#加密货币抵押品应用 The significance of OCC's letter No. 1188 lies in clarifying the legal boundaries for banks participating in encryption asset trading. The risk-free principal model essentially positions banks as intermediaries—hedging clients' trades without holdings, which drops balance sheet risk.

From an on-chain perspective, this policy confirms that the impact of institutional capital entering the market is indirect but profound. Once banks, as traditional financial institutions, receive clear authorization, they will become new liquidity providers, potentially altering the current flow of funds in the market. Especially in the field of collateral applications, once institutional-scale funds become active, they will significantly affect the structure of large on-chain transactions.

The short-term focus should be on whether major commercial banks will quickly follow up on such businesses. If leading banks initiate related trading books in Q1-Q2, there will be an increase in capital inflows from traditional financial addresses on-chain — this will be a key signal to verify the actual implementation of policies. At the same time, pay attention to counterparty risks; if the scale of interbank offset transactions expands, it will also be reflected in the holdings data of the derivatives market.

Overall judgment: The policy level confirms the positive outlook, but actual funds in place will require time to observe. It is recommended to track the institutional deposit addresses of mainstream exchanges and the fund movements of on-chain bridging contracts.