圈子和哈诺特：融合金钱和证券

您现在正在阅读免费的每周加密货币，现在是Macro，我在这里重新出现/更新本周的几篇文章，并在当前正在激发我启发我的加密/宏观领域外包含一些内容（这是一个迷人的世界）。

Hi everyone,

大家好，

Welcome to February and the second free weekly Crypto is Macro Now.

欢迎来到二月，第二次免费的每周加密货币是宏。

I’ll reshare/update a couple of posts from the week, and include something from outside the crypto/macro sphere that is currently inspiring me (it’s a fascinating world out there).

我将重新出发/更新本周的几篇文章，并包括来自加密货币/宏观领域之外的内容，这些帖子目前正在激发我的启发（这是一个迷人的世界）。

If you’re not a subscriber to the premium daily, I do hope you’ll consider becoming one! For $12/month, you’ll get ~daily commentary on how crypto is impacting the macro landscape, and vice versa. I talk about adoption, regulation, tokenization, stablecoins, CBDCs, market infrastructure shifts and more, as well as the economy and investment narratives.

如果您不是每日高级的订户，我希望您会考虑成为一个！每月12美元，您将获得有关加密如何影响宏观景观的每日评论，反之亦然。我谈论的是采用，法规，令牌化，稳定菌，CBDC，市场基础设施的转移等等以及经济和投资叙事。

Feel free to share this with friends and colleagues, and if you like this newsletter, do please hit the ❤ button at the bottom – I’m told it feeds the almighty algorithm.

请随时与朋友和同事分享此消息，如果您喜欢此新闻通讯，请点击底部的❤按钮 - 我被告知它会喂食全能算法。

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In this newsletter:

在此新闻通讯中：

Circle and Hashnote: melding money and securities

圈子和哈诺特：融合金钱和证券

Central banks and BTC: it’s an age thing

中央银行和BTC：这是一个时代

Some of the topics discussed in the dailies:

日报中讨论的一些主题：

Monday, Jan 27

1月27日星期一

The perils of concentration

浓度的危险

Market reaction

市场反应

Something else?

还有其他吗？

Looking ahead

展望未来

Tuesday, Jan 28

1月28日，星期二

The cycle inflection point

周期拐点

Can blockchains deliver cost savings?

区块链可以节省成本吗？

Wednesday, Jan 29

1月29日，星期三

Circle and Hashnote: melding money and securities

圈子和哈诺特：融合金钱和证券

BUIDL as collateral

Buidl作为抵押

Fintech stablecoins

金融科技stablecoins

Tether expansion

系绳膨胀

Friday, Jan 31

1月31日星期五

FOMC bookends

FOMC书挡

Central banks and BTC: it’s an age thing

中央银行和BTC：这是一个时代

Circle and Hashnote: melding money and securities

圈子和哈诺特：融合金钱和证券

One of the most intriguing announcements over the past month was stablecoin issuer Circle’s purchase of tokenized money market fund issuer Hashnote.

过去一个月最有趣的公告之一是Stablecoin发行人Circle购买了令牌化的货币市场基金发行人Hashnote。

With this move, Circle takes over the market’s largest tokenized money market fund USYC, which passed previous market leader BUIDL, issued by BlackRock and Securitize, in assets under management (AUM) at the beginning of December. Hashnote’s flagship token went on to reach a peak of $1.8 billion market cap earlier this month; since then, it has declined by roughly a third but still stands at almost double that of the runner up.

通过此举，Circle接管了该市场最大的标记货币市场基金USYC，该基金通过了Blackrock发行的先前市场领导者Buidl，并在12月初管理的资产（AUM）中获得了证券化。 Hashnote的旗舰令牌继续在本月初达到18亿美元的市值。从那时起，它的下降大约三分之一，但仍是亚军的两倍。

(USYC market cap via rwa.xyz)

（通过rwa.xyz的USYC市值）

The purchase raises a key question: why would Circle want to acquire a much less profitable business, rather than focus on increasing demand for its stablecoin USDC? Hashnote distributes 90% of yield earned on underlying securities to token holders; Circle, on the other hand, gets to keep it all.

