> For the complete documentation index, see [llms.txt](https://axon-finance.gitbook.io/axon-finance-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://axon-finance.gitbook.io/axon-finance-docs/fu-lu/appendix/d-references.md).

# 附录 D · 参考与数据来源

本附录汇总全书引用数据的来源与口径。所有市场数据均为公开监测口径 / 业界数据（2025–2026）。

## 市场与行业数据

| 数据                  | 引用值                                    | 来源口径                  | 出现章节                                                                                                                                                                                |
| ------------------- | -------------------------------------- | --------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| 稳定币 2025 链上结算量      | $33T（超 Visa+MC $25.5T）                 | 公开监测口径；链上结算与卡组织清算属不同层 | [2.1](/axon-finance-docs/part-ii-shi-chang-yu-ji-hui/part2-market/2-1-stablecoin-era.md)                                                                                            |
| PayFi 龙头 Huma 累计交易量 | $10B+（2026.02 破百亿，YoY 3.4×，$2.9B→$10B） | Huma 公开数据             | [2.2](/axon-finance-docs/part-ii-shi-chang-yu-ji-hui/part2-market/2-2-payfi-thesis.md)                                                                                              |
| 稳定币占跨境支付 2030E      | \~10%（90% 金融机构已用 / 试点）                 | 业界预测                  | [2.1](/axon-finance-docs/part-ii-shi-chang-yu-ji-hui/part2-market/2-1-stablecoin-era.md)、[2.3](/axon-finance-docs/part-ii-shi-chang-yu-ji-hui/part2-market/2-3-crossborder-pain.md) |
| 全球跨境支付年流量（TAM）      | $190T+（B2B 约占稳定币跨境 60%）                | 公开监测口径                | [2.3](/axon-finance-docs/part-ii-shi-chang-yu-ji-hui/part2-market/2-3-crossborder-pain.md)、[2.6](/axon-finance-docs/part-ii-shi-chang-yu-ji-hui/part2-market/2-6-whitespace.md)     |
| Stripe 收购 Bridge    | 约 $11 亿                                | 公开报道                  | [2.5](/axon-finance-docs/part-ii-shi-chang-yu-ji-hui/part2-market/2-5-competitive-landscape.md)                                                                                     |

> 市场数据来源含 crypto.news / Bitget / Huma / Messari 等；口径差异大（链上结算与卡组织清算属不同结算层），看趋势而非绝对值。

## 概念与研究来源

| 内容                         | 来源                                                                                                                                | 出现章节                                                                                                                                                                           |
| -------------------------- | --------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| PayFi 概念（把「货币的时间价值」搬上链）    | 由 Solana 基金会 **Lily Liu** 于 **2024 年**提出                                                                                          | [2.2](/axon-finance-docs/part-ii-shi-chang-yu-ji-hui/part2-market/2-2-payfi-thesis.md)、[4.4](/axon-finance-docs/part-iv-payfi-yin-qing/part4-payfi/4-4-time-value-of-money.md) |
| AI 交易代理赛道研究                | **Stanford + Pantera** 研究：扫描 11 个 AI 交易代理平台、约 92.5 万钱包；仅 3/11 真自动执行；用户净亏约 $191.7M；相关代币较 ATH 平均约 −93%；结论「让 AI 代理有效交易所需的基础设施根本还不存在」 | [5.4](/axon-finance-docs/partv-ai-yuan-sheng/part5-ai/5-4-honest-ai.md)                                                                                                        |
| x402                       | HTTP `402 Payment Required` 状态码的按调用付费协议复兴                                                                                         | [2.4](/axon-finance-docs/part-ii-shi-chang-yu-ji-hui/part2-market/2-4-ai-agent-economy.md)、[5.3](/axon-finance-docs/partv-ai-yuan-sheng/part5-ai/5-3-x402-m2m.md)              |
| AP2 等 agentic payment 授权标准 | 支付与科技巨头推动的 AI 代理支付授权标准                                                                                                            | [2.4](/axon-finance-docs/part-ii-shi-chang-yu-ji-hui/part2-market/2-4-ai-agent-economy.md)、[5.1](/axon-finance-docs/partv-ai-yuan-sheng/part5-ai/5-1-agentic-payments.md)      |

## 竞争格局参照

| 玩家                       | 定位                           | 参照                       |
| ------------------------ | ---------------------------- | ------------------------ |
| Huma Finance             | PayFi 网络龙头（Solana / Stellar） | 累计 $10B+                 |
| Circle · Arc             | 稳定币发行方自建支付 L1                | USDC 发行方                 |
| Stripe · Bridge / Tempo  | 传统支付巨头 + 稳定币基建               | $11 亿收购 Bridge           |
| 通用链 Tron / Solana / Base | 稳定币转账主力                      | 顺带承载支付                   |
| SWIFT / Visa / 代理行       | 传统跨境 rail                    | T+2\~5，Visa 才刚接入 USDC 结算 |

## 口径与快照

* **市场数据快照**：2026 年 7 月。
* **战略年份口径**：AXON Finance · 2026 战略。
* **文档版本**：白皮书 v1.0。


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