Core Viewpoint - The implementation of the Stablecoin Regulation marks a significant step for Hong Kong in the development and regulation of virtual assets, reinforcing its status as an international financial center [1] Group 1: Regulatory Impact - The regulation enhances the certainty and compliance foundation of the virtual asset ecosystem, allowing the Hong Kong government to proactively promote its legal framework to global stablecoin issuers and potential investors [1] - The regulatory framework provides clear guidelines for licensees, requiring adherence to asset management and risk control regulations, which helps improve market transparency and boosts investor and consumer confidence in stablecoins [1] Group 2: Economic Opportunities - The regulation supports the government's initiative to develop a Web 3.0 and digital asset innovation hub, promoting the potential of stablecoins in cross-border payments, capital flow, and transaction settlement [1] - The framework aims to advance the tokenization process, establishing a leading advantage for Hong Kong in the digital finance sector [1]

红星资本局8月1日消息 今日,香港《稳定币条例》正式生效实行。任何人如在业务过程中在香港发行法币稳定币，或在香港或以外发行宣称锚定港元价值的 法币稳定币，必须向金融管理专员申领牌照。截至目前，香港金管局尚未发出任何牌照。 储备资产不仅包括现金，还包括期限3个月内的银行存款，政府、中央银行等剩余期限不超过一年的高评级债券。文件要求，稳定币的储备资产组合市值不 少于稳定币流动总面值。稳定币发行人持牌机构对储备资产需进行超额抵押，从而应对市场波动。稳定币发行人持牌机构应委托合资格的托管人保管储备资 产。 对于稳定币挂钩币种的选择，上述文件明确，稳定币发行人可选择挂钩不同的单一法币，也可以选择挂钩一篮子货币，并可以随时向香港金管局申请增加新 的挂钩法币。 据香港金管局副总裁陈维民在简报会上介绍，目前与香港金管局接触的潜在发行人所谈及的挂钩货币主要是港币、美元等可自由兑换的法币。 对于储备资产托管的银行，上述文件指出持牌机构应优先委托香港持牌银行作为储备资产托管方。尽管香港方面允许将储备资产存于香港境外的银行，但发 行人需要向香港监管局证明境外托管机构具备与香港持牌银行同等的资产保障措施，确保极端市场条件下仍能及时兑付 ...

Core Insights - Visa is expanding its settlement platform to support two additional USD stablecoins: Global Dollar (USDG) and PayPal Dollar (PYUSD), as well as two blockchain networks, Stellar and Avalanche, and a Euro-backed stablecoin, EURC [1] Group 1 - Visa's global growth products and strategic partnerships head, Rubail Birwadker, stated that the company is building a multi-currency and multi-chain infrastructure to meet the needs of global partners [1] - The company believes that when stablecoins are trusted, scalable, and interoperable, they can fundamentally change the way currency flows globally [1]

Group 1: Fund Performance and Market Trends - 12 public funds have achieved a net value growth rate exceeding 100% year-to-date, primarily focusing on innovative pharmaceuticals and healthcare sectors, closely linked to the strong performance of the Hong Kong innovative drug sector [1] - The top-performing fund, Huatai-PineBridge Hong Kong Advantage Selection A, recorded a 143.24% year-to-date net value growth rate, heavily invested in Hong Kong innovative drug stocks [1] - In the A-share market, 341 companies have announced mid-term cash dividend plans, with 24 companies declaring a total cash dividend of 14.55 billion yuan, including six companies with dividends exceeding 1 billion yuan [1] Group 2: Insurance and Investment Funds - The establishment of the Tai Ping Zhi Yuan No. 1 private securities investment fund marks the increase of insurance-related private securities investment funds to six, managed by three insurance-related private fund companies [1] - These funds are primarily focused on long-term investments in secondary market stocks, indicating a significant inflow of long-term capital into the capital market [1] Group 3: Corporate Financial Performance - Apple reported a third-quarter net profit of $23.43 billion, a 9% year-on-year increase, with total revenue of $94.04 billion, up 9.6% year-on-year [2] - Amazon's second-quarter net profit reached $18.16 billion, a 34.7% year-on-year increase, with total revenue of $167.7 billion, up 13% year-on-year [3] - Microsoft achieved a fourth-quarter net profit of $27.2 billion, a 24% year-on-year increase, with total revenue of $76.44 billion, up 18% year-on-year [4] Group 4: Market Reactions and Economic Indicators - The U.S. stock market saw all three major indices decline, with the Dow Jones down 0.74%, the Nasdaq down 0.03%, and the S&P 500 down 0.37%, amid rising inflation concerns and upcoming economic data releases [8] - The technology sector experienced volatility, with significant fluctuations in the market capitalization of major tech companies, including a brief surge in Microsoft's valuation above $4 trillion [9]

