# stablecoins — X 热门讨论 (2026-09-24 13:23 UTC)
## @saylor (Michael Saylor) · 09-24 12:44 · ♥568 ↻81 💬93 On Tuesday, I joined @BitcoinConner for a fireside chat at @bitcoinpolicy’s Freedom Tech DC summit to share my policy prescriptions for prosperity in the age of Digital Assets and Digital Intelligence.
Individuals and companies need a bill of digital rights, not a bill of restrictions. I believe regulators are better positioned than Congress to advance those rights.
02:24 - Digital assets taxonomy and the path from $3T to $100T 03:03 - Digital tokens, capital formation, and 10 million new companies 05:46 - Digital currency rights: stablecoins, yield, and competition 08:07 - Bitcoin as Digital Capital: bank custody, credit, and fair rules 11:25 - $1.6T of unbanked Bitcoin capital and why bank adoption matters 12:59 - Tokenized securities, self-custody, and competitive credit 15:59 - Clarity as a bill of restrictions vs. a bill of rights 18:43 - The next 24 months: CFTC, SEC, Treasury, and White House leadership 27:14 - AI agents, 24/7 markets, and 20th-century financial rails 32:03 - Why AI agents need pure digital money and digital assets https://x.com/saylor/status/2103103397050077313
## @APompliano (Anthony Pompliano 🌪) · 09-24 12:42 · ♥137 ↻10 💬27 AI agents significantly increase the total addressable market for bitcoin, stablecoins, and tokenization. https://x.com/APompliano/status/2103102674514120798
## @Crypt0Xenesis (𝐂r𝐲p𝐭o X𝐞n𝐞s𝐢s) · 09-24 10:59 · ♥43 ↻30 💬45 Tokenized Stocks Are Missing A Layer, @notesystems Wants to Build It.
Tokenized equities were a big step forward in DeFi: because of it, stocks can now trade, move, and interact on the blockchain.
However, we copied the asset and left behind the financial machinery that surrounds it in traditional markets.
→ Structured Notes
In traditional finance, equities sit inside a huge layer of income and risk-transfer products. The biggest is the autocallable structured note, a market that saw roughly $538B issued globally in 2025 (Based on data from ETFGI). Structured Notes have always been bank-centered.
$NOTE Systems is building the infrastructure to bring these notes on-chain, with no institutional middleman.
Picture two people looking at the same market from completely different angles.
One has $100,000 in stablecoins say $USDG and wants that capital to earn high yield not sit idle.
The other already holds $100,000 worth of an equity token a m tokenized stock like $SPCX for instance. They believe in the asset long term, but they also know what happens when markets goes sideways. They want protection without selling their position.
In traditional finance, these two needs can meet inside a Structured Note.
The bank designs the product, prices the risk, holds the other side of the trade, manages the exposure, and eventually settles everything.
The middleman (Bank) is doing a lot of work.
This is where @notesystems steps in.
Instead of asking a bank to sit between the two sides, Note Systems turns the structure itself into an on-chain market.
The yield seeker becomes the COUPON side.
The investor looking for downside protection becomes the SHIELD side.
Their interests are connected. The COUPON side earns a high coupon for taking a specific kind of downside risk. The SHIELD side pays that coupon to get protection on the equity token they already hold.
And the price of that protection doesn't simply come from a dealer's desk. It can be discovered by the market through the balance between demand for yield and demand for protection.
So what does the trade actually look like?
Say the equity token starts at $180.
The note has a downside barrier at $117.
Every two weeks, the protocol checks the asset's official market close.
If the asset reaches $180 or higher on an observation date, the note can end early. The yield side gets its principal back, while the stock holder gets their position back.
If the asset stays above $117 but never triggers the early exit, the yield side keeps collecting its scheduled coupons.
But if the asset finishes below $117 at maturity, the equation changes.
Instead of receiving their principal back in cash, the yield side receives the equity token at the original $180 reference price.
The person who wanted protection has effectively transferred that downside exposure to them.
