<p>Hotlink Group, m&#7897;t c&ocirc;ng ty ni&ecirc;m y&#7871;t c&ocirc;ng khai c&#7911;a Nh&#7853;t B&#7843;n, &#273;&atilde; th&ocirc;ng b&aacute;o r&#7857;ng h&#7885; &#273;&atilde; b&#7855;t &#273;&#7847;u tri&#7875;n khai v&#7889;n v&agrave;o t&agrave;i ch&iacute;nh phi t&#7853;p trung (DeFi) b&#7857;ng c&aacute;ch s&#7917; d&#7909;ng stablecoin t&#7893;ng h&#7907;p USDe.</p>
<p>C&ocirc;ng ty cho bi&#7871;t r&#7857;ng c&ocirc;ng ty con c&#7911;a h&#7885;, Nonagon Capital, &#273;&atilde; th&#7921;c hi&#7879;n m&#7897;t kho&#7843;n &#273;&#7847;u t&#432; ban &#273;&#7847;u h&#432;&#7899;ng t&#7899;i m&#7909;c ti&ecirc;u t&#7893;ng c&#7897;ng 4 tri&#7879;u USD trong c&aacute;c ho&#7841;t &#273;&#7897;ng DeFi. M&#7863;c d&ugrave; USDC v&#7851;n l&agrave; l&#7921;a ch&#7885;n ph&#7893; bi&#7871;n c&#7911;a c&aacute;c t&#7893; ch&#7913;c do v&#7883; th&#7871; ph&aacute;p l&yacute; c&#7911;a n&oacute;, Hotlink &#273;&atilde; ch&#7885;n <a href="https://vn.beincrypto.com/usde-booms-genius-act-ethena-stablecoin-ust/" target="_blank" rel="noreferrer noopener">USDe c&oacute; l&#7907;i su&#7845;t cao</a>.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-usde-rationale-yield-trumps-simple-custody">L&yacute; do c&#7911;a USDe: L&#7907;i su&#7845;t v&#432;&#7907;t tr&#7897;i so v&#7899;i vi&#7879;c l&#432;u gi&#7919; &#273;&#417;n gi&#7843;n</h2>

<p>Quy&#7871;t &#273;&#7883;nh c&#7911;a Hotlink s&#7917; d&#7909;ng USDe, do Ethena ph&aacute;t h&agrave;nh, thay v&igrave; c&aacute;c stablecoin &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i ti&#7873;n ph&aacute;p &#273;&#7883;nh nh&#432; USDC ho&#7863;c USDT, cho th&#7845;y cam k&#7871;t m&#7841;nh m&#7869; trong vi&#7879;c t&#7889;i &#273;a h&oacute;a l&#7907;i nhu&#7853;n trong qu&#7843;n l&yacute; ng&acirc;n qu&#7929; c&#7911;a h&#7885;.</p>
<p>L&#7883;ch s&#7917; cho th&#7845;y, c&aacute;c c&ocirc;ng ty ch&#7885;n s&#7921; &#7893;n &#273;&#7883;nh th&#432;&#7901;ng ch&#7885;n <a href="https://vn.beincrypto.com/coinbase-launches-usdc-lending-10-8-yields-shares-up-7/">USDC (Circle) </a>do c&#7845;u tr&uacute;c &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i ti&#7873;n ph&aacute;p &#273;&#7883;nh v&agrave; t&iacute;nh minh b&#7841;ch cao v&#7873; d&#7921; tr&#7919;, &#273;&aacute;p &#7913;ng c&aacute;c y&ecirc;u c&#7847;u qu&#7843;n l&yacute; r&#7911;i ro nghi&ecirc;m ng&#7863;t. <a href="https://vn.beincrypto.com/tether-usdt-stablecoin-bolivia-toyota/" target="_blank" rel="noreferrer noopener">USDT (Tether)</a>, m&#7863;c d&ugrave; chi&#7871;m &#432;u th&#7871; tr&ecirc;n th&#7883; tr&#432;&#7901;ng, v&#7851;n ch&#7883;u s&#7921; gi&aacute;m s&aacute;t ph&aacute;p l&yacute; l&acirc;u d&agrave;i khi&#7871;n n&oacute; kh&ocirc;ng ph&ugrave; h&#7907;p cho b&#7843;ng c&acirc;n &#273;&#7889;i k&#7871; to&aacute;n c&#7911;a c&aacute;c c&ocirc;ng ty c&ocirc;ng khai.</p>
