Partnerships and Integrations - Ripple 与 Securitize 合作，为 BlackRock 的 BUIDL 和 VanEck 的 VBILL 代币化基金启用 RLUSD 智能合约功能 [1][5] - Securitize 将 RLUSD 集成到 XRP Ledger (XRPL) 中，进一步扩大 XRPL 生态系统和 Ripple 企业区块链解决方案的效用 [4] RLUSD Features and Adoption - RLUSD 旨在供机构使用，以 1:1 的比例由高质量的流动资产支持，接受严格的储备管理和第三方证明，确保稳定性和监管清晰度 [3] - RLUSD 自 2024 年底推出以来，在 DeFi 平台、跨境支付和流动性池中的市值已超过 7 亿美元 [3] Tokenized Asset Management - Securitize 管理着超过 40 亿美元的代币化资产，将此次集成视为机构级代币化产品实现可编程流动性和实时结算的突破 [4] - BlackRock 和 VanEck 等领先资产管理公司发行的代币化基金获得了更大的灵活性和合规性，为数字资产经济带来了更多的机构采用 [5] Smart Contract Functionality - 智能合约使 BUIDL 和 VBILL 持有者可以 24/7 全天候将其代币化资产兑换为 RLUSD，从而扩大了对稳定的链上转移和 DeFi 策略的访问 [2] - RLUSD for BUIDL 现已上线，VBILL 支持将在未来几天内推出 [2] Timeline - 该集成于 2025 年 9 月 23 日公布，标志着 RLUSD 首次嵌入 Securitize 的代币化平台 [2]

Group 1 - BlackRock's stake in BYD increased from 6.99% to 7.07% as of September 17 [1]

Group 1 - BlackRock's stake in Haier Smart Home increased from 6.99% to 7.14% as of September 17 [1]

格隆汇9月23日｜香港交易所信息显示，贝莱德在工商银行的持股比例于09月17日从4.95%升至5.05%。 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The US ETF innovation products continue to expand with options and single - stock leveraged products. The flow of funds into US stock ETFs has significantly increased, and the performance of mixed - allocation products shows some differentiation. The US non - money public funds have seen certain changes in capital flows, with domestic stock funds experiencing outflows and bond products having inflows [3] Group 3: Summary According to the Directory 1. US ETF Innovation Products: Options, Single - Stock Leveraged Products Continue to Expand - Last week, there were 32 new US ETF products. BlackRock converted two over - the - counter active funds into ETFs, with an original scale of over $3 billion. The GraniteShares YieldBOOST product line expanded, and 12 single - stock leveraged products were issued. Dana launched 2 active ETFs, and there were also expansions in bond products [6][7][8] 2. US ETF Dynamics 2.1 US ETF Funds: Inflow of US Stock ETFs Amplifies - Last week, US stock ETFs re - inflowed nearly $40 billion, and asset - allocation products also had obvious inflows. iShares' S&P 500 ETF had a return flow, while factor - rotation ETFs and AI products had more inflows, and semiconductor leveraged products continued to have outflows [9][11] 2.2 US ETF Performance: Mixed - Allocation Products Show Some Differentiation - Among mixed - allocation products, Pacer's timing strategy has performed poorly this year, with PTLC based on the S&P 500 having a gain of less than 2% since the beginning of the year. Fixed - ratio products have performed relatively well, such as WisdomTree's 1.5 - times leveraged NTSX with a gain close to 16% [13] 3. Recent Capital Flows of US Ordinary Public Funds - In July 2025, the total amount of US non - money public funds was $22.57 trillion, a decrease of $0.12 trillion compared to June. From September 3rd to September 10th, US domestic stock funds had a net outflow of about $22 billion, and bond products had an inflow of about $4.8 billion [14]

