圈子和哈諾特：融合金錢和證券

您現在正在閱讀免費的每週加密貨幣，現在是Macro，我在這裡重新出現/更新本週的幾篇文章，並在當前正在激發我啟發我的加密/宏觀領域外包含一些內容（這是一個迷人的世界）。

Hi everyone,

大家好，

Welcome to February and the second free weekly Crypto is Macro Now.

歡迎來到二月，第二次免費的每週加密貨幣是宏。

I’ll reshare/update a couple of posts from the week, and include something from outside the crypto/macro sphere that is currently inspiring me (it’s a fascinating world out there).

我將重新出發/更新本週的幾篇文章，並包括來自加密貨幣/宏觀領域之外的內容，這些帖子目前正在激發我的啟發（這是一個迷人的世界）。

If you’re not a subscriber to the premium daily, I do hope you’ll consider becoming one! For $12/month, you’ll get ~daily commentary on how crypto is impacting the macro landscape, and vice versa. I talk about adoption, regulation, tokenization, stablecoins, CBDCs, market infrastructure shifts and more, as well as the economy and investment narratives.

如果您不是每日高級的訂戶，我希望您會考慮成為一個！每月12美元，您將獲得有關加密如何影響宏觀景觀的每日評論，反之亦然。我談論的是採用，法規，令牌化，穩定菌，CBDC，市場基礎設施的轉移等等以及經濟和投資敘事。

Feel free to share this with friends and colleagues, and if you like this newsletter, do please hit the ❤ button at the bottom – I’m told it feeds the almighty algorithm.

請隨時與朋友和同事分享此消息，如果您喜歡此新聞通訊，請點擊底部的❤按鈕 - 我被告知它會餵食全能算法。

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In this newsletter:

在此新聞通訊中：

Circle and Hashnote: melding money and securities

圈子和哈諾特：融合金錢和證券

Central banks and BTC: it’s an age thing

中央銀行和BTC：這是一個時代

Some of the topics discussed in the dailies:

日報中討論的一些主題：

Monday, Jan 27

1月27日星期一

The perils of concentration

濃度的危險

Market reaction

市場反應

Something else?

還有其他嗎？

Looking ahead

展望未來

Tuesday, Jan 28

1月28日，星期二

The cycle inflection point

週期拐點

Can blockchains deliver cost savings?

區塊鏈可以節省成本嗎？

Wednesday, Jan 29

1月29日，星期三

Circle and Hashnote: melding money and securities

圈子和哈諾特：融合金錢和證券

BUIDL as collateral

Buidl作為抵押

Fintech stablecoins

金融科技stablecoins

Tether expansion

繫繩膨脹

Friday, Jan 31

1月31日星期五

FOMC bookends

FOMC書擋

Central banks and BTC: it’s an age thing

中央銀行和BTC：這是一個時代

Circle and Hashnote: melding money and securities

圈子和哈諾特：融合金錢和證券

One of the most intriguing announcements over the past month was stablecoin issuer Circle’s purchase of tokenized money market fund issuer Hashnote.

過去一個月最有趣的公告之一是Stablecoin發行人Circle購買了令牌化的貨幣市場基金發行人Hashnote。

With this move, Circle takes over the market’s largest tokenized money market fund USYC, which passed previous market leader BUIDL, issued by BlackRock and Securitize, in assets under management (AUM) at the beginning of December. Hashnote’s flagship token went on to reach a peak of $1.8 billion market cap earlier this month; since then, it has declined by roughly a third but still stands at almost double that of the runner up.

通過此舉，Circle接管了該市場最大的標記貨幣市場基金USYC，該基金通過了Blackrock發行的先前市場領導者Buidl，並在12月初管理的資產（AUM）中獲得了證券化。 Hashnote的旗艦令牌繼續在本月初達到18億美元的市值。從那時起，它的下降大約三分之一，但仍是亞軍的兩倍。

(USYC market cap via rwa.xyz)

（通過rwa.xyz的USYC市值）

The purchase raises a key question: why would Circle want to acquire a much less profitable business, rather than focus on increasing demand for its stablecoin USDC? Hashnote distributes 90% of yield earned on underlying securities to token holders; Circle, on the other hand, gets to keep it all.

