Core Viewpoint - The Comptroller of the Currency, Jonathan Gould, advocates for integrating cryptocurrency within the banking system to ensure monitoring and regulation, rather than ignoring its existence [1][2]. Group 1: Regulatory Approach - The OCC and other federal financial regulators have adopted a crypto-friendly stance since January, allowing crypto firms like Coinbase and Ripple to apply for national trust charters for regulatory clarity [2]. - Gould emphasizes the importance of transparency in regulatory expectations and prefers a case-by-case evaluation rather than a blanket risk elimination approach [3]. Group 2: Industry Experience - Gould has significant experience in the crypto industry, having previously chartered the first crypto bank during his tenure at the OCC and serving as chief legal officer at blockchain firm Bitfury [4].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - Amid tariff policies and geopolitical events causing global financial market volatility, the value of gold as a traditional safe - haven asset is increasingly prominent. Blockchain technology has spurred the rise of cryptocurrencies and given birth to gold - backed stablecoins, which combine gold's safe - haven nature with the high liquidity and decentralization of cryptocurrencies, offering new investment and risk - management tools for the traditional gold market and creating new buyers for gold [1][7]. - The report analyzes tokenized gold models represented by Pax Gold and Tether Gold, as well as the PGI scheme proposed by the World Gold Council in September 2025, and explores the differences and complementarities among the traditional gold market, tokenized gold models, and the PGI model [1][7]. - Gold - backed stablecoins, represented by XAUt and PAXG, have advantages such as low investment thresholds and low fees, with relatively low margin occupancy, but also face regulatory compliance issues due to decentralization and currently have a small scale. The PGI scheme shows the ambition to combine compliance and flexibility, with unique advantages in pledge and lease convenience, but its specific performance and market impact need further observation after implementation [3][45]. Summary According to the Directory 1. Blockchain and Cryptocurrency Basics: The Technological Foundation for Understanding Gold - Backed Stablecoins 1.1 Core Features of Blockchain - Blockchain has two core features: non - tamperability and decentralization. Non - tamperability means that each transaction record on the blockchain is stored in a chained manner through encryption algorithms. To modify a historical transaction record in a block, one must modify a series of blockchain records and their cryptographic proofs, making the transaction records on the blockchain non - tamperable and non - forgeable [8]. - Decentralization means that the entire blockchain network has no single centralized server but consists of numerous nodes with equal rights, connected peer - to - peer. Transaction records are broadcast to the whole network, and all nodes can verify and store the complete transaction ledger, which helps build a trust mechanism and makes the network more secure and stable [11]. 1.2 Classification of Cryptocurrencies and the Positioning of Gold - Backed Stablecoins - Cryptocurrencies can be classified into three categories based on value anchoring: native cryptocurrencies (e.g., Bitcoin and Ether), stablecoins (e.g., USDT), and real - world assets (RWA). Gold - backed stablecoins are positioned between stablecoins and RWA, mainly as "convenient on - chain gold investment products" rather than "on - chain currencies" [15][17][18]. 2. Overview of Mainstream Gold - Backed Stablecoins: Pax Gold and Tether Gold 2.1 Pax Gold (PAXG): A Compliance Benchmark with Priority on Regulation - PAXG is an ERC - 20 standard gold token issued by Paxos in September 2019 on the Ethereum blockchain, with excellent compatibility. Paxos actively seeks higher - level financial regulation. Each PAXG token corresponds to 1 ounce of LBMA - certified physical gold stored in London vaults, and token holders can trace the corresponding gold. PAXG can be redeemed for legal tender, other cryptocurrencies, or physical gold. As of late October 2025, its market value has increased by 153.16% in the past year to about $1.35 billion, and the number of investment gold ounces has grown from 196,700 ounces to 332,000 ounces [22][24][25]. 2.2 Tether Gold (XAUt): A Late - Comer Dominator Backed by Tether - XAUt is issued by Tether, the issuer of the largest US dollar stablecoin USDT. It has become the leader in the gold - backed stablecoin market. Technically and in terms of reserves, it is similar to PAXG, but its compliance process is relatively slow. Tether is not a licensed financial institution, and its financial compliance risk is more uncertain. As of late October 2025, its market value has increased by 215.61% in the past year to about $2.14 billion, and the number of investment gold ounces has grown from 246,300 ounces to 521,800 ounces [27][28][29]. 2.3 Price Difference between Gold - Backed Stablecoins and Spot Gold - The quotes of mainstream gold - backed stablecoins represented by XAUt and PAXG are basically the same as the London gold spot price, but there are still price differences, with the premium or discount fluctuating within ±$100 per ounce [30]. 3. The World Gold Council's PGI Scheme: A Revolutionary Framework Combining Law, Technology, and Regulation 3.1 Background of the PGI Proposal - The traditional physical gold investment market has two trading models: allocated and unallocated gold models, both of which have pain points. The allocated gold model has a high investment threshold, poor liquidity, and holding costs, while the unallocated gold model has prominent counter - party risks. The PGI scheme is designed to address these issues [37]. 3.2 Core Design of PGI - The core design of PGI includes legal, technological, and regulatory aspects. Legally, it solves the legal difficulty of "divisible ownership" of physical gold, defining PGI as an "intangible movable property" with an account - isolation - like risk - control mechanism. Technologically, it is "technology - neutral", does not require physical delivery, and supports a minimum trading unit of one - thousandth of an ounce, with high liquidity. In terms of regulation, it meets the requirements of mainstream financial regulatory regulations in the US and Europe and can be used as a compliant collateral [38]. 4. Comparison of Gold Investment Tools - In terms of investment thresholds, gold - backed stablecoins and PGI have significantly lower thresholds. Gold - backed stablecoins have an advantage in holding costs. In terms of regulation, gold - backed stablecoins are weakly regulated due to decentralization, while PGI tries to balance blockchain technology and regulation. In terms of market scale, gold - backed stablecoins currently have a small scale, and the performance of PGI remains to be seen [43][44][45].

