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USD1 هو عملة مستقرة أُطلقت بواسطة World Liberty Financial (WLFI) في مارس 2025، مرتبطة بالدولار الأمريكي بنسبة 1:1، مصممة لتوفير أصل رقمي دولار مستقر السعر. لدى WLFI علاقات وثيقة مع عائلة ترامب (تمتلك الكيانات العائلية حصصًا كبيرة)، مما يمنحها خلفية سياسية ملحوظة ووضعًا مؤسسيًا.
USD1 مدعوم بنسبة 100% من احتياطيات السيولة العالية، بما في ذلك النقد بالدولار الأمريكي، والسندات الحكومية الأمريكية قصيرة الأجل، والنقد المعادل، المحتفظ به في أمانة من قبل شركة BitGo المنظمة، مع التزام بإجراء تدقيقات منتظمة من طرف ثالث لضمان الشفافية والامتثال. يمكن للمستخدمين تبادل USD1 مقابل الدولارات الأمريكية بنسبة 1:1 من خلال قنوات مؤهلة (عادةً ما تكون عملية السك/الاسترداد بدون رسوم)، مع بقاء أسعار التداول في السوق الثانوية قريبة جدًا من 1 دولار أمريكي. كعملة مستقرة، يتم استخدام USD1 على نطاق واسع في مجالات مثل إقراض DeFi، والمدفوعات عبر الحدود، والمعاملات على السلسلة، وتخزين القيمة، مما يدعم نشرات متعددة السلاسل مثل Ethereum وBNB Chain. بعد إطلاقها، نمت بسرعة، متجاوزة قيمة سوقية تبلغ 5 مليارات دولار أمريكي بحلول أوائل 2026، مع أحجام تداول يومية غالبًا ما تصل إلى عشرات المليارات من الدولارات، مما يجعلها واحدة من أكبر خمس عملات مستقرة على مستوى العالم (فقط خلف عمالقة مثل USDT وUSDC).

#MUA
هل فكرت يومًا في كيف يمكن أن يكون المستثمرون الأفراد 'صناع سوق' في العالم المالي؟ لفترة طويلة، كان التمويل المركزي لعبة للعمالقة: المنصات تضع القواعد، تكسب رسومًا مرتفعة، ولا يمكن للمستثمرين الأفراد سوى أن يكونوا 'لاعبين'، يتصارعون من أجل الفتات على أرض شخص آخر، ويحققون أرباحًا ضئيلة بينما يخسرون أموالاً حقيقية. لكن ولادة التمويل اللامركزي قد خلقت إمكانية للتغيير.
لم يكن جوهر التمويل اللامركزي أبداً يتعلق بالتكنولوجيا المعقدة، بل يتعلق بتمكين المستثمرين الأفراد من حق 'تولي المسؤولية'. تتيح لنا مجمعات السيولة وآليات صنع السوق AMM أن نكون أكثر من مجرد مشاركين في التداول؛ يمكننا أن نصبح شركاء في بناء المنصة ومشاركة أرباح رسوم المعاملات. ببساطة، يتعلق التمويل اللامركزي بالاستثمار الأفراد الذين يجتمعون لبناء منصتهم المالية الخاصة والسيطرة بشكل جماعي.

لتحقيق فهم احترافي للسوق، من الضروري التمييز بين الضجيج العابر والعمليات الأساسية. في عام 2026، لم يعد البيتكوين (BTC) مجرد أصل رقمي؛ إنه "ذهب رقمي"، عنصر أساسي في النظام المالي العالمي.

دعونا نقوم بتحليل الوضع الحالي من خلال عدسة رأس المال المؤسسي وعلم النفس الجماعي.

تحليل البيتكوين: السياق العالمي وتكتيكات "القرش"
في عام 2026، بعد عدة دورات تقليل مكافآت التعدين وتبني مؤسسي كامل، يظهر البيتكوين مرونة عالية. ومع ذلك، لا يزال السوق عرضة للتقلبات، والتي تعتبر الأداة الرئيسية لإعادة توزيع رأس المال.

الموضوع: لماذا يجب على المبتدئين تجنب تداول العقود الآجلة.
إذا كان التداول الفوري مثل قيادة سيارة، فإن تداول العقود الآجلة يشبه قيادة محرك طائرة بدون رخصة. إنها الطريقة رقم واحد التي يخسر بها المتداولون الجدد 100% من أموالهم في ثوانٍ.