購買提出了一個關鍵問題：Circle為什麼要獲得一項盈利少得多的業務，而不是專注於增加對穩定的USDC的需求？ Hashnote向代幣持有人分配了90％的基本證券收益率；另一方面，圈子可以保留一切。

One likely reason is that the boost in size should give Circle a higher potential IPO value – its S-1 was filed in January of last year, although as far as I know we haven’t seen further details as to amount or timing.

一個可能的原因是，尺寸的提升應該使Circle具有更高的潛在IPO值- 它的S-1是在去年1月提交的，儘管據我所知，我們還沒有看到有關金額或時機的更多細節。

The immediate bump in AUM isn’t much, though, in relative terms. USYC adds roughly $1.2 billion to USDC’s almost $52 billion.

但是，從相對角度來看，AUM的即時顛簸並不多。 USYC為USDC的近520億美元增加了大約12億美元。

(USDC market cap via Visa)

（USDC市值通過Visa）

And the potential market is more limited, as USYC is only available to qualified investors, while USDC can be used by anyone.

潛在市場更有限制，因為俄羅斯僅適用於合格的投資者，而任何人都可以使用USDC。

The sum is greater than the parts

總和大於零件

Looking ahead, the boost will come more from synergies and increased liquidity in both. Circle is entering into a partnership with key market liquidity provider DRW and its crypto arm Cumberland (from whose incubation lab Hashnote emerged in 2023), to deepen available pools of USDC and USYC.

展望未來，提升將更多地來自協同作用和增加的流動性。 Circle正在與主要市場流動性提供商DRW及其加密貨幣ARM Cumberland建立合作夥伴關係（其孵化實驗室Hashnote於2023年出現），以加深USDC和USYC的可用池。

Working together off exchanges, USDC and USYC can support each other’s liquidity via smart contracts. Currently, USYC enables funding and redemption 24/7 via the web page. Originally, this functionality was fed by PayPal’s stablecoin PYUSD; now, USDC is also an option, and given the token’s superior liquidity, is likely to become the main settlement token. What’s more, acting as an on- and off-ramp for USYC gives USDC yet another use case and driver of demand as well as circulation.

在交流中共同努力，USDC和USYC可以通過智能合約來支持彼此的流動性。目前，USYC通過網頁啟用24/7的資金和贖回。最初，此功能是由Paypal的Stablecoin Pyusd餵養的；現在，USDC也是一種選擇，鑑於令牌的出色流動性，很可能成為主要的定居點令牌。更重要的是，充當俄羅斯俄羅斯州的越野和外坡道，還為USDC提供了另一種用例，需求驅動力和流通驅動力。

It's this easy conversion into and out of yield-bearing assets that is, in my opinion, the key to the whole deal. It’s more than just a new service – it leverages the utility of both flagship assets. And it nudges forward the transformation of how money works.

在我看來，這是一種簡單的轉換為屈服的資產，這是整個交易的關鍵。它不僅僅是一項新服務 - 它利用了兩個旗艦資產的實用性。它推動了貨幣運作方式的轉變。

With seamless switching, traders, crypto businesses and other regular users of stablecoin USDC can convert their holdings into a yield-bearing asset, instantly, with little more than the push of a button. “Money” now earns a yield.

借助無縫切換，商人，加密貨幣業務和其他常規用戶可以將其持股轉換為承重資產，而只需按一下按鈕即可。 “錢”現在賺取收益。

Of course, this is also available in traditional markets, but not without several intermediate steps and probably an entity to advance the funds or securities on credit. In traditional markets, money and securities move on different rails, which complicates switching. On blockchains, they’re on the same rail, and actual, no-credit-involved switching happens in seconds.

當然，這也可以在傳統市場中獲得，但並非沒有幾個中間步驟，也可能是一個實體，可以促進信貸促進資金或證券。在傳統市場中，貨幣和證券在不同的軌道上移動，這使切換變得複雜。在區塊鏈上，它們在同一導軌上，實際，無信用的開關發生在幾秒鐘內。

The opportunity to

機會