That is the part people can easily miss.
The high yield isn't free money. It is the price paid for taking the risk someone else wants to get rid of.
And when you look at the structure that way, the design choices starts to make more sense.
Three things matter here
➮ First, everything is funded before the trade begins.
The obligations are placed into escrow upfront. There is no borrowing, no margin call and no frantic scramble for collateral halfway through a crash. If settlement requires stock tokens, those tokens are already there.
The trade-off is capital efficiency. But the structure doesn't depend on someone finding more money at the worst possible moment.
➮ Second, the protocol knows that stocks and blockchains operate on different clocks.
Crypto trades 24/7. The underlying equity market doesn't.
So Note Systems uses defined official closing observations rather than letting a random weekend price or thin off-hours move decide whether a note has autocall or knock-in consequences.
➮ Third, the note doesn't have to stay trapped inside the institution that created it. https://x.com/Crypt0Xenesis/status/2103076868119306627
## @CryptoTice_ (Crypto Tice) · 09-24 13:00 · ♥89 ↻14 💬14 BREAKING:
CFTC Chair Mike Selig posted it directly. "The new frontier of finance isn't on the horizon. It's here."
"As our markets evolve at warp speed, the CFTC is upgrading its rules and regulations to prepare for the era of onchain systems, mass tokenization, 24/7 trading, and agentic finance."
Here's what's already been delivered, not just promised.
> May 29: the CFTC approved the first true onchain Bitcoin perpetual futures contract. Selig's own words: "Today the CFTC delivered on that commitment."
> February: certain payment stablecoins from national trust banks added as eligible collateral. > March: tokenized collateral FAQs issued. > June: public comment opened on 24/7 energy futures and perpetual contracts tied to physical commodities.
Daily Treasury futures turnover grew from roughly $200,000,000,000 to $900,000,000,000 over 20 years, per Selig's own figures. Roughly half of the $1,200,000,000,000,000 in global notional derivatives already sits under CFTC oversight.
This isn't abstract positioning. It's a regulator that's already shipped concrete rule changes, now publicly framing the next decade as its actual mandate.
Selig's own line from the same speech: "America can either accelerate, or decelerate and let other countries take the lead."
The CFTC just told markets which one it's choosing. https://x.com/CryptoTice_/status/2103107191419081177
## @nft_acekings (𝗔𝗰𝗲 𝗞𝗶𝗻𝗴) · 09-24 12:59 · ♥65 ↻1 💬51 The research from @DeBox_Social, most people see Arc as another blockchain.
But the more interesting question is:
What is Arc actually built to protect?
• Not gas. • Not TPS. • Not even stablecoins.
It’s built around time spent.
The longer a dollar stays inside the ecosystem, the better the economics.
That’s why “zero gas” is more interesting than it sounds.
Arc isn’t really a toll booth.
It’s a fish weir: easy to move downstream, but increasingly difficult to swim back upstream.
And that leads to the bigger question:
Who gets to define when the money has “arrived”?
On Ethereum, settlement is established by thousands of machines and mathematical consensus.
On Arc, that finality ultimately comes from a company.
Most of the time, that distinction won’t matter.
Until the rare day when it does.
And the real moat?
Not mathematics.
It’s whether anyone has the authority to issue the shutdown order.
That’s the part worth paying attention to #DeBox. > 引用 @DeBox_Social: The Co-opted Utopia: Arc, the Cost of Zero Friction, and Stablecoins as a Tax Farm https://x.com/nft_acekings/status/2103106947084103978
## @FurkanCCTV (Furkan Yildirim) · 09-24 12:39 · ♥81 ↻3 💬3 Die Nachfrage des Auslands nach kurzfristigen US-Staatsanleihen ist innerhalb eines Jahres um 80% eingebrochen. Eine Woche nach diesen Zahlen wird bekannt, wie Washington das Loch stopfen will: mit Stablecoins.