1. خطر الرافعة المالية
الرافعة المالية تتيح لك التداول بأموال لا تملكها.
الرياضيات: إذا كنت تستخدم رافعة مالية 10x، فإن انخفاضًا صغيرًا بنسبة 10% في السعر يعادل خسارة بنسبة 100% لك. في عالم العملات المشفرة المتقلب، يمكن أن تحدث حركة بنسبة 10% في دقائق.
2. التصفية: نقطة اللاعودة

February 6, 2026, is destined to become a significant day in the history of digital financial regulation in the Eastern Great Nation. On this day, the Central Bank of the Eastern Great Nation, in collaboration with eight core ministries including the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the Financial Supervision Administration, the Securities Regulatory Commission, and the State Administration of Foreign Exchange, jointly issued the notice (on further prevention and handling of risks related to virtual currencies) (Yin Fa [2026] No. 42). Accompanying this was a more practical guiding document—(regulatory guidelines on issuing asset-backed securities tokens for domestic assets abroad).
The issuance of these two documents has quickly caused a stir in the global crypto asset industry. However, interpreting it simply as 'the Eastern Great Nation has once again strengthened its ban on virtual currencies' is clearly a severe misreading of the deeper logic of the policy. From the comprehensive blockade of the '924 Notice' in 2021 to the renewal of Document No. 42 in 2026, the Eastern Great Nation's regulatory thinking on crypto assets has undergone a systematic upgrade from 'one-size-fits-all blockade' to 'classified precise regulation,' and the core keyword of all these changes is RWA (Real World Asset tokenization).
I. Policy Evolution: A Five-Year Transition from 'Comprehensive Blockade' to 'Rule Reconstruction'.
To understand the breakthrough significance of Document No. 42, one must trace back to the regulatory starting point of 2021. At that time, the ten departments of the Eastern Great Nation jointly issued the Notice on Further Preventing and Dealing with Risks of Virtual Currency Trading Speculation (Yin Fa [2021] No. 237, commonly known as the '924 Notice'), which established the regulatory tone of a 'comprehensive ban and resolute crackdown' on virtual currencies. In the prevailing market environment, rampant speculation on virtual currencies led to frequent risks such as money laundering, illegal fundraising, and cross-border capital violations. The issuance of the '924 Notice' effectively curbed the spread of financial risks but, due to the limitations of the era, failed to provide clear regulations for the subsequent emergence of new business forms such as RWA.
Five years later, Document No. 42, in a 'renew and discard' manner, clearly states in its last article: 'The Eastern Great Nation's Central Bank and ten departments (Notice on Further Preventing and Dealing with Risks of Virtual Currency Trading Speculation) (Yin Fa [2021] No. 237) shall be simultaneously abolished.' This statement is not merely a simple policy update but declares the birth of a completely new regulatory framework. If the core of the '924 Notice' is 'prohibiting risks,' then the logic of Document No. 42 is 'defining boundaries, standardizing development'—while continuing to vigorously crack down on illegal activities involving virtual currencies, it opens a compliant development channel for RWA businesses that are supported by real assets and align with the direction of financial innovation.
This policy shift is not accidental. In recent years, the global RWA market has rapidly expanded, with increasing demand for the tokenization of real assets such as real estate, debt, equity, and bulk commodities, but disorderly development has also brought new risks. Unscrupulous individuals have exploited 'asset on-chain' as a pretext for virtual currency speculation, distorting RWA into tools for illegal fundraising and capital flight, posing new challenges for financial regulation. The financial regulatory departments of the Eastern Great Nation have keenly captured this trend, and through the combination of Document No. 42 and the accompanying guidelines, they have responded to market innovation needs while fortifying the financial safety line, reflecting the regulatory wisdom of 'prudent openness and risk prevention.'
II. In-depth interpretation of core points: Understanding the logic of the new policy from five dimensions.
(1) Virtual currency regulation: Attitude remains unchanged, precision intensified.
Article 1 of Document No. 42 clearly states the core qualification for virtual currencies, stating: 'Virtual currencies do not have the same legal status as legal tender.' Mainstream virtual currencies such as Bitcoin, Ethereum, and USDT are explicitly named, emphasizing that they 'do not possess legal tender characteristics and should not and cannot circulate as currency in the market.' This statement is consistent with the '924 Notice' and demonstrates the Eastern Great Nation's zero-tolerance attitude toward virtual currency speculation.
