作者：Muyao Shen Citrini Research认为，“基础加密货币投资”的新范式已经到来，因为自主金融将建立在区块链之上。
Research is making the case that a “new paradigm of ‘fundamental crypto investing’” has arrived because agentic finance will be built on top of blockchains.
这家独立投资研究公司在周四发布的一份报告中写道：“区块链行业花了十五年时间构建出一种在自主世界中看似极具实用性的东西：全天候运行、可编程的金融基础设施，资产、所有权和结算可以在这个本就不断融合的世界中共存。”
“The blockchain industry has spent fifteen years building something that looks surprisingly useful in an agentic world: always-on, programmable financial infrastructure where assets, ownership and settlement can co-exist” in an already converging world, the independent investment research firm wrote in a report Thursday.
Citrini表示，Robinhood Markets Inc.、Coinbase Global Inc.、Bullish和Securitize Corp.等上市公司有望从中受益。此外，该公司还提到了以太币和Solana等加密货币代币，以及稳定币发行商Circle Internet Group Inc.和Ethena。
Robinhood Markets Inc., Coinbase Global Inc., Bullish and Securitize Corp. are among the public companies seen benefitting, Citrini said. Crypto tokens such as Ether and Solana and stablecoins issuers Circle Internet Group Inc. and Ethena were also cited.
Citrini指出，更友好的监管环境也推动了代币化的采用。就在上个月国会一项具有里程碑意义的加密货币法案未能通过几天后，美国证券交易委员会批准了一项为期五年的豁免，允许符合条件的交易场所以链上方式交易代币化的美国股票。
A friendlier regulatory environment has also encouraged the adoption of tokenization, according to Citrini. A few days after the failure of a landmark crypto legislation in Congress last month, the Securities and Exchange Commission granted a five-year exemption allowing qualifying venues to trade tokenized US stocks onchain.
将现实世界资产进行代币化，一直被大力推广为区块链（即大多数加密货币所依赖的分布式账本技术）最可行的应用场景之一。包括BlackRock Inc.在内的华尔街巨头也已宣布着手对某些资产进行代币化。Citrini认为，一个关键时刻是：在伊朗冲突期间，一个周末，基于区块链的加密货币交易所Hyperliquid成为少数能够全天候交易与原油价格挂钩的衍生品交易场所之一。
Tokenization of real-world assets has been promoted heavily as one of the most viable use cases for blockchain, the distributed ledger technology that underpins most cryptocurrencies. Wall Street giants including BlackRock Inc. have announced efforts to tokenize certain assets. A pivotal moment, according to Citrini, was when Hyperliquid — a blockchain-based crypto exchange — became one of the few venues for around-the-clock derivatives trading tied to prices of crude oil during the Iran conflict over a weekend.
“自那以后，RWA的采用确实进入了加速阶段，”报告称。“在过去一个月里，我们见证了加密货币领域的巨大变化，这似乎标志着一个转折点的到来。”Citrini的研究拥有约26万Substack订阅者。今年早些时候，其创始人James van Geelen发布了一篇题为《2028年全球智能危机》的文章，描绘了一个未来：人工智能以极快的速度摧毁白领工作，导致经济无法承受这一冲击。该报告在股票市场引发了巨大震动。
“Since then, RWA adoption has really shifted into higher gear,” the report said. “We’ve seen massive moves starting to happen across crypto in the past month, marking what appears to be an inflection point.”Citrini, whose research has some 260,000 Substackrs, made a name for itself earlier this year after its founder James van Geelen posted a note titled “The 2028 Global Intelligence Crisis,” in which he imagined a future in which AI wipes out white-collar jobs so quickly that the economy isn’t able to absorb the blow. The report sent shockwaves through equity markets.
9月，彭博社报道称，van Geelen已将这家位于纽约的公司出售给了半导体和人工智能研究机构SemiAnalysis。
In September, Bloomberg reported that van Geelen had sold the New York-based firm to semiconductor and AI researcher SemiAnalysis.
报告发布后，文中提及的几种加密货币价格出现飙升。根据CoinGecko的数据，链上期权和期货交易所Derive的原生代币DRV一度上涨超过20%，随后又回落。
Prices of a few of the cryptocurrencies mentioned in the blog spiked after the report was released. DRV, the native token of onchain options and futures exchange Derive, was up by more than 20% before falling back, according to CoinGecko.