购买提出了一个关键问题：Circle为什么要获得一项盈利少得多的业务，而不是专注于增加对稳定的USDC的需求？ Hashnote向代币持有人分配了90％的基本证券收益率；另一方面，圈子可以保留一切。

One likely reason is that the boost in size should give Circle a higher potential IPO value – its S-1 was filed in January of last year, although as far as I know we haven’t seen further details as to amount or timing.

一个可能的原因是，尺寸的提升应该使Circle具有更高的潜在IPO值 - 它的S-1是在去年1月提交的，尽管据我所知，我们还没有看到有关金额或时机的更多细节。

The immediate bump in AUM isn’t much, though, in relative terms. USYC adds roughly $1.2 billion to USDC’s almost $52 billion.

但是，从相对角度来看，AUM的即时颠簸并不多。 USYC为USDC的近520亿美元增加了大约12亿美元。

(USDC market cap via Visa)

（USDC市值通过Visa）

And the potential market is more limited, as USYC is only available to qualified investors, while USDC can be used by anyone.

潜在市场更有限制，因为俄罗斯仅适用于合格的投资者，而任何人都可以使用USDC。

The sum is greater than the parts

总和大于零件

Looking ahead, the boost will come more from synergies and increased liquidity in both. Circle is entering into a partnership with key market liquidity provider DRW and its crypto arm Cumberland (from whose incubation lab Hashnote emerged in 2023), to deepen available pools of USDC and USYC.

展望未来，提升将更多地来自协同作用和增加的流动性。 Circle正在与主要市场流动性提供商DRW及其加密货币ARM Cumberland建立合作伙伴关系（其孵化实验室Hashnote于2023年出现），以加深USDC和USYC的可用池。

Working together off exchanges, USDC and USYC can support each other’s liquidity via smart contracts. Currently, USYC enables funding and redemption 24/7 via the web page. Originally, this functionality was fed by PayPal’s stablecoin PYUSD; now, USDC is also an option, and given the token’s superior liquidity, is likely to become the main settlement token. What’s more, acting as an on- and off-ramp for USYC gives USDC yet another use case and driver of demand as well as circulation.

在交流中共同努力，USDC和USYC可以通过智能合约来支持彼此的流动性。目前，USYC通过网页启用24/7的资金和赎回。最初，此功能是由Paypal的Stablecoin Pyusd喂养的；现在，USDC也是一种选择，鉴于令牌的出色流动性，很可能成为主要的定居点令牌。更重要的是，充当俄罗斯俄罗斯州的越野和外坡道，还为USDC提供了另一种用例，需求驱动力和流通驱动力。

It's this easy conversion into and out of yield-bearing assets that is, in my opinion, the key to the whole deal. It’s more than just a new service – it leverages the utility of both flagship assets. And it nudges forward the transformation of how money works.

在我看来，这是一种简单的转换为屈服的资产，这是整个交易的关键。它不仅仅是一项新服务 - 它利用了两个旗舰资产的实用性。它推动了货币运作方式的转变。

With seamless switching, traders, crypto businesses and other regular users of stablecoin USDC can convert their holdings into a yield-bearing asset, instantly, with little more than the push of a button. “Money” now earns a yield.

借助无缝切换，商人，加密货币业务和其他常规用户可以将其持股转换为承重资产，而只需按一下按钮即可。 “钱”现在赚取收益。

Of course, this is also available in traditional markets, but not without several intermediate steps and probably an entity to advance the funds or securities on credit. In traditional markets, money and securities move on different rails, which complicates switching. On blockchains, they’re on the same rail, and actual, no-credit-involved switching happens in seconds.

当然，这也可以在传统市场中获得，但并非没有几个中间步骤，也可能是一个实体，可以促进信贷促进资金或证券。在传统市场中，货币和证券在不同的轨道上移动，这使切换变得复杂。在区块链上，它们在同一导轨上，实际，无信用的开关发生在几秒钟内。

The opportunity to

机会