DeFi的未来：合规、现实世界资产与稳定币创新

СontentOverview 1. Changes in the Current Crypto Market 1.1 Stablecoin Legislation Approved, Transforming Company Compliance Requirements,Boosting Adoption in Cross-Border Payments 1.2 Easing Regulation Expected for Perpetual Futures Trading 1.3 RWAs’ Stable Returns Come to Crypto Users’ Attention 1.4 Entry of Licensed Institutions into Blockchain Expands the Market 1.5 Emergence of Compliance Tools for RWA Token Issuance 2. Opportunities and Challenges 2.1 How to Address Defaults as RWA Private Credit Enters the Payfi Era 2.2 Who Will Become A Leader in Yield-Generating Stablecoin’2.3 Mutual Reinforcement of RWAs and DeFi Application’2.4 Can RWAs in Public Blockchain Empower Institutional Finance? 3. Promising New Directions 3.1 OnChain Foreign Exchange 3.2 CrossBorder Payment Stacks 3.3 Multi-Pool Stablecoin Aggregation Platform About Us References DisclaimerStablecoins Backed by Treasury Bond’Low-Risk On-Chain Arbitrage Strategies RWAs Enhance the Stability of DeFi Application’DeFi Mechanisms Boost the Asset Utilization Rate of Tokenized RWAs 329272428109412101215252424194662 OverviewSingapore / Jan. 22, 2025 – Since theDeFi Summer of 2020, automated marketmakers (AMMs), lending protocols,derivatives trading, and stablecoins havebecome the core infrastructure forcrypto trading. Over the past four years,many entrepreneurs have refined andinnovated in these areas, propellingprojects such as Trader Joe’s and GMX to new heights.However, as these products graduallymature, growth in the crypto tradingsector has started to plateau, makingnew top projects increasingly rare.A changing regulatory regime will bringfresh development opportunities to theindustry. The integration of traditionalfinance and DeFi is accelerating: Real-world assets (RWAs) such as privatecredit, US Treasury bonds, andcommodities are evolving from basictokenized certificates into yield-generating, capital-efficient stablecoins.This shift offers crypto users who seekstable returns new options and servesas a new growth engine for DeFi lendingand trading. Meanwhile, stablecoins havebecome strategically important ininternational trade. A new generation of DeF is emerging,following in the footsteps of old playerssuch as Uniswap, Curve, dYdX, and Aave.These new projects will adapt to theevolving regulatory environment andleverage traditional finance integrationand technological innovations to explorenew markets and drive the industrytoward a new era for DeFi.Players from traditional finance andbusiness, including the Trump family,Stripe, PayPal, and BlackRock, aredoubling down on their businessinvestments, bringing the industry greater opportunities.For new entrants, this means their focusshould be shifted away from micro-innovations in traditional DeFi togroundbreaking products tailored to thenew environment and demands.This report delves into this trend andexplores potential opportunities anddevelopment directions in this newround of transformation within thecrypto trading space, providing insightsand references for industry participants. 3 1. Changes in the CurrentCrypto Market1.1 Stablecoin Legislation Approved, TransformingCompany Compliance Requirements, BoostingAdoption in Cross-Border Paymentsand individuals. Stablecoin payments arepoised to go mainstream in the comingyears, which represents another leapforward for the crypto market followingBitcoin ETFs.While institutional investors may notprofit directly from the increasedcirculation of stablecoins, they canbenefit by investing in relatedinfrastructure. For example, mainstreamblockchains on which a significantsupply of stablecoins is issued, such asEthereum and Solana, as well as variousDeFi applications that integratestablecoins, will gain from this growth.The share of stablecoins in blockchaintransactions has risen to over 50% in2024. Their core value proposition lies in seamless cross-border payments, afeature that is experiencing rapidadoption in emerging markets. In Turkey,for example, stablecoin transactionsamount to 4.3% of GDP. In Argentina,stablecoin premiums have soared to30.5%.Innovative payment platforms such asZarpay and MentoLabs are drawing usersinto the blockchain ecosystem by usinggrassroots market strategies throughlocal agents and payment systems,further accelerating stablecoin adoption.Maxine Waters andChair PatrickMcHenry of theUSHouse FinancialServicesCommittee are preparing tointroduce a stablecoin bill, marking a rarebipartisan consensus on stablelegislation in theUS. Both parties agreethat stablecoins can not only reinforcethe dollar’s position as the world’sreserve currency but have also becomemajor demand drivers forUS Treasurybonds.The significance of the bill isunderscored by the financial success of stablecoin issuers like Tether, whichdemonstrated its profitability bygenerating$6.3 billion in profits lastyear withjust125 employees. Tether’sbusiness model thrives on the demandfor dollar-backed liquidity, which hasgrown alongside global crypto a