20 August 2025 Digital assets in Hong Kong Equities Why do stablecoins matter? Five FAQs Hong Kong Stablecoins in the spotlight. There is a lot of excitement over stablecoins in Hong Kong with some related stocks surging in recent months. The HKMA is going early with a regulatory framework, just like it did for digital banks five years ago. While it is too early to answer how big stablecoins could get, they could change the banking system. We answer five questions about the market now, future potential, and ...

20 August 2025 Digital assets in Hong Kong Equities Why do stablecoins matter? Five FAQs Hong Kong Stablecoins in the spotlight. There is a lot of excitement over stablecoins in Hong Kong with some related stocks surging in recent months. The HKMA is going early with a regulatory framework, just like it did for digital banks five years ago. While it is too early to answer how big stablecoins could get, they could change the banking system. We answer five questions about the market now, future potential, and ...

🎦 From #SustainableFinanceEU and Market Data to Fund Management and #DigitalFinanceEU, we covered a wide range of topics over the past months in our webinars, hearings, and workshops.📂 Explore the slides and recordings → https://t.co/UNuxBGiaqP ...

If you have been watching the channel for quite some time, then you already know how big Quant or aka Q& is going to be. And in terms of what Quant is doing and what they're trying to achieve, I kind of put them right next to Ripple in this space. Because again, they're both kind of building towards the same exact future. A lot of people actually compare XRP to Q& quite often. And I always say, why are we comparing these two? Why are we not branching them into the same group of you know projects that are tr ...

Financial Data and Key Metrics Changes - Non-GAAP net sales increased by 10% year-over-year to $119.6 million, driven by strong domestic demand from traditional banks and fintechs [12][21] - Pro forma adjusted EBITDA rose by 26% to $46.3 million for the quarter, reflecting organic revenue growth and early operational efficiencies from the Composecure operating system [12][22] - Non-GAAP gross margin improved to 57.5% compared to 51.6% in the prior year, attributed to better manufacturing efficiencies and a favorable product mix [21][22] - Adjusted net income was $28.4 million, up from $24.2 million in the previous year, with adjusted diluted EPS increasing to $0.25 from $0.23 [24] Business Line Data and Key Metrics Changes - Domestic net sales for Composecure Holdings grew by 22% to $104.3 million, while international net sales declined by 35% to $15.3 million [24] - The company is seeing strong activity around premium upgrade cycles and card program refreshes, indicating a robust demand for metal cards [13][14] Market Data and Key Metrics Changes - Metal cards represent less than 1% penetration of the total payment card market, indicating significant growth potential [7] - The market for payment cards is estimated at over 4 billion cards shipped annually, with increasing consumer demand for premium offerings [16][56] Company Strategy and Development Direction - The company is focused on building a high-performance culture through the implementation of the Composecure operating system, which aims to enhance operational efficiency and accountability [14][15] - Investments in talent and manufacturing capabilities are prioritized to support long-term growth and scalability [15] - The company is optimistic about the future, believing that the addressable market opportunity for premium payment products and digital asset solutions is substantial [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of metal cards and the effectiveness of the Composecure operating system in driving performance improvements [8][9] - The company raised its full-year guidance for non-GAAP net sales to approximately $455 million and pro forma adjusted EBITDA to about $158 million, reflecting ongoing commercial momentum [12][26] Other Important Information - The company is undergoing a transition in accounting due to the spin-off of Resolute Holdings, which affects how financial results are reported [5][20] - The management fee paid to Resolute Holdings is included in the non-GAAP financial measures, which are used for better understanding of operational performance [5][22] Q&A Session Summary Question: Inquiry about new and refreshed products and their impact on results - Management indicated that the timing of orders for new products typically ranges from one to two quarters ahead, depending on the size of the program [29][30] Question: Factors driving confidence in investment and market conditions - Management highlighted organic growth and operational improvements as key factors contributing to increased confidence in the investment [32][34] Question: Commercial momentum and expectations for the second half of the year - Management does not view the strong Q2 results as a pull forward but expects continued momentum throughout the year [38][39] Question: Margin profile of new launches - Management noted that improvements in gross margin are attributed to the operational efficiencies from the Composecure operating system [40][41] Question: Operational changes and future efficiency potential - Management discussed ongoing operational improvements across all functions, emphasizing the potential for further efficiency gains in the coming months [46][48] Question: M&A pipeline and valuation of Resolute Holdings - Management confirmed a robust M&A pipeline but did not disclose specific details on ongoing diligence [50][51] Question: Pipeline for relaunches of existing metal card offerings - Management expressed optimism about the competitive landscape in the premium card market, which is expected to drive future growth [56][57] Question: Opportunities in the crypto space - Management highlighted the exciting opportunities presented by major exchanges rolling out card offerings and the integration of stablecoins [58][59]

America is cementing its crypto dominance, and it runs on stablecoins.Circle, Tether, and all other stablecoin issuers combined rank as the 16th largest U.S. Treasury holder globally.The GENIUS Act establishes a clear framework for fully-backed stablecoins, with U.S. Treasuries as a foundation of stablecoin reserves.By 2030, stablecoin issuers are projected to hold $1.2T in Treasuries, making them the world's largest holder, ahead of global powers like China and Japan.US leadership in crypto creates steady ...