<p>USDe s&#7917; d&#7909;ng m&#7897;t ph&#432;&#417;ng ph&aacute;p t&#7893;ng h&#7907;p ho&agrave;n to&agrave;n kh&aacute;c. N&oacute; duy tr&igrave; m&#7913;c gi&aacute; 1 USD b&#7857;ng c&aacute;ch s&#7917; d&#7909;ng chi&#7871;n l&#432;&#7907;c g&#7885;i l&agrave; delta-neutral hedging, k&#7871;t h&#7907;p c&aacute;c v&#7883; th&#7871; d&agrave;i trong c&aacute;c t&agrave;i s&#7843;n nh&#432; Ether v&#7899;i c&aacute;c v&#7883; th&#7871; ng&#7855;n t&#432;&#417;ng &#273;&#432;&#417;ng trong c&aacute;c s&#7843;n ph&#7849;m ph&aacute;i sinh. C&#7845;u tr&uacute;c n&agrave;y cho ph&eacute;p USDe t&#7841;o ra l&#7907;i su&#7845;t cao t&#7915; ph&#7847;n th&#432;&#7903;ng staking v&agrave; t&#7927; l&#7879; t&agrave;i tr&#7907; ph&aacute;i sinh. C&aacute;c stablecoin &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i ti&#7873;n ph&aacute;p &#273;&#7883;nh nh&#432; USDC kh&ocirc;ng th&#7875; s&aacute;nh &#273;&#432;&#7907;c v&#7899;i nh&#7919;ng l&#7907;i nhu&#7853;n n&agrave;y.</p>
<p>Ho&#7841;t &#273;&#7897;ng c&#7911;a USDe l&agrave; m&#7897;t n&#7895; l&#7921;c qu&#7843;n l&yacute; ch&#7911; &#273;&#7897;ng s&#7917; d&#7909;ng c&aacute;c c&#417; ch&#7871; ph&aacute;i sinh v&agrave; staking ph&#7913;c t&#7841;p. Vi&#7879;c Hotlink s&#7917; d&#7909;ng Nonagon Capital, m&#7897;t c&ocirc;ng ty &#273;&#7847;u t&#432; Web3 chuy&ecirc;n bi&#7879;t, &#273;&#7875; th&#7921;c hi&#7879;n l&agrave; &#273;i&#7873;u c&#7847;n thi&#7871;t. N&oacute; cung c&#7845;p chuy&ecirc;n m&ocirc;n &#273;&#7875; qu&#7843;n l&yacute; c&aacute;c ph&#7913;c t&#7841;p li&ecirc;n quan trong khi t&#7853;n d&#7909;ng c&#417; h&#7897;i l&#7907;i su&#7845;t cao m&#7897;t c&aacute;ch chi&#7871;n l&#432;&#7907;c.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">Chi&#7871;n l&#432;&#7907;c doanh nghi&#7879;p: T&#7915; &#273;&#7847;u c&#417; Bitcoin &#273;&#7871;n ti&#7879;n &iacute;ch Stablecoin</h2>

<p>M&#7863;c d&ugrave; m&#7897;t s&#7889; c&ocirc;ng ty Nh&#7853;t B&#7843;n &#273;&atilde; &aacute;p d&#7909;ng &ldquo;<a href="https://vn.beincrypto.com/metaplanet-bitcoin-revenue-surge/" target="_blank" rel="noreferrer noopener">Chi&#7871;n l&#432;&#7907;c Ng&acirc;n qu&#7929; Bitcoin</a>&ldquo;, th&ecirc;m BTC v&agrave;o b&#7843;ng c&acirc;n &#273;&#7889;i k&#7871; to&aacute;n c&#7911;a h&#7885;, vi&#7879;c t&#7853;p trung v&agrave;o stablecoin nhanh ch&oacute;ng tr&#7903; th&agrave;nh c&#7889;t l&otilde;i c&#7911;a chi&#7871;n l&#432;&#7907;c t&agrave;i ch&iacute;nh s&#7889; c&#7911;a c&aacute;c c&ocirc;ng ty Nh&#7853;t B&#7843;n v&agrave;o n&#259;m 2025.</p>