In terms of prohibitive clauses, the new policy further refines the regulatory boundaries: Activities involving the exchange of legal tender for virtual currencies, exchanges between virtual currencies, providing trading intermediary and pricing services, token issuance and financing, etc., are 'strictly prohibited and resolutely banned'; similarly, providing virtual currency services to domestic entities by foreign entities is also included in the prohibition category. At the same time, the regulatory intensity continues to increase, clearly requiring the continued rectification of virtual currency mining activities, a complete ban on related false advertisements, and prohibiting the appearance of terms such as 'virtual currency,' 'cryptocurrency,' and 'stablecoins' in the names and business scope of registered enterprises, curbing the breeding of illegal business from the source.
It is worth noting that the new policy adds a key constraint: 'Without the lawful consent of relevant departments, no unit or individual, domestic or foreign, may issue stablecoins pegged to the Eastern Great Nation's legal currency overseas.' Different from the rigid expression of 'strictly prohibited,' the phrase 'without consent' leaves room for policy flexibility— in theory, if approved by regulatory authorities, stablecoins tied to the Eastern Great Nation's legal currency may have the potential for implementation. This subtle adjustment safeguards the bottom line of monetary sovereignty while leaving space for future payment innovations in cross-border trade and digital economy scenarios.
(2) Official definition of RWA implemented: First inclusion in ministerial-level regulatory framework.
This is the most milestone breakthrough of Document No. 42—the concept of 'Real World Asset tokenization' is first written into a ministerial-level document of the Eastern Great Nation, providing a clear official definition: 'Real World Asset tokenization refers to the use of cryptographic technology and distributed ledger or similar technology to convert rights of ownership, income rights, etc., into tokens (certificates) or other rights with token (certificate) characteristics, and to issue and trade these activities.'
This definition contains three profound logics: First, the clarification of the technical path—locking the technical basis of RWA as 'cryptographic technology and distributed ledger or similar technology' means that blockchain or blockchain-like technology is a necessary condition for RWA, excluding the confusion with traditional electronic assets; second, the broad scope of assets—tokenization objects cover 'ownership, income rights, etc.,' theoretically including both physical and debt assets such as real estate and accounts receivable, as well as financial assets like bonds and fund shares; third, the full-chain regulation of regulatory links—clearly incorporating both core links of 'issuance and trading' into regulation, avoiding regulatory vacuums.
The supplementary clauses defined afterward further reveal the compliance core of RWA: 'Except for related business activities conducted based on specific financial infrastructure with the approval of the competent business department in accordance with laws and regulations.' This means that the Eastern Great Nation does not prohibit RWA business but sets a threshold for 'licensed operation.' The so-called 'specific financial infrastructure,' while not explicitly listed in the document, can be inferred from the Eastern Great Nation's financial market practices, such as the Shanghai Data Exchange, Beijing International Big Data Exchange, Shenzhen Data Exchange, and other new factor markets, as well as the digital legal currency infrastructure led by the Eastern Great Nation's central bank, all of which are expected to become compliant platforms for RWA business. The core logic is: RWA can be done, but it must be played in 'venues' recognized by regulators, ensuring that the business is traceable throughout and risks can be controlled.
(3) Tokenization of domestic assets going overseas: First establishment of 'penetrative regulation' framework.
Chapter 4 of Document No. 42 'Implements strict regulation on domestic entities conducting related businesses overseas' breaks the long-standing regulatory gray area for the overseas tokenization of domestic assets as RWA. The new policy does not prohibit domestic entities from conducting related businesses overseas but establishes clear rules of 'classified regulation and penetrative control,' with the core principle being 'same business, same risk, same rules'—regardless of whether the issuing location is Hong Kong, Singapore, or other international financial centers, as long as the underlying assets are located within the Eastern Great Nation, the regulatory requirements of the Eastern Great Nation must be followed to eliminate the arbitrage space of 'going overseas to circumvent regulation.'
Article 14 of the document clearly divides the responsibilities for regulating overseas RWA businesses: Domestic entities conducting overseas RWA businesses in the form of foreign debt are regulated by the National Development and Reform Commission and the State Administration of Foreign Exchange; RWA businesses based on domestic rights conducted overseas in the form of asset securitization or equity are regulated by the Securities Regulatory Commission; other forms of overseas RWA businesses are regulated collaboratively by the Securities Regulatory Commission and relevant departments. This division clarifies the regulatory entities, avoids multiple regulations or regulatory gaps, and provides clear guidance for domestic entities to conduct cross-border RWA businesses in compliance.
