{"id":7539,"date":"2026-09-15T03:36:28","date_gmt":"2026-09-14T19:36:28","guid":{"rendered":"https:\/\/www.zgwlgc.com\/?p=7539"},"modified":"2026-09-15T03:36:28","modified_gmt":"2026-09-14T19:36:28","slug":"%e9%80%8f%e8%bf%87vield%e4%b8%8ecoinbase-%ef%bc%8c%e7%9c%8b%e6%af%94%e7%89%b9%e5%b8%81%e5%80%9f%e8%b4%b7%e6%96%b0%e8%b6%8b%e5%8a%bf","status":"publish","type":"post","link":"https:\/\/www.xztj168.com\/?p=7539","title":{"rendered":"\u900f\u8fc7Vield\u4e0eCoinbase \uff0c\u770b\u6bd4\u7279\u5e01\u501f\u8d37\u65b0\u8d8b\u52bf"},"content":{"rendered":"<p>\u539f\u6587\u4f5c\u8005\uff1aTiger Research Reports<\/p>\n<p>\u539f\u6587\u7f16\u8bd1\uff1a\u6df1\u6f6e TechFlow<\/p>\n<h3>\u6458\u8981<\/h3>\n<ul>\n<li>\u6bd4\u7279\u5e01\u62b5\u62bc\u8d37\u6b3e\u4e3a\u7528\u6237\u63d0\u4f9b\u4e86\u4e00\u79cd\u65e0\u9700\u51fa\u552e\u52a0\u5bc6\u8d27\u5e01\u5373\u53ef\u83b7\u5f97\u8d44\u91d1\u7684\u65b9\u5f0f\uff0cVield \u548c Coinbase \u7b49\u516c\u53f8\u5728\u8fd9\u4e00\u9886\u57df\u7684\u521b\u65b0\u5f15\u9886\u4e86\u884c\u4e1a\u53d1\u5c55\u3002<\/li>\n<li>\u5c3d\u7ba1\u8fd9\u4e00\u6a21\u5f0f\u4f18\u52bf\u660e\u663e\uff0c\u4f46\u5176\u4ecd\u9762\u4e34\u52a0\u5bc6\u8d27\u5e01\u9ad8\u6ce2\u52a8\u6027\u3001\u5f3a\u5236\u6e05\u7b97\u4ee5\u53ca\u76d1\u7ba1\u4e0d\u786e\u5b9a\u6027\u7b49\u91cd\u5927\u6311\u6218\u3002<\/li>\n<li>\u4e9a\u6d32\u5e02\u573a\u5728\u6bd4\u7279\u5e01\u501f\u8d37\u9886\u57df\u5c55\u73b0\u4e86\u5de8\u5927\u7684\u589e\u957f\u6f5c\u529b\uff0c\u4f46\u6210\u529f\u7684\u5173\u952e\u5728\u4e8e\u660e\u786e\u7684\u653f\u7b56\u6cd5\u89c4\u3001\u673a\u6784\u7684\u5e7f\u6cdb\u91c7\u7528\u4ee5\u53ca\u6709\u6548\u7684\u98ce\u9669\u7ba1\u7406\u3002<\/li>\n<\/ul>\n<h3>1.\u5f15\u8a00<\/h3>\n<p>\u6bd4\u7279\u5e01\u62b5\u62bc\u8d37\u6b3e\u662f\u4e00\u79cd\u65b0\u5174\u7684\u91d1\u878d\u5de5\u5177\uff0c\u5141\u8bb8\u52a0\u5bc6\u8d27\u5e01\u6301\u6709\u8005\u5728\u4e0d\u51fa\u552e\u5176\u8d44\u4ea7\u7684\u60c5\u51b5\u4e0b\u83b7\u5f97\u8d44\u91d1\u3002\u8fd9\u4e00\u6a21\u5f0f\u6b63\u5728\u9010\u6e10\u6d41\u884c\uff0c\u6fb3\u5927\u5229\u4e9a\u7684Vield\u548c\u7f8e\u56fd\u7684Coinbase\u7b49\u4e13\u4e1a\u673a\u6784\u5df2\u63a8\u51fa\u76f8\u5173\u670d\u52a1\u3002<\/p>\n<p>\u901a\u8fc7\u8fd9\u79cd\u8d37\u6b3e\uff0c\u7528\u6237\u53ef\u4ee5\u5c06\u6bd4\u7279\u5e01\u4f5c\u4e3a\u62b5\u62bc\u54c1\uff0c\u540c\u65f6\u4fdd\u7559\u5176\u6f5c\u5728\u5347\u503c\u7684\u673a\u4f1a\u3002\u968f\u7740\u6570\u5b57\u8d44\u4ea7\u7684\u666e\u53ca\uff0c\u6bd4\u7279\u5e01\u62b5\u62bc\u8d37\u6b3e\u6b63\u6210\u4e3a\