华尔街与加密货币：同一片战场上的激烈对决

加密与传统金融的边界日益模糊

加密货币与传统金融之间的界限正逐渐消融，本周的商业动态清晰地展示了两者如何趋向于相同的成果：更快的支付速度、更广泛的美元资产获取渠道，以及可实现全天候结算的基础设施。从币安（Binance）扩大与Circle的合作关系，到加拿大最大银行测试代币化存款，再到纽约证券交易所（NYSE）与Blockchain.com合作推出代币化股票，串联这些故事的主线十分明确——稳定币和代币化现实世界资产（RWA）已成为控制资金流动方式的战略博弈焦点。

核心要点

• 币安深化USDC布局：据报，币安将对Circle投资1亿美元，并签署为期五年的商业协议，旨在扩大USDC在交易所的使用范围。
• 加拿大银行探索代币化存款：加拿六大银行正在探索代币化加元存款，将其定位为可编程支付通道，同时在法律上将其与传统存款挂钩。
• 跨境稳定币转账持续增长：Chainalysis数据显示，尽管整体加密货币市值下降，但跨境稳定币转账规模仍在持续扩大。
• 纽交所推进代币化美股：纽约证券交易所与Blockchain.com计划建立一家经监管审查的替代交易系统，将代币化的美国股票和ETF引入加密用户群体。

币安扩大对Circle的投资及USDC计划

币安正通过加强与Circle的关系，增加其在稳定币基础设施领域的曝光度。据Cointelegraph报道，该交易所将对Circle进行1亿美元的投资，并签署一份为期五年的协议，旨在扩大USDC在币安平台上的采用率。

周二向美国证券交易委员会（SEC）提交的文件显示，Circle于9月17日通过私募配售向币安发行了1,237,011股A类普通股，每股价格为80.84美元。由于购买价格低于交易关闭时Circle的市场价格，文件指出公告发布后股价有所上涨。

此次投资附带了商业条款：Circle将根据币安模块化智能合约钱包基础设施中持有的USDC数量，向币安支付月度激励费用。这一结构至关重要，因为它将主要交易所的产品使用激励与稳定币流通绑定在一起，而非仅仅依赖交易活动。

币安在长达两年的时间内被限制出售、转让、质押或以其他方式处置这些股份，但在某些终止条款下，锁定期可能提前结束。对于市场观察者而言，重要的是币安在限制期内仍保留投票权。

加拿大银行探索代币化存款——不改变其法律性质

Although stablecoins are still the most conspicuous tokenized assets, banks are also exploring tokenization at the deposit level. A pilot project jointly sponsored by Canada's six largest banks is testing "tokenized Canadian dollar deposits," a setting that allows digital representations of bank deposits to flow between participating institutions.

The project brings together Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank Group. The first phase focuses on transfers between these banks, which may connect to other digital asset networks in the future. Like most pilot efforts, the immediate value lies at the operational level: determining how tokenization means improving settlement speed and payment programmability in a controlled environment.

The move follows guidance from the Office of the Superintendents of Canadian Financial Institutions. As Cointelegraph pointed out, the office clarified on September 10 that tokenized deposits were "legally no different from traditional deposits," meaning the use of blockchain or other technology would not change their potential legal treatment.

This distinction is also of practical significance in terms of risk frameworks. Unlike fiat currencies that support stablecoins, tokenized deposits are still liabilities of the issuing bank. Participating banks believe that this model can achieve faster and programmable payments and that more deposit-taking institutions may join in the future.

随着加拿大制定稳定币规则，法律和监管细微差别显得尤为重要。该国的框架适用于非金融机构发行人，而受监管的银行和信用合作社则不在其范围内——这种不对称性可能会影响哪些机构追求何种代币化产品。

随着加密市场整体萎缩，稳定币使用率持续上升

尽管更广泛的加密市场陷入困境，但稳定币——尤其是用于跨境流动的稳定币——继续显示出韧性。根据Chainalysis引用的数据，截至6月的一年中，跨境稳定币流量增长了近78%，达到2203亿美元。

Chainalysis报告称，跨境稳定币流量增加了77.5%，而总加密货币市值下降了37%，降至2.1万亿美元。分析公司还确定了4,708条新的跨境走廊，承载价值26.4亿美元。然而，报告强调，最大的走廊占总价值的96.1%，这表明增长正在扩展地图，但流动性和交易量仍然集中在既定的路线上。

Chainalysis将大部分增长归因于平均约为3,000美元的转账，这种模式更符合贸易、汇款和储蓄，而非投机活动。Tether经济学家Philip Gradwell在评论中将这种活动描述为具有商业使用的“稳定节奏”。StraitsX首席执行官Tianwei Liu指出了对美元准入的需求、对冲通胀以及亚洲以外规避资本管制的替代方案。

The broader regulatory direction is also part of the background. The report pointed out that the United States passed the GENIUS Act in July 2025, while the European Union's MiCA framework and Hong Kong's licensing system have placed stablecoins under more formal supervision. This is important for investors and builders, because clarity of compliance can reduce friction between payment partners and nearby users of institutions-which is often a prerequisite for the expansion of stablecoin services.

The New York Stock Exchange and Blockchain.com push tokenized U.S. stocks towards crypto track

Stabiloin settlements and tokenized deposits are not the only areas that see institutional momentum. In the United States, the New York Stock Exchange is also working to bring traditional market assets closer to the crypto trading infrastructure.

According to Cointelegraph, Blockchain.com has teamed up with the New York Stock Exchange to bring tokenized U.S. stocks and exchange-traded funds (ETFs) to crypto users through a planned alternative trading system. The two companies signed a memorandum of understanding covering digital ATS, which still requires regulatory approval. The agreement also includes a market data partnership between Blockchain.com and the data services arm of the Intercontinental Exchange (ICE).

In the same report, TD Securities's Reid Noch described the move as an effort to capture retail trading activity, particularly since tokenized markets allow for round-the-clock and weekend trading. Tanay Ved of Talos added that crypto venues are gradually evolving into multi-asset platforms, rather than just purely crypto-native exchanges.

需求指标解释了为什么这些伙伴关系受到关注。根据原始报道中引用的RWA.xyz数据，代币化股票的价值已达到31.4亿美元，持有者数量增加了72%，达到387万人。

该计划也与最近的美国监管发展相一致。报道提到了SEC为某些代币化证券场所引入的五年期创新豁免。它指出，合格的代币化股票必须代表与实际股份具有相同经济和控制权的股份——这是一个重要的约束条件，它将镜像现有股东权利的代币化模型与仅近似它们的模型区分开来。

未来展望

接下来值得关注的是，这些倡议是否会收敛成代币化货币和资产的更清晰的操作标准——特别是在互操作性、结算最终性和监管批准方面。如果试点按预期进展，下一阶段可能不再是证明概念，而是关于谁控制轨道：是交易所和稳定币发行人、银行网络，还是直接与加密平台合作的受监管市场基础设施。