Grayscale 的 Cardano ETF 提案获得美国证券交易委员会正式认可

披露：此处表达的观点和意见仅属于作者，并不代表 crypto.news 编辑部的观点和意见。 过去十年，代币化信贷市场发展至新高。该行业将贷款、债券或其他债务工具等传统信贷产品转换为区块链上的数字代币，帮助更多参与者实现了投资世界的民主化，每个发行的代币都代表着基础信贷资产的一小部分。这种细分化使得代币可以在去中心化平台上轻松交易、转移和管理。 您可能还喜欢：代币化证券正在重新定义合规性 | 观点 迄今为止，包括世界银行和卢加诺市在内的领先机构已发行了100亿美元的代币化债券。该市场日益普及，源于其带来的显著优势——增强的流动性、透明度和可及性。投资者现在可以买卖部分贷款或债券，使这些传统上流动性较差的资产更加灵活，交易性更强。区块链透明、不可篡改的账本确保所有交易安全可靠，并可实时验证，从而减少欺诈并提升信任度。此外，代币化信贷产品降低了准入门槛，从而吸引更广泛的投资者，即使是小规模参与者也能投资曾经仅限于大型机构参与者的资产。随着越来越多的金融机构和平台采用代币化，预计该市场将进一步扩张，从而彻底改变信贷产品的发行、交易和管理方式。 然而，尽管取得了这样的进步，代币化信贷市场的增长仍然受到一个关键问题的制约：投资回报率。与传统贷款市场相比，去中心化金融贷款目前的收益率较低，尤其是在当前的高利率环境下。 这个问题可以通过为跨境支付提供资金来解决，因为这是扩大代币化信贷市场和释放更高收益的理想用例，提供稳定的现金流，并与区块链的速度和成本效益自然契合。 核心挑战：低收益率和波动性 与数万亿美元的全球债券市场规模相比，代币化信贷市场的总配置规模仍然相对较小。有限的配置主要源于流动性挑战、投资者对收益率的犹豫以及监管的不确定性。 就回报而言，代币化信贷市场目前为100亿美元的代币化信贷资产提供约9.65%的平均收益率。虽然与传统债券收益率相比，这似乎颇具吸引力，但从2018年到2023年，增长强劲的私募信贷市场的平均收益率仅为12%，这导致许多投资者仍然认为DeFi具有波动性和不确定性。因此，为了进一步释放增长潜力，该行业必须解决收益率相关问题，并增强投资者对这一新兴资产类别的信心。 机构投资者不仅要求高收益，还要求稳定性和可预测性。在传统信贷市场中，低波动性和可靠的收入来源是投资流动的关键驱动力，而DeFi领域仍被视为新兴且波动性较大。DeFi生态系统需要证明其能够为机构投资者和散户投资者创造具有吸引力的、经风险调整后的回报。这意味着需要提升平台的稳健性，并扩大可用资产类别的范围，例如扩展到支付领域。 提高产量以促进增长 为了推动更广泛的采用并吸引更多资本进入代币化信贷市场，需要采取几种策略来提高收益率的吸引力： 增强流动性。限制收益率吸引力的关键因素之一是流动性，因为代币化资产必须拥有更深层次的二级市场，才能让投资者轻松退出头寸，而不会对价格产生显著影响。这可以通过扩大提供代币化债务资产交易的平台数量来实现，而增加机构参与度则有助于创造必要的流动性，从而获得更稳定的回报。 拓宽资产类别。The tokenized credit market is currently focused on a narrow range of assets, such as mortgages and corporate bonds. However, to make yields more appealing, the market needs to diversify into other asset classes. Tokenizing revenue-generating assets like payments, real estate, and infrastructure projects could provide higher yields and open up new opportunities for investors who are seeking different risk-return profiles. Leverage stable asset classes.Integrating more stable, low-risk asset classes into the DeFi ecosystem could help balance the risk-reward equation. For example, tokenized government bonds or investment-grade corporate debt could offer lower but more stable yields, which may be attractive to institutional investors or pension funds looking for secure, long-term returns. 寻找用于标记化的新资产类别 为了确保代币化信贷市场的持续增长，必须探索新的资产类别。当前的市场格局主要集中于固定收益工具，但在房地产、知识产权、特许权使用费，甚至碳信用额等领域也存在尚未开发的机会。 然而，支付行业为代币化信贷市场的扩张提供了最佳的资产类别。支付行业在全球所有商业领域中扮演着重要的角色，处理着极高的交易量，且回报基本稳定。跨境支付尤其令人关注；每家服务提供商必须在其运营所在的每个司法管辖区保持充足的流动性，以提供快速且低成本的交易，这对有抱负的创始人和正在扩张的支付公司来说是一个沉重的负担。 这种负担造成了巨大的效率低下，并锁定了原本可以投资或以其他更高效的方式利用的资本。代币化信贷市场为这一问题提供了一个有效的解决方案，它向跨境支付公司提供贷款，使其能够在更多司法管辖区运营预存资金账户，从而进入传统贷款机构因高风险和过时的尽职调查流程而尚未开发的市场。代币化信贷市场利用链上抵押品进行贷款，并提供高度灵活的信贷额度，可以进入传统私人借贷市场无法触及的领域，获得重要的交易量和更高的收益。 代币化信贷市场的未来 As the tokenised credit market continues to evolve, funding payments companies stand out as an important asset class that can generate higher yields and attract more capital, enabling the tokenised credit market to take the next step in its growth.  为了确保更广泛的 DeFi 生态系统蓬勃发展，该行业必须专注于增强流动性、稳定收益率和多元化发展新的资产类别，无论是支付行业还是其他对灵活的链上流动性有很高需求的行业。 阅读更多：高效投资组合的秘诀是什么？自动化 | 观点 穆卢库·萨诺 穆卢库·萨诺is an experienced investor and operator, with private equity and investment banking in his arsenal. He co-founded Cassava, Africa’s largest web3 platform, and led key investments at Adaverse, Cardano’s venture arm. He was on Forbes 30 Under 30 2023.