Core Viewpoint - A U.S. bank lobbying group is opposing Coinbase's application for a trust charter, claiming it does not meet several regulatory requirements [1][2]. Group 1: Opposition from Banking Groups - The Independent Community Bankers of America (ICBA) has formally opposed Coinbase's trust charter application, stating it fails on multiple grounds that disqualify it under the Office of the Comptroller of the Currency (OCC) standards [2][3]. - This opposition follows a similar stance from the Bank Policy Institute (BPI), which also targeted Coinbase and other crypto firms like Ripple, Circle, and Paxos [2]. Group 2: Concerns Raised - The ICBA argues that Coinbase's trust bank would struggle to be profitable in a bear market and that the OCC would face challenges in dissolving the trust if it fails [3]. - The organization also claims that Coinbase's risk and control functions are "demonstrably flawed" and that the interpretive letter used for the application was not issued properly [3]. Group 3: Coinbase's Response and Intentions - Coinbase's chief legal officer criticized the banking groups for attempting to protect their interests by opposing the charter, suggesting that they prefer the crypto industry to remain unregulated [4]. - Coinbase applied for the trust charter to expand its services, such as payments and settlements, and to simplify regulatory approvals across multiple states, clarifying that it does not intend to become a full-service bank [5].

RT Emmett Gallic (@emmettgallic)A Bitcoin Whale that hasn't moved funds in 6 years deposited 2300 $BTC to Paxos 13 hours ago.This whale holds at least 31K $BTC ($3B)Paxos does operate a OTC desk as well providing custody to institutional investors. https://t.co/CpWQz4aLx1 ...

