/*本文译自9News ， 仅代表原出处和原作者观点，仅供参考阅读，不代表本网态度和立场。 */ 澳洲九号台新闻8月10日报道，网上有传闻称，中国上周末对加密货币采取了相当 激进的措施——直接封禁了它们。 事实证明，这是假消息——或者至少是旧消息。 北京确实对加密货币交易和挖矿实施 了禁令，但那是在2021年9月24日颁布的，整整1409天前。 但如果你将视线从中国大陆稍微扩展一下，那么确实有真正的进展。 8月1日，香港的新法规生效，允许公司申请发行稳定币的许可证。 与比特币等价值大幅波动的典型加密货币不同，稳定币的价值与货币或大宗商品挂 钩，消除了让一些投资者望而却步的波动性。 它们也不只是零钱数目。 （图片来源：澳洲九号台新闻） 根据澳新银行的数据，仅去年一年，稳定币交易价值就达27.6万亿美元（42.5万亿 澳元）。 这超过了使用Visa和Mastercard的所有交易总和，约为整个澳洲经济价值的15倍。 香港并非最近唯一监管稳定币的司法管辖区。 美国总统Donald Trump于7月18日签署了GENIUS法案（正式名称为《指导和建立美 国稳定币国家创新法案》），这是在被誉为"加密货币周"期间 众议院 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Yesterday, the IG space opened 5 - 10bps wider with a cautious tone, and various bonds had different price movements. For example, TH bank BBLTB sub - curve and TW lifers gradually recovered and closed 1 - 3bps wider. In Chinese properties, GRNLGR 28 - 31s dropped 1.0 - 2.9pts [1]. - This morning, MTRC Perps were up 0.2pt, ADSEZ 31 - 41s and ADGREG 42s rose 0.6 - 2pts, while CKINF 4/4.2 Perps decreased 1pt [2]. - AVIC launched a tender offer and consent solicitation for its USD300mn AVICCP 2.375 02/09/26 at par, and is soliciting consent from bondholders for two modifications [6][7]. Summary by Related Catalogs Trading Desk Comments - The IG space opened 5 - 10bps wider. TH bank BBLTB sub - curve and TW lifers closed 1 - 3bps wider. Lower - beta papers with 4.5% yield or below and front - end papers were heavily traded. FRESHK 26 - 28s had a spread change of 7bps tighter to 3bps wider. In Macau gaming, different bonds had price changes ranging from unchanged to +1pt. Among greater China higher - beta credits, Perps moved higher. There were block selling on FRNs of China leasing/securities houses and two - way flows on EU/Japan banks FRNs. Yankee AT1s recovered. In Chinese properties, GRNLGR, LNGFOR, and VNKRLE bonds dropped, while LIFUNGs rose. In the SEA, MEDCIJ 28 - 29s were unchanged to 0.1pt lower, and VEDLN 28 - 33s were unchanged to 0.2pts higher [1]. Analyst Comments - AVIC launched a tender offer and consent solicitation for AVICCP 2.375 02/09/26 at par. It failed to furnish audited FY24 financial statements and expects to be unable to provide unaudited 1H25 financial statements on time. It is soliciting consent for two modifications: removing the financial statement requirement and adding an early redemption option. The offer expires on 15 Aug'25, and two bondholder meetings will be held on 26 Aug'25. The tender offer settlement is on 29 Aug'25. The resolutions are binding if passed and the eligibility condition is met. The tender offer can be an opportunity for investors to switch to other Chinese IG names [6][7][9]. Macro News Recap - On Monday, S&P (+1.47%), Dow (+1.34%), and Nasdaq (+1.95%) were higher, and UST yield was lower with 2/5/10/30 yield at 3.69%/3.75%/4.22%/4.80% [5]. Last Trading Day's Top Movers - Top Performers included GWFOOD 3.258 10/29/30 (price 86.3, change 2.4), WESCHI 4.95 07/08/26 (price 92.8, change 1.3), etc. Top Underperformers included GRNLGR 6.9 02/12/29 (price 20.1, change - 2.9), GRNLGR 8 1/4 01/22/31 (price 20.1, change - 2.9), etc. [4]. Offshore Asia New Issues - **Priced**: No Offshore Asia New Issues Priced Today [12]. - **Pipeline**: Licheng International Development plans a 3 - year issue with a 5.5% pricing and is unrated. Macquarie Bank plans an 11NC10 issue with a pricing of T + 170 and has an issue rating of A3/BBB+/BBB+ [13]. News and Market Color - Regarding onshore primary issuances, 85 credit bonds were issued yesterday with an amount of RMB66bn. Month - to - date, 130 credit bonds were issued with a total amount of RMB149bn, a 4.4% yoy increase. S&P revised the outlook of Adani Electricity Mumbai to stable from negative, affirmed BBB - rating [14]. - S&P revised the outlook of Adani Green Energy RG2 to stable from negative, affirmed BB+ rating; revised the outlook of Adani Ports to positive from negative, affirmed BBB - rating. Agile plans to deliver a preliminary restructuring proposal to offshore creditors in 3Q25. Ant Group will exit India's Paytm by selling its 5.84% stake for up to INR38bn (cUSD434mn). Road King bondholder group can block revised consent solicitation. SK Telecom will help develop a South Korean ChatGPT challenger. SK On will focus on cutting - edge technology [21].

