Core Insights - The U.S. Senate has passed legislation to establish a regulatory framework for stablecoins, potentially making stablecoin issuers the largest holders of U.S. Treasury bonds by 2030 [1] - Circle Internet's recent IPO has drawn significant attention, with its Class A shares soaring 675.1% from an initial price of $31, pushing the company's market capitalization close to $50 billion [1] - There are mixed opinions on Circle's valuation, with some analysts predicting a bubble while others see potential for growth in the stablecoin market [1][2] Positive Perspectives - AImango research team highlights Circle's potential transformation into a powerful global payment network, emphasizing its profitability and the growth of stablecoins like USDC [2] - Investment leader James Foord notes that the GENIUS Act paves the way for stablecoin regulation, positioning Circle and USDC as major beneficiaries, while cautioning about revenue-sharing risks with Coinbase [2] - Lighting Rock Research predicts an 8-fold growth in the stablecoin market, with USDC and EURC expected to see a 25% annual revenue increase due to their liquidity and compliance advantages [2] Negative Perspectives - Analyst Josh Arnold warns that despite the new legislation enhancing industry legitimacy, the current valuation is overstretched, facing competition from tech giants and risks of diminishing transparency [2] - Bill Maurer emphasizes that the revenue-sharing agreement with Coinbase could erode net profits, and unexercised options may further inflate the already high valuation bubble [2]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Stablecoins are emerging as a new global digital currency solution, characterized by asset anchoring, low volatility, and high settlement efficiency, becoming essential tools for on-chain payments and cross-border settlements. The current phase is marked by accelerated policy development and the establishment of compliance frameworks, transitioning stablecoins from a gray area to institutionalized development. A diverse ecosystem of stablecoins is expected to coexist in the future [2] - Real World Assets (RWA) emphasize the digital circulation of real-world assets (such as photovoltaic and real estate rights) through on-chain verification and mapping. The initial focus is on green energy and industrial equipment assets, with preliminary mechanisms for on-chain yield mapping and cross-border issuance established. RWA is transitioning from a technical concept to a verifiable and tradable asset form, entering a phase driven by practical demand [2] Summary by Sections 01 Stablecoins: A Global Digital Currency Solution - Stablecoins are designed to maintain price stability, typically pegged to fiat currencies or commodities, and are increasingly used for transactions and value storage. They play a crucial role in the volatile cryptocurrency market, particularly in cross-border payments [10] - The development of stablecoins in Hong Kong is supported by the establishment of a digital currency infrastructure, with the Hong Kong Monetary Authority (HKMA) initiating the digital Hong Kong dollar project and conducting trials for tokenized asset settlements [16][19] - The HKMA's regulatory sandbox for stablecoin issuers is progressing, with several institutions participating in testing mechanisms for issuance and reserve management [19] 02 RWA: From Concept to Implementation - RWA is defined as non-digital assets and related rights that are tokenized for on-chain trading. As of June 2025, the total value of global on-chain RWA assets has surpassed $23.3 billion [36] - Stablecoins serve as a bridge between traditional finance and the crypto world, enhancing liquidity and efficiency in RWA transactions, and enabling innovative financial products [37][41] - The integration of stablecoins with RWA facilitates cross-border payments and reduces transaction costs, making it easier for investors to engage in fragmented asset investments [44] 03 Industry Chain and Development Status: Policy-Driven, Compliance-Enhanced - The industry is supported by a three-tier structure: upstream providing technology and compliance support, midstream focusing on asset tokenization, and downstream involving applications in payments and investments [58] - The overall industry is still in an exploratory phase, with significant room for improvement in infrastructure, legal frameworks, and application ecosystems [58] - The report highlights the competitive landscape, noting key players such as Ant Group and JD.com, which are actively developing stablecoin and RWA projects [74][81]

