#加密圆桌会议要点 **Analysis of the Economic Impact of the Encrypted Roundtable Conference**:

1. **Financial Integration**: The compliance of stablecoins accelerates the entry of traditional capital, enhances the liquidity of encrypted assets, indirectly broadens corporate financing channels, and promotes the expansion of the digital economy;

2. **Technological Spillover**: Breakthroughs in Layer 2 and modular technology may lead to the scaling of blockchain application scenarios, empowering cost reduction and efficiency enhancement in the real economy, such as supply chains and cross-border payments;

3. **Capital Flow**: Institutional custody and ETF layouts attract incremental funds, which may divert some funds from the stock market, reshaping the global asset allocation pattern;

4. **Risk Transmission**: If on-chain security vulnerabilities and leverage risks are uncontrolled, it may trigger localized liquidity crises, impacting financial stability in emerging markets.

**Macro Insights**: The expansion of the encrypted ecosystem forces innovation in the regulatory framework, which may intensify policy games in the short term. In the long term, technological iteration and compliance will deepen the symbiotic relationship between the “encrypted and traditional economy,” necessitating a balance between innovation incentives and systemic risk prevention.