prepared organizations to submit their applications as soon as possible, no later than the end of September. Following the announcement by the joint venture Anchorpoint, led by Standard Chartered Hong Kong (which holds a 50.5% stake), to apply, Bank of China (Hong Kong) (2388) has also joined the fray, actively preparing to apply for a stablecoin issuance license.</p><p>Today, Bank of China (Hong Kong) opened at HKD 36.8, rising by 4.49%.</p><h3>Renminbi Internationalization as a Key Consideration</h3><p>The issuance license for stablecoins in Hong Kong has not yet been granted but has already attracted significant market attention. Although Bank of China (Hong Kong) was not among the three institutions selected by the HKMA for the initial stablecoin sandbox, it has established a dedicated team to actively study related matters. Analysts point out that stablecoins play a crucial role in the macro layout of digital currencies and are likely to be linked to offshore renminbi in the future, further promoting the internationalization of the renminbi. Bank of China (Hong Kong) clearly values the development of stablecoins and is actively seeking to participate.</p><p>A spokesperson from Bank of China (Hong Kong) did not comment on the market rumors. At a recent earnings announcement, the bank stated that it is actively researching the application scenarios and risk management mechanisms for digital assets and digital currencies, and supports the development of Hong Kong's fintech and digital asset markets. An HKMA spokesperson mentioned that some institutions have expressed intentions to apply for stablecoin licenses, but did not disclose specific names.</p><h3>Other Institutions Applying for Stablecoin Licenses</h3><p>In July last year, the HKMA announced three institutions participating in the stablecoin sandbox: Anchorpoint, formed by Standard Chartered Hong Kong in collaboration with the AIA Group and Hong Kong Telecommunications (6823), Jingdong Coin Chain Technology (Hong Kong), and Round Coin Innovation Technology (a subsidiary of Round Coin Technology, founded by former HKMA president Norman Chan). As of now, Jingdong and Round Coin Technology have not responded regarding their intentions to apply.</p><p>Ant Group previously stated that it would apply as soon as the Stablecoin Ordinance comes into effect, but it has not responded on whether it has expressed its intention to the HKMA.</p><h3>Standard Chartered Leads, but Regulatory Requirements May Affect Planning</h3><p>Market analysis suggests that among the institutions that have expressed interest in applying, Standard Chartered's joint venture Anchorpoint currently leads in terms of technical readiness and cross-border market coverage. However, the HKMA's licensing requirements, particularly the identity verification regulations for each stablecoin holder, may impact the original application scenario planning and cost budgets for some applicants.</p><p>It is worth noting that eight years ago, the HKMA promoted the development of fintech in Hong Kong, and both Bank of China (Hong Kong) and Standard Chartered Hong Kong led consortiums that became among the first operators to receive virtual banking licenses in 2019.</p><p>HKMA Vice President Eddie Yue has previously stated that to ensure stable development, only a few stablecoin licenses will be issued in the first phase, with issuance expected early next year. Initial business profitability remains highly uncertain.</p>

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</div></div><p>传中银香港有意申发稳定币，正式杀入稳定币战场！金管局早前呼吁有意申请的机构于8月底前表达意向，并建议准备充足的机构尽快，最迟于9月底前提交申请。据市场消息，继渣打香港牵头成立的合资公司Anchorpoint（渣打持股50.5%）公开表示有意申请后，另一发钞行中银香港（2388）亦加入战局，正积极准备申请，力争成为首批获得稳定币发行牌照的机构。</p><p>&nbsp;</p><p>中银香港今日开报36.8元，升4.49%。</p><p>&nbsp;</p><h3>人民币国际化成关键考量</h3><p>&nbsp;</p><p>香港稳定币发行牌照尚未发放，已备受市场关注。虽然中银香港并非金管局先前选定的三间稳定币沙盒参与机构之一，但该行已成立专责小组积极研究相关事宜。分析人士指出，稳定币在数位货币领域的宏观布局中扮演关键角色，未来更可能与离岸人民币挂钩，进而促进人民币国际化。中银香港显然重视稳定币发展，并积极争取参与其中。</p><p>&nbsp;</p><p>中银香港发言人对此市场传闻未予置评。该行在近期业绩发布会上，仅表示积极研究数位资产和数位货币的应用场景及风险管理机制，并支持香港金融科技及数位资产市场的发展。金管局发言人则表示，已有部分机构表达申请稳定币牌照的意向，但未透露具体机构名单。</p><p>&nbsp;</p><h3>传中银香港有意申发稳定币 其他申请机构动态</h3><p>&nbsp;</p><p>去年7月，金管局公布的三间稳定币沙盒参与机构包括：渣打香港联同安拟集团及香港电讯（6823）组成的Anchorpoint、京东币链科技（香港）以及圆币创新科技（圆币科技旗下子公司，由金管局前总裁陈德霖创立）。 截至目前，京东及圆币科技尚未回覆是否已表达申请意向。</p><p>&nbsp;</p><p>蚂蚁集团此前曾表示，将在《稳定币条例》生效后尽快申请，但对于是否已向金管局表达申请意向，则未有回应。</p><p>&nbsp;</p><h3>渣打领先，但监管要求或影响申请机构规划</h3><p>&nbsp;</p><p>市场分析认为，在已表态有意申请的机构中，渣打牵头的合资公司Anchorpoint在技术准备和跨境市场覆盖方面暂时领先。然而，金管局发牌要求中，每位稳定币持有人的身份核实规定，可能影响部分申请机构原先的应用场景规划和成本预算。</p><p>&nbsp;</p><p>值得回顾的是，八年前金管局推动香港金融科技发展，中银香港和渣打香港分别牵头成立的财团，均成为2019年首批获发虚拟银行牌照的营运商。</p><p>&nbsp;</p><p>金管局副总裁陈维民曾表示，为确保稳定发展，首阶段将只发放数个稳定币牌照，预计明年初发放，初期业务盈利存在很大不确定性。</p>

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</div></div><p>傳中銀香港有意申發穩定幣，正式殺入<a href="https://cftime.io/basel-standards-implemented-in-hong-kong/">穩定幣</a>戰場！金管局早前<a href="https://www.hkma.gov.hk/chi/news-and-media/press-releases/2025/07/20250729-4/">呼籲有意申請的機構</a>於8月底前表達意向，並建議準備充足的機構盡快，最遲於9月底前提交申請。據市場消息，繼渣打香港牽頭成立的合資公司Anchorpoint（渣打持股50.5%）公開表示有意申請後，另一發鈔行中銀香港（2388）亦加入戰局，正積極準備申請，力爭成為首批獲得穩定幣發行牌照的機構。</p><p>&nbsp;</p><p>中銀香港今日開報36.8元，升4.49%。</p><p>&nbsp;</p><h3><strong>人民幣國際化成關鍵考量</strong></h3><p>&nbsp;</p><p>香港穩定幣發行牌照尚未發放，已備受市場關注。雖然中銀香港並非金管局先前選定的三間穩定幣沙盒參與機構之一，但該行已成立專責小組積極研究相關事宜。分析人士指出，穩定幣在數位貨幣領域的宏觀布局中扮演關鍵角色，未來更可能與離岸人民幣掛鈎，進而促進人民幣國際化。中銀香港顯然重視穩定幣發展，並積極爭取參與其中。</p><p>&nbsp;</p><p>中銀香港發言人對此市場傳聞未予置評。該行在近期業績發佈會上，僅表示積極研究數位資產和數位貨幣的應用場景及風險管理機制，並支持香港金融科技及數位資產市場的發展。金管局發言人則表示，已有部分機構表達申請穩定幣牌照的意向，但未透露具體機構名單。</p><p>&nbsp;</p><h3>傳中銀香港有意申發穩定幣 <strong>其他申請機構動態</strong></h3><p>&nbsp;</p><p>去年7月，金管局公布的三間穩定幣沙盒參與機構包括：渣打香港聯同安擬集團及香港電訊（6823）組成的Anchorpoint、京東幣鏈科技（香港）以及圓幣創新科技（圓幣科技旗下子公司，由金管局前總裁陳德霖創立）。 截至目前，京東及圓幣科技尚未回覆是否已表達申請意向。</p><p>&nbsp;</p><p>螞蟻集團此前曾表示，將在《穩定幣條例》生效後盡快申請，但對於是否已向金管局表達申請意向，則未有回應。</p><p>&nbsp;</p><h3><strong>渣打領先，但監管要求或影響申請機構規劃</strong></h3><p>&nbsp;</p><p>市場分析認為，在已表態有意申請的機構中，渣打牽頭的合資公司Anchorpoint在技術準備和跨境市場覆蓋方面暫時領先。然而，金管局發牌要求中，每位穩定幣持有人的身份核實規定，可能影響部分申請機構原先的應用場景規劃和成本預算。</p><p>&nbsp;</p><p>值得回顧的是，八年前金管局推動香港金融科技發展，中銀香港和渣打香港分別牽頭成立的財團，均成為2019年首批獲發虛擬銀行牌照的營運商。</p><p>&nbsp;</p><p>金管局副總裁陳維民曾表示，為確保穩定發展，首階段將只發放數個穩定幣牌照，預計明年初發放，初期業務盈利存在很大不確定性。</p><p>&nbsp;</p>

BoCHK is rumored to be interested in issuing a stablecoin! A Chinese-backed issuer is poised to reshape the market.

传中银香港有意申发稳定币！中国背景发行商将改写市场格局

傳中銀香港有意申發穩定幣！中國背景發行商將改寫市場格局

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</div></div><p>OpenAI's GPT-5 launch has been met with widespread criticism, prompting CEO Sam Altman to acknowledge significant errors in its rollout and the negative user response. The incident, which saw a large number of users threatening cancellations, has directly impacted the development direction of GPT-6. While ChatGPT boasts over 700 million weekly active users—a fourfold increase year-on-year—Altman warns of a potential AI industry bubble fueled by over-investment.</p><p>&nbsp;</p><p>In a private meeting with journalists in San Francisco, Altman admitted the replacement of the popular GPT-4o model with GPT-5 caused considerable user dissatisfaction. He stated, "I think we completely messed up some things in the launch." GPT-4o was praised for its warm and natural conversational style, while GPT-5 was criticized for being cold, robotic, and lacking support. To appease users, OpenAI has reinstated access to GPT-4o for paying subscribers. Altman considers this a critical lesson, emphasizing the challenges of upgrading a product for hundreds of millions of users in a single day.</p><p>&nbsp;</p><p>The GPT-5 debacle highlighted the emotional connection users are forming with AI. While some users on Reddit forums like r/MyBoyfriendisAI, r/AISoulmates, and r/AIRelationships express dependence on, and even emotional relationships with, AI companions, Altman estimates this represents less than 1% of ChatGPT users. OpenAI is closely monitoring this phenomenon and will prioritize personalization in GPT-6 while mitigating the exploitation of vulnerable users.</p><p>&nbsp;</p><p>Despite the ongoing GPT-5 rollout, OpenAI is already developing GPT-6, anticipating a shorter development cycle compared to the transition from GPT-4 to GPT-5. However, GPU shortages pose a significant bottleneck, leading Altman to project the need for "hundreds of billions of dollars" in data center investment.</p><p>&nbsp;</p><p>Beyond GPT-6, OpenAI's future plans include investing in a brain-computer interface startup to rival Elon Musk's Neuralink, potentially bidding for Google Chrome, and collaborating with former Apple design chief Jony Ive on an undisclosed AI device.</p><p>&nbsp;</p><p>Altman concludes that despite ChatGPT's user base exceeding 700 million, the AI industry is currently experiencing an overheated investment climate, characterized by bubble-like risk. He affirms, "Are we in a phase where investors are generally over-excited about AI? Yes. Is AI the most important thing in many years? Yes."</p><p>&nbsp;</p>