Market Overview - The three major U.S. indices showed mixed results, with the Dow Jones Industrial Average rising by 35.16 points (0.08%) to close at 42,206.82 points, while the Nasdaq fell by 98.86 points (0.51%) to 19,447.41 points, and the S&P 500 dropped by 13.03 points (0.22%) to 5,967.84 points [1] - European markets saw the DAX 30 index increase by 300.92 points (1.31%) to 23,357.63 points, while the FTSE 100 index decreased by 16.83 points (0.19%) to 8,774.97 points [1] Commodities - International oil prices fell, with Brent crude oil futures down by $1.84 (1.33%) to $77.01 per barrel, and WTI crude oil down by $0.21 (0.28%) to $74.93 per barrel [2] - COMEX gold futures decreased by 0.70% to $3,384.10 per ounce, and COMEX silver futures fell by 2.55% to $35.970 per ounce [3] Cryptocurrency - Bitcoin saw a slight increase of 0.43% to $105,087.6, while Ethereum rose by 0.74% to $2,530.68 [4] Federal Reserve and Economic Outlook - A Federal Reserve official expressed support for a potential interest rate cut in July, amidst a divided opinion among policymakers regarding the urgency of such a move [5][6] - President Trump criticized Federal Reserve Chairman Powell for not acting decisively to lower interest rates, suggesting that a reduction could save the U.S. up to $1 trillion annually [5] Geopolitical Developments - President Trump announced a two-week delay in deciding whether to take military action against Iran, contributing to a decline in oil prices [2][6] - Ongoing negotiations between Iran and European leaders have not yielded significant progress, with Iran insisting that Israel must cease its attacks before any nuclear negotiations can resume [7] Company News - Apple is reportedly in discussions to acquire Perplexity AI, which could enhance its AI-based search engine capabilities. If the acquisition does not proceed, Apple plans to integrate Perplexity as an option in its Safari browser [9]

Circle Internet Group, Inc. CRCL, the issuer behind the USD Coin USDC/USD stablecoin, has stunned Wall Street with a meteoric 540% surge since its IPO on June 5. The stock closed at $199.59 on Wednesday, propelling Circle's valuation to nearly $50 billion. What To Know: Circle's explosive rally gained more momentum Wednesday after the U.S. Senate's passage of the GENIUS Act, a landmark bill that would formally regulate dollar-backed stablecoins and integrate them into the U.S. financial system. Read Next: S ...

Circle Internet Group (NASDAQ: CRCL) is up 8.51%, trading at $216.59 on Friday at the time of publication as momentum builds around the GENIUS Act passed on Tuesday.The act establishes the first comprehensive federal framework for stablecoins, and its passing opens the door for the regulated use of cryptocurrencies like Bitcoin (BTC) among banks and retailers.For Circle, the largest stablecoin issuer in the country and creator of USD Coin (USDC), the token backed by the U.S. dollar, the Senate’s decision ha ...

Group 1: IPO Market Overview - The IPO market for 2025 is gaining momentum, particularly driven by the success of artificial intelligence startup CoreWeave Inc., which saw its shares rise from $40 to $170 within three months [2] - Investor appetite for new issues is strengthening, with CoreWeave's performance setting a precedent for other IPOs [2][3] - The article highlights three stocks that went public this year with potential to disrupt existing market players [2] Group 2: Circle Internet Group - Circle Internet Group Inc. has shown significant growth, with shares surging nearly 600% in just nine trading days following its IPO, closing at $197 [6] - The company benefits from institutional and regulatory backing, particularly with its USDC stablecoin, which aligns with the compliance guidelines of the new GENIUS Act [5][6] - Circle's shares experienced a 32% increase after the passage of the GENIUS Act, in addition to a 100% pop on its first trading day [6] Group 3: eToro Group - eToro Group Inc. went public on May 14, with its IPO priced at $52, debuting at nearly $70, indicating strong initial demand [7][8] - The platform combines social media features with brokerage services, allowing users to emulate successful traders [8] - Analysts have shown positive sentiment towards eToro, with nine out of sixteen rating it as a Buy and an average price target of $75.88, suggesting a potential upside of 19% [8] Group 4: Chime Financial - Chime Financial Inc. is positioned as a Neobank, appealing to younger consumers with a mobile-first approach and minimal fees [10] - The company reported a 23% year-over-year user growth and 32% year-over-year revenue growth as of March 2025 [11] - Chime's IPO was priced at $27 and opened at $43, reflecting a nearly 60% increase, although investors should be cautious of its unique lockup rules [11]

The Pragmatic Investor covers global macro, international equities, commodities, tech and cryptocurrencies and is designed to guide investors of all levels in their journey. Features include a The Pragmatic Investor Portfolio, weekly market update newsletter, actionable trades, technical analysis, and a chat room. Learn moreJames Foord is an economist by trade and has been analyzing global markets for the past decade. He leads the investing group The Pragmatic Investor where the focus is on building robust ...

Core Insights - Circle Internet Group (CRCL) has experienced a significant increase in its stock price, rising from an IPO price of $31 [1] Group 1: Company Performance - The shares of Circle Internet Group have soared recently, indicating strong market interest and potential investor confidence [1] Group 2: Market Context - The article highlights the growing attention on Circle Internet Group within the market, suggesting it may be a noteworthy investment opportunity [1]