u4f20\u7edf\u878d\u8d44\u7684\u6709\u529b\u8865\u5145\u3002<\/p>\n<p>\u7136\u800c\uff0c\u8fd9\u79cd\u8d37\u6b3e\u6a21\u5f0f\u4e5f\u4f34\u968f\u7740\u9ad8\u98ce\u9669\u3002\u4e0e\u623f\u5730\u4ea7\u7b49\u4f20\u7edf\u62b5\u62bc\u54c1\u4e0d\u540c\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u6ce2\u52a8\u5267\u70c8\uff0c\u8fd9\u53ef\u80fd\u5bfc\u81f4\u8d37\u6b3e\u88ab\u5f3a\u5236\u6e05\u7b97\uff0c\u7ed9\u501f\u6b3e\u4eba\u5e26\u6765\u635f\u5931\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u52a0\u5bc6\u8d27\u5e01\u501f\u8d37\u7684\u76d1\u7ba1\u73af\u5883\u5c1a\u672a\u660e\u6717\u3002\u5404\u56fd\u653f\u5e9c\u548c\u91d1\u878d\u673a\u6784\u4ecd\u5728\u63a2\u7d22\u5982\u4f55\u5c06\u8fd9\u7c7b\u670d\u52a1\u7eb3\u5165\u73b0\u6709\u7684\u91d1\u878d\u4f53\u7cfb\u3002\u56e0\u6b64\uff0c\u65e0\u8bba\u662f\u8d37\u6b3e\u673a\u6784\u8fd8\u662f\u501f\u6b3e\u4eba\uff0c\u90fd\u9700\u8981\u5728\u8fd9\u4e2a\u5145\u6ee1\u673a\u9047\u4e0e\u6311\u6218\u7684\u5e02\u573a\u4e2d\u8c28\u614e\u524d\u884c\u3002<\/p>\n<p>\u672c\u62a5\u544a\u5c06\u901a\u8fc7\u5206\u6790\u6bd4\u7279\u5e01\u62b5\u62bc\u8d37\u6b3e\u7684\u7ecf\u5178\u6848\u4f8b\uff0c\u63a2\u8ba8\u5176\u5728\u4e9a\u6d32\u5e02\u573a\u7684\u6f5c\u529b\uff0c\u5e76\u8bc4\u4f30\u76f8\u5173\u7684\u98ce\u9669\u548c\u76d1\u7ba1\u95ee\u9898\u3002<\/p>\n<h3>2.\u6765\u81ea\u897f\u65b9\u7684\u6848\u4f8b\u7814\u7a76\uff1aCoinbase \u548c Vield \u7684\u52a0\u5bc6\u501f\u8d37\u6a21\u5f0f<\/h3>\n<h4><strong>2.1 Vield\uff1a\u5c06\u6bd4\u7279\u5e01\u501f\u8d37\u878d\u5165\u4f20\u7edf\u91d1\u878d<\/strong><\/h4>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/3\/6\/images\/baa417050ddb369af0441b5a8ac8f557.jpg\" alt=\"\u900f\u8fc7Vield\u4e0eCoinbase \uff0c\u770b\u6bd4\u7279\u5e01\u501f\u8d37\u65b0\u8d8b\u52bf\" title=\"\u900f\u8fc7Vield\u4e0eCoinbase \uff0c\u770b\u6bd4\u7279\u5e01\u501f\u8d37\u65b0\u8d8b\u52bf\u63d2\u56fe\" \/><\/p>\n<p>Vield \u7684\u9996\u5e2d\u6267\u884c\u5b98 Johnny Phan \u53bb\u5e74\u4e3b\u5bfc\u4e86 3,500 \u4e07\u7f8e\u5143\u7684\u52a0\u5bc6\u8d27\u5e01\u62b5\u62bc\u8d37\u6b3e\u4e1a\u52a1\u3002\u8d44\u6599\u6765\u6e90\uff1aafr.com\u3002<\/p>\n<p>\u8fd9\u5bb6\u603b\u90e8\u4f4d\u4e8e\u6fb3\u5927\u5229\u4e9a\u7684\u8d37\u6b3e\u516c\u53f8\u6b63\u52aa\u529b\u5c06\u81ea\u5df1\u6253\u9020\u6210\u4e00\u5bb6\u201c\u52a0\u5bc6\u539f\u751f\u94f6\u884c\u201d\u3002Vield \u63d0\u4f9b\u6bd4\u7279\u5e01\u62b5\u62bc\u8d37\u6b3e\u4ee5\u53ca\u4e00\u79cd\u7ed3\u5408\u6570\u5b57\u8d44\u4ea7\u548c\u623f\u5730\u4ea7\u62b5\u62bc\u7684\u6df7\u5408\u578b\u8d37\u6b3e\u4ea7\u54c1\uff0c\u65e8\u5728\u5c06\u6bd4\u7279\u5e01\u786e\u7acb\u4e3a\u91d1\u878d\u4f53\u7cfb\u4e2d\u7684\u5408\u6cd5\u8d44\u4ea7\u7c7b\u522b\uff0c\u7c7b\u4f3c\u4e8e\u4f20\u7edf\u7684\u62b5\u62bc\u8d37\u6b3e\u8bc1\u5238\u3002\u4e0e\u4f20\u7edf\u94f6\u884c\u4e3b\u8981\u4f9d\u8d56\u623f\u5730\u4ea7\u4f5c\u4e3a\u62b5\u62bc\u54c1\u4e0d\u540c\uff0cVield \u521b\u65b0\u6027\u5730\u4ee5\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a\u4f5c\u4e3a\u8d37\u6b3e\u62c5\u4fdd\uff0c\u5f00\u521b\u4e86\u4e00\u79cd\u5168\u65b0\u7684\u8d44\u4ea7\u7c7b\u522b\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/3\/6\/images\/72f95c5253b81ad49855421629c9bb0a.jpg\" alt=\"\u900f\u8fc7Vield\u4e0eCoinbase \uff0c\u770b\u6bd4\u7279\u5e01\u501f\u8d37\u65b0\u8d8b\u52bf\" title=\"\u900f\u8fc7Vield\u4e0eCoinbase \uff0c\u770b\u6bd4\u7279\u5e01\u501f\u8d37\u65b0\u8d8b\u52bf\u63d2\u56fe1\" \/><\/p>\n<p>\u6839\u636e Tiger Research \u7684\u6570\u636e\uff0cVield \u63d0\u4f9b\u7684\u8d37\u6b3e\u91d1\u989d\u4ece 2,000 \u7f8e\u5143\u5230 200 \u4e07\u7f8e\u5143\u4e0d\u7b49\uff0c\u671f\u9650\u4e3a 12 \u4e2a\u6708\uff0c\u5e74\u5229\u7387\u4e3a 13%\uff0c\u540c\u65f6\u6536\u53d6 2% \u7684\u624b\u7eed\u8d39\u3002\u4ee5\u4e00\u7b14\u5e73\u5747 12 \u4e07\u7f8e\u5143\u7684\u8d37\u6b3e\u4e3a\u4f8b\uff0c\u501f\u6b3e\u4eba\u9700\u8981\u5b58\u5165 1.5 \u4e2a\u6bd4\u7279\u5e01\uff08\u7ea6\u5408 24 \u4e07\u7f8e\u5143\uff09\u4f5c\u4e3a\u62b5\u62bc\u54c1\u3002\u5982\u679c\u6bd4\u7279\u5e01\u4ef7\u683c\u4e0b\u8dcc\uff0c\u5bfc\u81f4\u8d37\u6b3e\u4e0e\u4ef7\u503c\u6bd4\u7387 (LTV) \u8fbe\u5230 75%\uff0c\u501f\u6b3e\u4eba\u5fc5\u987b\u8ffd\u52a0\u62b5\u62bc\u54c1\u4ee5\u7ef4\u6301 65% \u7684 LTV \u8981\u6c42\u3002\u800c\u5982\u679c\u6bd4\u7279\u5e01\u4ef7\u683c\u4e0a\u6da8\uff0c\u501f\u6b3e\u4eba\u5219\u53ef\u4ee5\u7533\u8bf7\u63d0\u53d6\u90e8\u5206\u62b5\u62bc\u54c1\u3002<\/p>\n<p>\u4e3a\u4e86\u786e\u4fdd\u8d44\u91d1\u5b89\u5168\uff0cVield \u5c06\u501f\u6b3e\u4eba\u7684\u62b5\u62bc\u54c1\u5b58\u50a8\u5728\u72ec\u7acb\u7684\u5b89\u5168\u6570\u5b57\u94b1\u5305\u4e2d\uff0c\u4e14\u4e0d\u4f1a\u5c06\u8fd9\u4e9b\u8d44\u4ea7\u6df7\u5408\u4f7f\u7528\u6216\u632a\u4f5c\u4ed6\u7528\u3002\u6240\u6709\u62b5\u62bc\u54c1\u4ea4\u6613\u5747\u53ef\u901a\u8fc7\u533a\u5757\u94fe\u8ffd\u6eaf\uff0c\u8fdb\u4e00\u6b65\u63d0\u9ad8\u4e86\u8d37\u6b3e\u7684\u900f\u660e\u5ea6\u3002\u76ee\u524d\uff0cVield \u7ba1\u7406\u7740\u7ea6 3,500 \u4e07\u7f8e\u5143\u7684\u8d37\u6b3e\uff0c\u4e14\u5c1a\u672a\u51fa\u73b0\u4efb\u4f55\u8fdd\u7ea6\u6848\u4f8b\u3002\u8fd9\u8868\u660e\uff0c\u6bd4\u7279\u5e01\u62b5\u62bc\u8d37\u6b3e\u5728\u91d1\u878d\u670d\u52a1\u9886\u57df\u5c55\u73b0\u4e86\u5b9e\u9645\u6f5c\u529b\uff0c\u5c3d\u7ba1\u5e02\u573a\u672c\u8eab\u6ce2\u52a8\u8f83\u5927\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/3\/6\/images\/cc11ceefd7fb08c07b0f50f776815203.jpg\" alt=\"\u900f\u8fc7Vield\u4e0eCoinbase \uff0c\u770b\u6bd4\u7279\u5e01\u501f\u8d37\u65b0\u8d8b\u52bf\" title=\"\u900f\u8fc7Vield\u4e0eCoinbase \uff0c\u770b\u6bd4\u7279\u5e01\u501f\u8d37\u65b0\u8d8b\u52bf\u63d2\u56fe2\" \/><\/p>\n<p>\u7136\u800c\uff0c\u4f20\u7edf\u91d1\u878d\u673a\u6784\u5bf9\u8fd9\u4e00\u6a21\u5f0f\u4ecd\u5b58\u7591\u8651\u3002\u8bb8\u591a\u673a\u6784\u62d2\u7edd\u63a5\u53d7\u52a0\u5bc6\u8d27\u5e01\u4f5c\u4e3a\u62b5\u62bc\u54c1\uff0c\u4e3b\u8981\u539f\u56e0\u5728\u4e8e\u5176\u4ef7\u683c\u6ce2\u52a8\u8fc7\u5927\u4e14\u7f3a\u4e4f\u5185\u5728\u4ef7\u503c\u3002\u7ecf\u6d4e\u5b66\u5bb6 Saul Eslake \u8b66\u544a\u79f0\uff0c\u5728\u5e02\u573a\u538b\u529b\u4e0b\uff0c\u6bd4\u7279\u5e01\u62b5\u62bc\u8d37\u6b3e\u53ef\u80fd\u52a0\u5267\u91d1\u878d\u4e0d\u7a33\u5b9a\uff0c\u8feb\u4f7f\u501f\u6b3e\u4eba\u8fdb\u884c\u4ee3\u4ef7\u9ad8\u6602\u7684\u8d44\u4ea7\u6e05\u7b97\u3002<\/p>\n<p>\u8fd9\u4e00\u73b0\u8c61\u53cd\u6620\u4e86\u52a0\u5bc6\u8d27\u5e01\u878d\u5165\u4e3b\u6d41\u91d1\u878d\u4f53\u7cfb\u7684\u590d\u6742\u6027\u3002\u4e00\u4e9b\u673a\u6784\u5f00\u59cb\u63a5\u53d7\u6570\u5b57\u8d44\u4ea7\uff0c\u800c\u53e6\u4e00\u4e9b\u5219\u5bf9\u5176\u6301\u8c28\u614e\u6001\u5ea6\u3002<\/p>\n<h4><strong>2.2 Coinbase\uff1a\u7531 DeFi \u9a71\u52a8\u7684\u6bd4\u7279\u5e01\u501f\u8d37<\/strong><\/h4>\n<p><img loading=\"lazy\" decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/panews\/2025\/03\/06\/images\/wnZ65HH442.png\" alt=\"\u900f\u8fc7Vield\u4e0eCoinbase \uff0c\u770b\u6bd4\u7279\u5e01\u501f\u8d37\u65b0\u8d8b\u52bf\" width=\"600\" height=\"341\" title=\"\u900f\u8fc7Vield\u4e0eCoinbase \uff0c\u770b\u6bd4\u7279\u5e01\u501f\u8d37\u65b0\u8d8b\u52bf\u63d2\u56fe3\" \/><\/p>\n<pre>\u8d44\u6599\u6765\u6e90\uff1aTiger Research\u3002<\/pre>\n<p>Coinbase \u901a\u8fc7\u4e0e Base \u533a\u5757\u94fe\u4e0a\u7684 Morpho \u534f\u8bae\u96c6\u6210\uff0c\u63a8\u51fa\u4e86\u4e00\u79cd\u53bb\u4e2d\u5fc3\u5316\u7684\u6bd4\u7279\u5e01\u62b5\u62bc\u8d37\u6b3e\u670d\u52a1\u3002\u7528\u6237\u53ef\u4ee5\u5c06\u6bd4\u7279\u5e01\u4f5c\u4e3a\u62b5\u62bc\u54c1\uff0c\u501f\u53d6\u6700\u9ad8 10 \u4e07\u7f8e\u5143\u7684 USDC \u7a33\u5b9a\u5e01\u3002\u8fd9\u79cd\u6a21\u5f0f\u65e0\u9700\u8fdb\u884c\u4fe1\u7528\u68c0\u67e5\uff0c\u4e5f\u6ca1\u6709\u56fa\u5b9a\u7684\u8fd8\u6b3e\u8ba1\u5212\uff0c\u800c\u662f\u901a\u8fc7\u5f3a\u5236\u6267\u884c\u7684\u8d37\u6b3e\u4e0e\u4ef7\u503c\u6bd4\u7387 (LTV ratio) \u6765\u786e\u5b9a\u501f\u6b3e\u989d\u5ea6\uff0c\u786e\u4fdd\u62b5\u62bc\u54c1\u59cb\u7ec8\u80fd\u591f\u8986\u76d6\u672a\u507f\u8fd8\u7684\u503a\u52a1\u3002<\/p>\n<p>Coinbase \u5229\u7528 Coinbase Wrapped Bitcoin (cbBTC) \u6765\u5b9e\u73b0\u8fd9\u4e00\u6a21\u5f0f\u3002cbBTC \u662f\u4e00\u79cd\u6258\u7ba1\u5728 Morpho \u667a\u80fd\u5408\u7ea6\u4e2d\u7684\u4ee3\u5e01\u5316\u6bd4\u7279\u5e01\u5f62\u5f0f\uff0c\u8fd9\u79cd\u8bbe\u8ba1\u5728\u589e\u5f3a\u6d41\u52a8\u6027\u548c\u53bb\u4e2d\u5fc3\u5316\u7684\u540c\u65f6\uff0c\u4e5f\u5f15\u5165\u4e86\u667a\u80fd\u5408\u7ea6\u6f0f\u6d1e\u548c\u88ab\u653b\u51fb\u7684\u6f5c\u5728\u98ce\u9669\u3002<\/p>\n<p>\u5bf9\u4e8e\u501f\u6b3e\u4eba\u800c\u8a00\uff0c\u6700\u5927\u7684\u98ce\u9669\u662f\u8d44\u4ea7\u7684\u81ea\u52a8\u6e05\u7b97\u3002\u5982\u679c\u6bd4\u7279\u5e01\u4ef7\u683c\u4e0b\u8dcc\u5bfc\u81f4 LTV \u6bd4\u4f8b\u8d85\u8fc7 86%\uff0c\u7cfb\u7edf\u4f1a\u81ea\u52a8\u6e05\u7b97\u62b5\u62bc\u54c1\uff0c\u5e76\u6536\u53d6\u989d\u5916\u7684\u7f5a\u6b3e\u3002\u8fd9\u79cd\u673a\u5236\u867d\u7136\u4fdd\u62a4\u4e86\u8d37\u6b3e\u65b9\u7684\u5229\u76ca\uff0c\u4f46\u4e5f\u4f7f\u501f\u6b3e\u4eba\u5728\u5e02\u573a\u6ce2\u52a8\u4e2d\u9762\u4e34\u88ab\u52a8\u6e05\u7b97\u7684\u98ce\u9669\u3002\u4e0e\u4f20\u7edf\u8d37\u6b3e\u4e0d\u540c\uff0cCoinbase \u7684\u81ea\u52a8\u5316\u6e05\u7b97\u6a21\u5f0f\u8981\u6c42\u501f\u6b3e\u4eba\u65f6\u523b\u5173\u6ce8\u81ea\u5df1\u7684\u62b5\u62bc\u54c1\u4ef7\u503c\uff0c\u4ee5\u907f\u514d\u8d44\u4ea7\u635f\u5931\u3002<\/p>\n<p>\u4ece\u76d1\u7ba1\u7684\u89d2\u5ea6\u6765\u770b\uff0cCoinbase \u7684\u53bb\u4e2d\u5fc3\u5316\u501f\u8d37\u6a21\u5f0f\u6709\u5229\u6709\u5f0a\u3002\u4e00\u65b9\u9762\uff0c\u4f7f\u7528 Morpho \u534f\u8bae\u63d0\u9ad8\u4e86\u4ea4\u6613\u900f\u660e\u5ea6\uff0c\u964d\u4f4e\u4e86\u5bf9\u624b\u65b9\u98ce\u9669\uff1b\u53e6\u4e00\u65b9\u9762\uff0ccbBTC \u7684\u6cd5\u5f8b\u548c\u7a0e\u52a1\u5730\u4f4d\u5c1a\u672a\u660e\u786e\uff0c\u8fd9\u53ef\u80fd\u5f15\u53d1\u7a0e\u52a1\u5408\u89c4\u95ee\u9898\u3002\u5c3d\u7ba1\u8fd9\u79cd\u6a21\u5f0f\u907f\u514d\u4e86 BlockFi \u548c Genesis \u7b49\u4e2d\u5fc3\u5316\u5e73\u53f0\u5931\u8d25\u7684\u98ce\u9669\uff0c\u4f46\u5176\u4ecd\u9700\u9762\u5bf9\u76d1\u7ba1\u3001\u5b89\u5168\u6027\u548c\u5e02\u573a\u7a33\u5b9a\u6027\u65b9\u9762\u7684\u6311\u6218\u3002<\/p>\n<p>\u540c\u65f6\uff0c\u5173\u4e8e\u91d1\u878d\u7a33\u5b9a\u6027\u7684\u62c5\u5fe7\u4ecd\u7136\u5b58\u5728\u3002\u7ecf\u6d4e\u5b66\u5bb6\u6307\u51fa\uff0c\u5927\u89c4\u6a21\u91c7\u7528\u6bd4\u7279\u5e01\u62b5\u62bc\u8d37\u6b3e\u53ef\u80fd\u5e26\u6765\u7cfb\u7edf\u6027\u98ce\u9669\u3002\u5982\u679c\u6bd4\u7279\u5e01\u4ef7\u683c\u7a81\u7136\u66b4\u8dcc\uff0c\u53ef\u80fd\u4f1a\u89e6\u53d1\u5927\u89c4\u6a21\u6e05\u7b97\uff0c\u8fdb\u800c\u5f15\u53d1\u5e02\u573a\u629b\u552e\u3002\u5bf9\u4e8e\u4f9d\u8d56\u79c1\u4eba\u8d44\u91d1\u7684\u8d37\u6b3e\u673a\u6784\u6765\u8bf4\uff0c\u6bd4\u7279\u5e01\u7684\u9ad8\u6ce2\u52a8\u6027\u53ef\u80fd\u5bfc\u81f4\u6d41\u52a8\u6027\u5371\u673a\u3002\u6b64\u5916\uff0c\u968f\u7740\u653f\u7b56\u5236\u5b9a\u8005\u5bf9\u6295\u8d44\u8005\u4fdd\u62a4\u548c\u98ce\u9669\u62ab\u9732\u7684\u8981\u6c42\u4e0d\u65ad\u63d0\u9ad8\uff0c\u76d1\u7ba1\u538b\u529b\u53ef\u80fd\u8fdb\u4e00\u6b65\u52a0\u5267\u3002<\/p>\n<p>\u5c3d\u7ba1\u5982\u6b64\uff0c\u5982\u679c\u6bd4\u7279\u5e01\u62b5\u62bc\u8d37\u6b3e\u7ee7\u7eed\u53d1\u5c55\uff0c\u5b83\u53ef\u80fd\u4f1a\u5bf9\u4f20\u7edf\u8d37\u6b3e\u7ed3\u6784\u4ea7\u751f\u6df1\u8fdc\u5f71\u54cd\u3002\u7136\u800c\uff0c\u5176\u957f\u671f\u7684\u53ef\u6301\u7eed\u6027\u5c06\u53d6\u51b3\u4e8e\u662f\u5426\u80fd\u591f\u59a5\u5584\u7ba1\u7406\u98ce\u9669\uff0c\u5e76\u5728\u76d1\u7ba1\u6846\u67b6\u4e0b\u5b9e\u73b0\u5408\u89c4\u3002<\/p>\n<h3>3.\u4e9a\u6d32\u5e02\u573a\u6848\u4f8b\u7814\u7a76\uff1aFintertech<\/h3>\n<p>Fintertech \u662f\u65e5\u672c\u5927\u548c\u8bc1\u5238 (Daiwa Securities) \u7684\u5b50\u516c\u53f8\uff0c\u4e13\u6ce8\u4e8e\u52a0\u5bc6\u8d27\u5e01\u62b5\u62bc\u8d37\u6b3e\u670d\u52a1\u3002\u8fd9\u662f\u4e9a\u6d32\u5730\u533a\u52a0\u5bc6\u8d27\u5e01\u8d37\u6b3e\u9886\u57df\u7684\u4e00\u4e2a\u91cd\u8981\u6848\u4f8b\u3002Fintertech \u5141\u8bb8\u7528\u6237\u4ee5\u6bd4\u7279\u5e01\u6216\u4ee5\u592a\u574a\u4f5c\u4e3a\u62b5\u62bc\u54c1\uff0c\u83b7\u5f97\u65e5\u5143\u6216\u7f8e\u5143\u8d37\u6b3e\uff0c\u5e74\u5229\u7387\u4e3a 4.0% \u81f3 8.0%\u3002\u501f\u6b3e\u4eba\u6700\u5feb\u53ef\u5728 4 \u4e2a\u5de5\u4f5c\u65e5\u5185\u83b7\u5f97\u9ad8\u8fbe 5 \u4ebf\u65e5\u5143\uff08\u7ea6 330 \u4e07\u7f8e\u5143\uff09\u7684\u8d37\u6b3e\uff0c\u4e3a\u52a0\u5bc6\u8d27\u5e01\u6301\u6709\u8005\u63d0\u4f9b\u4e86\u4e00\u79cd\u5feb\u901f\u4e14\u7075\u6d3b\u7684\u878d\u8d44\u9009\u62e9\u3002<\/p>\n<p>\u5728\u65e5\u672c\uff0c\u6bd4\u7279\u5e01\u62b5\u62bc\u8d37\u6b3e\u56e0\u5176\u7a0e\u52a1\u4f18\u52bf\u800c\u5907\u53d7\u6b22\u8fce\u3002\u6839\u636e\u65e5\u672c\u7a0e\u6cd5\uff0c\u52a0\u5bc6\u8d27\u5e01\u6295\u8d44\u6536\u76ca\u7684\u7a0e\u7387\u9ad8\u8fbe 