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</div></div><p>OpenAI自推出GPT-5后，外界劣评如潮，更称GPT-5失败。公司行政总裁Sam Altman承认公司在GPT-5的推出上犯下错误，引发用户强烈反弹，并表示这一经验将直接影响GPT-6的开发方向。 目前ChatGPT的周活跃用户已突破7亿，较去年同期增长四倍，但Altman同时警告AI产业可能正处于过热的泡沫阶段。</p><p>&nbsp;</p><p>Altman在旧金山与记者私下会晤时坦承，GPT-5取代广受好评的GPT-4o模型后，引发大量用户不满，部分用户甚至威胁取消订阅。 他表示：「我认为我们在推出方面完全搞砸了一些事情。」 GPT-4o以其温暖且自然的对话风格而闻名，而GPT-5则被许多用户批评为冷淡、机械化且缺乏支援。 为平息众怒，OpenAI已为付费用户恢复了GPT-4o的使用权限。 Altman将此事件视为警讯，强调「我们已经从中吸取了教训，了解到如何在一天之内为数亿用户升级产品的意义」。</p><p>&nbsp;</p><h3><strong>GPT-5失败内幕 OpenAI正密切关注此现象</strong></h3><p>&nbsp;</p><p>Altman指出，GPT-5的推出凸显了用户与AI之间的情感连结。 尽管在r/MyBoyfriendisAI、r/AISoulmates和r/AIRelationships等Reddit论坛上，部分用户表达了对AI伴侣的依赖，甚至建立了情感关系，但Altman估计，只有少于1%的ChatGPT用户与AI存在「不健康的关系」。 他强调，OpenAI正密切关注此现象。 他表示，GPT-6的开发重点将放在如何让系统更具个人化，同时避免利用弱势用户。</p><p>&nbsp;</p><p>尽管GPT-5仍在持续推出中，Altman透露OpenAI已着手开发GPT-6，预计两者之间的开发周期将比GPT-4与GPT-5更短。然而，他坦承GPU短缺是限制进展的主要瓶颈，并表示OpenAI未来需要投入「数万亿美元」于数据中心建设以解决此问题。</p><p>&nbsp;</p><p>除了GPT-6的开发，Altman还透露OpenAI的未来规划，包括投资一家与Elon Musk的Neuralink竞争的大脑计算机介面新创公司，以及考虑参与竞购Google Chrome的战局。 此外，OpenAI也正与苹果前设计总监Jony Ive合作开发一款尚未公开的AI设备。</p><p>&nbsp;</p><p>Altman总结道，尽管ChatGPT用户已突破7亿，但他认为AI产业目前投资过热，存在泡沫风险。 「我们是否正处于投资者整体对AI过度兴奋的阶段？我的答案是肯定的。AI是否是很多年来最重要的事情？我的答案也是肯定的。」</p>

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</div></div><p>OpenAI自推出<a href="https://cftime.io/gpt-5-roadmap/">GPT-5</a>後，外界劣評如潮，更稱GPT-5失敗。公司行政總裁<a href="https://cftime.io/gen-z-needs-to-adapt-to-ai-quickly/">Sam Altman</a>承認公司在GPT-5的推出上犯下錯誤，引發用戶強烈反彈，並表示這一經驗將直接影響GPT-6的開發方向。 目前ChatGPT的周活躍用戶已突破7億，較去年同期增長四倍，但Altman同時警告AI產業可能正處於過熱的泡沫階段。</p><p>&nbsp;</p><p><strong>即加入</strong><a href="https://t.me/+l--9PJpFdIgxOTk9"><strong>CFTime TG 討論區</strong></a><strong>！想掌握最新加密市場動態與 AI 新聞與資訊，更能隨時獲得免費 web 3入場券！</strong></p><p>&nbsp;</p><p><a href="https://www.theverge.com/command-line-newsletter/759897/sam-altman-chatgpt-openai-social-media-google-chrome-interview">Altman在舊金山與記者私下會晤時</a>坦承，GPT-5取代廣受好評的GPT-4o模型後，引發大量用戶不滿，部分用戶甚至威脅取消訂閱。 他表示：「我認為我們在推出方面完全搞砸了一些事情。」 GPT-4o以其溫暖且自然的對話風格而聞名，而GPT-5則被許多用戶批評為冷淡、機械化且缺乏支援。 為平息眾怒，OpenAI已為付費用戶恢復了GPT-4o的使用權限。 Altman將此事件視為警訊，強調「我們已經從中吸取了教訓，了解到如何在一天之內為數億用戶升級產品的意義」。</p><p>&nbsp;</p><h3><strong>GPT-5失敗內幕 OpenAI正密切關注此現象</strong></h3><p>&nbsp;</p><p>Altman指出，GPT-5的推出凸顯了用戶與AI之間的情感連結。 儘管在r/MyBoyfriendisAI、r/AISoulmates和r/AIRelationships等Reddit論壇上，部分用戶表達了對AI伴侶的依賴，甚至建立了情感關係，但Altman估計，只有少於1%的ChatGPT用戶與AI存在「不健康的關係」。 他強調，OpenAI正密切關注此現象。 他表示，GPT-6的開發重點將放在如何讓系統更具個人化，同時避免利用弱勢用戶。</p><p>&nbsp;</p><p>儘管GPT-5仍在持續推出中，Altman透露OpenAI已著手開發GPT-6，預計兩者之間的開發週期將比GPT-4與GPT-5更短。然而，他坦承GPU短缺是限制進展的主要瓶頸，並表示OpenAI未來需要投入「數萬億美元」於數據中心建設以解決此問題。</p><p>&nbsp;</p><p>除了GPT-6的開發，Altman還透露OpenAI的未來規劃，包括投資一家與Elon Musk的Neuralink競爭的大腦計算機介面新創公司，以及考慮參與競購Google Chrome的戰局。 此外，OpenAI也正與蘋果前設計總監Jony Ive合作開發一款尚未公開的AI設備。</p><p>&nbsp;</p><p>Altman總結道，儘管ChatGPT用戶已突破7億，但他認為AI產業目前投資過熱，存在泡沫風險。「我們是否正處於投資者整體對AI過度興奮的階段？我的答案是肯定的。AI是否是很多年來最重要的事情？我的答案也是肯定的。」</p>

Sam Altman reveals the inside story of GPT-5's failure

Sam Altman亲揭GPT-5失败内幕 用户怒轰「冷冰冰」急复旧版救火

Sam Altman親揭GPT-5失敗內幕 用戶怒轟「冷冰冰」急復舊版救火

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</div></div><p>The Financial Services Agency (FSA) of Japan has announced that it will approve the issuance of yen-denominated stablecoins for the first time this autumn, marking a significant transformation for Japan's fintech industry.&nbsp;</p><p>&nbsp;</p><p>Tokyo-based fintech company JPYC will become the first yen stablecoin and is expected to complete the registration process for funds transfer operators by the end of the month.</p><p>&nbsp;</p><p>JPYC stablecoins will be pegged to the yen at a 1:1 ratio, with their value supported by bank deposits and Japanese government bonds. However, it is important to note that the interest generated from these bonds will belong to JPYC, and users will not receive any interest income. This approach differs from mainstream dollar-denominated stablecoins, such as USDC and Tether, which typically return some profits to users.</p><p>&nbsp;</p><p>This approval signifies Japan's formal entry into the global stablecoin market, which currently exceeds $250 billion (approximately 37 trillion yen). The Japanese government's aim is not only to participate in international competition but also to enhance the efficiency of international remittances and cross-border transactions, hoping to achieve faster, cheaper, and more convenient payment methods through the yen-denominated stablecoin.</p><p>&nbsp;</p><p>JPYC will issue its stablecoin using existing public blockchain technology instead of developing a new blockchain, which helps maintain the openness of the ecosystem and avoids creating a closed system. Ryosuke Okabe, a representative for JPYC, noted on X platform that the demand for government bonds from stablecoin issuers will act like a giant "absorption machine," potentially influencing the interest rates of Japanese government bonds and impacting the overall financial market, including lending rates and mortgage costs.</p><p>&nbsp;</p><p>However, this innovation also comes with certain risks. JPYC acknowledges the risk of decoupling in the secondary market, particularly if the liquidity of the supporting Japanese government bonds decreases or their value declines, which could cause the stablecoin price to fall below 1 yen. While users can still redeem JPYC priced below 1 yen at full value, Okabe admitted that if Japanese government bonds default or crash, market panic selling could exacerbate the decoupling risk, leading the stablecoin price to remain below par for an extended period.</p><p>&nbsp;</p><p>To mitigate liquidity shortage risks, JPYC must deposit 101% of the maximum issuance value within one week after issuing stablecoins and complete the process within three business days. This regulation reflects the Japanese regulatory authority's emphasis on risk management for stablecoins.</p><p>&nbsp;</p><p>Overall, Japan's approval of yen-denominated stablecoin issuance is a significant milestone in the development of the global stablecoin market. It also highlights the delicate balance between stablecoin issuance and regulation. The JPYC model, along with its associated risks and opportunities, will provide insights for regulatory policies in other countries and regions and will influence the future direction of the stablecoin market.</p><p>&nbsp;</p>

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</div></div><p>日本金融服务厅（FSA）宣布，将于今年秋季首次批准日圆计价稳定币发行，此举将为日本金融科技产业带来重大变革。东京金融科技公司JPYC将成首个日圆稳定币，并预计在月底前完成资金转移营运商的注册程序。</p><p>&nbsp;</p><p>JPYC稳定币将以1:1的比例与日圆挂钩，其价值将由银行存款和日本政府债券提供支持。然而，值得注意的是，这些债券产生的利息将归JPYC所有，用户将无法获得任何利息收入。此举与目前市场上主流的美元计价稳定币（如USDC和Tether）有所不同，后者通常会将部分利润回馈给用户。</p><p>&nbsp;</p><h3><strong>JPYC将成首个日圆稳定币 该市场目前规模已超过2500亿美元</strong></h3><p>&nbsp;</p><p>此项批准标志着日本正式加入全球稳定币市场，该市场目前规模已超过2500亿美元（约37兆日圆）。日本政府此举的目标并非仅仅为了参与国际竞争，而是著眼于提升国际汇款和跨境交易的效率，期望透过日元计价稳定币实现更快、更便宜、更便捷的支付方式。</p><p>&nbsp;</p><p>JPYC将采用现有的公共区块链进行稳定币发行，而非自行开发新的区块链，此举有助于维持生态系统的开放性，避免形成新的封闭系统。 JPYC代表冈部典孝(Ryosuke Okabe)在X平台上指出，稳定币发行商对于政府债券的需求，将如同巨大的「吸收机器」，可能影响日本政府债券的利率，进而影响到整体的金融市场，例如贷款利率和房贷成本。</p><p>&nbsp;</p><p>然而，此项创新也伴随着一定的风险。 JPYC承认，在次级市场存在脱钩风险，尤其当支持稳定币的日本政府债券流动性下降或价值缩水时，稳定币价格可能低于1日元。虽然用户仍可将低于1日元的JPYC以全额赎回，但冈部良介也坦承，如果日本政府债券违约或价格崩溃，市场恐慌性抛售将使脱钩风险加剧，稳定币价格可能长时间维持在低于面值状态。</p><p>&nbsp;</p><p>为降低流动性短缺风险，JPYC必须在发行稳定币后一周内，存入最高发行价值的101%的存款，且需在三个营业日内完成。此项规定反映了日本监管机构对于稳定币风险管理的重视。</p><p>&nbsp;</p><p>总体而言，日本批准日圆计价稳定币发行，是全球稳定币市场发展的重要里程碑，但也突显出稳定币发行与监管之间的微妙平衡。 JPYC的模式，以及其所面临的风险与机遇，将为其他国家和地区的监管政策提供参考，也将影响未来稳定币市场的发展走向。</p>