For market participants, this rule restructuring is revolutionary. Previously, due to the lack of a clear regulatory framework, many project parties holding quality domestic assets had a demand for tokenization overseas but did not dare to act rashly for fear of crossing regulatory red lines. The introduction of Document No. 42 essentially 'validates' this type of business— as long as the compliance approval or filing is obtained, the overseas tokenization of domestic assets as RWA is permitted, which will greatly stimulate the innovation vitality of the market and promote the efficient connection between high-quality assets of the Eastern Great Nation and global capital markets.
(4) Implementation of filing system: Clear compliance path for asset securitization tokens.
If Document No. 42 established the regulatory framework, the accompanying guidelines on the regulation of asset-backed securities tokens issued overseas from domestic assets provide an operational manual. This document specifically targets the scenario of 'issuing asset-backed securities tokens overseas based on domestic assets' and establishes the core regulatory model of the 'filing system,' providing a clear path for business implementation.
According to the guidelines, the core process for issuing asset-backed securities tokens overseas from domestic assets is as follows: The domestic entity that actually controls the underlying assets must submit a filing application to the Eastern Great Nation Securities Regulatory Commission, with materials including a filing report, a complete set of overseas issuance materials, domestic filing entity information, detailed descriptions of the underlying assets, token issuance plans, risk control measures, etc. The Securities Regulatory Commission reviews the materials; for those that are complete and comply with regulations, the filing procedure is carried out and publicly announced; for those that do not comply, the filing is not approved and reasons are provided.
It is worth emphasizing that there is a fundamental difference between the 'filing system' and the 'approval system.' Although the Securities Regulatory Commission can 'consult with relevant departments of the State Council and industry regulatory agencies as appropriate,' the overall institutional design centers on 'filing,' with a more simplified process and more reasonable thresholds, reflecting the regulatory attitude of 'cautious openness'—neither blindly releasing nor deliberately restricting. At the same time, the guidelines clarify a strict negative list: assets prohibited by law from financing, assets that harm national security, tokens issued by entities with criminal records of controlling persons, tokens with significant ownership disputes over the underlying assets, etc., are all excluded from the filing scope. This negative list is highly consistent with the current logic of domestic asset securitization and corporate overseas listing regulation in the Eastern Great Nation, indicating that RWA tokenization has been incorporated into a mature financial regulatory system rather than establishing special rules separately.
(5) Definition of the role of financial institutions: Opening the participation channel for compliant RWA business.
Article 6 of Document No. 42 clearly defines the business boundaries for financial institutions; this regulation can be considered 'infrastructure guarantee' for the development of the RWA ecosystem. The document requires that financial institutions shall not provide any financial services such as account openings, fund transfers, clearing, and settlement for virtual currency-related businesses; however, for RWA businesses, the restrictions only apply to situations of 'without consent'—this means that compliant RWA businesses approved through filing have the right to obtain supporting services such as custody, clearing, and fund transfers from financial institutions.
This rule adjustment is of decisive significance. The scalable development of RWA businesses cannot be separated from the participation of traditional financial institutions: Banks' asset custody services can ensure the safety of underlying assets, the involvement of clearing institutions can enhance transaction efficiency, and the support of payment channels can facilitate the flow of funds. Previously, due to the blurred boundary between RWA businesses and virtual currencies, financial institutions were hesitant to participate for fear of crossing regulatory red lines, leading to compliance RWA projects struggling to grow. Document No. 42 has stripped 'compliant RWA' of its negative label as 'related to virtual currency business,' clearing policy obstacles for financial institutions to participate in the RWA ecosystem and is expected to accelerate the formation of a positive industrial ecology of 'asset parties + technology parties + financial institutions.'
In addition, Article 15 of the document further regulates the behavior of domestic financial institutions' overseas branches: When domestic financial institutions' overseas subsidiaries and branches provide RWA services abroad, they must conduct business 'lawfully and prudently,' staff with professionals and systems, strictly implement regulatory requirements such as KYC (Know Your Customer), investor suitability management, anti-money laundering, etc., and incorporate the relevant business into the overall compliance and risk control system of domestic financial institutions. This requirement aims to prevent financial institutions from conducting 'regulatory arbitrage' through overseas branches, ensuring that compliance standards for domestic and overseas businesses are unified, safeguarding the bottom line of financial risks.
