HTX Ventures：RWAFi 和稳定币支付将主导不断发展的 DeFi 格局

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

HTX Ventures 的报告强调了 RWAFi 和稳定币支付在不断发展的 DeFi 领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.

该报告强调了传统金融和 DeFi 的日益融合，为 RWAFi 和稳定币支付提供了成为这一融合格局中关键桥梁的机会。

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.

领先的加密货币交易所 HTX 发布了一份题为“加密货币合规性的 DeFi 新时代以及 RWA-Fi 和稳定币支付的新机遇”的综合报告。本报告分析了 2025 年加密货币交易环境的变化，重点关注 RWAFi 和稳定币支付面临的重大机遇和挑战。

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.

随着加密货币监管政策的逐步放松，机构投资者参与加密货币生态系统的条件更加有利。这种转变使得稳定币和 RWA（真实世界资产）成为连接传统金融和去中心化金融世界的重要桥梁。

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.

数据显示，稳定币在区块链交易中的使用量显着激增，从 2020 年的 3% 上升到 2024 年底的 50% 以上。稳定币的核心价值主张在于其能够促进无缝跨境支付，使其成为在国际贸易中具有重要的战略意义。

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.”

该报告强调了稳定币的巨大潜力，指出：“目前，通过传统渠道处理的全球跨境B2B支付市场价值约为40万亿美元，而消费者汇款市场每年产生数千亿美元收入。稳定币为通过加密渠道进行高效跨境支付提供了一种新的选择。随着采用的势头增强，稳定币必将渗透并颠覆这一细分市场，成为全球支付领域的关键参与者。”

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，美国众议院金融服务委员会正在积极准备推出稳定币法案，该法案有可能成为国会通过的第一个全面的加密立法。这项立法可能会推动传统银行、企业和个人广泛采用加密钱包、稳定币和基于区块链的支付渠道。值得注意的是，PayPal、Stripe等几大传统金融巨头已经在稳定币领域展开积极探索。

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 市场在最近的熊市周期中出现了正增长，主要得益于其稳定的回报。与加密货币不同，RWA 的价值在很大程度上不受加密市场固有波动性的影响，这是构建强大的 DeFi 生态系统的关键特征。像币安这样的行业领导者预计，到 2030 年，RWA 市场可能会扩大到 16 万亿美元。这一巨大的市场潜力促使 BlackRock 和 Tether 等公司探索代币化资产，导致出现了用于 RWA 代币发行的合规工具，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.

随着稳定币和 RWAFi 成为不断发展的 DeFi 格局的基石，项目团队的任务是开发适合新环境和需求的创新产品。虽然挑战是不可避免的，但这些变革性的转变也释放了众多机遇。

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

在实现产生收益的稳定币的愿景方面，该报告确定了两个主要的市场趋势：

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.

将 DeFi 应用程序与 RWA 无缝集成给项目团队带来了另一个严峻的挑战。一方面，RWA 固有的稳定性可以有效降低 DeFi 应用中的风险。抵押债务头寸 (CDP) 稳定币，例如 Curve 的 crvUSD，越来越多地将 RWA 作为抵押品，以增强其稳定性。另一方面，DeFi的灵活性可以显着提高代币化RWA的利用率。 Pendle 新推出的 RWA 部分目前锁定总价值 (TVL) 为 1.5 亿美元，这就是这种协同效应的例证。利用 DeFi 乐高的可组合性，Pendle 的多样化收益资产可以提供极具吸引力的年收益率（APY），激励用户投资 RWA 稳定币。

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.

新兴的 DeFi 项目在利基领域仍具有巨大的未开发潜力，例如解决 RWA 领域内私人信贷市场的违约情况，以及有效利用 RWA 公链为机构金融赋能。展望未来，报告认为，链上外汇、跨境支付栈、多池稳定币聚合平台是“新DeFi”时代最有前景的发展方向。