特朗普关税可能会对加密货币产生连锁反应：原因如下

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. 自首次出现以来，稳定币已经取得了长足的进步。现在，它们正稳步进入主流，既是日常支付工具，也是可靠的价值存储手段，填补了传统货币的不足。根据市场数据，2024 年稳定币的总交易量超过 15.6 万亿美元，超过了 Visa 处理的金额。PayPal、摩根大通甚至 Visa 等老牌金融机构都注意到了这种转变，并渴望将稳定币纳入其服务中。随着稳定币的总市值现在超过 2300 亿美元，人们很容易认为它们势不可挡。 你可能还喜欢：美国在加密货币领域的领导地位：重点是稳定币 | 观点 然而，有一个主要症结阻碍了稳定币达到下一个里程碑：缺乏隐私。目前，每笔交易——无论是 USDC、Tether（USDT）还是较新的替代品——都可以在公共账本上看到。任何人都可以追踪发送了多少、何时发送以及所有相关人员的地址。这种透明度符合开放区块链网络的精神，但在实践中，它给日常用户和大型组织都带来了重大风险。 我花了数年时间研究区块链世界的隐私解决方案，我目睹了稳定币的飙升，却没有解决破坏它们的隐私挑战。进行链上交易的个人在不知不觉中透露了很多关于自己的信息。他们的购买历史、交易模式，甚至与其他钱包的关系都是公开的。 Businesses and institutions face an even worse headache. Competitive data, like payroll information and supplier details, is exposed on a public network, which is unacceptable in traditional finance. You’re paying a contractor on-chain, then suddenly realize that your closest competitors can see exactly how much you’re spending. It’s a pretty uncomfortable scenario that keeps many enterprises from embracing stablecoins despite their advantages. The transparency dilemma Privacy isn’t a gimmick. In conventional banking, transactions happen behind closed doors, with checks and balances in place to meet legal requirements. You don’t see your neighbor’s mortgage balance or your competitor’s entire payroll by peeking into their bank statements. With most stablecoins, on the other hand, a simple blockchain explorer can reveal anyone’s transaction history. That level of openness is pretty unusual in the financial world, and it’s a big concern. 考虑一下透明度如何影响用户的安全感和自主性。如果你正在向朋友汇款，你可能会愿意分享你付款的信息，但不一定愿意分享你的整个财务历史。通过绘制你的链上活动，第三方可以识别你的消费习惯、个人兴趣和业务关系。这种监视潜力也让监管机构感到担忧，因为它将犯罪分子和守法公民置于同一个完全可见的系统中，使用侵入性方法将他们分开。 现在金融规则的设计方式并没有真正考虑到公共账本。监管机构显然希望密切关注非法活动，但他们也明白日常交易不应该成为公共记录。目前，围绕稳定币的监管拉锯战带来了不确定性，英国推迟了正式指导方针的出台，欧盟委员会正在研究如何在保护用户的同时鼓励进步。与此同时，在美国，官员们将稳定币视为加强美元全球地位的一种方式。然而，这一巨大潜力被一个主要问题所掩盖：我们如何确保强有力的用户保护，而不会将每笔付款都变成公共记录？ 你可能还喜欢：时间紧迫：欧洲推出欧元稳定币的最后机会 | 观点 企业和监管机构为何需要保密的稳定币 For enterprises, stablecoins could be a game-changer. They’re fast, predictable, and easy to handle across borders. However, serious businesses also expect confidentiality—especially if they’re dealing with payroll, sensitive invoices, or supply chain transactions. When these details are made public, it puts organizations in a vulnerable position. Competitive leaks, reputational risks, and potential hacking threats become part of the equation. Institutional adoption depends on striking a balance. Regulators must have sufficient oversight to curb criminal activities, and corporations need privacy protections that parallel traditional finance. Without confidentiality, stablecoins will remain an experimental tool rather than a serious contender for the daily flow of corporate funds. Many are wary of adopting a payment method that effectively publishes their internal operations, even if the system works seamlessly otherwise. Privacy, therefore, isn’t just a personal preference—it’s a strategic need. When we talk about stablecoins becoming the next digital dollar, we mean a currency that holds its value against fiat and is readily accepted worldwide. That’s a tall order if privacy is missing from the core design. If stablecoins want to outshine legacy payment systems, they have to address the real-world concerns of the people who use them most—corporations, large institutions, and individuals who simply value discretion. ZK technology: The key to real-world adoption 一个有希望的前进方向是零知识证明技术。