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</div></div><p>日本金融服務廳（FSA）宣佈，將於今年秋季首次批准日圓計價<a href="https://cftime.io/chain-reaction-after-the-genius-act/">穩定幣</a>發行，此舉將為日本金融科技產業帶來重大變革。東京金融科技公司JPYC將成首個日圓穩定幣，並預計在月底前完成資金轉移營運商的註冊程序。</p><p>&nbsp;</p><p>JPYC穩定幣將以1:1的比例與日圓掛鉤，其價值將由銀行存款和日本政府債券提供支持。然而，值得注意的是，這些債券產生的利息將歸JPYC所有，用戶將無法獲得任何利息收入。此舉與目前市場上主流的美元計價穩定幣（如USDC和Tether）有所不同，後者通常會將部分利潤回饋給用戶。</p><p>&nbsp;</p><h3><strong>JPYC將成首個日圓穩定幣 該市場目前規模已超過2500億美元</strong></h3><p>&nbsp;</p><p>此項批准標誌著日本正式加入全球穩定幣市場，該市場目前規模已超過2500億美元（約37兆日圓）。日本政府此舉的目標並非僅僅為了參與國際競爭，而是著眼於提升國際匯款和跨境交易的效率，期望透過日元計價穩定幣實現更快、更便宜、更便捷的支付方式。</p><p>&nbsp;</p><p>JPYC將採用現有的公共區塊鏈進行穩定幣發行，而非自行開發新的區塊鏈，此舉有助於維持生態系統的開放性，避免形成新的封閉系統。JPYC代表岡部典孝(Ryosuke Okabe)<a href="https://x.com/noritaka_okabe/status/1955920555003273338">在X平台上指出</a>，穩定幣發行商對於政府債券的需求，將如同巨大的「吸收機器」，可能影響日本政府債券的利率，進而影響到整體的金融市場，例如貸款利率和房貸成本。</p><p>&nbsp;</p><p>然而，此項創新也伴隨著一定的風險。JPYC承認，在次級市場存在脫鉤風險，尤其當支持穩定幣的日本政府債券流動性下降或價值縮水時，穩定幣價格可能低於1日元。雖然用戶仍可將低於1日元的JPYC以全額贖回，但岡部良介也坦承，如果日本政府債券違約或價格崩潰，市場恐慌性拋售將使脫鉤風險加劇，穩定幣價格可能長時間維持在低於面值狀態。</p><p>&nbsp;</p><p>為降低流動性短缺風險，JPYC必須在發行穩定幣後一週內，存入最高發行價值的101%的存款，且需在三個營業日內完成。此項規定反映了日本監管機構對於穩定幣風險管理的重視。</p><p>&nbsp;</p><p>總體而言，日本批准日圓計價穩定幣發行，是全球穩定幣市場發展的重要里程碑，但也突顯出穩定幣發行與監管之間的微妙平衡。JPYC的模式，以及其所面臨的風險與機遇，將為其他國家和地區的監管政策提供參考，也將影響未來穩定幣市場的發展走向。</p>

Japan's Financial Services Agency approves JPYC as the first Japanese Yen stablecoin in autumn

日本金融厅秋季放行！ JPYC将成首个日圆稳定币

日本金融廳秋季放行！ JPYC將成首個日圓穩定幣

From simple data feeds to powering the future of tokenized assets, here’s how Chainlink is connecting Web3 to the real world.

从简单的数据馈送，到为代币化资产的未来提供动力，本文将解析 Chainlink 如何将 Web3 与现实世界相连。

從簡單的資料饋送，到驅動代幣化資產的未來，本文將深入探討 Chainlink 如何將 Web3 與現實世界相連。

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</div></div><p>&nbsp;</p><h2 class="green-h2" style="margin-left:0px;"><strong>Introduction: The Promise and the Problem</strong></h2><p>Welcome to the world of smart contracts! These self-executing contracts promise a future of automated, trustless, and transparent agreements. But there's a catch, a fundamental limitation. By design, blockchains are secure, isolated digital vaults. A smart contract has no native way to know the price of Bitcoin, the weather in Tokyo, or if your shipment has arrived.</p><p>This is the famous <strong>"Oracle Problem."</strong> If smart contracts can't access real-world data, their usefulness is severely limited.</p><p>This is where <strong>Chainlink</strong> enters the picture. It started as the solution to the Oracle Problem, acting as a secure bridge for data. But its mission has evolved. Today, Chainlink is not just connecting blockchains to data; it's connecting the entire global financial system to the blockchain ecosystem, working with giants like SWIFT and BNY Mellon to build the future of finance.</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><hr><h2 class="green-h2" style="margin-left:0px;"><strong>What is a Blockchain Oracle, Anyway?</strong></h2><p>Before we dive into Chainlink, let's clarify what an "oracle" is. It's a <strong>data courier</strong> that finds and verifies real-world information (off-chain data) and delivers it onto the blockchain (on-chain) so that smart contracts can use it.</p><p>However, a single, centralized courier is a single point of failure. The entire "trustless" nature of your smart contract would be compromised. This is the puzzle Chainlink was built to solve: <strong>How do you get reliable, tamper-proof data onto a blockchain in a decentralized way?</strong></p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>How Chainlink Works: A Look Under the Hood</strong></h2><p>Chainlink isn't a single oracle; it's a <strong>decentralized oracle network (DON)</strong>. Instead of trusting one source, it leverages a large network of independent node operators who are financially incentivized to provide honest and accurate data.</p><p>Let's break down the process into three simple steps.</p><p style="margin-left:0px;"><strong>Step 1: The Request (On-Chain)</strong></p><p>A smart contract creates a data request, like asking for the price of ETH/USD.</p><p style="margin-left:0px;"><strong>Step 2: The Fulfillment (Off-Chain Magic)</strong></p><p style="margin-left:0px;"><strong>Step 3: The Response (Back On-Chain)</strong></p><p>The aggregated answer is delivered back to the smart contract, which can now execute its logic with trustworthy data. This decentralized process ensures the data is both accurate and tamper-proof.</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>Chainlink Use Cases: From DeFi to Dynamic NFTs</strong></h2><p>Chainlink's services are the backbone of some of the most innovative applications in Web3.</p><h3 style="margin-left:0px;"><strong>Powering the Next Evolution of Finance: Tokenized Assets &amp; CCIP</strong></h3><p>This is where Chainlink's role expands dramatically. The world's largest financial institutions are not just watching blockchain; they are actively building on it. Their goal? To <strong>tokenize Real-World Assets (RWAs)</strong>—turning things like private equity, real estate, and bonds into digital tokens that can be managed on a blockchain.</p><p>This creates a new challenge: these institutions operate on private, permissioned blockchains for security and compliance, but the real liquidity and innovation are on public blockchains like Ethereum. How do you bridge these two worlds?</p><p>The answer is Chainlink's <strong>Cross-Chain Interoperability Protocol (CCIP).</strong></p><p style="margin-left:0px;"><strong>What is CCIP? The "SWIFT for Blockchains"</strong></p><p>Think of CCIP as a universal messaging and value transfer standard for the blockchain world. It allows different blockchains—both public and private—to securely communicate, send commands, and transfer tokens to each other. This is the missing piece of the puzzle for institutional adoption.</p><p style="margin-left:0px;"><strong>How Institutions are Using Chainlink CCIP</strong></p><p>Chainlink is not just theorizing; it's actively collaborating with the biggest names in finance to make this a reality:</p><p>This collaboration is ushering in a new financial era by creating a single "internet of contracts." For the first time, the siloed world of traditional finance can seamlessly connect to the dynamic world of digital assets, leading to faster settlement, increased liquidity for traditionally illiquid assets, and a truly global, 24/7 market.</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>Conclusion: The Foundational Layer for a Connected World</strong></h2><p>Chainlink began as the solution to the Oracle Problem, allowing smart contracts to become data-aware. Today, its vision is far grander.</p><p>By providing decentralized data, computation, and cross-chain interoperability, Chainlink is building the foundational infrastructure for a world where Web2 and Web3 are not separate, but seamlessly connected. It's the bedrock technology allowing DeFi protocols to function, NFTs to evolve, and, most critically, <strong>enabling the world's largest financial institutions to enter the age of blockchain.</strong></p><p>Chainlink is the essential middleware that allows these worlds to communicate, transact, and build a unified future together. It's not just a bridge for data; it's a bridge for global capital itself.</p><p>&nbsp;</p><p style="text-align:center;">UD is a leading blockchain and network security solution provider in Hong Kong<br>We are dedicated to assisting enterprises in advancing their businesses through innovative blockchain technology, ushering from Web 2.0 to Web 3.0</p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/en/blockchain-consulting-services">Consult Experts</a></div><p>&nbsp;</p><p>&nbsp;</p>