Core Insights - BlackRock, a major player in the financial industry, has assets comparable to the GDP of both the US and China, and has significant influence over well-known tech giants like Apple, Microsoft, and Tencent [1][3] - The company's rise is attributed to its founder Larry Fink, who transitioned from a political ambition to a successful finance career, notably inventing mortgage-backed securities (MBS) in the 1980s, which transformed banking practices [2][3] - Following the 2008 financial crisis, BlackRock capitalized on the situation, managing to expand its assets significantly while other financial institutions faltered [3][5] Company Overview - BlackRock's assets under management surged to $27 trillion, making it the largest asset management firm globally [3] - The firm has become a preferred partner for governments, managing substantial pension funds and collaborating with royal families [5] - BlackRock developed the Aladdin system, a powerful risk management tool utilized by various financial institutions and tech companies, enhancing its market insight and predictive capabilities [5][11] Recent Developments - During the COVID-19 pandemic, the US government directly entrusted $45 billion to BlackRock, which subsequently received $4 trillion in rescue funds from the Federal Reserve, doubling its asset management to $10 trillion [7] - In 2023, BlackRock signed a controversial deal with Ukraine, providing financial support in exchange for strategic resources if the country is unable to repay [9] - The firm has been strategically increasing its investments in key sectors, such as real estate and energy, particularly in the aftermath of disasters like the Hawaii wildfires [11] Influence and Power - BlackRock, along with Vanguard and State Street, controls over $20 trillion in assets, with significant stakes in 80% of S&P 500 companies and 44% of US-listed firms [13] - The company's influence extends beyond finance, as it has absorbed numerous former government officials, allowing it to impact national policies [11][15] - The perception of BlackRock as a "nation within a nation" highlights its ability to profit from crises and leverage its capital and data for further expansion [15]

Fund Formation - Neeraj Seth, former CIO at BlackRock's Asia Pacific fundamental fixed income team, plans to launch a credit hedge fund [1] - The target fund size is up to $700 million [1] Market Niche - The fund aims to operate in a niche market with few independent players [1]

Core Viewpoint - The article discusses the concept of financial repression, where the government benefits from low interest rates on savings while inflation erodes purchasing power, leading to a loss of real wealth for savers [2][6][7]. Group 1: Financial Repression and Its Implications - Financial repression is described as a strategy used by the government to manage its $37 trillion debt by ensuring that savings earn less than inflation, effectively allowing the government to benefit from the difference [2][6]. - The article highlights that the U.S. money supply has been growing at an annual rate of 7%, which significantly diminishes the real purchasing power of savings [6][18]. - Historical context is provided, noting that during periods of financial repression, such as from 1942 to 1951, bondholders lost substantial purchasing power while real assets preserved value [18][8]. Group 2: Investment Strategies - The article advocates for a shift from traditional savings and bonds to hard assets like gold, silver, and bitcoin as a hedge against financial repression [19][21]. - It suggests a portfolio allocation of 10% in gold and silver and 10% in bitcoin, while advising against long-term bonds [21][22]. - The rising interest in gold and silver is noted, with gold prices increasing over 40% in the current year, indicating a broader market recognition of the need for real assets [16][19]. Group 3: Digital Currency and Stablecoins - The introduction of stablecoins, particularly Tether's new U.S. dollar-backed coin USA₮, is discussed as a mechanism that could further entrench financial repression by mandating users to lend money to the government [14][12]. - The article raises concerns about the implications of stablecoins on traditional financial systems, suggesting that they could force individuals into low-yield Treasury bills [15][14]. - Tether's strategy of accumulating gold while promoting stablecoins is highlighted, indicating a potential divergence between the digital currency market and traditional asset management [15][16].

Core Insights - The article discusses the need to rethink retirement in the context of increasing life expectancy and the challenges faced by older workers in the U.S. [4] Group 1: Retirement Trends - Larry Fink, CEO of BlackRock, suggests that Americans may need to work beyond the traditional retirement age of 65 to address the looming retirement crisis [4] - The increasing length of retirements is impacting the Social Security system, which is facing financial strain due to a growing number of retirees [3][4] Group 2: Labor Market and Retirement Decisions - Labor economist Teresa Ghilarducci emphasizes that many older workers do not have the option to choose when to retire, with 52% of older workers reporting they were forced into involuntary retirement [7] - Health issues and caregiving responsibilities often dictate retirement timing, challenging the notion that individuals can simply decide to work longer [6][7] Group 3: Financial Management for Retirement - Individuals can control aspects of their retirement planning, such as managing finances, deciding when to take Social Security, and saving and investing effectively [8][9] - Establishing an emergency fund is crucial to mitigate financial stress from unexpected expenses during retirement [8]

Newly-formed Strive Inc. agreed to acquire Semler Scientific Inc. in a deal that combines two publicly-traded Bitcoin treasury companies.The all-stock deal will see Strive buying Semler shares at roughly $90.52 apiece, a more than 200% premium to its Friday closing price of $29.18. The two firms will together own nearly 11,000 Bitcoin after the merger, according to a press release on Monday. Strive will explore ways to “monetizing” or distributing Semler’s “historically profitable diagnostics business at a ...