满手的 U 也会跌
链上美股赛道已经开始慢慢拥挤了 @OndoFinance @HyperliquidX @BinanceWallet @bitget @MSX_CN @StableStock
下一个风口会不会是链上外汇

最近的一个思考:人民币进入升值周期,会不会催生加密市场对人民币稳定币或汇率对冲工具的需求?
▍为何过去缺乏需求?
1. 宏观环境:美元长期处于强势周期,非美货币整体承压;
2. 加密处在红利期:加密市场收益远高于汇率波动,USD/CNY 几个百分点的波动在高 APY 面前几乎可忽略;
3. 用户结构:加密参与者多以博取高额收益为主,对汇率风险极不敏感。
▍当前市场的几个变化
1. 资本轮动:美国开启降息周期,“东升西降”格局渐显,人民币资产吸引力提升;
2. 加密收益理性化:行业整体收益率回落,汇率波动对资产价值的影响已无法忽视。
3. 加密用户转型:机构资金大规模进场,对稳定收益和风险对冲的需求显著增强;
目前关注到的有 @Conflux_Network @forgivenever @estherinweb3 在做人民币稳定币

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