观点：加密行业核心叙事正从波动交易转向金融基础设施层

观点：加密行业核心叙事正从波动交易转向金融基础设施层

2025-12-29 20:11View Original

ChainThink 消息，12 月 29 日，WeFi 联合创始人兼 CEO Maksym Sakharov 表示，加密行业的核心叙事正从价格波动和交易量，转向企业资产负债表与金融基础设施层。真正的采用并非来自散户，而是当 CFO 与风控团队开始批准稳定币结算、代币化资产时才发生。


Sakharov 指出，过去 12–18 个月的关键变化在于：合规托管成熟、会计与监管框架更清晰。稳定币监管（如 GENIUS Act、MiCA）、SEC 态度转向「参与式监管」，以及巴塞尔委员会重新评估银行数字资产资本要求，使企业首次具备「合规上链」的现实条件。


在应用层面，代币化国债与货币市场基金已跨过临界点。摩根大通在 Solana 上结算交易，高盛与纽约梅隆联合推进代币化基金，BlackRock 的 BUIDL 基金已实际运行。Sakharov 认为，代币化并非颠覆市场，而是升级结算系统——将结算时间从数天缩短至数分钟，降低成本并连接全球资本。


稳定币方面，其今年处理支付规模已超 9 万亿美元、市值约 3090 亿美元。Sakharov 直言，稳定币已是金融稳定问题而非「加密边角料」，监管从「封堵」转向「规范」，本质是承认其不可忽视的系统性影响。

#DeFi

Disclaimer: Contains third-party opinions, does not constitute financial advice

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