火币成长学院

Since the beginning of 2025, geopolitical conflicts have intensified, inflationary pressures remain, and major economies are experiencing sluggish growth, leading to a renewed demand for safe-haven assets. Gold, as a traditional "safe asset," has once again become the focus, with prices hitting new highs, surpassing the $3,000 per ounce mark, becoming a haven for global capital.

U.S. President Donald Trump recently signed an executive order to officially implement the "reciprocal tariff" policy, imposing a minimum baseline tariff of 10% on all trading partners, with additional higher tariffs on over 60 countries/regions. This policy has triggered significant fluctuations in global markets, causing turmoil in Wall Street stock markets and pushing gold prices to historic highs. Meanwhile, the cryptocurrency market was also affected, with Bitcoin prices experiencing significant volatility.

Stablecoins, as an important component of the cryptocurrency market, are reshaping the global payment industry. With advantages such as price stability, decentralized characteristics, low-cost cross-border payment capabilities, and automated execution of smart contracts, they are gradually becoming a bridge between the traditional financial system and the blockchain world. This report will provide an in-depth analysis of the current development status of stablecoins, their technical architecture, compliance challenges, impact on payment systems, and future trends.

The Federal Reserve decided to maintain the target range for the federal funds rate at 4.25%-4.50% in its latest policy meeting. This decision aligns with market expectations, but its policy wording, economic forecasts, and guidance on future interest rate paths have had a profound impact on the market. This meeting not only revealed the Federal Reserve's latest assessment of the current economic environment but also influenced market expectations regarding future liquidity conditions, directly affecting global assets, including cryptocurrencies.

The Prague upgrade is another important technological iteration of Ethereum, following the Cancun upgrade in March 2024. It continues to optimize network performance, reduce transaction costs, and enhance the programmability of smart contracts. Compared to previous upgrades, the Prague upgrade not only involves adjustments to the underlying protocol but also includes a series of far-reaching EIPs (Ethereum Improvement Proposals).

As the global financial system evolves, crypto assets will become an increasingly important asset class, and investors who can accurately grasp the trends will reap the greatest benefits in this transformation.

The emergence of the RWA track is breaking the limitations of DeFi, combining real-world financial assets with blockchain technology, which not only enhances the stability of on-chain financial products but also brings significant liquidity increments to the entire market. This track is becoming a key bridge for institutional investors and mainstream financial institutions to enter the crypto industry, and it may even drive the entire blockchain industry into a new growth cycle, potentially becoming the main growth driver for the crypto industry in 2025.

In the Web3 era, TEE (Trusted Execution Environment) is becoming a key cornerstone for data security and privacy computing. From MEV protection to AI computing, and from decentralized finance to DePIN ecosystems, TEE is building a more secure and efficient encrypted world.