随着区块链技术的发展，代币化美国国债价格突破 10 亿美元

公共区块链上的代币化美国国债规模超过 10 亿美元，凸显了传统金融中区块链技术的采用日益广泛。投资公司富兰克林邓普顿（Franklin Templeton）引领该行业，占据 33.6% 的市场份额，拥有超过 3.6 亿美元的代币化资产。恒星网络凭借代币化证券中最大的资产类别而脱颖而出，这表明区块链作为一种有价值的商业工具的认可度不断提高。

Tokenized US Treasuries Surpass $1 Billion as Blockchain Adoption Accelerates

随着区块链采用加速，美国国债代币化规模突破 10 亿美元

In a testament to the growing adoption of blockchain technology in the financial industry, the value of tokenized United States Treasuries on public blockchains has surpassed the $1 billion mark. This milestone, reached on March 28, underscores the recognition among traditional financial institutions that tokenization offers significant benefits.

公共区块链上代币化的美国国债价值已超过 10 亿美元大关，这证明了区块链技术在金融行业中的应用日益广泛。这一里程碑于 3 月 28 日实现，突显了传统金融机构认识到代币化带来的巨大好处。

Data compiled by 21.co and Dune Analytics reveals that 17 tokenized government security products currently hold over $1 billion in assets. Notably, Ethereum, Polygon, and Stellar networks account for the majority of these assets.

21.co 和 Dune Analytics 汇编的数据显示，17 种代币化政府安全产品目前持有超过 10 亿美元的资产。值得注意的是，以太坊、Polygon 和 Stellar 网络占据了这些资产的大部分。

"The surge in tokenized treasuries on public blockchains like Stellar stems from a growing realization among asset issuers that blockchain technology makes sound business sense," emphasizes Paul Wong, director of product, CBDCs and institutions at the Stellar Foundation. "Blockchain is integral to the future, and we anticipate exponential growth in tokenization over the coming years."

Stellar 基金会产品、CBDC 和机构总监 Paul Wong 强调说：“像 Stellar 这样的公共区块链上的代币化国债激增，源于资产发行人越来越意识到区块链技术具有良好的商业意义。” “区块链是未来不可或缺的一部分，我们预计未来几年代币化将呈指数级增长。”

Among the companies actively tokenizing assets is investment firm Franklin Templeton. Its Franklin OnChain U.S. Government Money Fund, launched in 2021 and based on the Polygon and Stellar blockchains, boasts over $360.1 million in assets and holds a 33.6% market share.

积极将资产代币化的公司之一是投资公司富兰克林邓普顿。其富兰克林OnChain美国政府货币基金于2021年推出，基于Polygon和Stellar区块链，拥有超过3.601亿美元的资产，占据33.6%的市场份额。

Within the Stellar network, tokenized securities represent the largest asset class, with a total market capitalization exceeding $430 million as of late March. This significant presence further underscores the potential for tokenization in the financial sector.

在 Stellar 网络中，代币化证券是最大的资产类别，截至 3 月底总市值超过 4.3 亿美元。这一重要存在进一步凸显了金融领域代币化的潜力。

Other Key Developments in the Crypto Biz Landscape

加密货币商业领域的其他关键发展

Beyond the rise of tokenized markets, this week's Crypto Biz explores a range of notable developments in the blockchain and cryptocurrency ecosystem:

除了代币化市场的兴起之外，本周的 Crypto Biz 还探讨了区块链和加密货币生态系统中的一系列值得注意的发展：

SEC Delays Decision on Spot Bitcoin ETF Options Trading

美国证券交易委员会 (SEC) 推迟对比特币 ETF 现货期权交易做出决定

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on whether to allow the New York Stock Exchange (NYSE) to offer options trading on spot Bitcoin (BTC) exchange-traded funds (ETFs). This delay impacts options trading on the Bitwise Bitcoin ETF, the Grayscale Bitcoin Trust, and any other trust that holds Bitcoin on the NYSE. The SEC reached a similar conclusion for Nasdaq in March, which had also requested options trading on BlackRock's iShares Bitcoin Trust. The SEC's next deadline to approve, deny, or further delay the proposed rule change on the NYSE is May 29.