零知识证明允许某人在不透露底层信息的情况下证明交易或声明的有效性。这不是魔术，但非常接近。该技术基本上表明交易是合法的——并且遵循所有合规规则——同时将具体细节隐藏在公众视野之外。 例如，如果一家大型制造商希望使用稳定币进行跨境支付，他们可以使用支持 ZK 的平台来实现。区块链确认交易有效且在法律范围内。拥有正确权限的监管机构或审计人员可以验证合规性。然而，制造商的供应商、付款金额和其他私人数据对普通观察者来说仍然是隐藏的。这就是您如何拥有真正的隐私，同时仍保留一个在重要位置完全可审计的系统。 Archblock 最近在以隐私为中心的区块链上推出了 1USD，这表明这种势头正在增长。这些举措认识到交易保密性不仅仅是一个附带功能，它是主流成功的关键部分。我们一直遵循类似的理念，通过构建技术来保护链上交易，并让用户控制哪些细节需要披露。可以将其视为稳定币发展的下一个合乎逻辑的步骤。 令人鼓舞的是，监管机构开始认识到隐私并不一定意味着不法行为。如果说有什么不同的话，那就是真正的隐私可以使合规更加高效，因为调查人员不必筛选无尽的琐碎数据。他们可以依靠加密证明来确认所有要求都得到满足。这种方法可以保护诚实的用户免受窥探，并确保恶意行为者没有太多空间利用公开的财务记录。 最后的想法 稳定币已经证明，它们能够处理令人难以置信的交易量——足以超越全球最大的支付网络之一 Visa。主要金融机构支持它们的理由很充分：它们可以快速跨境转移资金，保持稳定的价值，并且可以集成到各种数字服务中。但许多企业仍然犹豫不决，原因不再是速度或成本。透明度问题仍然迫在眉睫，威胁着破坏稳定币作为真正主流货币形式的地位。 对我来说，隐私是稳定币成功的关键。我们不必接受这样一个世界：使用数字货币意味着放弃保密性。毕竟，传统金融已经找到了如何将交易细节隐藏在公众视野之外，同时仍符合监管标准的方法，稳定币没有理由做不到这一点。零知识证明和类似的加密方法已经为实现私密、合规的数字美元铺平了道路。 这就是我们应该追求的未来：一种将区块链的便利性与我们在金融交易中期望的信任和谨慎相结合的私人数字货币。这项技术触手可及，下一步是让更广泛的行业——开发商、机构和监管机构——致力于将隐私作为常态，而不是事后才考虑。当这一切发生时，稳定币将真正准备好迎接黄金时段，稳定、安全的数字美元的概念将从承诺变成我们的日常现实。 阅读更多：零知识加密比 web3 更大 | 观点 Georgi Koreli Georgi Koreli是 Hinkal 的首席执行官兼联合创始人。Georgi 是一位出色的运动员转型企业家，斯坦福商学院校友，也是 Hinkal 富有远见的创始人，Hinkal 是一家领先的隐私基础设施公司，2024 年处理的私人交易超过 2.5 亿美元。Georgi 在银行和对冲基金领域拥有五年经验，他是 2 次桑博世界冠军，他还创立了硅谷的 Icons 社区。

The Decentralized AI Society and CETI AI are joining forces on an initiative that will see DAIS run a masternode of Hypercycle, the artificial intelligence infrastructure platform focused on developing nodes that power the internet of AI. In an announcement, DAIS stated the partnership will involve running Hypercycle’s newly launched Advanced Node Factory Enclosures. This development will allow DAIS to contribute to the buildout of key Internet of AI infrastructure, with the ANFE seeding an endowment for the Society. The partnership comes as Hypercycle joins DAIS as a member. The collaboration was unveiled at the Bermuda Digital Finance Forum, an event co-hosted by DAIS, digital asset advisory firm Penrose Partners, and the Bermuda government. “This arrangement with Hypercycle and CETI brings unique advantages to DAIS and its members,” said DAIS chairman Michael Casey. “Not only will the CETI-hosted ANFE secure a growing source of funding to help the Society expand its mission, but it will serve as a window into how the internet of AI is evolving as an economy, offering an important learning opportunity for our community.” You might also like:SWEAT wallet launches personalised AI agent and goes multichain CETI AI will host and run the yield-earning node factory, enabling DAIS to access Hypercycle’s decentralized network and its peer-to-peer exchange of intelligence, compute, and funding. These masternodes earn fees and create a continuous funding source for the Society. Hypercycle will support DAIS’s traction in the decentralized AI space, the platform’s chief executive officer Toufi Saliba.  “Our model, by enabling and incentivizing value exchange across siloed AI systems, helps manifest that vision through an open, collaborative Internet of AI. We’re thrilled that DAIS and its members are directly engaging with us to help get there,” the Hypercycle chief executive noted. DAIS is taking advantage of a small window that runs out on May 14 to integrate into the Hypercycle network. This narrow window allows existing Hypercycle node factory operators on Ethereum (ETH) to opt in and leverage their assets in the parallel network of the Ethereum Virtual Machine-compatible Base blockchain.  It allows operators to add a host of software enhancements with ANFE configuration, with complete interoperability and zero disruption. You might also like:Space and Time launches ZK mainnet to power smart contract data

U.S. stocks closed mixed on Wednesday, wrapping up a turbulent April marked by economic contraction and trade policy uncertainty.  The S&P 500 rose 0.15%, the Nasdaq Composite lost .086%, and the Dow Jones Industrial Average gained 141 points after new data showed the U.S. economy shrank for the first time since 2022. According to the Commerce Department, first-quarter GDP fell at a 0.3% annualized rate, reversing a 2.4% gain from the previous quarter.  The contraction was partly attributed to a 41% surge in imports as businesses stockpiled ahead of President Trump’s new tariffs.  Consumer spending also slowed to its weakest pace in over a year, and government expenditures declined, further dragging on growth. You might also like:Coinbase to Supreme Court: IRS crypto dragnet was unconstitutional Tariff uncertainty Markets had rallied earlier in the month after Trump paused some tariffs and hinted at trade deals with countries like India. But renewed volatility returned as investors digested the weak economic data, inflationary concerns, and lack of clarity on trade negotiations.  April’s losses follow a sharp drop after Trump’s April 2 announcement of “reciprocal” tariffs, which sent the S&P 500 down more than 11% at one point. On Truth Social, Trump sought to shift blame for the economic slide, writing, “This is Biden’s Stock Market, not Trump’s,” and claimed a “Biden Overhang” was behind the poor numbers. He urged patience, saying his policies would take time to deliver results. The stock market under Trump’s second term has posted one of the weakest performances for any president’s first 100 days in modern history.  Analysts point to continued policy uncertainty as a primary cause. “This is very clearly brought on by the uncertainty surrounding the tariffs, period,” said Kelly Bouchillon of Sound View Wealth Advisors. Meanwhile, major companies like First Solar and GE HealthCare cut forecasts due to tariff-related headwinds. Nvidia shares also slipped, following disappointing results from Super Micro Computer. You might also like:Ripple’s $4 – $5b offer to acquire Circle is too low: Bloomberg

Pump.fun 的新去中心化交易所 PumpSwap 在推出仅一周后交易量就达到了 15.2 亿美元。 Dune Analytics 数据显示，PumpSwap DEX 已处理超过 1400 万笔交换，共带来 303 万美元的费用。当前 0.25% 的交易费用结构将 0.20% 分配给流动性提供者，将 0.05% 分配给协议。然而，在实施创作者收入分享后，这种情况将会改变。 PumpSwap 的交易量虽然很大，但大多数交易规模都很小。根据 Flipside 的数据，21.40% 的交易金额在 10 美元至 100 美元之间，而 65.22% 的交易金额低于 10 美元。目前平台上有 44.1 万个钱包活跃。截至 3 月 25 日，PumpSwap 的市场份额为 19%，Raydium (RAY) 仍以 45% 的份额领先。 你可能还喜欢：Pump.fun 的收入处于 4 个月来的最低点，因为该平台正努力通过新功能来恢复活力 PumpSwap 建立在 Solana (SOL) 之上，于 3 月 20 日推出，采用恒定产品自动化做市商模型，就像 Raydium v4 和 Uniswap (UNI) v2 一样。AMM 是去中心化交易所，通过使用流动性池而不是订单簿，允许在没有中间人的情况下进行交易。所有完成其联合曲线的 Pump.fun 代币现在都在 PumpSwap 上上市。 为了简化交易，PumpSwap 引入了即时迁移，取消了之前的 6 SOL 迁移费。该平台还支持 memecoins 以外的交易，列出 Pudgy Penguins (PENGU)、Aptos (APT)、Tron (TRX)、Jupiter (JUP) 和 LayerZero (ZRO) 的代币，以及 Coinbase Wrapped BTC (CBBTC)、Ethena USDe (USDE) 和 Frax Finance 的 frxUSD 和 FXS 等包装资产。 随着 Solana memecoin 领域的竞争日趋激烈，Raydium 最近推出了 LaunchLab，这是一家 memecoin 工厂，提供与 Pump.fun 类似的代币创建和发布功能。 LaunchLab 允许项目动态调整代币定价，还允许第三方界面设置自定义费用，从而实现各种用户体验。与 PumpSwap 不同，该平台尚未获得显著的关注。 阅读更多：贝莱德将货币市场基金 BUIDL 扩展至 Solana

