吉爾吉斯斯坦（Kyrgyzstan

該國正在推進其數字資產法規，測試法律框架並啟動許可平台

Kyrgyzstan is continuing to solidify its position as a regional crypto hub with the introduction of A7A5, a stablecoin that aims to bring increased stability and utility within the cryptocurrency ecosystem.

吉爾吉斯斯坦（Kyrgyzstan）繼續通過引入A7A5（一種旨在在加密貨幣生態系統內提高穩定性和實用性的穩定性）來鞏固其作為區域加密樞紐的地位。

The token was issued by the Kyrgyz company Old Vector, in full compliance with local regulatory requirements and with the support of the Kyrgyz government.

令牌是由吉爾吉斯公司Old Vector發行的，完全符合當地的監管要求，並在吉爾吉斯政府的支持下。

As part of a strategic course set by the president of the Kyrgyz Republic, the country has adopted a comprehensive package of laws regulating the cryptocurrency market. For the first time, Kyrgyzstan has introduced full legislation on digital assets, covering all major aspects of the industry — from exchanges to token issuers. This has created a new institutional infrastructure that did not previously exist in the market.

作為吉爾吉斯共和國總統制定的戰略課程的一部分，該國採用了一套全面的法律，對加密貨幣市場進行了規範。吉爾吉斯斯坦第一次提出了有關數字資產的完整立法，涵蓋了該行業的所有主要方面 - 從交易所到代幣發行人。這創造了一種新的機構基礎設施，該基礎設施以前不存在。

Among the unique innovations is the mechanism for registering token issuances under official state supervision. Regulators ensure that token emissions comply with legal standards, are backed by fiat reserves, undergo regular audits, and meet all obligations to token holders. In essence, Kyrgyzstan provides one of the most transparent and secure tokenization models in the world.

在獨特的創新中，在官方州監督下註冊令牌發行的機制。監管機構確保令牌排放符合法律標準，得到菲亞特儲備的支持，進行定期審計，並履行對代幣持有人的所有義務。從本質上講，吉爾吉斯斯坦提供了世界上最透明，最安全的令牌化模型之一。

The first issuance of A7A5 (mint) was carried out in full accordance with the new national legislation — under the supervision of regulatory authorities and directed to a licensed and registered broker. A7A5 is now available for trading on the regulated Meer Exchange and is expected to be listed on decentralized platforms in the future. Its fiat reserves are securely stored in bank accounts and audited quarterly by independent firms. One of the key advantages of A7A5 is the opportunity to earn up to 20% annually, powered by a combination of reserve-backed support and additional DeFi-based income strategies.

在監管機構的監督下，首次發布了A7A5（MINT）的第一次發布（MINT）是完全按照新的國家立法進行的，並針對有執照和註冊的經紀人。 A7A5現在可以在受監管的MEER Exchange上進行交易，預計將來將在分散平台上列出。它的菲亞特儲備將牢固存儲在銀行帳戶中，並由獨立公司進行審核。 A7A5的主要優勢之一是每年最多可獲得20％的機會，由後備支持的支持和其他基於DEFI的收入策略組合提供支持。

The digital asset market is increasingly blending traditional finance with decentralized technology. Stablecoins have enabled users to:

數字資產市場越來越多地將傳統財務與分散技術融合。 Stablecoins已使用戶能夠：

• Transfer value quickly and cost-effectively across borders;

•跨境快速和成本效益的轉移價值；

• Access yield-generating protocols in decentralized finance (DeFi); and

•分散融資中訪問產生產生的方案（DEFI）；和

•8Retain purchasing power in a turbulent macroeconomic environment.

•在動蕩的宏觀經濟環境中8逆購買力。

However, despite the growth of the overall market, stablecoins not pegged to the U.S. dollar are still in their early stages.

然而，儘管整個市場的增長，但沒有固定在美元的早期階段。

Currency diversity: Still limited

貨幣多樣性：仍然有限

Although the segment has grown significantly, non-dollar stablecoins show limited activity:

儘管該細分市場已經顯著增長，但非美元穩定的stablecoins顯示出有限的活動：

• Only a few stablecoins other than USDC and USDT are actively traded on centralized exchanges, limiting the scope for multi-currency strategies.

