Industry Reports

Tether 委託 KPMG 進行 1,850 億美元 USDT 的全面性財務審計，並聘請 PwC 優化內部系統，提升財務透明度。此舉在 Tether 進軍美國市場前，回應外界對其儲備金的質疑。過去兩年，Tether 面對法律挑戰揭露其儲備結構，市場對其流動性常存疑，但近期已調整資產配置以降低風險。

Tether has hired KPMG for a comprehensive audit of its $184 billion USDT stablecoin, along with PwC to prepare for the process. This comes amid plans to register USDT under the GENIUS Act, addressing transparency concerns over its reserves.

研究显示，Columbia法学院与海法大学的研究人员分析Polymarket平台的交易数据，发现超过21万笔可疑交易带来1.43亿美元利润，这些交易被定义为“知情”交易。研究采用五项标准筛选出大额押注账户，主要集中在2024年美国大选、联储决议及体育赛事。研究方法受到质疑，作者承认可能存在偏差。同时，Polymarket已禁止利用窃取信息进行交易，但身份信息收集不明确。

Thị trường dự đoán các sự kiện tương lai đã lần đầu tiên vượt mốc 20 tỷ USD khối lượng giao dịch mỗi tháng, trong bối cảnh hoạt động tăng vọt nhờ các yếu tố địa chính trị và chính trị Mỹ. Theo báo cáo từ công ty

Tether has hired KPMG for its first full audit of USDT, the largest stablecoin, marking a significant step towards financial transparency and addressing prior investor concerns. The audit aims to thoroughly review Tether’s financial practices and asset valuations.

联合国开发计划署正利用区块链技术改善公共数字基础设施，提升透明度与数据共享，报告展示了多国的应用案例，并强调治理与风险控制的重要性。区块链在公共治理中的应用正成为数字化转型的关键技术。

Ripple is overhauling how it secures the XRP Ledger, and AI is at the center of the effort. Its engineering team outlined a new AI-driven security strategy for the XRP Ledger in a detailed post earlier this week, one that integrates machine learning tools across the protocol's entire development li

a16z 研究團隊提出了「強鏈質量」（SCQ）概念，將鏈質量（CQ）從跨時間平均延伸至每個區塊內部的精細空間分配，確保持有特定比例質押的節點能在每個區塊中獲得相同比例的區塊空間。此設計提升了區塊鏈的公平性及抗審查性，並開啟了交易排序機制的研究空間。

Digital asset ETPs saw a peak of over $250B, ending 2025 with $184B AUM, mainly driven by Bitcoin products. The market is evolving, with over 125 new filings indicating a trend toward diversified asset offerings.

The market cap of tokenized assets reached $24.6B in January, led by tokenized treasuries and commodities. Treasuries made up 39% of this, while commodities surged due to rising gold prices. Stablecoins contributed to liquidity, with a market cap of $308B.

A recent ECB-funded working paper faces criticism for its approach to measuring decentralization in crypto. It suggests DeFi protocols are more centralized than expected, but experts highlight the report's subjective data interpretation and lack of objective standards, raising concerns about its conclusions and data reliability. This debate emphasizes the ongoing struggle to define and measure decentralization in digital assets.

比特币矿业正在经历结构性转型，预计到2025年底，矿企平均挖矿成本将达8万美元，而比特币价格仅约7万美元。矿企纷纷转向人工智能与高性能计算领域，相关合同总额超过700亿美元。这一转型资金主要来源于加杠杆融资和抛售比特币储备。虽然矿企估值分化明显，但比特币价格能否反弹至10万美元将影响矿业未来发展。

> 原文标题：Beyond a core blockchain property:「Strong Chain Quality」 > 原文作者：ittaia、PGarimidi、jneu_net，a16z > 原文编译：AididiaoJP，Foresight News 链质量（Chain Quality,

洲际交易所向Polymarket追加6亿美元投资，总额达16.4亿美元。特朗普强调比特币的重要性，易理华表示加密市场四年表现不佳。美国计划公布稳定币收益条款草案，Ripple CEO称《CLARITY法案》或推迟至5月。加州禁止公职人员利用内幕信息交易。加密行业进入“衬衫时代”，区块链与AI融合推动发展。Lido提议回购LDO代币，Ripple与Stellar创始人共投入10亿美元研发AGI。

Ripple CEO Brad Garlinghouse 表示，公司预计一季度业绩将创纪录，主要因并购驱动。他透露已投入约 40 亿美元于加密生态，并呼吁加速美国数字资产立法进程，避免过度政治化影响行业发展。

a16z crypto 合伙人Guy Wuollet表示，加密行业正进入「有领衬衫」时代，逐步成熟并朝向主流。传统金融机构通过ETF提供比特币，区块链与AI结合将推动代理商业的发展，首个代理支付将在线上实现。

Stablecoins are undergoing an evolution into a foundational financial infrastructure. North America leads in development, focusing on regulated, compliant options. The market shows a shift with RLUSD gaining traction due to integration with Ripple, emphasizing real demand over exchange liquidity.

ICE's increased investment in Polymarket signals strong institutional confidence in prediction markets, despite regulatory scrutiny. The $600 million funding adds to ICE's previous commitments, indicating a belief in the sector’s long-term potential amidst rising market activity and the need for oversight.

在幣安上線後，大多數代幣面臨嚴重虧損，平均回檔幅度達71%至80%。上線已不再被視為投資機會，而是內部人士的拋售事件。主要原因包括內部流動事件、高估值、資金流向疲軟以及市場飽和，只有具備真實產品和社群的項目才能在未來生存。

加密貨幣正面臨形象危機，特別是迷因幣的盛行影響了大眾對真正有價值項目的信任。Curve Finance 創辦人 Michael Egorov 批評迷因幣的熱潮誤導了公眾，並讓正規項目背負負面評價。同時，加密領域的「身份認同危機」也讓多位意見領袖開始反思如何重建信任。