III. The deeper signal of the new policy: The balancing art of Eastern Great Nation-style regulation.
Combining Document No. 42 with the accompanying guidelines, a clear regulatory logic emerges, reflecting the Eastern Great Nation's delicate balance between digital financial innovation and financial safety:
First, classified regulation, precise segmentation. The core breakthrough of the new policy lies in the clear differentiation between virtual currency and RWA: Virtual currencies, due to their decentralized nature, lack of real asset support, and ease of being used for illegal activities, continue to be subjected to a strict crackdown; while RWA, as a new financial form 'anchored by real assets, relying on compliant technology, with practical application scenarios,' is stripped of the negative label of virtual currencies and incorporated into the formal financial regulatory system. This 'differentiated treatment' approach avoids the suppression of financial innovation by one-size-fits-all measures and prevents risk diffusion caused by regulatory gaps.
Second, domestic licensing, overseas filing. For domestic RWA business, a model of 'licensed operation + specific financial infrastructure' is implemented to ensure that the business is conducted within the regulatory view throughout; for RWA business involving domestic assets issued overseas, a 'filing system' management is implemented, which not only provides a compliant path for high-quality assets to go overseas but also ensures that cross-border financial risks are kept in check through 'penetrative supervision.' These two models adapt to different scenarios of domestic and foreign business, reflecting the flexibility and targeting of regulation.
Third, financial collaboration, ecological co-construction. The new policy clearly allows financial institutions to participate in compliant RWA business, breaking the previous isolation of the RWA ecosystem from the traditional financial system. The involvement of traditional financial institutions can not only provide funding, custody, and clearing support for RWA businesses but also, with their mature risk control capabilities, reduce the compliance risks of RWA businesses, promoting the industry's transition from 'wild growth' to 'standardized development.'
Fourth, sovereignty first, open and compatible. In areas involving national financial sovereignty such as stablecoin regulation and cross-border RWA business, the new policy adheres to the bottom line, clearly stating that without consent, stablecoins pegged to the Eastern Great Nation's legal currency may not be issued, ensuring that monetary sovereignty is not eroded; at the same time, through filing systems and classified regulation, a channel has been opened for domestic assets to connect with the global capital market, reflecting the regulatory approach of 'seeking development in openness while ensuring safety in development.'
From a macro perspective, the introduction of this new policy marks the official entry of the Eastern Great Nation into the 'refined era' of regulation of crypto assets. It is not a comprehensive embrace of crypto nor a blind rejection of financial innovation, but rather a way for the Eastern Great Nation to define the boundaries of compliant applications of tokenization technology—encouraging tokenization innovation with real demand, compliant structures, and risk control, while cracking down on illegal activities that exploit technology for speculation.
IV. Market Outlook: Opportunities and Challenges in the Compliance Era.
For the global crypto asset industry, the implementation of the new policy by the Eastern Great Nation is an important 'rule calibration,' providing a clear action guide for market participants. For institutional investors and project parties who have been observing, the compliant path is now clear: As long as the negative list requirements are met, regulatory filing is completed, and business is conducted relying on compliant infrastructure, innovations in the RWA field have a policy basis.
In the future, the RWA market in the Eastern Great Nation is expected to usher in three major trends: first, the acceleration of tokenization of high-quality assets, with existing assets such as real estate, accounts receivable, and bonds being digitized and fractionalized through compliant paths to enhance asset liquidity and allocation efficiency; second, the deep participation of financial institutions, with banks, securities firms, and fund companies gradually entering RWA custody, underwriting, investment, and other businesses to promote the maturity of the industry ecosystem; third, the compliant development of cross-border businesses, with domestic high-quality assets connecting with global capital through RWA forms, injecting new vitality into the two-way opening of the Chinese capital market.
Of course, opportunities and challenges coexist. For market participants, to seize the opportunities brought by the new policy, three thresholds must be crossed: first, the establishment of compliance capabilities, which requires a deep understanding of regulatory requirements and the establishment of a sound compliance and risk control system; second, the integration of technology and business, which relies on compliant distributed ledger technology to ensure the security and traceability of asset tokenization; third, the deepening of investor education, which necessitates conveying the compliance attributes and investment logic of RWA to the market, avoiding speculative behaviors under the guise of RWA.
On February 6, 2026, the Eastern Great Nation, through a systematic regulatory document, delineated the direction for the future of digital finance. This is not an end, but a brand new beginning—a tokenization era predicated on compliance, driven by innovation, and grounded in safety has arrived. For all market participants, understanding the logic of the new policy and aligning with the direction of regulation are essential to seizing opportunities and ensuring steady and long-term development in this historical transformation. At this moment, the most pressing question may be: Are you ready?
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