<p>M&#7863;c d&ugrave; Bitcoin th&#432;&#7901;ng &#273;&#432;&#7907;c xem l&agrave; m&#7897;t t&agrave;i s&#7843;n &#273;&#7847;u c&#417; ho&#7863;c &ldquo;v&agrave;ng k&#7929; thu&#7853;t s&#7889;&rdquo;, stablecoin &#273;&#432;&#7907;c coi l&agrave; &ldquo;ti&#7873;n l&#7853;p tr&igrave;nh&rdquo;. Ti&#7879;n &iacute;ch c&#7911;a ch&uacute;ng t&#7853;p trung v&agrave;o hi&#7879;u qu&#7843; ho&#7841;t &#273;&#7897;ng. Stablecoin cung c&#7845;p gi&#7843;i ph&aacute;p chuy&#7875;n ti&#7873;n nhanh h&#417;n v&agrave; r&#7867; h&#417;n cho c&aacute;c giao d&#7883;ch qu&#7889;c t&#7871; v&agrave; th&#432;&#417;ng m&#7841;i &#273;i&#7879;n t&#7917; xuy&ecirc;n bi&ecirc;n gi&#7899;i so v&#7899;i ng&acirc;n h&agrave;ng truy&#7873;n th&#7889;ng. H&#417;n n&#7919;a, ch&uacute;ng cho ph&eacute;p theo &#273;u&#7893;i l&#7907;i su&#7845;t cao h&#417;n trong DeFi &ndash; hi&#7879;u qu&#7843; v&#7889;n m&agrave; c&aacute;c kho&#7843;n ti&#7873;n g&#7917;i y&ecirc;n l&atilde;i su&#7845;t th&#7845;p kh&ocirc;ng th&#7875; cung c&#7845;p.</p>
<p>M&#7897;t <a href="https://www.deloitte.com/us/en/about/press-room/cfo-signals-survey-north-american-cfos-anticipate-significant-uptick-in-corporate-cryptocurrency-adoption-2027.html" target="_blank" rel="noreferrer noopener">kh&#7843;o s&aacute;t c&#7911;a Deloitte </a>v&#7899;i c&aacute;c CFO B&#7855;c M&#7929; th&#7921;c hi&#7879;n v&agrave;o qu&yacute; 2 n&#259;m 2025 &#7911;ng h&#7897; s&#7921; chuy&#7875;n &#273;&#7893;i n&agrave;y. N&oacute; cho th&#7845;y 39% c&aacute;c gi&aacute;m &#273;&#7889;c t&agrave;i ch&iacute;nh cho bi&#7871;t &ldquo;c&#7843;i thi&#7879;n vi&#7879;c th&#7921;c hi&#7879;n c&aacute;c giao d&#7883;ch xuy&ecirc;n bi&ecirc;n gi&#7899;i&rdquo; l&agrave; m&#7897;t trong nh&#7919;ng &#273;i&#7875;m h&#7845;p d&#7851;n h&agrave;ng &#273;&#7847;u c&#7911;a stablecoin.</p>
<p>&#272;&#7897;ng th&aacute;i c&#7911;a Hotlink &#273;&#7841;i di&#7879;n cho m&#7897;t n&#7895; l&#7921;c ti&ecirc;n ti&#7871;n nh&#7857;m gi&#7843;i quy&#7871;t c&aacute;c m&#7909;c ti&ecirc;u c&#417; b&#7843;n c&#7911;a ng&acirc;n qu&#7929; l&agrave; b&#7843;o to&agrave;n gi&aacute; tr&#7883; t&agrave;i s&#7843;n v&agrave; t&#7889;i &#432;u h&oacute;a v&#7889;n b&#7857;ng c&aacute;ch t&#7853;n d&#7909;ng s&#7913;c m&#7841;nh c&#7911;a stablecoin v&agrave; DeFi.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">Tri&#7875;n v&#7885;ng c&#7911;a JPYC: Ti&#7873;m n&#259;ng cho s&#7921; ch&#7845;p nh&#7853;n trong n&#432;&#7899;c</h2>

<p>Kh&#7843; n&#259;ng Hotlink ho&#7863;c c&aacute;c c&ocirc;ng ty Nh&#7853;t B&#7843;n kh&aacute;c &aacute;p d&#7909;ng JPYC c&ugrave;ng v&#7899;i USDe l&agrave; r&#7845;t l&#7899;n.</p>
