Important Information
【Analysis: The on-chain transfer volume of stablecoins is approximately $35 trillion for the year, but 'real world' payments account for only 1%】
Multiple media outlets citing the latest research from McKinsey and Artemis Analytics report that by 2025, the total on-chain settlement amount for stablecoins will be about $35 trillion, of which only about $380 billion is recognized as real-world payments (such as B2B payments, salaries, remittances, and some capital market settlements), representing approximately 0.02% of the global payment scale.
Impact/Insight: The data highlights that 'settlement/transaction tools' remain the main current use of stablecoins, with a low proportion of real commercial payments; under the framework of the U.S. Federal Stablecoin Act (GENIUS Act), the compliant issuance of payment stablecoins and bank access may become key external variables in increasing the proportion of 'real payments'
[Ledger reportedly planning an IPO in the U.S., with a valuation potentially exceeding $4 billion]
Hardware wallet manufacturer Ledger is collaborating with Goldman Sachs, Jefferies, and Barclays to assess a listing in New York, with a potential valuation exceeding $4 billion; the company's revenue is projected to reach 'hundreds of millions' by 2025.
Impact/Insight: If successful, it will become a significant capital market event in the 'self-custody/security infrastructure' sector; in a cycle where compliance and security are simultaneously rising, hardware wallets and compliant custody may achieve a higher valuation premium.
[Coinbase establishes an independent advisory committee on 'quantum computing and blockchain']
Coinbase announced the formation of an independent advisory committee composed of academic and industry experts to assess the potential impact of quantum computing on blockchain crypto-security and to publish industry recommendations and roadmaps.
Impact/Insight: Under the long-term premise that key and signature systems could be impacted by quantum computing, leading exchanges are taking the initiative to organize industry-level responses, which is expected to promote early pilot projects and standardization discussions for 'post-quantum cryptography' in public chains and wallet ecosystems.
Industry Dynamics
[Davos 'Blockchain Central' announces multiple organizational and ecological milestones]
GBBC disclosed board adjustments and ecological progress during Davos, continuing its positioning as a dialogue platform between traditional institutions and Web3.
Related Assets: HBAR. The presence of public chains and member institutions like Hedera during Davos enhances ecological exposure and promotes cooperation opportunities with policymakers and institutions.
Price Dynamics
[Bitcoin]$BTC
Driving Analysis: The market has been dominated by caution regarding the FOMC outlook over the past 48 hours, with media reporting that BTC hovers around $90,000 as investors await guidance from the Federal Reserve, leading to suppressed volatility.
[Ethereum]$BNB
Driving Analysis: Overall sentiment is cautious alongside BTC, while the narrative of 'institutions deploying tokenization/settlement on Ethereum' provides mid-term support, though short-term still constrained by macro factors and risk appetite.