吉尔吉斯斯坦（Kyrgyzstan

该国正在推进其数字资产法规，测试法律框架并启动许可平台

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.

吉尔吉斯斯坦（Kyrgyzstan）继续通过引入A7A5（一种旨在在加密货币生态系统内提高稳定性和实用性的稳定性）来巩固其作为区域加密枢纽的地位。

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.

令牌是由吉尔吉斯公司Old Vector发行的，完全符合当地的监管要求，并在吉尔吉斯政府的支持下。

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.

作为吉尔吉斯共和国总统制定的战略课程的一部分，该国采用了一套全面的法律，对加密货币市场进行了规范。吉尔吉斯斯坦第一次提出了有关数字资产的完整立法，涵盖了该行业的所有主要方面 - 从交易所到代币发行人。这创造了一种新的机构基础设施，该基础设施以前不存在。

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.

在独特的创新中，在官方州监督下注册令牌发行的机制。监管机构确保令牌排放符合法律标准，得到菲亚特储备的支持，进行定期审计，并履行对代币持有人的所有义务。从本质上讲，吉尔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.

在监管机构的监督下，首次发布了A7A5（MINT）的第一次发布（MINT）是完全按照新的国家立法进行的，并针对有执照和注册的经纪人。 A7A5现在可以在受监管的MEER Exchange上进行交易，预计将来将在分散平台上列出。它的菲亚特储备将牢固存储在银行帐户中，并由独立公司进行审核。 A7A5的主要优势之一是每年最多可获得20％的机会，由后备支持的支持和其他基于DEFI的收入策略组合提供支持。

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

数字资产市场越来越多地将传统财务与分散技术融合。 Stablecoins已使用户能够：

• Transfer value quickly and cost-effectively across borders;

•跨境快速和成本效益的转移价值；

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

•分散融资中访问产生产生的方案（DEFI）；和

•8Retain purchasing power in a turbulent macroeconomic environment.

•在动荡的宏观经济环境中8逆购买力。

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

然而，尽管整个市场的增长，但没有固定在美元的早期阶段。

Currency diversity: Still limited

货币多样性：仍然有限

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

尽管该细分市场已经显着增长，但非美元稳定的stablecoins显示出有限的活动：

• 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以外的其他稳定币在集中式交易所进行了积极交易，从而限制了多币种策略的范围。

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

•与美元固定令牌（尤其是在主要交易所之外）相比，非美元的稳定剂的数量和流动性通常较低。

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.

缺乏多样性限制了构成传统全球金融市场骨干的高级货币策略（例如FX和Carry Trade）的发展，每天的营业额超过7万亿美元。

What’s preventing carry trade in crypto?

是什么阻止了加密货币的贸易？

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

在数字资产领域实施经典的携带贸易策略，仍然缺少几个关键组成部分：

1. Non-dollar DeFi lending markets

1。非美元贷款市场

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.

传统财务中最常见的策略之一是以一种货币的利率低利率借入，并投资于另一种货币的资产。但是，DeFi目前缺乏在大多数非美元货币中借用的基础设施，因此使此类策略变得不切实际。例如，交易者可以以0％的利息借入AAVE，并以10％的价格投资原子收益汇总，或以0％的价格借入Benqi的美元，并以5％的价格投资于Avax流动性池。这种情况在技术上是可行的，但尚未足够开发用于大规模使用。

2. Emerging market assets and yield aggregators

2。新兴市场资产和收益汇总器

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.

尽管有可能在DEFI内借入美元，但仍然没有强大的基础设施来投资于新兴市场产生产生的资产或使用衍生品管理货币风险。例如，交易者可以以0％的利息借入Atonic的美元，并投资于Sumer.io上的A7A5（吉尔吉斯斯坦Somoni）收益汇总器，或以0％的利息在Benqi上借入美元并投资于Orca上的A7A5流动性池。

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，这是朝着扩大加密投资者可用工具范围的有意义的一步。它启用：

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

•在Defi生态系统中创建新的可行的投资策略。

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

•将新兴市场货币集成到加密货币领域，扩大了交易者和投资者的可能性。

• Greater stability and utility within the cryptocurrency ecosystem.

•加密货币生态系统内的更大稳定性和效用。

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专为想要使用下一代数字金融工具的前瞻性投资者而设计，以寻求增强的回报，尤其是考虑到传统金融市场的局限性。

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上的上市提供了与新兴经济体相关的新数字资产的流动性，透明度和机构级别的访问权限。