•除USDC和USDT以外的其他穩定幣在集中式交易所進行了積極交易，從而限制了多幣種策略的範圍。

• The volume and liquidity of non-dollar stablecoins are generally lower compared to dollar-pegged tokens, especially outside major exchanges.

•與美元固定令牌（尤其是在主要交易所之外）相比，非美元的穩定劑的數量和流動性通常較低。

This lack of diversity limits the development of advanced currency strategies such as FX and carry trade, which form the backbone of traditional global financial markets — with a daily turnover exceeding $7 trillion.

缺乏多樣性限制了構成傳統全球金融市場骨幹的高級貨幣策略（例如FX和Carry Trade）的發展，每天的營業額超過7萬億美元。

What’s preventing carry trade in crypto?

是什麼阻止了加密貨幣的貿易？

To implement classic carry trade strategies in the digital asset space, several key components are still missing:

在數字資產領域實施經典的攜帶貿易策略，仍然缺少幾個關鍵組成部分：

1. Non-dollar DeFi lending markets

1。非美元貸款市場

One of the most common strategies in traditional finance is to borrow at a low interest rate in one currency and invest in assets with higher yields in another. However, DeFi currently lacks the infrastructure to borrow in most non-dollar currencies, rendering such strategies impractical. For instance, a trader could borrow U.S. dollars at 0% interest on Aave and invest in an ATOM yield aggregator at 10%, or borrow U.S. dollars at 0% on Benqi and invest in an AVAX liquidity pool at 5%. Such scenarios are technically feasible but not yet sufficiently developed for large-scale use.

傳統財務中最常見的策略之一是以一種貨幣的利率低利率借入，並投資於另一種貨幣的資產。但是，DeFi目前缺乏在大多數非美元貨幣中藉用的基礎設施，因此使此類策略變得不切實際。例如，交易者可以以0％的利息借入AAVE，並以10％的價格投資原子收益匯總，或以0％的價格借入Benqi的美元，並以5％的價格投資於Avax流動性池。這種情況在技術上是可行的，但尚未足夠開髮用於大規模使用。

2. Emerging market assets and yield aggregators

2。新興市場資產和收益匯總器

While borrowing in U.S. dollars within DeFi is possible, there is still no robust infrastructure to invest in yield-generating assets from emerging markets or to manage currency risk using derivatives. For instance, a trader could borrow U.S. dollars at 0% interest on Atonic and invest in an A7A5 (Kyrgyzstan somoni) yield aggregator on Sumer.io, or borrow U.S. dollars at 0% interest on Benqi and invest in an A7A5 liquidity pool on Orca.

儘管有可能在DEFI內借入美元，但仍然沒有強大的基礎設施來投資於新興市場產生產生的資產或使用衍生品管理貨幣風險。例如，交易者可以以0％的利息借入Atonic的美元，並投資於Sumer.io上的A7A5（吉爾吉斯斯坦Somoni）收益匯總器，或以0％的利息在Benqi上借入美元並投資於Orca上的A7A5流動性池。

The launch of A7A5, with listings on both centralized and decentralized exchanges, represents a meaningful step toward broadening the range of tools available to crypto investors. It enables:

A7A5的推出，在集中和分散的交易所上都有上市，這是朝著擴大加密投資者可用工具範圍的有意義的一步。它啟用：

• The creation of new, viable investment strategies in the DeFi ecosystem.

•在Defi生態系統中創建新的可行的投資策略。

• The integration of emerging market currencies into the cryptocurrency space, expanding the possibilities for traders and investors.

•將新興市場貨幣集成到加密貨幣領域，擴大了交易者和投資者的可能性。

• Greater stability and utility within the cryptocurrency ecosystem.

•加密貨幣生態系統內的更大穩定性和效用。

A7A5 is designed for forward-thinking investors who want to use next-generation digital finance tools to seek enhanced returns, especially given the limitations of traditional financial markets.

A7A5專為想要使用下一代數字金融工具的前瞻性投資者而設計，以尋求增強的回報，尤其是考慮到傳統金融市場的局限性。

The listing on Meer Exchange provides liquidity, transparency, and institutional-grade access to a new class of digital assets connected to emerging economies.

Meer Exchange上的上市提供了與新興經濟體相關的新數字資產的流動性，透明度和機構級別的訪問權限。