8月1日，香港《稳定币条例》正式生效，香港金融管理局近日发布了《持牌稳定币发行人监管指引》等系列配 套指引（简称"指引"），明确了发行人牌照申请门槛，包括财务条件、人员资质、储备资产、托管赎回要求、 司法管辖、过渡期安排等。 香港稳定币发行人牌照申请窗口已开启。按照香港金融管理局的指引，已做好充分准备且希望尽早获得批准的 机构，应在9月30日之前提交稳定币发行人牌照申请。 香港稳定币发行人牌照申请窗口已开启，个位数的首批牌照可能花落谁家？ 此前，香港金管局总裁余伟文明确表示，在初始阶段，最多只会批出数个稳定币牌照。多位业内人士向记者透 露，首批稳定币发行人牌照的数量可能是个位数，不排除只有2～3张。 从申请门槛来看，香港的三大发钞银行最有可能率先申请并获批。 "中国银行（香港）、渣打银行（香港）等香港发钞行是不可或缺的主体，尤其是中资银行，无论是出于自身 发展需要，还是顺应监管推动，会率先申报稳定币发行人牌照。"一位多年深耕跨境交易的知情人士向券商中 国记者透露。 目前，香港特区实行独特的货币发行制度，纸币主要由三家商业银行代理发行，根据联系汇率制度以美元储备 为支撑发行，三家发钞行分别是中国银行（香港）、渣 ...

Group 1 - The core agreement involves Delin Holdings agreeing to subscribe for 77,400 Class A ordinary shares of Asseto Holdings Limited for a total subscription price of $1.2903 million, representing approximately 3.23% of Asseto's enlarged issued share capital post-transaction [1] Group 2 - Asseto is a leading fintech company in the Asian tokenization market, focusing on the tokenization of real-world assets (RWA) and integrating traditional finance (TradFi) with decentralized finance (DeFi) [2] - The company aims to diversify its revenue sources by expanding its product line to include funds, bonds, stocks, private credit, real estate, and various alternative assets [2] - Asseto has established a strong strategic industry partnership network, including companies preparing to apply for a stablecoin license in Hong Kong [2] Group 3 - The subscription is a significant milestone for the group to achieve its strategic goals, allowing the company to enter a rapidly growing market and leverage advanced technologies in blockchain and smart contracts [3] - The existing partnerships with leading firms, such as HashKey Group and major global asset management companies, provide valuable ecosystem connections for future product co-development and cross-market promotion projects in Asia and internationally [3]

Core Viewpoint - The article discusses the surge of interest in stablecoins in Hong Kong, particularly following the upcoming implementation of the "Stablecoin Regulation" on August 1, which has attracted over 50 companies and institutions seeking to apply for stablecoin licenses [3][4]. Group 1: Market Dynamics - More than 50 companies and institutions, including major state-owned enterprises and traditional financial firms, are engaging with the Hong Kong Monetary Authority (HKMA) to explore stablecoin opportunities [3][4]. - The HKMA has released guidelines for licensed stablecoin issuers, emphasizing the need for robust anti-money laundering (AML) measures amid rising interest in stablecoins [4][10]. Group 2: Stablecoin Characteristics - Stablecoins are digital currencies pegged to specific assets, such as fiat currencies, to maintain stable value, with the HKMA focusing on fiat-backed stablecoins [6][8]. - The potential for stablecoins in cross-border payments is highlighted, as they offer efficiency and lower costs compared to traditional payment systems [7][10]. Group 3: Regulatory Challenges - The HKMA faces pressure from international financial organizations regarding the AML risks associated with stablecoins, particularly in cross-border transactions [10][13]. - The HKMA's guidelines require stablecoin issuers to demonstrate their capabilities in AML compliance, including Know Your Customer (KYC) processes [11][12]. Group 4: Future Opportunities - There is significant interest in stablecoins linked to offshore RMB, as many institutions involved in cross-border trade see this as a key opportunity [8][15]. - The article notes that the market for USD-pegged stablecoins is already substantial, suggesting that Hong Kong's future growth in stablecoins may depend on RMB-linked offerings [15][20]. Group 5: Technological Considerations - The use of blockchain technology in stablecoins allows for the integration of information flow and capital, enhancing the speed and cost-effectiveness of cross-border payments [10][18]. - Some industry insiders propose a "pool separation" strategy for offshore RMB stablecoins to mitigate risks associated with international sanctions [18][20].