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</div></div><p>&nbsp;</p><h2 class="green-h2" style="margin-left:0px;"><strong>前言：潜力与难题</strong></h2><p>欢迎来到智能合约的世界！这些自动执行的合约，将协议条款直接写入代码中，是区块链时代最强大的创新之一。它们承诺了一个自动化、去信任化和透明化的协议未来——从金融衍生品到去中心化保险。</p><p>但这里有一个陷阱，一个根本性的限制。根据其设计，区块链就像是安全、隔离的数字保险库。它们被刻意与外部世界隔绝，以维持其安全性与完整性。例如，一个在以太坊上运行的智能合约，无法通过原生方式得知：</p><p>这就是著名的「预言机问题」(Oracle Problem)，也是一个重大的障碍。如果智能合约无法访问现实世界的数据，其功用将受到严重限制。如果合约无法获取天气数据，您如何建立农作物保险合约？如果不知道资产的实时价值，您如何创建借贷协议？</p><p>这正是 <strong>Chainlink</strong> 发挥作用的地方。它不仅是另一种加密货币；它是解决预言机问题的关键基础设施，充当着隔离的 Web3 世界与广阔的 Web2 数据海洋之间的稳固桥梁。其使命甚至已经演进。今天，Chainlink 不仅连接区块链与数据，更通过与 SWIFT 和纽约梅隆银行 (BNY Mellon) 等巨头合作，将整个全球金融体系与区块链生态系统连接起来，共同构建金融的未来。</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><hr><h2 class="green-h2" style="margin-left:0px;"><strong>到底什么是区块链预言机？</strong></h2><p>在我们深入探讨 Chainlink 之前，让我们先理清「预言机」在此脉络下的定义。</p><p>您可以将区块链预言机视为一名<strong>数据信使</strong>或翻译员。它是一种服务，负责寻找并验证现实世界的信息 (链下数据)，然后将其安全地传递到区块链上 (链上)，供智能合约使用。</p><p>然而，使用单一、中心化的预言机会产生一个新问题。如果您依赖一家公司提供所有数据，您就重新引入了单点故障。如果该来源被黑客攻击、出错或故意提供错误数据怎么办？您智能合约的整个“去信任化”本质就受到了损害。</p><p>这就是 Chainlink 为之解决的难题：<strong>如何以去中心化的方式，将可靠、防篡改的数据引入区块链？</strong></p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>Chainlink 的运作原理：深入剖析</strong></h2><p>Chainlink 并非单一的预言机；它是一个<strong>去中心化预言机网络 (DON)</strong>。它不信任单一来源，而是利用一个由独立、抗女巫攻击的节点运营商组成的庞大网络。这创建了一个可靠、安全且信任最小化的系统。</p><p>让我们将其运作流程简化为三个步骤：</p><p><strong>第一步：请求 (链上)</strong><br>您的智能合约创建一个数据请求，例如查询 ETH/USD 的价格。</p><p><strong>第二步：履行 (链下)</strong></p><p><strong>第三步：响应 (回到链上)</strong><br>聚合后且经过验证的答案被传回给您在区块链上的智能合约。合约现在拥有了执行其逻辑所需的可信赖数据。</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>Chainlink 的应用场景：从 DeFi 到动态 NFT</strong></h2><p style="margin-left:0px;"><strong>驱动下一代金融：资产代币化与 CCIP</strong></p><p>这正是 Chainlink 角色急剧扩大的地方。全球最大的金融机构不仅仅在观察区块链；它们正积极地在上面进行建设。它们的目标是将<strong>现实世界资产 (RWA)</strong> — 如私募股权、房地产和债券 — <strong>代币化</strong>，将它们转换为可以在区块链上管理的数字代币。</p><p>这带来了新的挑战：这些机构出于安全和合规考量，在私有的许可制区块链上运作，但真正的流动性和创新却在像以太坊这样的公共区块链上。如何桥接这两个世界？答案就是 Chainlink 的<strong>跨链互操作性协议 (CCIP)</strong>。</p><p><strong>什么是 CCIP？“区块链世界的 SWIFT”</strong><br>您可以将 CCIP 视为区块链世界的通用消息和价值转移标准。它允许不同的区块链——无论是公共的还是私有的——安全地通信、发送指令以及相互转移代币。这正是机构采用的关键所在。</p><p><strong>金融机构如何使用 Chainlink CCIP</strong></p><p>这种合作正在开创一个新的金融时代，创建一个单一的“合约互联网”，让传统金融的孤岛能够与数字资产的动态世界无缝连接，从而实现更快的结算、为传统非流动性资产增加流动性，并建立一个真正的全球 24/7 市场。</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>结论：一个互联世界的基础层</strong></h2><p>Chainlink 最初是为了解决预言机问题而生，让智能合约能够感知数据。今天，它的愿景已更为宏大。</p><p>通过提供去中心化的数据、计算和跨链互操作性，Chainlink 正在为一个 Web2 与 Web3 无缝融合的世界构建基础设施。它不仅是 DeFi 协议运作和 NFT 演进的基石，更关键的是，<strong>它让全球最大的金融机构得以进入区块链时代</strong>。</p><p>它不仅是数据的桥梁，更是全球资本自身的桥梁。</p><p style="margin-left:0px;">&nbsp;</p><p style="text-align:center;"><span style="color:#3C3C3C;">UD 是香港领先区块链及网络安全方案供应商</span><br><span style="color:#3C3C3C;">致力助不同的企业通过创新区块链技术进一步发展业务，从 Web 2.0 向 Web 3.0 的新时代迈进</span></p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/sc/blockchain-consulting-services">谘询专家</a></div><p>&nbsp;</p><p>&nbsp;</p>

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</div></div><p>&nbsp;</p><h2 class="green-h2" style="margin-left:0px;"><strong>前言：潛力與難題</strong></h2><p>歡迎來到智能合約的世界！這些自動執行的合約，將協議條款直接寫入程式碼中，是區塊鏈時代最強大的創新之一。它們承諾了一個自動化、去信任化和透明化的協議未來——從金融衍生品到去中心化保險。</p><p>但這裡有一個陷阱，一個根本性的限制。根據其設計，區塊鏈就像是安全、隔離的數位保險庫。它們被刻意與外部世界隔絕，以維持其安全性與完整性。例如，一個在以太坊上運行的智能合約，無法透過原生方式得知：</p><p>這就是著名的「預言機問題」(Oracle Problem)，也是一個重大的障礙。如果智能合約無法存取現實世界的資料，其功用將受到嚴重限制。如果合約無法獲取天氣資料，您如何建立農作物保險合約？如果不知道資產的即時價值，您如何創建借貸協議？</p><p>這正是 <strong>Chainlink</strong> 發揮作用的地方。它不僅是另一種加密貨幣；它是解決預言機問題的關鍵基礎設施，充當著隔離的 Web3 世界與廣闊的 Web2 資料海洋之間的穩固橋樑。其使命甚至已經演進。今天，Chainlink 不僅連接區塊鏈與資料，更透過與 SWIFT 和紐約梅隆銀行 (BNY Mellon) 等巨頭合作，將整個全球金融體系與區塊鏈生態系統連接起來，共同建構金融的未來。</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><hr><h2 class="green-h2" style="margin-left:0px;"><strong>到底什麼是區塊鏈預言機？</strong></h2><p>在我們深入探討 Chainlink 之前，讓我們先釐清「預言機」在此脈絡下的定義。</p><p>您可以將區塊鏈預言機視為一名<strong>資料信使</strong>或翻譯員。它是一種服務，負責尋找並驗證現實世界的資訊 (鏈下資料)，然後將其安全地傳遞到區塊鏈上 (鏈上)，供智能合約使用。</p><p>然而，使用單一、中心化的預言機會產生一個新問題。如果您依賴一家公司提供所有資料，您就重新引入了單點故障。如果該來源被駭客攻擊、出錯或故意提供錯誤資料怎麼辦？您智能合約的整個「去信任化」本質就受到了損害。</p><p>這就是 Chainlink 為了解決的難題：<strong>如何以去中心化的方式，將可靠、防篡改的資料引入區塊鏈？</strong></p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>Chainlink 的運作原理：深入剖析</strong></h2><p>Chainlink 並非單一的預言機；它是一個<strong>去中心化預言機網絡 (DON)</strong>。它不信任單一來源，而是利用一個由獨立、抗女巫攻擊的節點運營商組成的龐大網絡。這創建了一個可靠、安全且信任最小化的系統。</p><p>讓我們將其運作流程簡化為三個步驟：</p><p><strong>第一步：請求 (鏈上)</strong><br>您的智能合約創建一個資料請求，例如查詢 ETH/USD 的價格。</p><p><strong>第二步：履行 (鏈下)</strong></p><p><strong>第三步：回應 (回到鏈上)</strong><br>聚合後且經過驗證的答案被傳回給您在區塊鏈上的智能合約。合約現在擁有了執行其邏輯所需的可信賴資料。</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>Chainlink 的應用場景：從 DeFi 到動態 NFT</strong></h2><p style="margin-left:0px;"><strong>驅動下一代金融：資產代幣化與 CCIP</strong></p><p>這正是 Chainlink 角色急劇擴大的地方。全球最大的金融機構不僅僅在觀察區塊鏈；它們正積極地在上面進行建設。它們的目標是將<strong>現實世界資產 (RWA)</strong> — 如私募股權、房地產和債券 — <strong>代幣化</strong>，將它們轉換為可以在區塊鏈上管理的數位代幣。</p><p>這帶來了新的挑戰：這些機構出於安全和合規考量，在私有的許可制區塊鏈上運作，但真正的流動性和創新卻在像以太坊這樣的公共區塊鏈上。如何橋接這兩個世界？答案就是 Chainlink 的<strong>跨鏈互操作協議 (CCIP)</strong>。</p><p><strong>什麼是 CCIP？「區塊鏈世界的 SWIFT」</strong><br>您可以將 CCIP 視為區塊鏈世界的通用訊息和價值轉移標準。它允許不同的區塊鏈——無論是公共的還是私有的——安全地通訊、發送指令以及相互轉移代幣。這正是機構採用的關鍵所在。</p><p><strong>金融機構如何使用 Chainlink CCIP</strong></p><p>這種合作正在開創一個新的金融時代，創建一個單一的「合約互聯網」，讓傳統金融的孤島能夠與數位資產的動態世界無縫連接，從而實現更快的結算、為傳統非流動性資產增加流動性，並建立一個真正的全球 24/7 市場。</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>結論：一個互聯世界的基礎層</strong></h2><p>Chainlink 最初是為了解決預言機問題而生，讓智能合約能夠感知資料。今天，它的願景已更為宏大。</p><p>透過提供去中心化的資料、運算和跨鏈互操作性，Chainlink 正在為一個 Web2 與 Web3 無縫融合的世界建構基礎設施。它不僅是 DeFi 協議運作和 NFT 演進的基石，更關鍵的是，<strong>它讓全球最大的金融機構得以進入區塊鏈時代</strong>。</p><p>它不僅是資料的橋樑，更是全球資本本身的橋樑。</p><p>&nbsp;</p><p style="text-align:center;"><span style="color:#3C3C3C;">UD 是香港領先區塊鏈及網絡安全方案供應商</span><br><span style="color:#3C3C3C;">致力助不同的企業通過創新區塊鏈技術進一步發展業務，從 Web 2.0 向 Web 3.0 的新時代邁進</span></p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/tc/blockchain-consulting-services">諮詢專家</a></div><p>&nbsp;</p><p>&nbsp;</p>

Chainlink: The Essential Bridge Connecting Blockchains, Data, and Global Finance

Chainlink：连接区块链、数据与全球金融的关键桥梁

Chainlink：連接區塊鏈、資料與全球金融的關鍵橋樑

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</div></div><p>Apple Inc. announced on Wednesday that it will invest an additional $100 billion in U.S. manufacturing, bringing its total investment in the country to $600 billion over the next four years. This significant investment comes in the context of President Trump threatening to impose tariffs on imported chips and is seen as a strategic adjustment by Apple to avoid potential penalties and align with the White House's manufacturing goals.</p><p>&nbsp;</p><p>This investment continues Apple's commitment made in February to invest $500 billion in U.S. infrastructure. The new American Manufacturing Program will focus on enhancing domestic production capabilities for key components of Apple devices, including chips, component manufacturing, and rare earth mineral extraction. Apple CEO Tim Cook stated at a press conference with Trump at the White House that the new factory in Houston has already produced its first advanced AI server testing units last month.</p><p>&nbsp;</p><p>However, this move by Apple coincides with challenges facing its AI strategy. Since the release of "Apple Intelligence" in October 2024, progress has been slow, and in June, it was reported that the head of the foundational models division, Rouming Pang, had moved to Meta. Despite these challenges, Tim Cook emphasized that Apple will continue to expand its AI investments, including the construction of data centers in North Carolina, Nevada, Iowa, Arizona, and Oregon.</p><p>&nbsp;</p><p>Apple's massive investment is expected to create 450,000 jobs across all 50 states. Trump praised this initiative, stressing that the U.S. government will ensure Apple is treated fairly while reiterating that high tariffs will be imposed on chips and semiconductors not produced in the U.S. However, companies that produce or invest in the U.S. will be exempt from these tariffs.</p><p>&nbsp;</p><p>Apple's substantial investment aligns with actions taken by other tech giants. In January, OpenAI launched the $500 billion Stargate Project in collaboration with Oracle and SoftBank, while Nvidia committed to investing $500 billion in building AI supercomputers in the U.S. in April.</p><p>&nbsp;</p><p>The announcement has elicited mixed reactions in the market. Some praise Apple's move as beneficial for U.S. jobs and manufacturing, while others criticize it as catering to Trump's policies. Social media has seen both supportive and opposing voices, reflecting the complex perceptions of Apple's investment decision.</p>