**Falls du gerade keine Zeit für den ganzen Post hast, ganz unten steht die Entwicklung in einem Absatz zusammengefasst.**
Die Daten stammen vom US-Finanzministerium und vergleichen jeweils zwölf Monate bis Juli. Wer genauer hinschaut, findet den eigentlichen Riss. Private Käufer aus dem Ausland haben ihr Verhalten kaum verändert, 112,4 Milliarden Dollar vorher, 105,0 Milliarden jetzt. Der Einbruch kommt fast vollständig von ausländischen Zentralbanken und Staatsfonds. Vor einem Jahr kauften sie noch für 138,1 Milliarden Dollar. Jetzt haben sie unterm Strich für 55,6 Milliarden verkauft.
Staaten halten Dollar-Reserven, um ihren Handel abzusichern und ihre Währung zu stützen. Wenn ausgerechnet sie netto verkaufen, verliert der Markt seinen verlässlichsten Abnehmer.
Laut Bloomberg prüft die Regierung eine Initiative, um Dollar-Stablecoins im Ausland zu verbreiten. Geplant seien Gemeinschaftsunternehmen mit Privatfirmen, beteiligt werden könnten Finanzministerium, Außenministerium und die staatliche Entwicklungsbank DFC. Das Ziel sei, die Rolle des Dollars als Weltwährung zu sichern und die Nachfrage nach US-Staatsanleihen zu steigern.
Der Mechanismus ist simpel. Wer in Argentinien, der Türkei oder Nigeria einen Dollar-Stablecoin kauft, gibt dem Herausgeber echte Dollar. Der legt sie überwiegend in kurzfristigen US-Staatsanleihen an. Jeder digitale Dollar im Ausland wird so zu einem kleinen Kredit an Washington.
Wie groß das werden kann, zeigt Tether. Laut Prüfbericht hielt der größte Herausgeber Ende Juni 114,9 Milliarden Dollar in kurzfristigen Staatsanleihen, zusammen mit Rückkaufgeschäften rund 140,6 Milliarden. Aufgebaut seit 2014. Die Lücke, die das Ausland in einem einzigen Jahr hinterlassen hat, beträgt 201,1 Milliarden.
Der Zeitpunkt passt ins Bild. Die 10-jährige US-Rendite liegt über 5%, so hoch wie seit 2007 nicht mehr. Die Fed hat am 16. September zum ersten Mal seit 2023 die Zinsen erhöht.
Finanzminister Scott Bessent hält es für möglich, dass der Stablecoin-Markt bis Ende des Jahrzehnts auf 3 Billionen Dollar wächst. Die Realität läuft gerade in die andere Richtung. Ende August lag der Markt bei 310 Milliarden Dollar, rund 6% unter dem Hoch vom Mai.
Und selbst wenn der Plan aufgeht, bleibt ein Haken. Stablecoin-Herausgeber kaufen fast nur Papiere mit wenigen Monaten Laufzeit, der Druck auf die Zinsen sitzt aber bei den langen Laufzeiten.
Früher finanzierten Zentralbanken Amerikas Schulden. Jetzt sollen es Menschen tun, die ihrer eigenen Währung nicht mehr trauen.
Wenn dich solche Makro Insights interessieren und dir helfen, interagiere gerne mit dem Post. 🧡
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Die kurze Fassung:
Ausländische Käufer haben in den zwölf Monaten bis Juli nur noch für 49,4 Milliarden Dollar kurzfristige US-Staatsanleihen gekauft, nach 250,5 Milliarden im Vorjahr. Treiber sind Zentralbanken, die von 138,1 Milliarden Käufen auf 55,6 Milliarden Verkäufe gedreht haben. Laut Bloomberg prüft Washington nun, Dollar-Stablecoins im Ausland zu fördern, weil deren Herausgeber ihre Reserven in genau diesen Anleihen halten. Der Stablecoin-Markt schrumpft allerdings derzeit, und er stützt nur kurze Laufzeiten, während die 10-jährige Rendite über 5% liegt. https://x.com/FurkanCCTV/status/2103102127367160121
## @DPGmaximus (MaximusCrypto) · 09-24 12:21 · ♥57 ↻10 💬3 🚨BREAKING Quant News! Instead of “I send you money, then we hope the paperwork catches up,” the money can be told:
lock these funds
only release them when a condition is met
then settle instantly across banks
Two live examples were completed:
Source: https://t.co/uAecdqcYqc
Two remortgages. Funds were locked, then released automatically when the remortgage completed. Less manual checking, fewer delays. Customers can also keep earning interest until completion.