RMB Stablecoin Development - Hong Kong's stablecoin regulations are paving the way for RMB stablecoins [1] - Companies like Ant and JD are developing RMB stablecoins [1] Strategic Goals - RMB stablecoins aim to boost cross-border use of RMB [1] - The initiative supports RMB internationalization [1] - A key objective is to challenge the dominance of the US dollar [1] Challenges and Prospects - Trust and regulatory hurdles remain significant challenges [1] - RMB stablecoins are expected to gain traction in trade and offshore settlement [1]

circle dropping occ bank application same week as genius act vote• $40b in t-bills already sitting there• okx + ant rolling out direct fiat pairs• 63b supply ready to movethey're not trying to compete with stables. they want the whole system ...

korea buying more circle stock than apple tells you everything• national bank charter incoming• multi-currency stablecoins live• ant group integration pendingtradfi isn't joining crypto. it's rebuilding itself here ...

Ant Group to integrate Circle's USDC stablecoin into its 1.6 billion-user platform for enhanced global payments efficiency, sources told Bloomberg.Read more: https://t.co/riJkbn03Lg ...

Circle's USDC Is Being Adopted by Jack Ma Payment Giant Ant Group► https://t.co/RG9Exmuth8 https://t.co/RG9Exmuth8 ...

🔥 NEW: Jack Ma–backed Ant Group will integrate Circle’s $USDC into its global payment platform. https://t.co/yMPseAR0VD ...

Jack Ma-backed Ant is working with Circle to adopt its stablecoin on the Chinese fintech company’s blockchain platform, sources say https://t.co/Us29RYovmO ...

Core Viewpoint - Sea Limited has made a significant recovery after a challenging 2022, returning to profitability and showing renewed momentum across its e-commerce, gaming, and fintech segments, although competition is intensifying in the Southeast Asian market [1][2]. Group 1: Business Performance - Sea Limited has regained profitability and improved cost discipline, leading to a more than 100% increase in stock price from its lows [2]. - The fintech segment, rebranded as Monee, has become a strong profit contributor with over 28 million active borrowers and a loan book of $5.8 billion, reflecting a growing demand for credit products [10]. - Monee generated $787 million in revenue in the first quarter, a 58% year-over-year increase, with adjusted EBITDA reaching $241 million, up 62% year-over-year [11]. Group 2: Competitive Landscape - Shopee, Sea's e-commerce platform, holds over 50% market share in several Southeast Asian countries but faces increasing competition from TikTok Shop, Lazada, and other regional players [4][5][6]. - TikTok Shop is rapidly gaining traction, particularly among Gen Z users, creating new shopping behaviors that Shopee does not fully replicate [5]. - Lazada, backed by Alibaba, is leveraging its resources in logistics and technology to regain market share, posing a serious threat to Shopee [6]. Group 3: Risks and Challenges - The competitive landscape is becoming more challenging, with Shopee needing to reinvest in logistics and promotions, which could pressure short-term margins [9]. - Monee's rapid growth in lending exposes it to potential risks, particularly as it serves first-time borrowers who may lack formal credit histories [12]. - Regulatory changes in digital lending across Southeast Asia could slow growth or increase compliance costs, similar to past events in China [13]. Group 4: Valuation and Market Sentiment - Sea Limited's stock has rebounded to nearly $150, moving away from its "deep value" phase, with current price-to-sales and price-to-earnings ratios at 5.3 and 106, respectively [14]. - The market is no longer pricing Sea as a broken growth story, indicating that any negative developments could lead to a significant stock price correction [15]. - Investors need to be cautious as the company faces competitive threats, credit exposure, and potential volatility in stock prices [16].