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</div></div><p>苹果公司（Apple Inc.）周三宣布将额外投资1000亿美元于美国制造业，使其未来四年在美国的总投资额达到6000亿美元。苹果千亿投资美国制造，是在美国总统特朗普威胁对进口晶片加征关税的背景下发生的，被解读为苹果为规避潜在惩罚并配合白宫制造业目标的策略性调整。</p><p>&nbsp;</p><p>此次投资延续了苹果二月提出的5000亿美元投资美国基础设施的承诺。新的「美国制造计划」(American Manufacturing Program) 将重点放在提升苹果设备关键零组件的美国本土生产能力，涵盖晶片、组件生产以及稀土矿物开采等领域。苹果行政总裁 Tim Cook 在白宫与特朗普共同出席的记者会上表示，休士顿新建的工厂已于上月生产出首批先进AI伺服器测试机组。</p><h3>&nbsp;</h3><h3><strong>苹果千亿投资美国制造 正值其AI战略面临挑战之际</strong></h3><p>&nbsp;</p><p>然而，苹果此举也正值其AI战略面临挑战之际。自2024年10月发布的「Apple Intelligence」至今进展缓慢，6月更传出基础模型部门主管Rouming Pang跳槽至Meta的消息。尽管如此，Tim Cook仍强调苹果将持续扩大AI投资，包括增建位于北卡罗来纳州、内华达州、爱荷华州、亚利桑那州和俄勒冈州的数据中心。</p><p>&nbsp;</p><p>苹果此番大规模投资，预计将在全美50个州创造45万个就业机会。特朗普对此表示赞赏，并强调美国政府将确保苹果获得公平待遇，同时也重申将对未在美国生产的晶片和半导体征收高额关税，但已承诺在美生产或投资的企业将免除关税。</p><p>&nbsp;</p><p>苹果的巨额投资与其他科技巨头的行动相呼应。 OpenAI于1月与Oracle和SoftBank合作启动了价值5000亿美元的「星门计划」(Stargate Project)，Nvidia也在4月承诺投资5000亿美元用于建设美国AI超级电脑。</p><p>&nbsp;</p><p>此消息引发市场反应两极分化。部分人士赞扬苹果此举有助于提振美国就业和制造业，但也有人批评苹果此举是为了迎合特朗普政府的政策。社群媒体上出现了支持和反对的声音，反映出社会对苹果此项投资决策的复杂观感。</p>

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</div></div><p>蘋果公司（Apple Inc.）週三宣佈將額外投資1000億美元於美國製造業，使其未來四年在美國的總投資額達到6000億美元。蘋果千億投資美國製造，是在美國總統特朗普威脅對進口晶片加徵關稅的背景下發生的，被解讀為蘋果為規避潛在懲罰並配合白宮製造業目標的策略性調整。</p><p>&nbsp;</p><p><strong>即加入</strong><a href="https://t.me/+l--9PJpFdIgxOTk9"><strong>CFTime TG 討論區</strong></a><strong>！想掌握最新加密市場動態與 AI 新聞與資訊，更能隨時獲得免費 web 3入場券！</strong></p><p>&nbsp;</p><p>此次投資延續了蘋果二月提出的5000億美元投資美國基礎設施的承諾。新的「美國製造計劃」(American Manufacturing Program) 將重點放在提升蘋果設備關鍵零組件的美國本土生產能力，涵蓋晶片、組件生產以及稀土礦物開採等領域。蘋果行政總裁 Tim Cook 在白宮與特朗普共同出席的記者會上表示，休士頓新建的工廠已於上月生產出首批先進AI伺服器測試機組。</p><h3>&nbsp;</h3><h3><strong>蘋果千億投資美國製造 正值其AI戰略面臨挑戰之際</strong></h3><p>&nbsp;</p><p>然而，蘋果此舉也正值其AI戰略面臨挑戰之際。自2024年10月發布的「<a href="https://cftime.io/apple-intelligence/">Apple Intelligence</a>」至今進展緩慢，6月更傳出基礎模型部門主管Rouming Pang跳槽至Meta的消息。儘管如此，Tim Cook仍強調蘋果將持續擴大AI投資，包括增建位於北卡羅來納州、內華達州、愛荷華州、亞利桑那州和俄勒岡州的數據中心。</p><p>&nbsp;</p><p>蘋果此番大規模投資，預計將在全美50個州創造45萬個就業機會。特朗普對此表示讚賞，並強調美國政府將確保蘋果獲得公平待遇，同時也重申將對未在美國生產的晶片和半導體徵收高額關稅，但已承諾在美生產或投資的企業將免除關稅。</p><p>&nbsp;</p><p>蘋果的巨額投資與其他科技巨頭的行動相呼應。OpenAI於1月與Oracle和SoftBank合作啟動了價值5000億美元的<a href="https://cftime.io/stargate/">「星門計劃」(Stargate Project)</a>，Nvidia也在4月承諾投資5000億美元用於建設美國AI超級電腦。</p><p>&nbsp;</p><p>此消息引發市場反應<a href="https://bsky.app/profile/jennofmanythings.bsky.social/post/3lvrjoqq76223">兩極分化</a>。部分人士讚揚蘋果此舉有助於提振美國就業和製造業，但也有人批評蘋果此舉是為了迎合特朗普政府的政策。社群媒體上出現了支持和反對的聲音，反映出社會對蘋果此項投資決策的複雜觀感。</p><p>&nbsp;</p>

Apple's 100 billion investment in US

AI战略受挫后的大转向！苹果千亿投资美国制造 是自救还是政治妥协？

AI戰略受挫後的大轉向！蘋果千億投資美國製造 是自救還是政治妥協？

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</div></div><p>&nbsp;</p><p>Welcome to the world of Web3, a landscape brimming with innovation, disruption, and a fair share of complexity. If you’ve spent any time in this space, you've undoubtedly heard the name "XRP." It’s a digital asset that evokes strong opinions—celebrated by its supporters for its speed and efficiency, and scrutinized by critics over its ties to the company Ripple and its long-standing legal battles.</p><p>But XRP is more than just another cryptocurrency. Its journey is a fascinating case study that sits at the very heart of one of the most pressing issues in the entire digital asset industry: <strong>regulatory clarity</strong>.</p><p>Whether you're a developer, an investor, or a business leader looking to understand the future of digital finance, grasping what XRP is and why its legal saga matters is crucial. This article will serve as your comprehensive guide. We’ll break down the fundamentals in a tutorial-style format and then explore the intricate relationship between XRP and the evolving world of Web3 legislation.</p><p>&nbsp;</p><h2 class="green-h2" style="margin-left:0px;">Part 1: The Fundamentals - What Exactly Is XRP?</h2><p>To understand the regulatory story, we first need to get the technology straight. Many newcomers confuse XRP with Ripple, or think it's just another version of Bitcoin. Let's clear that up.</p><h3 style="margin-left:0px;">Demystifying the Core Triad: Ripple, the XRP Ledger (XRPL), and XRP</h3><p>Understanding XRP requires you to see it as one part of a three-piece puzzle. These three components are distinct but interconnected:</p><p>The key takeaway is this: <strong>Ripple is a company that uses the XRP Ledger and the digital asset XRP in some of its products, but it does not control the decentralized XRPL itself.</strong> This distinction is at the core of the legal and philosophical debates surrounding it.</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><h3 style="margin-left:0px;">How Does the XRP Ledger Work? A Quick Look Under the Hood</h3><p>The XRP Ledger operates differently from Bitcoin or Ethereum. It doesn’t use Proof-of-Work (mining) or Proof-of-Stake (staking). Instead, it uses a unique consensus protocol called the <strong>XRP Ledger Consensus Protocol</strong>.</p><p>Here’s a simplified breakdown:</p><p>These features weren't chosen by accident. They were specifically designed to support the primary use case of XRP: payments.</p><h3 style="margin-left:0px;">Key Use Cases: What is XRP Designed For?</h3><p>While the XRP Ledger can support various functions like tokenization and even DeFi, its "killer app" has always been focused on revolutionizing <strong>cross-border payments</strong>.</p><p><strong>1. The Problem: Traditional International Payments are Broken</strong></p><p>Imagine a small business in the U.S. needs to pay a supplier in the Philippines. Using the traditional banking system (like SWIFT), this process is:</p><p><strong>2. The Solution: On-Demand Liquidity (ODL)</strong></p><p>This is where Ripple's flagship product, <strong>On-Demand Liquidity (ODL)</strong>, comes in, using XRP as a bridge currency.</p><p>Here’s how it works:</p><p>The entire process can happen in under a minute. The key benefit? Neither institution had to pre-fund accounts with foreign currency. XRP acts as a neutral, "on-demand" bridge between any two currencies, freeing up capital and dramatically lowering costs.</p><p>This specific, business-focused use case is what makes XRP stand out, but it’s also what drew the intense gaze of financial regulators.</p><hr><h2 class="green-h2" style="margin-left:0px;">Part 2: The Legal Labyrinth - XRP and the Fight for Regulatory Clarity</h2><p>Now that we have a solid technical foundation, let's move to the main event: the clash between innovation and regulation, with XRP at its epicenter.</p><h3 style="margin-left:0px;">The Elephant in the Room: The SEC vs. Ripple Lawsuit</h3><p>In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs and two of its executives. This wasn't just another enforcement action; it was a bombshell that sent shockwaves through the entire crypto industry.</p><p><strong>The Core of the Conflict: Is XRP an "Investment Contract" (a Security)?</strong></p><p>The SEC's central claim was that XRP is, and has always been, an <strong>unregistered security</strong>. In the U.S., assets classified as "securities" are subject to strict disclosure and registration rules designed to protect investors. To determine if something is a security, the courts use a framework from a 1946 Supreme Court case known as the <strong>Howey Test</strong>.</p><p>The Howey Test defines an "investment contract" as a transaction where:</p><h3 style="margin-left:0px;">The Landmark Ruling (and Its Crucial Nuances)</h3><p>After years of legal sparring, on July 13, 2023, Judge Analisa Torres delivered a landmark summary judgment that provided a nuanced—and widely celebrated—outcome for the crypto industry.</p><p>The ruling was not a simple "win" or "loss." Instead, the Judge split her decision based on <i>how</i> XRP was sold:</p><h3 style="margin-left:0px;">Why This Case is a Bellwether for All of Web3</h3><p>The Ripple ruling was more than just a verdict on XRP. It was the first time a U.S. court provided a legal framework for analyzing how a digital asset might be a security in one context and not in another.</p><p>The XRP case serves as a live, high-stakes test for how the world's largest economy will ultimately treat digital assets.</p><hr><h2 class="green-h2" style="margin-left:0px;">Part 3: The Bigger Picture - Global Web3 Legislation and XRP's Place</h2><p>The regulatory story doesn't end in the United States. In fact, Ripple has long maintained a "global-first" strategy, precisely because of the regulatory uncertainty at home. Understanding this global landscape is key to seeing the future of Web3.</p><h3 style="margin-left:0px;">The U.S. Legislative Landscape: Playing Catch-Up</h3><p>While the courts provide some clarity, the ultimate solution in the U.S. must come from Congress. Several bipartisan bills are in various stages of discussion, aiming to create a comprehensive regulatory framework. Key proposals include:</p><p>XRP, with its partial legal victory and its clear use case in payments, is well-positioned to fit into a future framework where digital assets used for utility (like payments) are treated differently from those sold purely for speculation.</p><h3 style="margin-left:0px;">Europe's MiCA Framework: A Proactive Approach</h3><p>In stark contrast to the U.S., the European Union has taken a proactive and comprehensive approach with its <strong>Markets in Crypto-Assets (MiCA)</strong> regulation.</p><p>MiCA creates a single, harmonized regulatory framework across all 27 EU member states. It provides clear rules for crypto-asset issuers, exchanges, and wallet providers. Instead of "regulation by enforcement," MiCA offers a clear path to licensing and compliance.</p><p>For a project like XRP, MiCA is a breath of fresh air. It provides the kind of regulatory certainty that businesses crave. Because XRP is not considered a security in many jurisdictions and has a proven use case, it can operate with much greater confidence within the EU's clear guidelines. Ripple has already secured licenses in places like Ireland, preparing for this new reality.</p><h3 style="margin-left:0px;">Asia and the Middle East: Embracing Innovation</h3><p>Jurisdictions like <strong>Singapore, Japan, and the United Arab Emirates (specifically Dubai)</strong> have also moved much faster than the U.S. They see Web3 and digital assets as a source of economic innovation and are competing to become global crypto hubs.</p><p>Ripple has established major offices and partnerships in these regions, particularly in Dubai and Singapore, leveraging their regulatory clarity to expand its ODL network where it's needed most—in the cross-border payment corridors of Asia and the Middle East.</p><h2 class="green-h2" style="margin-left:0px;">&nbsp;</h2><h2 class="green-h2" style="margin-left:0px;">The Road Ahead: A Future Forged by Technology and Law</h2><p>So, what have we learned?</p><p>XRP is not just a token; it's a specialized tool powered by a fast and efficient blockchain, the XRP Ledger, and championed by a company, Ripple, focused on solving a real-world problem in global finance.</p><p>More importantly, XRP's journey through the U.S. legal system and its strategic positioning across the globe make it a microcosm of the entire Web3 industry's evolution. Its story highlights the critical tension between permissionless innovation and the need for regulatory frameworks that protect consumers and foster stable markets.</p><p>The landmark SEC ruling provided a glimmer of hope for a more nuanced approach in the U.S., while frameworks like MiCA in Europe show that clarity is not only possible but beneficial. As these legal and regulatory structures solidify, digital assets with clear utility—like XRP's role in payments—are arguably the best-positioned to thrive.</p><p>The future of Web3 will not be written by code alone. It will be forged in the crucible where technology, law, and global economics meet. By understanding the story of XRP, you gain a powerful lens through which to view that future.</p><hr><p><strong>Looking to integrate robust, future-proof blockchain solutions into your business? The regulatory landscape can be complex, but the opportunities are immense. Contact Us Today to explore how our expertise can help you navigate the world of Web3 and unlock its transformative potential.</strong></p><p>&nbsp;</p><p style="text-align:center;">UD is a leading blockchain and network security solution provider in Hong Kong<br>We are dedicated to assisting enterprises in advancing their businesses through innovative blockchain technology, ushering from Web 2.0 to Web 3.0</p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/en/blockchain-consulting-services">Consult Experts</a></div><p><br>&nbsp;&nbsp;</p>