The eponymous investor discussed Q1 financial results—including a review of $MSTR, $STRK and $STRF—as well as forward-looking statements no investor should miss. In an earnings call on May 1, Michael Saylor, the CEO and engineer of the wildly successful BTC (BTC) Treasury firm Strategy, stated emphatically that the firm is playing a crucial role in expanding institutional interest. On the call, Saylor began by reiterating BTC’s unique value proposition: “Bitcoin has no counterparty risk,” the investor stated, “No company. No country. No creditor. No currency. No competitor. No culture. Not even chaos.” He added that global adoption has been moving forward expeditiously, whilst predicting that “the First Nation to print their own currency to buy Bitcoin wins.” “The adoption of the Bitcoin standard by more companies is beneficial, legitimizing Bitcoin and attracting more capital. As more companies join, it stabilizes and drives up Bitcoin’s price,” Saylor said. Source: Strategy Q1 2025 earnings report Highlighting Strategy’s capital market maneuvers, which say the treasury raise $7.7 billion in Q1 through common stock, convertible notes, and preferred stock IPOs to acquire 61,497 BTC, the Q1 earnings report stated that it had achieved a 13.7% “BTC Yield” and $5.8 billion “BTC $ Gain” year-to-date. In addition, Saylor celebrated BTC’s adoption by over 70 public companies, framing Strategy as a leader in a “digital gold rush.” He dismissed BTC’s volatility concerns, emphasizing long-term appreciation, and justified debt-fueled purchases as accretive, despite a $4.2 billion net loss from unrealized fair value losses. Saylor’s bullish vision casts BTC as digital capital poised to dominate finance, but he glossed over risks like price swings, leverage, and potential shareholder dilution from perpetual preferred stock dividends. However, critics have pointed out numerous issues with Strategy’s highly leveraged model. While the company touts a 50% share price increase and a $12.7 billion retained earnings boost from fair value accounting, its reliance on bonds to fund BTC purchases introduces significant risks. Issuing $2 billion in 0% Convertible Senior Notes due 2030 and perpetual preferred stock with high dividend obligations (8% for STRK, 10% for STRF) commits Strategy to substantial liabilities. These instruments, while providing capital, encumber the balance sheet with senior claims that could erode shareholder value if BTC’s volatility turns south. Nevertheless, Saylor remains bullish, posting an aptly generated AI image to X shortly after the call. Tulip season ends. Bitcoin is forever. pic.twitter.com/dBLTO2yIEu— Michael Saylor (@saylor) May 2, 2025 You might also like:UK’s chief financial regulator proposes bans on buying crypto with debt