HTX Ventures：RWAFi 和穩定幣支付將主導不斷發展的 DeFi 格局

HTX Ventures report highlights the rising prominence of RWAFi and stablecoin payments in the evolving DeFi landscape.

HTX Ventures 的報告強調了 RWAFi 和穩定幣支付在不斷發展的 DeFi 領域中日益突出的地位。

The report emphasizes the growing integration of traditional finance and DeFi, presenting opportunities for RWAFi and stablecoin payments to become key bridges in this merging landscape.

該報告強調了傳統金融和 DeFi 的日益融合，為 RWAFi 和穩定幣支付提供了成為這一融合格局中關鍵橋樑的機會。

HTX, a leading crypto exchange, has released a comprehensive report titled “A New Era for DeFi with Crypto Compliance and New Opportunities in RWA-Fi and Stablecoin Payments.” This report analyzes the shifting environment of crypto trading in 2025, focusing on the significant opportunities and challenges faced by RWAFi and stablecoin payments.

領先的加密貨幣交易所 HTX 發布了一份題為「加密貨幣合規性的 DeFi 新時代以及 RWA-Fi 和穩定幣支付的新機會」的綜合報告。本報告分析了 2025 年加密貨幣交易環境的變化，重點關注 RWAFi 和穩定幣支付面臨的重大機會和挑戰。

As crypto regulatory policies gradually ease, institutional investors are presented with more favorable conditions to participate in the crypto ecosystem. This shift has seen stablecoins and RWAs (Real-World Assets) emerge as crucial bridges connecting the traditional finance and decentralized finance worlds.

隨著加密貨幣監管政策的逐步放鬆，機構投資者參與加密貨幣生態系統的條件更加有利。這種轉變使得穩定幣和 RWA（真實世界資產）成為連結傳統金融和去中心化金融世界的重要橋樑。

Data shows a remarkable surge in stablecoins usage in blockchain transactions, which has risen from 3% in 2020 to over 50% by the end of 2024. The core value proposition of stablecoins lies in their ability to facilitate seamless cross-border payments, making them strategically important in international trade.

數據顯示，穩定幣在區塊鏈交易中的使用量顯著激增，從2020 年的3% 上升到2024 年底的50% 以上。其成為在國際貿易中具有重要的戰略意義。

The report underscores the immense potential of stablecoins, stating, “At present, the global cross-border B2B payments market processed through traditional channels is valued at approximately $40 trillion, while the consumer remittance market generates hundreds of billions of dollars in annual revenue. Stablecoins offer a new alternative for efficient cross-border payments via crypto channels. As the adoption gains momentum, stablecoins are set to penetrate and disrupt this market segment, becoming a key player in the global payments landscape.”

該報告強調了穩定幣的巨大潛力，指出：「目前，透過傳統管道處理的全球跨境B2B支付市場價值約為40兆美元，而消費者匯款市場每年產生數千億美元收入。穩定幣為透過加密管道進行高效跨境支付提供了一種新的選擇。隨著採用的勢頭增強，穩定幣必將滲透並顛覆這一細分市場，成為全球支付領域的關鍵參與者。

Furthermore, the U.S. House Financial Services Committee is actively preparing to introduce a stablecoin bill, which has the potential to be the first comprehensive crypto legislation passed by Congress. This legislation could drive widespread adoption of crypto wallets, stablecoins, and blockchain-based payment channels among traditional banks, enterprises, and individuals. Notably, several prominent traditional financial giants, including PayPal and Stripe, have already initiated active exploration within the stablecoin sector.

此外，美國眾議院金融服務委員會正在積極準備推出穩定幣法案，該法案有可能成為國會通過的第一個全面的加密立法。這項立法可能會推動傳統銀行、企業和個人廣泛採用加密錢包、穩定幣和基於區塊鏈的支付管道。值得注意的是，PayPal、Stripe等幾大傳統金融巨頭已經在穩定幣領域展開積極探索。

The RWA market saw positive growth during the recent bear market cycle, primarily driven by its stable returns. Unlike cryptocurrencies, the value of RWAs remains largely unaffected by the inherent volatility of the crypto market, a crucial characteristic for building a robust DeFi ecosystem. Industry leaders like Binance project that the RWA market could expand to $16 trillion by 2030. This immense market potential has driven companies like BlackRock and Tether to explore tokenized assets, leading to the emergence of compliance tools for RWA token issuance, such as Securitize.

RWA 市場在最近的熊市週期中出現了正增長，主要得益於其穩定的回報。與加密貨幣不同，RWA 的價值在很大程度上不受加密市場固有波動性的影響，這是建立強大的 DeFi 生態系統的關鍵特徵。像幣安這樣的產業領導者預計，到2030 年，RWA 市場可能會擴大到16 兆美元。幣發行的合規工具，例如Securitize。

As stablecoins and RWAFi emerge as the cornerstones of the evolving DeFi landscape, project teams are tasked with developing innovative products tailored to the new environment and demands. While challenges are inevitable, these transformative shifts also unlock numerous opportunities.

隨著穩定幣和 RWAFi 成為不斷發展的 DeFi 格局的基石，專案團隊的任務是開發適合新環境和需求的創新產品。雖然挑戰是不可避免的，但這些變革性的轉變也釋放了許多機會。

In terms of realizing the vision of yield-generating stablecoins, the report identifies two prevailing market trends:

在實現產生收益的穩定幣的願景方面，該報告確定了兩個主要的市場趨勢：

Seamlessly integrating DeFi applications with RWAs presents another critical challenge for project teams. On one hand, the inherent stability of RWAs can effectively mitigate risk in DeFi applications. Collateralized Debt Position (CDP) stablecoins, such as Curve’s crvUSD, are increasingly incorporating RWAs as collateral to enhance their stability. On the other hand, the flexibility of DeFi can significantly boost the utilization rate of tokenized RWAs. Pendle’s newly introduced RWA section, boasting a current total value locked (TVL) of $150 million, exemplifies this synergy. Leveraging the composability of DeFi Lego, Pendle’s diverse yield-generating assets can offer highly attractive annual percentage yields (APYs), incentivizing users to invest in RWA stablecoins.

將 DeFi 應用程式與 RWA 無縫整合為專案團隊帶來了另一個嚴峻的挑戰。一方面，RWA 固有的穩定性可以有效降低 DeFi 應用的風險。抵押債務部位 (CDP) 穩定幣，例如 Curve 的 crvUSD，越來越多地將 RWA 作為抵押品，以增強其穩定性。另一方面，DeFi的靈活性可以顯著提高代幣化RWA的利用率。 Pendle 新推出的 RWA 部分目前鎖定總價值 (TVL) 為 1.5 億美元，這就是這種協同效應的例證。利用 DeFi 樂高的可組合性，Pendle 的多樣化收益資產可以提供極具吸引力的年收益率（APY），激勵用戶投資 RWA 穩定幣。

Emerging DeFi projects still possess significant untapped potential within niche sectors, such as addressing defaults scenarios within the private credit market within RWA domain and effectively leveraging RWA public chains to empower institutional finance. Looking ahead, the report suggests that on-chain forex, cross-border payment stacks, and multi-pool stablecoin aggregation platforms are among the promising development directions in the “New DeFi” era.

新興的 DeFi 專案在利基領域仍具有巨大的未開發潛力，例如解決 RWA 領域內私人信貸市場的違約情況，以及有效利用 RWA 公鍊為機構金融賦能。展望未來，報告認為，鏈上外匯、跨境支付棧、多池穩定幣聚合平台是「新DeFi」時代最有前景的發展方向。