据路透社报道，美国一名法官裁定加密货币交易所 Coinbase 必须面对纽约客户提起的集体诉讼。 诉讼称 Coinbase 非法出售证券并充当直接卖家。 在 2 月 7 日作出的一项裁决中，美国地区法官保罗·恩格尔迈耶 (Paul Engelmayer) 驳回了 Coinbase 的辩称，即根据美国联邦证券法，它不是法定卖方。该交易所还辩称，它从未转让过诉讼中列出的 79 种代币的所有权，这些代币是客户交易的。 然而，法官指出“Coinbase 上的客户只与 Coinbase 本身进行交易”。根据判决结果，这一指控得出的结论是，这家位于美国的加密货币交易所是卖家。 Coinbase 在给路透社的声明中重申，它“不列出、提供或出售证券”。该交易所计划争取驳回该案中的其他索赔。 你可能还喜欢：Coinbase 请求美国上诉法院澄清加密货币监管规定 最新进展发生在 2024 年 4 月法院判决重启此案部分审理九个多月后，此前该判决已被法官恩格尔迈耶驳回。尽管法官在 2023 年 2 月撤销了诉讼，但曼哈顿第二巡回上诉法院于 2024 年 4 月下达命令，允许某些指控成立。 2025 年 2 月 7 日，距离原判决已过去近两年，恩格尔梅耶法官作出裁决，允许上诉法院决定应继续审理的案件部分。 2024 年 5 月，一群来自加利福尼亚州和佛罗里达州的 Coinbase 客户对 Coinbase 及其首席执行官 Brian Armstrong 提起新的诉讼，指控该交易所的加密货币销售违反了证券法。 诉讼将 Solana、Polygon、Near Protocol、Decentraland 和 Algorand 等几种代币认定为证券。然而，Coinbase 坚称，它没有上市或出售证券，二级加密货币销售不符合被归类为证券的标准。 除了集体诉讼外，Coinbase 还继续应对美国证券交易委员会提起的另一起诉讼。美国证券交易委员会于 2023 年 6 月起诉 Coinbase，指控该公司作为未注册的证券交易所运营。 你可能还喜欢：SEC 因隐瞒加密货币报告遭监管机构起诉

El Salvador is continuing to buy Bitcoin even after agreeing to scale back purchases as part of a $1.4 billion deal with the International Monetary Fund. The Central American nation’s Bitcoin Office is still buying Bitcoin (BTC) despite signing a $1.4 billion loan agreement with the International Monetary Fund that required it to scale back crypto purchases, El Salvador‘s economy minister Maria Luisa Hayem said in an interview with Bloomberg. “There’s a commitment of President Bukele to keep accumulating assets as a way to do precisely that. Bitcoin keeps being an important project. There is an asset accumulation that we’re seeing from the government perspective, from the private sector perspective.” Maria Luisa Hayem You might also like:IMF now officially tracks Bitcoin in cross-border finance — just weeks after warning El Salvador to scale back As of press time, El Salvador holds 6,162 BTC — worth over $580 million — according to Bitcoin Treasuries data. Despite its pro-Bitcoin stance, the country isn’t the largest government holder as even Bhutan, the small Himalayan kingdom, holds 7,486 BTC, although it’s been gradually selling BTC since Q4 2024. Governments holding Bitcoin | Source: Bitcoin Treasuries Hayem’s statement comes as the country faces scrutiny over how it’s implementing its Bitcoin Law. A report by El Mundo had earlier found that nearly 90% of the crypto firms registered in El Salvador are not operating. The Central Reserve Bank listed only 20 out of 181 registered providers as active, while the rest are marked “non-operating.” At least 22 of the inactive companies may have failed to meet regulatory requirements under Article 4 of the Bitcoin Law Regulation, which requires providers to operate with “high standards of integrity and honesty” and maintain AML programs, asset records, and cybersecurity systems. Read more:El Salvador proposes cross-border crypto sandbox to SEC