美国证券交易委员会 (SEC) 推迟了是否允许纽约证券交易所 (NYSE) 提供现货比特币 (BTC) 交易所交易基金 (ETF) 期权交易的决定。这一延迟影响了 Bitwise 比特币 ETF、灰度比特币信托以及在纽约证券交易所持有比特币的任何其他信托的期权交易。 3 月份，美国证券交易委员会 (SEC) 对纳斯达克得出了类似的结论，该交易所也要求在贝莱德 (BlackRock) 的 iShares Bitcoin Trust 上进行期权交易。 SEC 批准、拒绝或进一步推迟 NYSE 拟议规则变更的下一个截止日期是 5 月 29 日。

PayPal Stablecoin Circulation Declines Significantly

PayPal 稳定币流通量大幅下降

The circulation of PayPal USD (PYUSD), a stablecoin issued by PayPal and Paxos, dropped by 39% in March, totaling $188.5 million. This represents a significant decline from the $304 million and $301 million in circulation observed in February and January, respectively. Despite experiencing rapid growth in early 2024, PYUSD has since faced a decline in circulation and market capitalization.

PayPal 和 Paxos 发行的稳定币 PayPal USD (PYUSD) 3 月份的流通量下降了 39%，总计 1.885 亿美元。这与 2 月份和 1 月份分别观察到的 3.04 亿美元和 3.01 亿美元的流通量相比大幅下降。尽管在 2024 年初经历了快速增长，但 PYUSD 此后面临着流通量和市值的下降。

SushiSwap DAO Backs Transition to "Labs Model"

SushiSwap DAO 支持向“实验室模式”过渡

Over 62% of voters in a SushiSwap signal vote supported a move towards a less decentralized "Labs model." The proposal, introduced in March, outlines the creation of Sushi Labs, an autonomous entity responsible for managing the Sushi ecosystem's administrative, technical, and operational aspects. Tokenholders would continue to decide on treasury allocations but would no longer participate in operational decisions. Under this model, Sushi Labs would receive 25 million SushiSwap (SUSHI) tokens and future airdrops from its affiliated protocols and partners.

在 SushiSwap 信号投票中，超过 62% 的选民支持转向去中心化程度较低的“实验室模式”。该提案于三月份提出，概述了 Sushi Labs 的创建，这是一个负责管理 Sushi 生态系统的行政、技术和运营方面的自治实体。代币持有者将继续决定财政分配，但不再参与运营决策。在这种模式下，Sushi Labs 将从其附属协议和合作伙伴处获得 2500 万个 SushiSwap (SUSHI) 代币以及未来的空投。

Paradigm Leads $225 Million Funding Round for Solana Competitor

Paradigm 领投 Solana 竞争对手 2.25 亿美元融资

Crypto-focused venture capital firm Paradigm led a $225 million funding round into Monad Labs, a new layer-1 blockchain network designed to rival Solana and other top networks. Monad Labs aims to build a new layer-1 smart contract network with faster speed and lower costs than Ethereum. The new L1 will be fully compatible with the Ethereum Virtual Machine and capable of processing up to 10,000 transactions per second.

专注于加密货币的风险投资公司 Paradigm 领投了 Monad Labs 一轮 2.25 亿美元的融资，Monad Labs 是一个新的第一层区块链网络，旨在与 Solana 和其他顶级网络竞争。 Monad Labs 旨在构建一个比以太坊速度更快、成本更低的全新 Layer-1 智能合约网络。新的L1将与以太坊虚拟机完全兼容，每秒能够处理多达10,000笔交易。

Smart Contracts: A Double-Edged Sword

智能合约：一把双刃剑

Coin Center's Peter Van Valkenburgh highlights the potential risks associated with smart contracts that can be turned on and off by a multisig mechanism or governance vote. While offering flexibility, this approach could also lead to unpredictable behavior and potential manipulation, emphasizing the need for careful consideration in the design and implementation of such smart contracts.

Coin Center 的 Peter Van Valkenburgh 强调了与可以通过多重签名机制或治理投票打开和关闭的智能合约相关的潜在风险。在提供灵活性的同时，这种方法也可能导致不可预测的行为和潜在的操纵，强调在设计和实施此类智能合约时需要仔细考虑。