區塊鏈上代幣化的美國公債突破 10 億美元里程碑

作為加密貨幣市場的一個重要里程碑，各種公共區塊鏈上代幣化的美國國庫券的價值已超過 10 億美元。代幣化的激增凸顯了傳統金融機構越來越多地採用區塊鏈技術。投資公司富蘭克林鄧普頓（Franklin Templeton）帶頭透過其富蘭克林鏈上美國政府貨幣基金（Franklin OnChain U.S. Government Money Fund）將 3.601 億美元的資產代幣化。此外，PayPal 的 PYUSD 穩定幣流通量下降，而 SushiSwap 計劃實施“實驗室模式”，美國證券交易委員會推遲了紐約證券交易所比特幣 ETF 期權的批准。

Tokenized Treasury Notes Surpass $1 Billion Milestone on Public Blockchains

公共區塊鏈上的代幣化國庫券突破 10 億美元里程碑

The tokenization of U.S. Treasury notes, a significant development in the cryptocurrency market, has reached a notable milestone, with a total value exceeding $1 billion across numerous public blockchains. This trend reflects the growing adoption of blockchain technology by traditional financial institutions.

美國國債的代幣化是加密貨幣市場的重大發展，已經達到了一個顯著的里程碑，眾多公共區塊鏈的總價值超過 10 億美元。這一趨勢反映出傳統金融機構越來越多地採用區塊鏈技術。

Data compiled by 21.co and Dune Analytics indicates that tokenized government securities are now distributed across a diverse range of 17 products, primarily based on the Ethereum, Polygon, and Stellar networks.

21.co 和 Dune Analytics 彙編的數據表明，代幣化政府證券現在分佈在 17 種不同的產品中，主要基於以太坊、Polygon 和 Stellar 網路。

Franklin Templeton Leads the Charge

富蘭克林鄧普頓引領潮流

Investment firm Franklin Templeton has assumed a leading role in this arena, having tokenized over $360.1 million in assets through its Franklin OnChain U.S. Government Money Fund, leveraging both the Polygon and Stellar blockchains.

投資公司富蘭克林鄧普頓在這一領域發揮了主導作用，利用 Polygon 和 Stellar 區塊鏈，透過其 Franklin OnChain 美國政府貨幣基金對超過 3.601 億美元的資產進行了代幣化。

Paul Wong, Director of Product, CBDCs, and Institutions at the Stellar Foundation, attributes the surge in tokenized treasuries to an increasing awareness among asset issuers of the business potential inherent in blockchain technology.

Stellar 基金會產品、CBDC 和機構總監 Paul Wong 將代幣化國庫券的激增歸因於資產發行者對區塊鏈技術固有的商業潛力的認識不斷增強。

"Blockchain is here to stay and is the future," Wong asserts. "We anticipate exponential growth in tokenization over the next few years."

「區塊鏈將繼續存在，並且是未來，」Wong 斷言。 “我們預計未來幾年代幣化將呈指數級增長。”

Stellar Blockchain Emerges as Tokenization Hub

恆星區塊鏈成為代幣化中心

Stellar's blockchain has established itself as a prominent player in the tokenization space. Tokenized securities constitute the most significant asset class on the network, with a total tokenized market cap exceeding $430 million as of late March.

Stellar 的區塊鏈已成為代幣化領域的重要參與者。代幣化證券構成了網路上最重要的資產類別，截至 3 月底，代幣化總市值超過 4.3 億美元。

PayPal Stablecoin Faces Circulation Decline

PayPal 穩定幣面臨流通量下降

In a contrasting development, PYUSD, PayPal's stablecoin, experienced a sharp 38% decline in circulation during March, reaching a level of $188.5 million. This reversal follows the stablecoin's initial surge in early 2024, which witnessed its market value doubling within a month by mid-January.