Hedera's Summer Highlights - Hedera's technology is utilized in Project Acia with the Reserve Bank of Australia (RBA) to explore real-world use cases for digital money [2][3] - Equity Lab launched its verifiable compute platform on Nvidia Blackwell in collaboration with Nvidia, Scan Computers, Accenture, and Hedera, marking a new era for sovereign policy-aligned AI [4] - Lloyd's Bank, Aberdeen, and Archax Exchange completed the UK's first institutional FX trade using tokenized assets on Hedera [7] - HTE launched Hedera to Earn, a cross-app rewards platform with 24 million+ users, in partnership with Cashtree Global, Mars Labs, and Barry Fox [12][13] - The $550,000 Hello Future Hackathon is live, focusing on AI agents, DeFi, sustainability, and more [14] Financial and Market Impact - The UK trades $5.44 trillion daily in FX and interest rate derivatives, accounting for half of the global activity, with Hedera playing a role [8][10][18] - Tokenized units of Aberdeen Investments money market fund and tokenized UK gilts were used as collateral for foreign exchange trades between Aberdeen and Lloyds [10] - The author believes HBAR price could reach $2 to $2.50, with potential to hit $3 [30] Regulatory and Adoption Trends - The House passed the bipartisan Clarity Act and Genius Act, and the wholesale digital market strategy was released, indicating momentum for digital asset regulation [15][16] - Public ledger technologies are being integrated with real-world use cases, reshaping how money moves around the world [25] Hedera's Ecosystem Growth - Hedera's ecosystem, DeFi space, and community are experiencing rapid growth [29] - Hedera is making significant advancements compared to 2021, with increased marketing, a growing ecosystem, and major integrations [20][21]

Imagine opening your bank app and sending stable coin to a friend abroad. It arrives in seconds. Or it's Friday night, rent is due, and traditional bank transfers won't clear until Monday.So, you send stable coin and the money lands instantly in the landlord's bank account. This isn't science fiction. It's the financial future America is stepping into, thanks to the Genius Act.For the very first time, it gives federal recognition and regulation to stable coins, the digital dollars fueling much of today's cr ...

Core Viewpoint - Nano Labs Ltd has established a dedicated fund to support academic research and talent development in blockchain and digital finance, aligning with China's strategy for digital economy development [1][2][3] Group 1: Fund Establishment and Purpose - The fund, named the "Nano bit Blockchain Research Fund," aims to enhance research in key technological areas and foster collaboration between industry and academia [4][2] - The initiative reflects the company's commitment to social responsibility and long-term vision in advancing technological innovation [3][5] Group 2: Company Overview and Strategy - Nano Labs is a leading provider of Web 3.0 infrastructure and product solutions in China, focusing on high throughput computing (HTC) and high performance computing (HPC) chips [6] - The company has developed a comprehensive flow processing unit (FPU) architecture and is actively involved in the digital assets space, utilizing BNB as its primary reserve asset [6][7] Group 3: Leadership Vision - Dr. Jianping Kong, Chairman and CEO, emphasizes a "Technology-Driven, Value-Oriented" philosophy, aiming to explore innovative breakthroughs in the digital economy [5] - The company is dedicated to fulfilling corporate social responsibilities and supporting Chinese universities in advancing research in cutting-edge science and technology [5]

Summary of Key Points from the Conference Call on Hong Kong's Stablecoin Shift Industry Overview - The focus is on the stablecoin industry, particularly in Hong Kong, which is positioned as a testing ground for stablecoin operations amid increasing global regulatory scrutiny and competition [2][10][39]. Core Insights and Arguments 1. **Regulatory Framework**: Hong Kong's Stablecoins Bill, effective August 1, 2025, aims to enhance the stability and transparency of stablecoins, allowing for the legal issuance of CNH-pegged stablecoins [2][10][51]. 2. **Strategic Importance**: The bill positions Hong Kong as a critical player in the global stablecoin landscape, especially in light of the US GENIUS Act, which may strengthen USD dominance [2][10][19]. 3. **Market Dynamics**: Stablecoin issuers, brokers, and fintech companies with established blockchain technology are expected to benefit first from the new regulations through various fees [3][11][30]. 4. **Adoption Challenges**: The adoption of CNH stablecoins may lag due to China's capital controls and limited offshore RMB liquidity, with market acceptance expected to take time [5][20][63]. 5. **Traditional Financial Models**: Traditional banks and e-commerce platforms are likely to experience gradual transformation rather than disruption, as stablecoins serve as payment means rather than deposits [4][27][28]. 6. **Investment Opportunities**: Companies like Futu Holdings, ZhongAn Online, and HK Exchanges & Clearing are highlighted as potential beneficiaries of the stablecoin ecosystem due to their strategic positioning [3][33][31]. Additional Important Insights 1. **Global Regulatory Trends**: The global trend towards stablecoin regulation is driven by concerns over financial stability and consumer protection, with various jurisdictions introducing frameworks to govern stablecoin issuance [13][42]. 2. **Market Liquidity Risks**: The early-stage nature of stablecoins presents risks related to market liquidity and volatility, which require careful monitoring [26][37]. 3. **Integration with Traditional Finance**: The integration of stablecoins into regulated financial systems is crucial for their broader adoption, which may be hindered by existing regulatory frameworks [71][72]. 4. **Real-World Use Cases**: The HKMA emphasizes the need for stablecoins to address real-world payment inefficiencies rather than fueling speculative trading [54][39]. 5. **Potential for Cross-Border Transactions**: Stablecoins could facilitate cross-border e-commerce and financial transactions, but adoption may be slow due to existing payment systems and regulatory uncertainties [34][35][36]. Conclusion - The stablecoin landscape in Hong Kong is evolving with significant regulatory developments that could enhance its status as a global financial hub. However, challenges related to adoption, market dynamics, and regulatory compliance remain critical factors to monitor as the industry progresses.