The National Hockey League has named Ndax, one of Canada’s largest crypto exchanges, as the Official Crypto Exchange Partner for the 2025 Stanley Cup Playoffs.  The deal marks the NHL’s first partnership with a crypto platform and Ndax’s first foray into professional sports sponsorship, according to a note shared with crypto.news As part of the agreement, Ndax will receive prominent brand exposure throughout the 2025 Stanley Cup Playoffs in Canada. Its logo will appear in the NHL’s camera-visible corner in-ice brand positions during all Canadian playoff games. “We’re integrating Ndax throughout the playoff atmosphere—with digital rink boards, in-arena logos, and subtle broadcast placements—to build awareness and spark interest in crypto adoption right here in Canada. As a homegrown Canadian platform, we want fans to know that Ndax is their trusted gateway into digital assets.” Ndax CEO, Bilal Hammoud, to crypto.news   The company’s branding will also be featured through the League’s Digital Enhanced Dasherboards, which enable digital replacement of dasherboard ads for localized, market-specific messaging.  The DED system will be used in national broadcasts, providing Ndax with a unique channel to reach Canadian viewers. “We’ve been talking to Ndax for the past few years around a possible partnership and Ndax continues demonstrating their leadership and credibility in the crypto space,” Max Paulsen, NHL Vice President, Business Development told crypto.news. “We believe in their leadership and want to grow with them.”  You might also like:SOL Strategies secures $500m in funding for Solana purchases and staking Fan interaction campaign  In addition to on-ice and broadcast visibility, the partnership includes the launch of “Ndax ICE,” a fan activation campaign designed to engage viewers during the playoffs. Ndax ICE will feature weekly and round-based giveaways throughout the tournament.  Winners will receive crypto credits redeemable through Ndax, with a grand prize of tickets to the 2025 Stanley Cup Final, according to the company. “To support curious fans, we’re introducing hockey fans to ourNdax Lighthouse,” Bilal said,”a learning hub featuring quick explainers, tutorials, and a simplified glossary — all designed to give users the confidence to take that first step into crypto.” The campaign will focus on user growth, brand awareness, and crypto education, aiming to onboard 100,000 new users and boost recognition among Gen Z and Millennials through NHL-branded content and experiences, Bilal said.   The announcement comes as Ndax continues a phase of rapid growth. The company was recently approved as an Investment Dealer and Marketplace across all Canadian provinces and territories and is a member of the Canadian Investment Regulatory Organization. As of March 2025, Ndax reported more than $17.5 billion in lifetime trading volume and $1 billion in assets under custody, according to the company.  It also holds one of the largest publicly disclosed strategic Bitcoin reserves in Canada.

在唐纳德·特朗普总统主持白宫行业峰会后，加密货币价格恢复了下跌趋势。 比特币 (BTC) 价格从本周的高点 93,000 美元回落至 86,000 美元，而以太坊 (ETH)、Solana (SOL) 和瑞波币 (XRP) 等山寨币则下跌超过 1%。此次暴跌符合 crypto.news 峰会前的预测。 纳斯达克 100 指数跌破 200 日移动平均线 随着美国股市陷入下行趋势，比特币和其他山寨币可能会继续下跌。追踪最大科技公司的纳斯达克 100 指数即将进入技术调整阶段，资产将从局部高点下跌 10%。 It has formed a double-top pattern at $22,137 and moved below the neckline at $20,565. A double top is one of the most bearish chart patterns in technical analysis.  The Nasdaq 100 index has also crashed below the 200-day moving average, pointing to a downtrend in the next few weeks. Also, the spread between the 200- and 50-day moving averages is narrowing, risking the formation of a death cross. Nasdaq 100 index chart | Source: TradingView 你可能还喜欢：杰克·切尔文斯基：SBR 和储备“不足以”让美国成为世界加密货币之都 过去几周，其他大型美国股指，如标准普尔 500 指数和道琼斯指数也出现下跌。标准普尔 500 指数已从今年最高点下跌 6.3%。 美国股票和加密货币通常具有密切的相关性，因为它们被定义为风险资产。如下图所示，比特币和标准普尔 500 指数具有高度相关性。 BTC 与标准普尔 500 指数的相关性 | 资料来源：NewHedge Cryptocurrency and stock prices have retreated in the past few weeks because of concerns about stagflation in the U.S. Flash economic data show that the US may be moving towards negative growth this quarter because of Trump tariff uncertainties. At the same time, inflation, which is already high, could jump as companies boost prices to offset the tariff impact.  Impact on Bitcoin, Ethereum, and XRP Bitcoin, Ethereum, and XRP prices may continue falling if the US stock market keeps falling, as technicals show.  XRP price has already formed a head and shoulders pattern and could have a strong bearish breakdown unless it moves above the right shoulder at $3. Bitcoin is also at risk of further downside after forming a double-top pattern at $108,400. It has moved slightly below the neckline at $89,165 and is about to lose the 200-day moving average again. As such, there is a risk that it will drop to the key support at $73,550, the highest point in 2024. BTC 价格图表 | 来源：crypto.news 以太坊价格在关键支撑位 2,000 美元上方徘徊，三顶形态的颈线在 3,000 美元。正如我们之前所写，该形态表明 ETH 价格可能跌至 1,500 美元及以下。 阅读更多：想知道为什么比特币在美国 BTC 储备启动后下跌？Wolf of All Streets 播客主持人 Scott Melker 解释道