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</div></div><p>&nbsp;</p><p>欢迎来到 Web3 的世界——这是一个充满创新、颠覆性，同时也相当复杂的领域。如果您曾在这个领域稍作停留，那么您无疑听过“XRP”这个名字。它是一种能引发强烈反响的数字资产——其支持者称赞它的速度和效率，而批评者则对其与 Ripple 公司的关系及其长期的法律战提出质疑。</p><p>但 XRP 不仅仅是另一种加密货币。它的发展历程是一个引人入胜的案例研究，恰恰触及了整个数字资产行业中最迫切的问题之一：<strong>监管的清晰度</strong>。</p><p>无论您是开发者、投资者，还是希望了解数字金融未来的商业领袖，掌握 XRP 是什么，以及为何其法律纠纷如此重要，都是至关重要的。本文将成为您的全面指南。我们将以教程的风格剖析其基础知识，然后探讨 XRP 与不断演变的 Web3 法规之间错综复杂的关系。</p><p>&nbsp;</p><h2 class="green-h2" style="margin-left:0px;">第一部分：基础知识 - XRP 究竟是什么？</h2><p>要理解其监管故事，我们首先需要理清技术层面的概念。许多新手会将 XRP 与 Ripple 混淆，或认为它只是另一种版本的比特币。让我们来澄清这些误解。</p><h3 style="margin-left:0px;">解开核心三要素之谜：Ripple、XRP 账本 (XRPL) 与 XRP</h3><p>要理解 XRP，您需要将其视为一个三位一体谜题中的一部分。这三个组成部分各自独立但又相互关联：</p><p>关键在于：<strong>Ripple 是一家在其部分产品中使用了 XRP 账本和数字资产 XRP 的公司，但它并不控制去中心化的 XRPL 本身。</strong> 这一区别是围绕它的法律和哲学辩论的核心。</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><h3 style="margin-left:0px;">XRP 账本如何运作？一探其内部机制</h3><p>XRP 账本的运作方式与比特币或以太坊不同。它不使用工作量证明（挖矿）或权益证明（质押）。相反，它使用一种独特的共识协议，称为 <strong>XRP 账本共识协议 (XRP Ledger Consensus Protocol)</strong>。</p><p>以下是简化后的运作方式：</p><p>这些特性并非偶然。它们是专门为支持 XRP 的主要应用场景——支付——而设计的。</p><h3 style="margin-left:0px;">主要应用场景：XRP 的设计初衷是什么？</h3><p>虽然 XRP 账本可以支持代币化甚至 DeFi 等多种功能，但其“杀手级应用”始终专注于彻底改变<strong>跨境支付</strong>。</p><p><strong>1. 问题所在：传统的国际支付系统已经过时</strong></p><p>想象一下，一家美国的小企业需要向菲律宾的供应商付款。使用传统的银行系统（如 SWIFT），这个过程会是：</p><p><strong>2. 解决方案：按需流动性 (On-Demand Liquidity, ODL)</strong></p><p>这就是 Ripple 的旗舰产品 <strong>On-Demand Liquidity (ODL)</strong> 发挥作用的地方，它使用 XRP 作为桥梁货币。</p><p>其运作方式如下：</p><p>整个过程可以在一分钟内完成。关键好处是什么？两家机构都无需在账户中预先存入外币。XRP 作为一种中立的、“按需”的桥梁，连接任意两种货币，从而释放资本并显著降低成本。</p><p>这个具体的、以商业为重点的应用场景使 XRP 脱颖而出，但这也正是它吸引金融监管机构密切关注的原因。</p><hr><h2 class="green-h2" style="margin-left:0px;">第二部分：法律迷宫 - XRP 与争取监管清晰度的斗争</h2><p>现在我们有了坚实的技术基础，让我们进入正题：创新与监管的冲突，而 XRP 正处于这场冲突的风眼。</p><h3 style="margin-left:0px;">核心问题：美国证监会 (SEC) vs. Ripple 诉讼案</h3><p>2020 年 12 月，美国证券交易委员会（SEC）对 Ripple Labs 及其两名高管提起诉讼。这不仅仅是另一次执法行动；它是一枚重磅炸弹，在整个加密行业引发了巨大震荡。</p><p><strong>冲突的核心：XRP 是否为“投资合约”（即证券）？</strong></p><p>SEC 的核心主张是，XRP 过去和现在一直都是一种<strong>未注册的证券</strong>。在美国，被归类为“证券”的资产必须遵守严格的信息披露和注册规则，以保护投资者。为了判断某物是否为证券，法院使用了一个源自 1946 年最高法院案例的框架，称为<strong>豪威测试 (Howey Test)</strong>。</p><p>豪威测试将“投资合约”定义为满足以下条件的交易：</p><h3 style="margin-left:0px;">里程碑式的裁决（及其关键的细微之处）</h3><p>经过多年的法律交锋，法官 Analisa Torres 于 2023 年 7 月 13 日作出了一项里程碑式的简易判决，为加密行业带来了一个微妙但广受欢迎的结果。</p><p>这个裁决并非简单的“赢”或“输”。相反，法官根据 XRP 的<i>销售方式</i>作出了区分：</p><h3 style="margin-left:0px;">为何此案对整个 Web3 而言是个风向标？</h3><p>Ripple 的裁决不仅仅是对 XRP 的判决。这是美国法院首次为分析数字资产在何种情况下可能被视为证券，而在另一种情况下则不是，提供了一个法律框架。</p><p>XRP 案就像一场正在进行的高风险测试，考验着世界最大经济体最终将如何对待数字资产。</p><hr><h2 class="green-h2" style="margin-left:0px;">第三部分：宏观格局 - 全球 Web3 法规与 XRP 的定位</h2><p>监管的故事并不止步于美国。事实上，正是由于美国国内的监管不确定性，Ripple 长期以来一直奉行“全球优先”的策略。理解这一全球格局是洞见 Web3 未来的关键。</p><h3 style="margin-left:0px;">美国的立法前景：正在追赶</h3><p>虽然法院提供了一些清晰度，但美国的最终解决方案必须来自国会。几项跨党派法案正处于不同讨论阶段，旨在创建一个全面的监管框架。关键提案包括：</p><p>凭借其部分的法律胜利和在支付领域的明确应用，XRP 处于有利位置，能够融入未来将实用型数字资产（如用于支付的资产）与纯粹用于投机的资产区别对待的框架中。</p><h3 style="margin-left:0px;">欧洲的 MiCA 框架：积极主动的策略</h3><p>与美国形成鲜明对比的是，欧盟采取了积极而全面的方法，推出了其**《加密资产市场法规》(Markets in Crypto-Assets, MiCA)**。</p><p>MiCA 为所有 27 个欧盟成员国创建了一个统一、协调的监管框架。它为加密资产发行商、交易所和钱包提供商提供了明确的规则。MiCA 提供的不是“执法式监管”，而是一条通往许可和合规的清晰路径。</p><p>对于像 XRP 这样的项目来说，MiCA 就像一股清新的空气。它提供了企业所渴求的那种监管确定性。由于 XRP 在许多司法管辖区不被视为证券，并且拥有经过验证的应用场景，因此它可以在欧盟的明确指导方针下更有信心地运营。Ripple 已经在爱尔兰等地获得了许可，为这一新现实做好了准备。</p><h3 style="margin-left:0px;">亚洲与中东：拥抱创新</h3><p>像**新加坡、日本和阿联酋（特别是迪拜）**等司法管辖区的行动也比美国快得多。他们将 Web3 和数字资产视为经济创新的源泉，并竞相成为全球加密中心。</p><p>Ripple 已经与这些地区，特别是在迪拜和新加坡，设立了重要的办事处和合作伙伴关系，利用其监管的清晰度来扩展其 ODL 网络，尤其是在亚洲和中东最需要跨境支付的走廊。</p><h2 style="margin-left:0px;">&nbsp;</h2><h2 class="green-h2" style="margin-left:0px;">未来之路：由科技与法律共同塑造的未来</h2><p>那么，我们学到了什么？</p><p>XRP 不仅仅是一种代币；它是由一个快速高效的区块链——XRP 账本——驱动的专业工具，并由一家专注于解决全球金融实际问题的公司——Ripple——所推动。</p><p>更重要的是，XRP 在美国法律体系中的历程及其在全球的战略布局，使其成为整个 Web3 行业演变的缩影。它的故事凸显了无需许可的创新与保护消费者、培育稳定市场的监管框架需求之间的关键张力。</p><p>具里程碑意义的 SEC 裁决为美国采取更细致的监管方法带来了一线希望，而欧洲的 MiCA 等框架则表明，清晰度不仅是可能的，而且是有益的。随着这些法律和监管结构的巩固，具有明确实用性的数字资产——例如 XRP 在支付中的作用——可以说最有可能蓬勃发展。</p><p>Web3 的未来不会仅由代码书写。它将在科技、法律和全球经济交汇的熔炉中被锻造出来。通过理解 XRP 的故事，您将获得一个强大的视角，用以洞察那个未来。</p><hr><p><strong>正在寻求将稳健、面向未来的区块链解决方案整合到您的业务中吗？监管环境可能很复杂，但机遇是巨大的。[立即联系我们]，探讨我们的专业知识如何帮助您驾驭 Web3 的世界，并释放其变革潜力。</strong></p><p>&nbsp;</p><p style="text-align:center;"><span style="color:#3C3C3C;">UD 是香港领先区块链及网络安全方案供应商</span><br><span style="color:#3C3C3C;">致力助不同的企业通过创新区块链技术进一步发展业务，从 Web 2.0 向 Web 3.0 的新时代迈进</span></p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/sc/blockchain-consulting-services">谘询专家</a></div><p><br>&nbsp;</p>