55%\u3002\u901a\u8fc7\u6bd4\u7279\u5e01\u62b5\u62bc\u8d37\u6b3e\uff0c\u7528\u6237\u65e0\u9700\u51fa\u552e\u52a0\u5bc6\u8d27\u5e01\u5373\u53ef\u83b7\u5f97\u6d41\u52a8\u8d44\u91d1\uff0c\u4ece\u800c\u6709\u6548\u964d\u4f4e\u7a0e\u8d1f\u3002\u65e0\u8bba\u662f\u4f01\u4e1a\u8fd8\u662f\u4e2a\u4eba\uff0c\u90fd\u53ef\u4ee5\u5229\u7528\u8fd9\u79cd\u65b9\u5f0f\u6ee1\u8db3\u591a\u79cd\u8d44\u91d1\u9700\u6c42\u3002\u8fd9\u8868\u660e\uff0c\u5728\u7a0e\u7387\u8f83\u9ad8\u7684\u5e02\u573a\u4e2d\uff0c\u6bd4\u7279\u5e01\u62b5\u62bc\u8d37\u6b3e\u662f\u4e00\u79cd\u9ad8\u6548\u7684\u878d\u8d44\u5de5\u5177\u3002<\/p>\n<p>\u5c3d\u7ba1\u5982\u6b64\uff0c\u4e0e\u4f20\u7edf\u91d1\u878d\u4ea7\u54c1\u76f8\u6bd4\uff0cFintertech \u7684\u6a21\u5f0f\u9762\u4e34\u4e00\u5b9a\u6311\u6218\u3002\u52a0\u5bc6\u8d27\u5e01\u4ef7\u683c\u6ce2\u52a8\u8f83\u5927\uff0c\u4e3a\u8d37\u6b3e\u673a\u6784\u5e26\u6765\u4e86\u98ce\u9669\u3002\u8981\u786e\u4fdd\u6a21\u5f0f\u7684\u53ef\u6301\u7eed\u6027\uff0c\u673a\u6784\u9700\u8981\u5efa\u7acb\u5b8c\u5584\u7684\u98ce\u9669\u7ba1\u7406\u6846\u67b6\uff0c\u5e76\u4f18\u5316\u5bf9\u62b5\u62bc\u54c1\u7684\u4f30\u503c\u4f53\u7cfb\u3002\u5982\u679c\u5176\u4ed6\u4e9a\u6d32\u91d1\u878d\u673a\u6784\u80fd\u591f\u5f15\u5165\u7c7b\u4f3c\u6a21\u5f0f\uff0c\u6bd4\u7279\u5e01\u62b5\u62bc\u8d37\u6b3e\u6709\u6f5c\u529b\u6210\u4e3a\u4e00\u79cd\u521b\u65b0\u7684\u91d1\u878d\u4ea7\u54c1\uff0c\u5e76\u5728\u4f20\u7edf\u91d1\u878d\u4e0e\u6570\u5b57\u91d1\u878d\u4e4b\u95f4\u67b6\u8bbe\u6865\u6881\u3002<\/p>\n<h3>4.\u6bd4\u7279\u5e01\u8d37\u6b3e\u670d\u52a1\u5728\u4e9a\u6d32\u7684\u4f18\u52bf<\/h3>\n<p>\u968f\u7740\u52a0\u5bc6\u8d27\u5e01\u5728\u4e9a\u6d32\u7684\u666e\u53ca\uff0c\u6bd4\u7279\u5e01\u62b5\u62bc\u8d37\u6b3e\u6b63\u6210\u4e3a\u91d1\u878d\u673a\u6784 (FIs) \u7684\u65b0\u5174\u6536\u5165\u6765\u6e90\u3002\u6839\u636e\u9884\u6d4b\uff0c\u52302030 \u5e74\uff0c\u5168\u7403\u52a0\u5bc6\u8d27\u5e01\u8d37\u6b3e\u5e02\u573a\u89c4\u6a21\u5c06\u8fbe\u5230 450 \u4ebf\u7f8e\u5143\uff0c\u5e74\u590d\u5408\u589e\u957f\u7387 (CAGR) \u4e3a 26.4%\u3002\u8d8a\u6765\u8d8a\u591a\u7684\u6295\u8d44\u8005\u548c\u4f01\u4e1a\u5e0c\u671b\u901a\u8fc7\u8fd9\u79cd\u65b9\u5f0f\u83b7\u53d6\u6d41\u52a8\u8d44\u91d1\uff0c\u800c\u65e0\u9700\u51fa\u552e\u624b\u4e2d\u7684\u6bd4\u7279\u5e01\u3002<\/p>\n<p>\u65b0\u52a0\u5761\u548c\u9999\u6e2f\u7684\u91d1\u878d\u673a\u6784\u5728\u8fd9\u4e00\u9886\u57df\u5177\u6709\u4f18\u52bf\u3002\u8fd9\u5f97\u76ca\u4e8e\u5b83\u4eec\u5148\u8fdb\u7684\u76d1\u7ba1\u6846\u67b6\uff0c\u4f8b\u5982\u65b0\u52a0\u5761\u7684\u300a\u652f\u4ed8\u670d\u52a1\u6cd5\u6848\u300b(Payment