與此形成鮮明對比的是，PayPal 的穩定幣 PYUSD 3 月的流通量急劇下降 38%，達到 1.885 億美元的水準。這一逆轉是在該穩定幣於 2024 年初首次飆升之後出現的，截至 1 月中旬，其市值在一個月內翻了一番。

According to CoinGecko data, PYUSD's market capitalization has been on a downward trajectory since late February despite the early gains. It reached an all-time high of $312 million on February 26. As of March 29, the PYUSD Treasury held $14.9 million in U.S. Treasury bonds.

根據 CoinGecko 數據，儘管早期有所上漲，但自 2 月下旬以來，PYUSD 的市值一直處於下降軌道。 2月26日達到3.12億美元的歷史新高。

SushiSwap Embraces "Labs Model"

SushiSwap擁抱“實驗室模式”

Decentralized exchange SushiSwap has received positive feedback from its community to transition to a less decentralized "Labs model." In a preliminary vote, over 62% of voters approved this shift, which will result in the creation of Sushi Labs, an autonomous entity responsible for overseeing the ecosystem's administrative, technical, and operational aspects.

去中心化交易所 SushiSwap 已收到社區的正面回饋，希望過渡到去中心化程度較低的「實驗室模式」。在初步投票中，超過 62% 的選民批准了這一轉變，這將導致 Sushi Labs 的創建，這是一個負責監督生態系統的管理、技術和運營方面的自治實體。

Under the proposed structure, token holders would retain influence over treasury allocations but would no longer participate in the decision-making process for operations. The new entity would also receive 25 million SushiSwap (SUSHI) tokens, currently valued at approximately $39 million, as well as future airdrops from affiliated protocols and partners.

根據擬議的結構，代幣持有者將保留對財務分配的影響力，但將不再參與營運決策過程。新實體還將獲得 2,500 萬個 SushiSwap (SUSHI) 代幣（目前價值約 3,900 萬美元），以及來自附屬協議和合作夥伴的未來空投。

Some members of the Sushi community have expressed concerns that this move signifies a departure from the project's decentralized principles.

Sushi 社群的一些成員表示擔心，此舉意味著背離該計畫的去中心化原則。

SEC Delays Bitcoin ETF Options Approval

美國證券交易委員會 (SEC) 推遲批准比特幣 ETF 選擇權

In a regulatory development, the Securities and Exchange Commission (SEC) has deferred a decision on whether to allow the NYSE to offer options for trading with ETFs that track Bitcoin. This decision impacts trading on the New York Stock Exchange for the Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, and other Bitcoin trusts.

在監管進展中，美國證券交易委員會 (SEC) 推遲了是否允許紐約證券交易所提供追蹤比特幣 ETF 交易選項的決定。這項決定影響了紐約證券交易所 Bitwise 比特幣 ETF、灰階比特幣信託和其他比特幣信託的交易。

The SEC has also rejected Nasdaq's application to trade options on BlackRock's iShares Bitcoin Trust. May 29 is the next deadline for decisions regarding the NYSE's plan.

美國證券交易委員會也拒絕了納斯達克在貝萊德 iShares 比特幣信託上交易選擇權的申請。 5 月 29 日是紐約證券交易所計劃做出決定的下一個截止日期。

Conclusion

結論

This week's Crypto Biz highlights the dynamic shifts and evolving landscape of the blockchain and cryptocurrency ecosystems. The SEC's delay in approving Bitcoin ETF options, SushiSwap's move to a "Labs model," and the rise in tokenization of traditional assets all demonstrate the industry's ongoing maturation.

本週的《加密貨幣商業》重點介紹了區塊鏈和加密貨幣生態系統的動態變化和不斷發展的格局。美國證券交易委員會推遲批准比特幣 ETF 選擇權、SushiSwap 轉向「實驗室模式」以及傳統資產代幣化的興起都表明該行業正在成熟。

Concurrently, the fluctuating fortunes of PayPal's stablecoin underscore the ongoing integration of blockchain technology

同時，PayPal穩定幣的波動性凸顯了區塊鏈技術的持續整合