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</div></div><p>&nbsp;</p><p>歡迎來到 Web3 的世界——這是一個充滿創新、顛覆性，同時也相當複雜的領域。如果您曾在這個領域稍作停留，那麼您無疑聽過「XRP」這個名字。它是一種能引發強烈迴響的數位資產——其支持者稱讚它的速度和效率，而批評者則對其與 Ripple 公司的關係及其長期的法律戰提出質疑。</p><p>但 XRP 不僅僅是另一種加密貨幣。它的發展歷程是一個引人入勝的案例研究，正正觸及了整個數位資產行業中最迫切的問題之一：<strong>監管的清晰度</strong>。</p><p>無論您是開發者、投資者，還是希望了解數位金融未來的商業領袖，掌握 XRP 是什麼，以及為何其法律傳奇如此重要，都是至關重要的。本文將成為您的全面指南。我們將以教學的風格剖析其基礎知識，然後探討 XRP 與不斷演變的 Web3 法規之間錯綜複雜的關係。</p><p>&nbsp;</p><h2 class="green-h2" style="margin-left:0px;">第一部分：基礎知識 - XRP 究竟是什麼？</h2><p>要理解其監管故事，我們首先需要理清技術層面的概念。許多新手會將 XRP 與 Ripple 混淆，或認為它只是另一種版本的比特幣。讓我們來釐清這些誤解。</p><h3 style="margin-left:0px;">解開核心三要素之謎：Ripple、XRP 帳本 (XRPL) 與 XRP</h3><p>要理解 XRP，您需要將其視為一個三位一體謎題中的一部分。這三個組成部分各自獨立但又相互關聯：</p><p>關鍵在於：<strong>Ripple 是一家在其部分產品中使用了 XRP 帳本和數位資產 XRP 的公司，但它並不控制去中心化的 XRPL 本身。</strong> 這一區別是圍繞它的法律和哲學辯論的核心。</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><h3 style="margin-left:0px;">XRP 帳本如何運作？一探其內部機制</h3><p>XRP 帳本的運作方式與比特幣或以太坊不同。它不使用工作量證明（挖礦）或權益證明（質押）。相反，它使用一種獨特的共識協議，稱為 <strong>XRP 帳本共識協議 (XRP Ledger Consensus Protocol)</strong>。</p><p>以下是簡化後的運作方式：</p><p>這些特性並非偶然。它們是專門為支援 XRP 的主要應用場景——支付——而設計的。</p><h3 style="margin-left:0px;">主要應用場景：XRP 的設計初衷是什麼？</h3><p>雖然 XRP 帳本可以支援代幣化甚至 DeFi 等多種功能，但其「殺手級應用」始終專注於徹底改變<strong>跨境支付</strong>。</p><p><strong>1. 問題所在：傳統的國際支付系統已經過時</strong></p><p>想像一下，一家美國的小企業需要向菲律賓的供應商付款。使用傳統的銀行系統（如 SWIFT），這個過程會是：</p><p><strong>2. 解決方案：按需流動性 (On-Demand Liquidity, ODL)</strong></p><p>這就是 Ripple 的旗艦產品 <strong>On-Demand Liquidity (ODL)</strong> 發揮作用的地方，它使用 XRP 作為橋樑貨幣。</p><p>其運作方式如下：</p><p>整個過程可以在一分鐘內完成。關鍵好處是什麼？兩家機構都無需在帳戶中預先存入外幣。XRP 作為一種中立的、「按需」的橋樑，連接任意兩種貨幣，從而釋放資本並顯著降低成本。</p><p>這個具體的、以商業為重點的應用場景使 XRP 脫穎而出，但這也正是它吸引金融監管機構密切關注的原因。</p><hr><h2 class="green-h2" style="margin-left:0px;">第二部分：法律迷宮 - XRP 與爭取監管清晰度的鬥爭</h2><p>現在我們有了堅實的技術基礎，讓我們進入正題：創新與監管的衝突，而 XRP 正處於這場衝突的風眼。</p><h3 style="margin-left:0px;">房間裡的大象：美國證監會 (SEC) vs. Ripple 訴訟案</h3><p>2020 年 12 月，美國證券交易委員會（SEC）對 Ripple Labs 及其兩名高管提起訴訟。這不僅僅是另一次執法行動；它是一枚重磅炸彈，在整個加密行業引發了巨大震盪。</p><p><strong>衝突的核心：XRP 是否為「投資合約」（即證券）？</strong></p><p>SEC 的核心主張是，XRP 過去和現在一直都是一種<strong>未註冊的證券</strong>。在美國，被歸類為「證券」的資產必須遵守嚴格的資訊披露和註冊規則，以保護投資者。為了判斷某物是否為證券，法院使用了一個源自 1946 年最高法院案例的框架，稱為<strong>豪威測試 (Howey Test)</strong>。</p><p>豪威測試將「投資合約」定義為滿足以下條件的交易：</p><h3 style="margin-left:0px;">里程碑式的裁決（及其關鍵的細微之處）</h3><p>經過多年的法律交鋒，法官 Analisa Torres 於 2023 年 7 月 13 日作出了一項里程碑式的簡易判決，為加密行業帶來了一個微妙但廣受歡迎的結果。</p><p>這個裁決並非簡單的「贏」或「輸」。相反，法官根據 XRP 的<i>銷售方式</i>作出了區分：</p><h3 style="margin-left:0px;">為何此案對整個 Web3 而言是個風向標？</h3><p>Ripple 的裁決不僅僅是對 XRP 的判決。這是美國法院首次為分析數位資產在何種情況下可能被視為證券，而在另一種情況下則不是，提供了一個法律框架。</p><p>XRP 案就像一場正在進行的高風險測試，考驗著世界最大經濟體最終將如何對待數位資產。</p><hr><h2 class="green-h2" style="margin-left:0px;">第三部分：宏觀格局 - 全球 Web3 法規與 XRP 的定位</h2><p>監管的故事並不止步於美國。事實上，正是由於美國國內的監管不確定性，Ripple 長期以來一直奉行「全球優先」的策略。理解這一全球格局是洞見 Web3 未來的關鍵。</p><h3 style="margin-left:0px;">美國的立法前景：正在追趕</h3><p>雖然法院提供了一些清晰度，但美國的最終解決方案必須來自國會。幾項跨黨派法案正處於不同討論階段，旨在創建一個全面的監管框架。關鍵提案包括：</p><p>憑藉其部分的法律勝利和在支付領域的明確應用，XRP 處於有利位置，能夠融入未來將實用型數位資產（如用於支付的資產）與純粹用於投機的資產區別對待的框架中。</p><h3 style="margin-left:0px;">歐洲的 MiCA 框架：積極主動的策略</h3><p>與美國形成鮮明對比的是，歐盟採取了積極而全面的方法，推出了其<strong>《加密資產市場法規》(Markets in Crypto-Assets, MiCA)</strong>。</p><p>MiCA 為所有 27 個歐盟成員國創建了一個統一、協調的監管框架。它為加密資產發行商、交易所和錢包提供商提供了明確的規則。MiCA 提供的不是「執法式監管」，而是一條通往許可和合規的清晰路徑。</p><p>對於像 XRP 這樣的項目來說，MiCA 就像一股清新的空氣。它提供了企業所渴求的那種監管確定性。由於 XRP 在許多司法管轄區不被視為證券，並且擁有經過驗證的應用場景，因此它可以在歐盟的明確指導方針下更有信心地運營。Ripple 已經在愛爾蘭等地獲得了許可，為這一新現實做好了準備。</p><h3 style="margin-left:0px;">亞洲與中東：擁抱創新</h3><p>像**新加坡、日本和阿聯酋（特別是杜拜）**等司法管轄區的行動也比美國快得多。他們將 Web3 和數位資產視為經濟創新的源泉，並競相成為全球加密中心。</p><p>Ripple 已經在這些地區，特別是在杜拜和新加坡，設立了重要的辦事處和合作夥伴關係，利用其監管的清晰度來擴展其 ODL 網絡，尤其是在亞洲和中東最需要跨境支付的走廊。</p><h2 style="margin-left:0px;">&nbsp;</h2><h2 class="green-h2" style="margin-left:0px;">未來之路：由科技與法律共同塑造的未來</h2><p>那麼，我們學到了什麼？</p><p>XRP 不僅僅是一種代幣；它是由一個快速高效的區塊鏈——XRP 帳本——驅動的專業工具，並由一家專注於解決全球金融實際問題的公司——Ripple——所推動。</p><p>更重要的是，XRP 在美國法律體系中的歷程及其在全球的戰略佈局，使其成為整個 Web3 行業演變的縮影。它的故事突顯了無需許可的創新與保護消費者、 fostering 穩定市場的監管框架需求之間的關鍵張力。</p><p>具里程碑意義的 SEC 裁決為美國採取更細緻的監管方法帶來了一線希望，而歐洲的 MiCA 等框架則表明，清晰度不僅是可能的，而且是有益的。隨著這些法律和監管結構的鞏固，具有明確實用性的數位資產——例如 XRP 在支付中的作用——可以說最有可能蓬勃發展。</p><p>Web3 的未來不會僅由代碼書寫。它將在科技、法律和全球經濟交匯的熔爐中被鍛造出來。通過理解 XRP 的故事，您將獲得一個強大的視角，用以洞察那個未來。</p><hr><p><strong>正在尋求將穩健、面向未來的區塊鏈解決方案整合到您的業務中嗎？監管環境可能很複雜，但機遇是巨大的。[立即聯絡我們]，探討我們的專業知識如何幫助您駕馭 Web3 的世界，並釋放其變革潛力。</strong></p><p>&nbsp;</p><p style="text-align:center;"><span style="color:#3C3C3C;">UD 是香港領先區塊鏈及網絡安全方案供應商</span><br><span style="color:#3C3C3C;">致力助不同的企業通過創新區塊鏈技術進一步發展業務，從 Web 2.0 向 Web 3.0 的新時代邁進</span></p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/tc/blockchain-consulting-services">諮詢專家</a></div><p>&nbsp;</p><p>&nbsp;</p>