Services Act) \u548c\u9999\u6e2f\u7684\u865a\u62df\u8d44\u4ea7\u670d\u52a1\u63d0\u4f9b\u5546 (VASP) \u8bb8\u53ef\u5236\u5ea6\u3002\u622a\u81f3 2024 \u5e74\u521d\uff0c\u52a0\u5bc6\u8d27\u5e01\u8d37\u6b3e\u5e73\u53f0 Ledn \u5df2\u5b9e\u73b0 11.6 \u4ebf\u7f8e\u5143\u7684\u8d37\u6b3e\u4e1a\u52a1\u3002\u8fd9\u8868\u660e\u7c7b\u4f3c\u670d\u52a1\u5728\u4e9a\u6d32\u5e02\u573a\u4e5f\u6709\u671b\u53d6\u5f97\u663e\u8457\u6210\u679c\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u4f20\u7edf\u94f6\u884c\u53ef\u4ee5\u901a\u8fc7\u4e0e\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\u548c\u91d1\u878d\u79d1\u6280\u516c\u53f8\u5408\u4f5c\uff0c\u5438\u5f15\u66f4\u591a\u719f\u6089\u52a0\u5bc6\u8d27\u5e01\u7684\u5ba2\u6237\u3002\u8fd9\u79cd\u5408\u4f5c\u4e0d\u4ec5\u80fd\u6269\u5927\u7528\u6237\u57fa\u7840\uff0c\u8fd8\u80fd\u901a\u8fc7\u6536\u53d6\u8d37\u6b3e\u5229\u606f\u3001\u624b\u7eed\u8d39\u4ee5\u53ca\u6cd5\u5e01\u5151\u6362\u8d39\u7528\u7b49\u65b9\u5f0f\u589e\u52a0\u6536\u5165\u3002<\/p>\n<h3>5.\u5173\u952e\u98ce\u9669\u4e0e\u76d1\u7ba1\u6311\u6218<\/h3>\n<p>\u4ee5\u4e0b\u8868\u683c\u603b\u7ed3\u4e86\u6bd4\u7279\u5e01\u62b5\u62bc\u8d37\u6b3e\u7684\u4e3b\u8981\u98ce\u9669\uff0c\u5e76\u901a\u8fc7\u5b9e\u9645\u6848\u4f8b\u6216\u5047\u8bbe\u793a\u4f8b\uff0c\u5e2e\u52a9\u66f4\u76f4\u89c2\u5730\u7406\u89e3\u8fd9\u4e9b\u98ce\u9669\u4e0e\u76d1\u7ba1\u6311\u6218\u3002<\/p>\n<h4><strong>5.1. \u98ce\u9669\u56e0\u7d20\uff1a\u76d1\u7ba1\u5408\u89c4\u6027<\/strong><\/h4>\n<p>\u6bd4\u7279\u5e01\u62b5\u62bc\u8d37\u6b3e\u7684\u76d1\u7ba1\u73af\u5883\u5728\u5168\u7403\u8303\u56f4\u5185\u5dee\u5f02\u663e\u8457\u3002\u4e0d\u540c\u56fd\u5bb6\u5bf9\u52a0\u5bc6\u8d27\u5e01\u8d37\u6b3e\u7684\u6001\u5ea6\u4e0d\u5c3d\u76f8\u540c\u3002\u4f8b\u5982\uff0c\u65e5\u672c\u5df2\u5c06\u52a0\u5bc6\u8d27\u5e01\u8d37\u6b3e\u7eb3\u5165\u73b0\u6709\u7684\u91d1\u878d\u6cd5\u89c4\u6846\u67b6\uff0c\u800c\u4e2d\u56fd\u5219\u5b8c\u5168\u7981\u6b62\u6b64\u7c7b\u6d3b\u52a8\u3002\u4e3a\u4e86\u9632\u6b62\u975e\u6cd5\u6d3b\u52a8\uff0c\u4f01\u4e1a\u5fc5\u987b\u9075\u5b88\u53cd\u6d17\u94b1 (AML)\u3001\u4e86\u89e3\u4f60\u7684\u5ba2\u6237 (KYC) \u548c\u865a\u62df\u8d44\u4ea7\u670d\u52a1\u63d0\u4f9b\u5546 (VASP) 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\u548c BlockFi 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