Core Viewpoint - The article highlights significant movements in the Hong Kong and US stock markets, focusing on various companies' performances and the impact of regulatory changes on specific sectors. Group 1: Hong Kong Stock Market Highlights - Haitian Flavoring (03288) debuted with over a 3% increase, raising HKD 10 billion and holding a 6.2% global market share in soy sauce, leading the Chinese seasoning market with a 4.8% share [1] - Stablecoin concept stocks surged, with Lianlian Digital up 11%, Yika up 9%, and Zhong An Online up 8%, driven by the implementation of Hong Kong's stablecoin regulations [1] - Hezhima Intelligent (02533) rose over 3% as it plans to acquire an AI chip company to expand its automotive and edge AI product lines [1] - Delin Holdings (01709) increased over 3% with an expected annual profit growth of 10%-30% (to HKD 110-130 million) and its subsidiary Synaptic Technology securing tens of millions in A-round financing [1] - Jingtai Technology (02228) saw over a 4% rise, producing its first clinical candidate drug, PRMT5 inhibitor PE-0260, with clinical trials set to start in the second half of 2025 [1] - Gold stocks collectively fell, with Lingbao Gold and Zhu Feng Gold both down 4%, affected by a pullback in spot gold prices [1] - Innovent Biologics (01801) rose over 4% after obtaining global rights for GlycoT's ADC technology, with positive outlooks for IBI363/343's international potential [1] - Longpan Technology (02465) increased over 6% due to policy support accelerating solid-state battery industrialization, with the Ministry of Industry and Information Technology allocating HKD 6 billion for special research [1] Group 2: Other Notable Movements - Simor International (06969) fell over 5% as shareholder Yiwei Lithium Energy announced a third reduction of 3.5% in its stake, dropping to 27% and losing control [2] - Fubo Group (03738) rose over 4% due to favorable policies for data asset REITs, with the company targeting annual AI business revenue in the million-dollar range [2] - Yadea Holdings (01585) increased over 4% with a projected 55% rise in H1 net profit to HKD 1.6 billion, driven by new national standards enhancing industry concentration [2] - Perfect Medical (01830) fell over 6% as medical beauty consumption shifted to Shenzhen and South Korea, with an expected 35% decline in annual profit [2] - Yunbai International (00030) surged over 15% after acquiring global distribution rights from its parent company Yunnan Baiyao, covering a full range of products including medicines and personal care [2] - Luk Fook Holdings (00590) dropped over 4% due to increased gold hedging losses from rising gold prices and high base effects from last year's acquisition of King of Gold [2] Group 3: US Stock Market Highlights - Brain Regen Technologies (RGC.US) fell over 18% after a 400% increase in the previous two days, as profit-taking occurred; the company focuses on liquid formulations for ADHD and autism [3] - Marvell Technology (MRVL.US) rose over 7% after announcing a collaboration to develop AI power solutions and launching a 2nm custom SRAM chip with leading bandwidth and energy efficiency [3] - Circle (CRCL.US) surged over 33% after the US Senate passed a stablecoin bill, boosting the stock's value by 410% since its listing [3] - The rare earth sector continued to rise, with MP Materials up 4.9% and USA Rare Earth up 5.58%, driven by policy support for strategic resource demand [3] - Wolfspeed (WOLF.US) fell over 30% amid reports of a potential bankruptcy agreement, despite the silicon carbide market projected to reach USD 29 billion by 2030 [3] - Odyssey Marine (OMEX.US) rose over 11% after Trump signed an executive order to expedite deep-sea mining permits, with a 93% increase year-to-date [3] - Huya (HUYA.US) increased over 3% as the "HYPER eSports Carnival" is set to open in Chengdu, boosting platform traffic and commercialization expectations [3] Group 4: Additional Notable Movements - AST SpaceMobile (ASTS.US) rose over 10%, with an 85% increase in June, partnering with Vodafone India to provide satellite connectivity to unconnected areas [4] - Arqit Quantum (ARQQ.US) surged over 22% after being selected for Oracle's defense ecosystem, highlighting the strategic value of quantum encryption technology [4] - Aptevo (APVO.US) skyrocketed over 81% due to a new leukemia drug showing an 85% response rate in frontline treatment [4] - Upstart (UPST.US) rose over 10% after Bank of America raised its target price to USD 56, maintaining a "hold" rating as the credit tech platform's valuation recovers [4] - Coinbase (COIN.US) increased over 16% as it plans to apply to the SEC for "tokenized stocks," opening new growth opportunities in traditional equity on-chain [5]

Shares of Circle Internet Group (CRCL 33.92%) soared today, finishing the day up 33.9%. The spike came as the S&P 500 (^GSPC -0.03%) and Nasdaq Composite (^IXIC 0.13%) were relatively flat.The U.S. Senate passed the GENIUS Act, a landmark bill that would create a federal regulatory framework for stablecoins like Circle's USDC.Big news for stablecoinsWhile the bill still needs to clear the House of Representatives, the passage of the GENIUS Act through the Senate marks a major step toward integrating stablec ...