A marketplace-style purchase. The buyer’s money was locked and released only when the goods were exchanged. The idea is fewer “I paid and never got the item” scams.
Gilbert's point: this is programmable payments with trusted bank money, on shared industry rails, not a lab demo. His quote on the graphic: real money moving on UK infrastructure, aimed at problems like failed completions and authorised push payment (APP) fraud.
Source: https://t.co/uAecdqcYqc
Reuters described the same milestone as the first interbank tokenised-deposit transactions of this kind, and noted the marketplace case was a live money flow simulating a private-seller purchase (no physical goods had to change hands).
Next, the group wants a company, a rulebook, and a path from pilot toward production. Banks also plan three digital bonds in Q1 2027 that can be traded and settled with tokenised deposits. Further pilots, including digital-asset settlement, are expected in the coming months.
Source: https://t.co/YAzez2bGws
The Bank of England has preferred banks experimenting with tokenised deposits over privately issued stablecoins, because this keeps money inside the regulated banking system.
What it means for QNT holders:
This is a real adoption milestone for Quant the company, not a vague partnership tweet.
Quant is the named builder of the shared UK industry platform used by several of the country’s largest
The project has moved from “selected as tech partner / building pilots” (2025) to live retail transactions with real sterling (September 2026).
If GBTD goes from pilot to production, company, rulebook, more banks, remortgages, safer P2P payments, then bond settlement in 2027, then Quant stays in a nationally important payments stack.
Monster update! Thank you Gilbert! > 引用 @gverdian: Money is entering a new era, and this week the UK proved it with real customer money.
UK banks and @UKFtweets have completed the first live customer transactions using tokenised sterling deposits on #GBTD, the platform built by @quantnetwork. Two remortgages and a marketplace purchase, each settling automatically the moment agreed conditions were met.
This is the move from simple push/pull transfers to #programmablepayments. Same trusted bank money, same protections, now able to carry its own rules.
And it happened on shared infrastructure, with #tokeniseddeposits moving between institutions on a common platform built for the whole industry.
This is where money is headed: programmable, always-on and moving seamlessly across the financial system.
https://t.co/5z5Z9ctolW https://x.com/DPGmaximus/status/2103097468002976048
## @Stanifi_ (Stanifi) · 09-24 10:33 · ♥66 ↻2 💬0 The recent rate hike got me thinking about where the extra yield actually ends up.
Higher Treasury yields can mean more income for stablecoin issuers holding reserve assets, but that doesn’t automatically mean regular USDC or USDT holders receive it.
That’s also why I find the stablecoin, Treasury and RWA connection interesting.
It’s a macro angle I can actually explore through BingX TradFi, rather than looking at crypto in isolation.
#RWA #Stablecoins https://x.com/Stanifi_/status/2103070355883512092
## @KuwlShow (Rob Cunningham) · 09-24 12:26 · ♥45 ↻9 💬2 With a Total Addressable Market of All the Money, Collateral and Liquidity in the World, in a Post Quantum Computing, AI, DLT Monetary System Era, what might this imply for XRP?
As tokenization multiplies the assets, currencies, stablecoins, collateral pools and agents that must transact with one another, demand grows for fast, liquid conversion between them.
XRP is built to compete for that bridging role. Its actual use will grow where connected markets make XRP the best executable route.
The purpose of XRP is to serve an essential need for global liquidity in a world of true abundance.
How will this purpose be valued?
@Ripple @XRPLF @Interledger @USTreasury @evernorthxrp https://x.com/KuwlShow/status/2103098838797963413