SINOLINK SECURITIES·2026-03-15 09:12Investment Rating - The report suggests a cautious approach to the cryptocurrency market due to current low market sentiment, recommending to focus on companies benefiting from the growth of USDC and potential mergers in the industry [4][28]. Core Insights - The US GDP growth for Q4 2025 was significantly revised down to 0.7%, below market expectations, while the core PCE index reached a near two-year high, indicating a potential for only a 25 basis point rate cut in December 2026 [1][10]. - USDC's market capitalization is approaching $80 billion, with a market share of approximately 25%, driven by demand linked to capital outflows from the UAE [22]. - The cryptocurrency market's total market cap decreased by 0.4% this week, with Bitcoin and Ethereum prices increasing by 4.2% and 5.8% respectively [10][12]. Summary by Sections 1. Market Review - The total cryptocurrency market cap is $2.4 trillion, with Bitcoin closing at $70,948 and Ethereum at $2,093 [10]. - The cryptocurrency fear and greed index is at 30, indicating a state of fear in the market [13]. 2. Global Policy and Industry News - The first batch of cryptocurrency issuer licenses in Hong Kong is expected to be announced soon, with Standard Chartered, HSBC, and OSL reportedly included [2][19]. - The total value of tokenized stocks has surpassed $1 billion, with Ondo Finance and xStocks holding significant market shares [19]. 3. Company News - Circle launched an open-source AI tool, Circle Skills, which integrates with USDC and supports various functionalities [23]. - Coinbase has introduced cryptocurrency futures trading in Europe, allowing up to 10x leverage [24]. - Bullish, an institutional trading platform, saw a 62.6% increase in spot trading volume, surpassing Coinbase's market share [23]. 4. Investment Recommendations - The report advises maintaining caution in the current cryptocurrency market and suggests focusing on companies that benefit from the growth of USDC, such as Circle, and monitoring developments in Hong Kong's cryptocurrency exchanges [4][28].