The Ultimate Guide to XRP: Navigating the Coin, the Company, and the Coming Wave of Web3 Regulation

XRP 全面指南：深入解析其代币、公司以及即将到来的 Web3 监管浪潮

XRP 全面指南：深入解析其代幣、公司以及即將到來的 Web3 監管浪潮

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</div></div><p>Bitwise investment director Matt Hougan recently made a startling prediction: the Bitcoin bull run might be delayed until 2026, implying the death of the four-year Bitcoin cycle. This prediction immediately sparked heated debate in the market, as other analysts hold differing views on Bitcoin's price trajectory. Some believe Bitcoin will deviate from historical patterns, while others predict it will follow the halving cycle, peaking in the coming months.</p><p>&nbsp;</p><p>Currently, Bitcoin is priced at $118,169, with an increase of over 10% in the past 30 days. In a Friday X video, Hougan stated, "I think 2026 is going to be a year where Bitcoin's price goes up, and we might be in for a good few years." He argues that the traditional four-year halving cycle is invalidated, citing reasons such as the diminishing halving effect (halving impact decreases by half every four years) and favorable interest rate cycles. Since April, US President Trump has continuously pressured Federal Reserve Chairman Powell to cut interest rates, a potential positive for Bitcoin as lower rates reduce the attractiveness of traditional assets like bonds and fixed deposits to investors.</p><p>&nbsp;</p><p>Hougan further points out that the risk of a significant Bitcoin price correction has lessened due to a clearer regulatory environment and continued institutional investment. "The bust risk has diminished because of regulatory improvement and the institutionalization of the industry," he emphasized. He suggests that the early stages of institutional investment and ongoing regulatory processes hint at a higher-than-historical-trend upside potential for Bitcoin within this cycle. He concludes, "The long-term forces favoring Bitcoin will overwhelm the traditional 'four-year cycle' forces, and 2026 will be a good year."</p><p>&nbsp;</p><h3><strong>Bitcoin Bull Run Delayed to 2026, but "Significant Cyclical Risks Remain"</strong></h3><p>&nbsp;</p><p>However, Hougan acknowledges significant cyclical risks remain, primarily stemming from the rise of Bitcoin-holding companies. "This is something to watch, and it's a big deal," he said. Asset management firm VanEck echoed similar concerns, warning that companies accumulating Bitcoin through issuing new shares or taking on debt face extremely high risks, even potential liquidity crunches, during a significant Bitcoin price drop.</p><p>&nbsp;</p><p>Hougan predicts that Bitcoin's price gains will be steady rather than explosive in the short term. "I think this is more of a 'sustained steady boom' than a supercycle," he added. "I could be wrong, and I'm sure there will be significant volatility."</p><p>&nbsp;</p><h3><strong>Analysis: The Bitcoin Four-Year Cycle Theory No Longer Applies</strong></h3><p>&nbsp;</p><p>Hougan's perspective resonates with other recent market players. CryptoQuant CEO Ki Young Ju also believes the Bitcoin four-year cycle theory is "dead." He stated, "My prediction was based on this theory—buy when whales accumulate, sell when retail joins. But this pattern no longer applies. In the last cycle, whales sold to retail; this time, old whales sold to new long-term whales. Institutional investment is bigger than we thought."</p><p>&nbsp;</p><p>However, not all analysts agree. Crypto analyst Rekt Capital cautions that if Bitcoin follows the 2020 historical pattern, its price expansion might only have a few months left, potentially peaking in October (550 days after the April 2024 halving).</p>

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</div></div><p>Bitwise投资总监Matt Hougan近日抛出震撼预测：<a href="https://cftime.io/satoshi-nakamoto-ranks-11th-worlds-richest/">比特币</a>暴涨时机可能延后至2026年，这意味着比特币四年周期已死。此预测一出，立即引发市场热议，因其他分析师对于比特币价格走势看法分歧，有人认为比特币将偏离历史模式，也有人预测其将遵循减半周期，在未来几个月达到价格峰值。</p><p>&nbsp;</p><p>目前比特币价格为118,169美元，过去30天升幅逾一成。 Hougan在上周五的<a href="https://x.com/Matt_Hougan/status/1948709817125593227">X影片中明确表示</a>：「我认为2026年将是比特币价格上涨的一年，而且我们可能将迎来持续几年的好光景。」他认为，传统的四年减半周期已失效，原因包括：减半效应每四年递减一半，以及有利的利率周期。自四月以来，美国总统特朗普持续施压联准会主席鲍尔减息，此举被视为比特币的潜在利多，因为低利率将降低债券和定期存款等传统资产对投资人的吸引力。</p><p>&nbsp;</p><p>Hougan进一步指出，随着监管环境日趋明朗，以及机构投资者持续进场，比特币价格大幅回调的风险已降低。 「爆雷风险已减弱，原因在于监管改善和行业的制度化。」他强调，机构投资的早期阶段和持续的监管过程，都暗示比特币在本周期内的上涨潜力可能高于历史趋势。他总结道：「长期有利于比特币的力量将压倒传统『四年周期』力量，2026年将是好年景。」</p><p>&nbsp;</p><h3><strong>比特币暴涨时机延后至2026 惟「仍存在显著的周期性风险」</strong></h3><p>&nbsp;</p><p>然而，Hougan也坦言，比特币仍存在显著的周期性风险，其中最主要来自于比特币库存公司的兴起。 「这值得关注，而且影响重大。」他表示。资产管理公司VanEck也表达了类似的担忧，警告那些透过发行新股或举债累积比特币的公司，在比特币价格大幅下跌时，将面临极高的风险，甚至资金过度紧张。</p><p>&nbsp;</p><p>Hougan预测，比特币价格的涨势短期内将趋于稳定，而非剧烈上涨。 「我认为这更像是『持续稳定的繁荣』，而非超级周期。」他补充道：「我可能错了，而且我确信会有很大的波动性。」</p><h3>&nbsp;</h3><h3><strong>分析：比特币四年周期理论不再适用</strong></h3><p>&nbsp;</p><p>Hougan的观点与近期其他市场人士的看法产生共鸣。 CryptoQuant 行政总监纪永柱也认为比特币四年周期理论「已死」。他表示：「我的预测是基于此理论——鲸鱼累积时买入，散户加入时卖出。但这种模式不再适用。上一轮周期，鲸鱼卖给散户；这次，老鲸鱼卖给新的长期鲸鱼。机构投资的规模比我们想像的还要大。」</p><p>&nbsp;</p><p>然而，并非所有分析师都同意此观点。加密分析师Rekt Capital则警告，如果比特币遵循2020年的历史模式，其价格扩张可能只剩下几个月，并可能在10月份（2024年4月减半后的550天）达到峰值。</p>

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</div></div><p>Bitwise投資總監Matt Hougan近日拋出震撼預測：<a href="https://cftime.io/satoshi-nakamoto-ranks-11th-worlds-richest/">比特幣</a>暴漲時機可能延後至2026年，這意味著比特幣四年週期已死。此預測一出，立即引發市場熱議，因其他分析師對於比特幣價格走勢看法分歧，有人認為比特幣將偏離歷史模式，也有人預測其將遵循減半週期，在未來幾個月達到價格峰值。</p><p>&nbsp;</p><p>目前比特幣價格為118,169美元，過去30天升幅逾一成。Hougan在上週五的<a href="https://x.com/Matt_Hougan/status/1948709817125593227">X影片中明確表示</a>：「我認為2026年將是比特幣價格上漲的一年，而且我們可能將迎來持續幾年的好光景。」他認為，傳統的四年減半週期已失效，原因包括：減半效應每四年遞減一半，以及有利的利率週期。自四月以來，美國總統特朗普持續施壓聯準會主席鮑爾減息，此舉被視為比特幣的潛在利多，因為低利率將降低債券和定期存款等傳統資產對投資人的吸引力。</p><p>&nbsp;</p><p>Hougan進一步指出，隨著監管環境日趨明朗，以及機構投資者持續進場，比特幣價格大幅回調的風險已降低。「爆雷風險已減弱，原因在於監管改善和行業的制度化。」他強調，機構投資的早期階段和持續的監管過程，都暗示比特幣在本週期內的上漲潛力可能高於歷史趨勢。他總結道：「長期有利於比特幣的力量將壓倒傳統『四年週期』力量，2026年將是好年景。」</p><p>&nbsp;</p><h3><strong>比特幣暴漲時機延後至2026 惟「仍存在顯著的週期性風險」</strong></h3><p>&nbsp;</p><p>然而，Hougan也坦言，比特幣仍存在顯著的週期性風險，其中最主要來自於比特幣庫存公司的興起。「這值得關注，而且影響重大。」他表示。資產管理公司VanEck也表達了類似的擔憂，警告那些透過發行新股或舉債累積比特幣的公司，在比特幣價格大幅下跌時，將面臨極高的風險，甚至資金過度緊張。</p><p>&nbsp;</p><p>Hougan預測，比特幣價格的漲勢短期內將趨於穩定，而非劇烈上漲。「我認為這更像是『持續穩定的繁榮』，而非超級週期。」他補充道：「我可能錯了，而且我確信會有很大的波動性。」</p><h3>&nbsp;</h3><h3><strong>分析：比特幣四年週期理論不再適用</strong></h3><p>&nbsp;</p><p>Hougan的觀點與近期其他市場人士的看法產生共鳴。CryptoQuant 行政總監紀永柱也認為比特幣四年週期理論「已死」。他表示：「我的預測是基於此理論——鯨魚累積時買入，散戶加入時賣出。但這種模式不再適用。上一輪週期，鯨魚賣給散戶；這次，老鯨魚賣給新的長期鯨魚。機構投資的規模比我們想像的還要大。」</p><p>&nbsp;</p><p>然而，並非所有分析師都同意此觀點。加密分析師Rekt Capital則警告，如果比特幣遵循2020年的歷史模式，其價格擴張可能只剩下幾個月，並可能在10月份（2024年4月減半後的550天）達到峰值。</p>

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