<p>Lu&#7853;t D&#7883;ch v&#7909; Thanh to&aacute;n s&#7917;a &#273;&#7893;i c&#7911;a Nh&#7853;t B&#7843;n, c&oacute; hi&#7879;u l&#7921;c v&agrave;o th&aacute;ng 06/2023, &#273;&atilde; chu&#7849;n b&#7883; m&ocirc;i tr&#432;&#7901;ng ph&aacute;p l&yacute; cho stablecoin. V&agrave;o th&aacute;ng 09 n&agrave;y, c&oacute; b&aacute;o c&aacute;o cho r&#7857;ng JPYC Inc., nh&agrave; ph&aacute;t h&agrave;nh JPYC, s&#7869; tr&#7903; th&agrave;nh Nh&agrave; cung c&#7845;p D&#7883;ch v&#7909; Chuy&#7875;n ti&#7873;n trong n&#432;&#7899;c &#273;&#7847;u ti&ecirc;n, &#273;&#432;&#7907;c gi&aacute;m s&aacute;t v&agrave; ph&ecirc; duy&#7879;t b&#7903;i ch&iacute;nh ph&#7911;, &#273;&#7875; ph&aacute;t h&agrave;nh t&agrave;i s&#7843;n n&agrave;y nh&#432; m&#7897;t c&ocirc;ng c&#7909; thanh to&aacute;n &#273;i&#7879;n t&#7917; v&agrave;o m&ugrave;a thu n&agrave;y.</p>
<p>Y&#7871;u t&#7889; h&#7845;p d&#7851;n nh&#7845;t l&agrave; lo&#7841;i b&#7887; r&#7911;i ro t&#7927; gi&aacute; h&#7889;i &#273;o&aacute;i. V&igrave; JPYC &#273;&#432;&#7907;c &#273;&#7883;nh gi&aacute; b&#7857;ng y&ecirc;n, vi&#7879;c s&#7917; d&#7909;ng n&oacute; trong c&aacute;c ho&#7841;t &#273;&#7897;ng d&#7921;a tr&ecirc;n y&ecirc;n lo&#7841;i b&#7887; s&#7921; bi&#7871;n &#273;&#7897;ng ti&#7873;n t&#7879; v&#7889;n c&oacute; khi s&#7917; d&#7909;ng stablecoin neo gi&aacute; &#273;&ocirc; la &ndash; m&#7897;t y&#7871;u t&#7889; quan tr&#7885;ng &#273;&#7889;i v&#7899;i t&agrave;i ch&iacute;nh doanh nghi&#7879;p Nh&#7853;t B&#7843;n.</p>
<p>V&#7883; th&#7871; ph&aacute;p l&yacute; c&#7911;a JPYC r&#7845;t v&#7919;ng ch&#7855;c. N&oacute; cung c&#7845;p cho c&aacute;c c&ocirc;ng ty Nh&#7853;t B&#7843;n s&#7921; &#273;&#7843;m b&#7843;o v&agrave; tin c&#7853;y ph&aacute;p l&yacute; h&#417;n so v&#7899;i USDC ho&#7863;c USDT &#7903; n&#432;&#7899;c ngo&agrave;i. Trong khi USDe nh&#7855;m &#273;&#7871;n l&#7907;i su&#7845;t DeFi to&agrave;n c&#7847;u d&#7921;a tr&ecirc;n &#273;&ocirc; la, JPYC c&oacute; th&#7875; tr&#7903; th&agrave;nh l&#7899;p n&#7873;n t&#7843;ng cho &#273;&#7893;i m&#7899;i thanh to&aacute;n trong n&#432;&#7899;c v&agrave; DeFi d&#7921;a tr&ecirc;n y&ecirc;n trong m&#7897;t khung ph&aacute;p l&yacute;. Chi&#7871;n l&#432;&#7907;c hai &#273;&#7891;ng ti&#7873;n n&agrave;y &ndash; l&#7907;i su&#7845;t cao &#7903; n&#432;&#7899;c ngo&agrave;i, ti&#7879;n &iacute;ch &#273;&#432;&#7907;c &#273;i&#7873;u ch&#7881;nh trong n&#432;&#7899;c &ndash; c&oacute; kh&#7843; n&#259;ng s&#7869; t&#259;ng t&#7889;c tr&ecirc;n to&agrave;n b&#7897; l&#297;nh v&#7921;c doanh nghi&#7879;p Nh&#7853;t B&#7843;n &#273;&#7871;n n&#259;m 2026.</p>


Động thái DeFi 4 triệu USD của Hotlink: Tại sao công ty Nhật Bản chọn USDe thay vì USDC