RWAs Market Growth - Token Terminal 数据显示，基于 30 天 TVL 增长百分比，USDG 是增长最快的 RWA 之一 [1] - 其他快速增长的 RWA 包括 USDCV, cUSD, USCC, MTBILL, XAUT, deUSD, Reserve Index, MF-ONE, JAAA, thBILL, PAXG, PYUSD [1] Global Dollar Network (USDG) - USDG 的未偿供应量接近 10 亿美元 [1]

TVL Growth Leaders - USDCV (Societe Generale) is among the fastest growing RWAs based on 30-day TVL growth percentage [1] - cUSD (Cap) shows significant growth in the RWA space [1] - USCC (Superstate) demonstrates rapid expansion in TVL [1] - MTBILL (Midas) experiences notable growth in TVL [1] - XAUT (Tether) exhibits strong TVL growth [1] Emerging Protocols - deUSD (Elixir Protocol) is identified as a fast-growing RWA [1] - USDG (Global Dollar Network) shows rapid TVL growth [1] - thBILL (Theo) is listed among the fastest growing RWAs [1] Established Assets - Reserve Index (Reserve) is recognized for its TVL growth [1] - PAXG (Paxos) is included in the list of fastest growing RWAs [1]

Core Insights - Western Union has applied for a trademark for "WUUSD" while planning to issue a USD-pegged stablecoin on the Solana blockchain in early 2026, despite previously announcing the coin would be called USDPT [1][2] - The WUUSD trademark application has been accepted by the USPTO but is pending examination for approval, and it may be used for stablecoin payment processing and foreign currency exchange [2] - Western Union aims to create a "digital asset network" to provide real-world utility for digital assets, though details on potential other tokens or projects remain unclear [3] Industry Context - The stablecoin market features multiple issuers like Tether and Circle, which have various stablecoins pegged to different assets, indicating a trend towards diverse stablecoin offerings [4] - Rajiv Sawhney from Wave Digital Assets suggests that WUUSD may serve as a more recognizable public-facing ticker, while USDPT could be the regulatory name, highlighting branding considerations in the stablecoin space [4] - A prediction market indicates that over 50% of respondents believe the stablecoin market value could reach $360 billion before February, reflecting optimism in the sector's growth potential [4]

Core Viewpoint - Bunq, a Dutch neobank, has received approval for a U.S. broker-dealer license from the Financial Industry Regulatory Authority, enabling users to invest in U.S. stocks, mutual funds, and exchange-traded funds, marking a significant step in expanding its services to the U.S. market [1] Group 1: Company Developments - Bunq aims to provide user-centric financial products to its international clientele, as many users have significant ties to the U.S. [1] - The company previously applied for a banking license in April 2023 but withdrew after 301 days due to differing views between U.S. and Dutch regulators [2] - Bunq plans to refile for a broader U.S. banking license once conditions are favorable [4] Group 2: Industry Context - There has been an increase in fintech and crypto firms applying for licenses amid perceived relaxed financial regulations under the Trump administration, contrasting with the more cautious approach during the Biden administration [3] - Trade groups representing banks and credit unions have expressed substantial concerns regarding the approval of new charters, urging the Office of the Comptroller of the Currency to delay these applications [4]

Campaign Overview - Crypto.com's PAXG App Campaign concludes on November 4th [1] - Participants have the opportunity to win a share of 5 PAXG [1] Participation Requirements - A minimum purchase of US$50 in CRO is required to qualify [1] - The reward is limited to the top 2,000 participants [1] Important Notice - The campaign is not available in all jurisdictions [1]

Core Insights - Crypto.com has filed for a National Trust Bank Charter with the U.S. Office of the Comptroller of the Currency (OCC), aiming to expand its regulated financial services in the U.S. [1] - The charter will enhance Crypto.com's custody and staking technology, allowing services across multiple blockchains, and positioning it as a trusted custody destination for digital asset treasuries and institutional investors [2][3] - The filing is part of Crypto.com's strategy to build secure and compliant crypto infrastructure, joining other firms like Coinbase and Ripple in seeking similar federal recognition [3] Industry Context - The OCC is the sole agency authorized to issue national bank charters, enabling firms to operate banking services across all 50 states under one legal framework [5] - A federal charter is viewed as a pathway to legitimacy for digital asset firms, granting access to Federal Reserve payment systems and simplifying regulatory compliance [6] - The current leadership of the OCC has shown increased openness to digital asset activities, contributing to the rise in crypto firms pursuing national bank charters [7]