#内容挖矿焕新公测开启 Today’s Analysis ( The Deep Dive )

To put it simply, Web3 has officially bid farewell to the “Wild West” era and entered a fierce “Establishment Internal War.” Today’s most intriguing signal isn’t MicroStrategy buying more Bitcoin, but rather Tether’s launch of USAT.
For a long time, Tether has been like a “cash cow” hiding on offshore islands. Although it has been highly profitable, it has always been overshadowed by Circle’s USDC in the compliant market within the United States. Now, with the launch of USAT, it’s clear that Tether is aiming to use a compliant entry ticket to compete for the US dollars held by Wall Street institutions. Interestingly, this restructuring of利益分配 has directly led to a “big split” among crypto giants. The CLARITY Act acts like a mirror, with players eager to comply like Ripple raising both hands in approval, while Cb suddenly withdraws support. The logic behind this is simple: everyone wants compliance, but no one wants the compliance threshold to be defined by their competitors.
The real highlight is that the US banking industry’s “power grab” over cryptocurrencies has shifted from covert to overt. Cb CEO revealed that 60% of top-tier banks have already entered the market. This is not just a statistic; it signifies that cryptocurrencies are transforming from “alternative assets” into a “priority for survival” for banks.
Laser Digital, a subsidiary of Nomura Securities, applying for a banking license is a masterstroke. They have identified the chaos in state-level regulation and are directly targeting the tough nut of federal licensing. If approved, this means traditional financial giants can bypass all middlemen and directly provide trading services under the protection of federal law. This full-scale push of the “regular army” makes the UK banking sector across the ocean appear particularly conservative and awkward. This regional regulatory disparity is accelerating the reshuffling of global liquidity.
Behind this, there is a largely overlooked logical thread: the “normalization” of stablecoins is becoming a Trojan horse for global finance. White House advisors called stablecoins “gateway drugs” at Davos, a highly pungent metaphor. It implies that the official acceptance of a fact—financial modernization cannot be achieved without engaging with crypto technology.
Whether it’s privacy-focused public chains like Aleo integrating USDCx or payment infrastructure unicorns like Mesh rising, they all indicate one thing: the underlying “pipes” are already laid. The current game is no longer about “whether cryptocurrencies are viable,” but about “who can define the boundaries of compliance.”
As for whales like MicroStrategy, they have become the “shadow central bank” of Bitcoin. Holding 3.2% of the total supply gives Michael Saylor a certain degree of market pricing power. Coupled with South Dakota’s renewed push for Bitcoin reserve legislation, a fascinating resonance emerges: companies are hoarding, state governments are trying to hoard, and banks are trying to help everyone hoard.
This comprehensive capital infiltration makes the $90 million theft exposed by ZachXBT seem more like an absurd satire—when government contractors’ families are stealing Bitcoin, it shows that this thing has become the hardest and most tempting currency in the system. This power transfer has no turning back; all that remains is to see who can write their name into the new rulebook!