即将卸任的金融稳定理事会 (FSB) 主席 Klaas Knot 发出警告称，加密货币市场可能正接近 “临界点”，可能对全球金融体系构成系统性风险。他指出，稳定币发行方已持有大量美债，与传统金融联系日益紧密，尤其加密 ETF 大幅降低散户准入门槛，监管亟需升级：“加密生态在演变，监管框架也必须随之调整。”（CrowdfundInsider）

<div>即将卸任的金融稳定理事会 (FSB) 主席 Klaas Knot 发出警告称，加密货币市场可能正接近 “临界点”，可能对全球金融体系构成系统性风险。他指出，稳定币发行方已持有大量美债，与传统金融联系日益紧密，尤其加密 ETF 大幅降低散户准入门槛，监管亟需升级：“加密生态在演变，监管框架也必须随之调整。”（CrowdfundInsider）<br><br></div>

FSB 主席警告加密资产风险临界点

The outgoing Financial Stability Board (FSB) Chairman Klaas Knot warned that the cryptocurrency market may be approaching a "critical point" and could pose systemic risks to the global financial system. He pointed out that stablecoin issuers already hold a large amount of U.S. Treasury bonds, with increasingly close ties to traditional finance, and that crypto ETFs significantly lower the entry barrier for retail investors, making regulatory upgrades urgently needed: "The crypto ecosystem is evolving, and the regulatory framework must adapt accordingly." (<CrowdfundInsider>)

<div>Klaas Knot, the outgoing chairman of the Financial Stability Board (FSB), warned that the cryptocurrency market may be approaching a "critical point" and could pose systemic risks to the global financial system. He noted that stablecoin issuers already hold a large amount of U.S. Treasury bonds, with increasingly close ties to traditional finance, and that crypto ETFs significantly lower the entry barrier for retail investors. He emphasized that regulation urgently needs to be upgraded: "The crypto ecosystem is evolving, and the regulatory framework must adapt accordingly." (CrowdfundInsider)<br><br></div>

FSB Chairman warns of crypto asset risk tipping point

Author | Shisi Jun

1. Introduction
In the blink of an eye, I've been working in the wallet industry for four years. Many people think the wallet landscape in 2025 is already solidified, but that's not the case—it's been turbulent beneath the surface. This year:

· Coinbase launched its new CDP wallet, built on TEE technology;

· Binance's MPC wallet introduces key sharding and hosting to the TEE environment;

· Bitget just released its social login feature last week, hosted on a TEE basis;

· ...

A brief overview of the history of blockchain wallets and the market landscape in 2025.

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