引入前哨：链分析的“生态系统监控解决方案”

自2014年以来，Chainalysis一直在开发该行业领先的区块链情报数据集，并获得了与代币发行人和政策制定者一起工作的丰富经验。

Since 2014, Chainalysis has been developing the industry’s leading blockchain intelligence dataset, and has gained deep experience working with token issuers and policymakers alike.

自2014年以来，Chainalysis一直在开发该行业领先的区块链情报数据集，并获得了与代币发行人和政策制定者一起工作的丰富经验。

We’ve long believed that blockchains will become the primary mechanism for exchange of value, from tokenized securities to tokenized investments products to stablecoins, and more. To further instill trust and safety to cryptocurrency markets, it’s time to serve token issuers. These organizations need a way to assess risk for immediate primary issuance and redemptions, as well as reliable methods for understanding how their tokens are used across blockchain ecosystems, referred to as secondary markets.

我们长期以来一直认为，区块链将成为交换价值的主要机制，从令牌化证券到令牌化投资产品到稳定的投资产品等等。为了进一步向加密货币市场灌输信任和安全，是时候为代币发行人提供服务了。这些组织需要一种方法来评估立即发行和赎回的风险，以及可靠的方法，以了解如何在区块链生态系统中使用其令牌，称为二级市场。

Today, we’re pleased to announce Sentinel, our ecosystem monitoring solution for token issuers. In this blog, we’ll discuss why the time is right for this offering, and share a sneak peek into Sentinel’s features.

今天，我们很高兴宣布Sentinel，这是我们为令牌发行人的生态系统监控解决方案。在此博客中，我们将讨论为什么要进行此产品的时间是正确的，并分享偷看Sentinel的功能。

Ecosystem monitoring is necessary to safely grow stablecoin adoption

生态系统监测是必须安全地采用稳定的生态系统监测

Over 80% of all crypto transactions involve stablecoins. But stablecoins are not only relevant to crypto markets, they’re an important bridge to traditional financial markets, too. Tether, the issuer of USDT, and Circle, the issuer of USDC, are notable U.S. Treasury holders. Tether was the seventh largest acquirer of U.S. Treasuries across countries in 2024. As of December 2024, it had over $113B in direct and indirect holdings of U.S. Treasuries, more than some G20 countries, like Germany.

超过80％的所有加密交易涉及稳定的交易。但是，稳定的不仅与加密货币市场有关，而且是通往传统金融市场的重要桥梁。 USDT的发行人Tether和USDC的发行人Circle是美国著名的财政持有人。特特（Tether）是2024年在各个国家的美国国债的第七大收购方。截至2024年12月，它的直接和间接持有量超过了113B美元以上的美国国债，比德国等一些G20国家多。

Stripe, a leading payment processor, recently acquired Bridge, a platform that allows businesses to easily receive, store, convert, issue, and spend stablecoins. Zach Abrams, co-founder of Bridge, acknowledged on X, “We closed our acquisition with Stripe! Together, we’re scaling digital dollars to businesses everywhere. Stablecoins aren’t the future—they’re already transforming how people move money today.”

Stripe是一家领先的付款处理器，最近收购的Bridge，该平台使企业可以轻松接收，存储，转换，发行和花费StableCoins。布里奇（Bridge）的联合创始人扎克·艾布拉姆斯（Zach Abrams）在X上承认：“我们以条纹结束了收购！一起，我们将数字美元扩展到各地的企业。稳定的钱不是未来 - 他们已经在改变了今天的人们如何赚钱。”

Policy momentum around stablecoins is increasing. “It’s evident that governments are recognizing both the benefits and risks from growing stablecoin usage, and this is motivating them to push forward on regulation,” Chengyi Ong, Chainalysis Head of Policy for APAC. Jurisdictions like Japan, the UAE, and the EU have all implemented stablecoin legislation, while others like Hong Kong and Singapore are also in advanced stages.

Stablecoins周围的政策动力正在增加。 “很明显，政府正在认识到不断增长的稳定使用的利益和风险，这促使他们推动监管前进，” APAC政策政策负责人Chengyi Ong。日本，阿联酋和欧盟等司法管辖区都实施了稳定的立法，而香港和新加坡等其他人也处于高级阶段。

Authorizations are being granted under these frameworks, including Circle, which has been authorized under the EU’s Markets in Crypto Assets (MiCA) regulation to issue USDC and EURC, and in July 2024, Paxos gained approval from the Monetary Authority of Singapore to issue stablecoins in partnership with DBS Bank.

包括这些框架，包括Circle在内的授权，该框架已在欧盟市场授权的Crypto资产（MICA）法规中授权发布USDC和EURC，并于2024年7月获得了Paxos的批准，获得了新加坡货币权限的批准，以与DBS Bank合作发行Stablecoins。

The U.S. government has also said it would like to see stablecoin legislation circulating by August of this year.

美国政府还表示，希望在今年8月之前看到Stablecoin立法。

Chainalysis research from the 2025 Crypto Crime Report shows that stablecoins now make up the majority of all illicit transaction volume, accounting for 63% of all illicit transactions. “This new reality is part of a broader ecosystem trend in which stablecoins also occupy a sizable percentage of all crypto activity, demonstrated by total growth YoY in stablecoin activity around 77%,” according to the report.

2025年加密犯罪报告的链分析研究表明，稳定币现在占所有非法交易量的大多数，占所有非法交易的63％。该报告称：“这种新现实是更广泛的生态系统趋势的一部分，在该趋势中，稳定菌也占据了所有加密活动的相当一部分，这证明了Stablecoin活性的总增长约为77％。”

Both regulators and issuers are not powerless against the illicit use of stablecoins. Leading issuers such as Tether have been taking active measures to combat on-chain crime. Te

监管机构和发行人都不适合非法使用稳定的人。领先的发行人（例如Tether）一直在采取积极措施来打击链上犯罪。 TE