Financial Data and Key Metrics Changes - The company reported a record second quarter with revenue of $1.1 billion, operating income of $159 million, adjusted EBITDA of $206 million, and adjusted EPS of $2.56, reflecting a 14% year-over-year growth in adjusted EPS [10][11] - Constant currency operating income growth year-over-year was 13%, indicating strong business performance despite macro uncertainties [9][11] - Consolidated operating margins expanded by more than 112 basis points compared to the prior year, with expectations for continued margin expansion in the second half of the year [11][12] Business Line Data and Key Metrics Changes - The Money Transfer segment led with constant currency operating income growth of 33%, driven by increased transaction volumes and higher principal amounts per transaction [10][15] - The EFT segment saw revenue growth of 6%, with operating income and adjusted EBITDA remaining in line with prior year results, attributed to tough comparisons from the previous year's strong performance [14] - Epay revenue grew by 5%, with operating income increasing by 17% and EBITDA by 15%, primarily due to growth in digital channel sales [14] Market Data and Key Metrics Changes - The company noted that the major currencies strengthened against the dollar, impacting reported results, but adjustments were made to normalize the impact of currency fluctuations [13] - Digital transactions in the Money Transfer segment grew by 29%, reflecting ongoing consumer demand for digital products [15][25] Company Strategy and Development Direction - The acquisition of CoreCard is a strategic move to expand into the digital payments processing space, targeting a total addressable market exceeding $10 billion with attractive operating margins [4][29] - The company aims to leverage its REN platform and the CoreCard acquisition to enhance its digital offerings and expand its addressable market [29][32] - The strategic focus includes targeting large addressable markets in global payments and foreign exchange, with a shift from legacy cash-based business lines to digital offerings [33][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining a growth trajectory, reaffirming an earnings growth expectation of 12% to 16% for 2025 [16][54] - The company is optimistic about the impact of recent acquisitions and partnerships, which are expected to contribute to growth in future quarters [8][29] - Management acknowledged potential challenges from macroeconomic factors but emphasized the resilience and adaptability of the business model [11][25] Other Important Information - The company repurchased $247 million of its shares during the quarter, which had a marginal benefit on adjusted EPS due to the timing of the repurchases [11][12] - The Money Transfer segment's revenue is subject to a new 1% remittance tax, affecting only 27% of its revenue, which is expected to have a limited overall impact [24] Q&A Session Summary Question: Insights on CoreCard acquisition and potential revenue concentration risks - Management acknowledged the risk associated with the Apple partnership but expressed confidence in the ability to cross-sell CoreCard's platform to other banks and fintechs globally [56][57] Question: Growth deceleration in EFT segment - Management clarified that the deceleration was due to tough comparisons from the previous year's strong performance and expressed optimism for recovery in Q3 [60][62] Question: Revenue expectations from the new U.S. bank partnership - Management indicated that revenue from the partnership is already being realized and is expected to accelerate, with significant potential for cross-selling [67][68] Question: Unit economics and margins related to the U.S. deal - Management characterized the deal as high margin due to its software nature, emphasizing its importance as a reference customer for future sales [79][80] Question: Performance in Money Transfer segment for July - Management reported a significant uptick in transaction volumes in July compared to June, indicating strong growth across digital and retail channels [81][82] Question: Impact of FX fluctuations on Money Transfer margins - Management confirmed that FX fluctuations contributed positively to margins, supporting the 33% year-over-year growth in operating income [89][90]

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector [2] Core Insights - The trend of "deposit migration" is likened to "living water" for wealth, facilitating an influx of incremental funds into risk assets. The continuous decline in deposit rates encourages clients to seek higher returns and diversified allocations, prompting financial institutions to innovate products that meet varying risk-return needs [3][4] - The non-bank financial sector presents significant investment opportunities due to performance elasticity, with the capital market entering a valuation recovery phase. The report outlines three phases of a bull market: valuation repair, hot sector rotation, and valuation bubble [3][4] - The report highlights a clear trend of increasing fixed-term deposits among residents, with the proportion exceeding 70% in early 2023 and projected to reach 72.28% by 2025, indicating a shift in savings behavior [16][21] Summary by Sections 1. Deposit Section: Turning Point of Wealth Migration - The report discusses the ongoing trend of wealth migration among residents, emphasizing the shift towards riskier assets as deposit rates decline [3][4] 2. Macro Trends: Sources of Increased Risk Appetite - The report identifies that the decline in deposit rates and the search for higher returns are driving residents to explore various financial products, including bank wealth management and public funds [3][4] 3. Asset Management Section: Adjustments in the "Dumbbell Structure" - The report notes that the asset management sector is experiencing a shift as residents move from traditional savings to more diversified investment products, reflecting a broader trend in wealth management [3][4]

需要锁仓的一级投资最终能跑赢 BTC 的寥寥无几，本质原因和注意力相关，山寨币的注意力吸引能力在 TGE 之后只会一路阴跌，于是大多数纸面财富都得打一折甚至两折注意力 🟰 获取买盘的机会。Pre TGE 阶段项目方能吸引注意力的大节点有很多，比如融资新闻、集中的空投活动、上所公告，Pre TGE 阶段每个项目都是为了开盘价定在哪里做努力。然而快到了 TGE 以及 TGE 后，项目最能攫取注意力的时机只有开盘 3 天，大部分项目 TGE 超过 3 天之后可就难了要么就是没钱搞事，要么就是没能力搞事。有钱和有能力两者又是正相关的。比如说 @KaiaChain 的搞事能力和钞能力确实是比较强的，最近我看他们还上线了能在韩国线下通过 Kaia 链取现金的 ATM（DaWinKS 的 DTM），从而把 Kaia 的链上 USDT 铺到线下的各种门店使用场景像这种活，给其他项目方做估计能大面积铺开的可能性是很低的，稳定币和 RWA 的业务是一块能有利润的业务，但是没资源能力的项目方大概率做不成 ...