Core Insights - The company reported a customer retention rate of 99% for its supply chain financial technology solutions in the first nine months of 2025, an increase of 3 percentage points compared to the end of 2024 [1] - The total number of core enterprise partners reached 2,798, reflecting a growth of 29.8% from the end of 2024 [1] - The total transaction volume processed by the company's supply chain financial technology solutions was 329.37 billion yuan, a year-on-year increase of 29.2% [1] - The company is focusing on "AI + industrial finance" and digital assets, aiming for quality growth despite global economic uncertainties [2] - The company achieved significant breakthroughs in emerging technology applications, including winning a project for a Web3.0-based supply chain financial platform for a major state-owned enterprise [2] - The company is actively pursuing a share buyback plan, demonstrating management's confidence in future growth and commitment to long-term shareholder value [2] Financial Performance - The total transaction volume for emerging solutions was 6.8197 billion yuan, showing a year-on-year decrease of 5.1% [1] - The total transaction volume for technology solutions was 336.19 billion yuan, reflecting a year-on-year growth of 28.2% [1] Strategic Initiatives - The company continues to implement its core strategies, focusing on high-value-added businesses and optimizing product structure to maintain market leadership [2] - The collaboration with the state-owned enterprise will enable efficient, low-cost cross-border settlements and tokenized asset circulation, showcasing the company's innovative capabilities in trade finance based on Web3.0 [2] - The company plans to continue leveraging its core strategies of "AI + industrial finance," strategic acquisitions, and digital assets to drive sustainable business growth [2]

Group 1 - The three major Japanese banks, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group, will jointly issue a stablecoin pegged to the Japanese yen, marking Japan's shift from regulatory caution to active participation in the digital currency market [1][2] - The banks aim to build infrastructure for corporate clients, allowing stablecoins to be transferred between clients according to a unified standard, with initial plans for a yen-pegged stablecoin and potential future expansion to a dollar-pegged stablecoin [1][2] - JPYC, a fintech startup, has received regulatory approval to issue Japan's first yen-pegged stablecoin, planning to launch in the fall with a target issuance scale of 1 trillion yen (approximately 68.1 billion USD) within three years [2] Group 2 - Monex Group is considering launching a yen-pegged stablecoin, which could enhance international remittances and corporate settlements denominated in yen [3] - The chairman of Monex Group emphasized the need for substantial infrastructure and capital to issue stablecoins, indicating that failure to engage in this market could lead to being left behind [3] - Japan is recognized as the first country to establish a regulatory framework for stablecoins, and the recent developments indicate a readiness to transition from regulatory caution to active involvement in digital finance [3]

Core Insights - The company continues to execute its core strategy in "AI + industrial finance" and digital assets, aiming for quality growth despite global economic uncertainties [1][2] - Strong growth momentum in multi-level circulation cloud business is attributed to increased penetration among customer groups and solid market foundation [1] - Significant breakthrough in emerging technology applications with a major contract win for a Web3.0-based supply chain finance platform project for a large state-owned enterprise [1] Business Developments - The project marks an important milestone under the company's "stablecoin+" strategy, showcasing the application of stablecoin and digital asset solutions in real supply chain scenarios [1] - Integration of the company's stablecoin application framework into the enterprise's ecosystem will enable efficient, low-cost cross-border settlements and tokenized asset circulation [1] - The company is steadily advancing its share buyback plan, reflecting management's confidence in future growth and commitment to long-term shareholder value [2] Strategic Focus - The company will continue to focus on three core strategies: "AI + industrial finance," strategic mergers and acquisitions, and digital assets to seize market opportunities and drive sustainable growth [2]

Financial Data Summary - In September, China's new social financing amounted to 3.53 trillion yuan, with new RMB loans of 1.29 trillion yuan and new RMB deposits of 2.21 trillion yuan [2] - The cumulative increase in social financing for the first three quarters of 2025 reached 30.09 trillion yuan, an increase of 4.42 trillion yuan year-on-year [2] - The M2-M1 spread narrowed significantly to 1.2% at the end of September, indicating a shift of deposits from time deposits to demand deposits for investment or consumption [3] U.S. Federal Reserve Insights - The probability of a rate cut by the Federal Reserve in October has risen to 97.3%, with expectations for a 25 basis point cut [4] - Recent comments from Fed officials lean towards a dovish stance, focusing on employment risks rather than inflation changes [5] - Fed Chair Powell indicated a potential halt in the reduction of assets, suggesting a strategy of maintaining slight rate cuts while adjusting market liquidity through balance sheet management [6] Delivery Industry Developments - Major food delivery platforms, including JD.com, Meituan, and Ele.me, are moving to eliminate penalties for delivery delays, shifting to a service score management system [7][8] - This change aims to reduce pressure on delivery personnel and improve their working conditions, marking a shift towards a more humane and regulated industry [8] AI Infrastructure Investment - An investment group led by BlackRock and NVIDIA announced a $40 billion acquisition of Aligned data centers, which are crucial for AI infrastructure [9] - The deal is expected to be the largest data center transaction in history, highlighting the growing demand for AI-related infrastructure [9][10] Payment Industry Regulation - The People's Bank of China has canceled 11 payment licenses this year, indicating a tightening regulatory environment in the payment sector [11][12] - The number of licensed third-party payment institutions has decreased to 164, with a focus on eliminating smaller, less compliant players [12] Cryptocurrency Market Incident - Paxos mistakenly minted 300 trillion PYUSD stablecoins, marking the largest token burn in cryptocurrency history, although it did not result in actual financial loss [13] - This incident underscores the regulatory challenges and risks associated with stablecoin issuance and the potential for market disruption [14] South Korean Stock Market Performance - The KOSPI index in South Korea has surpassed 3700 points, marking a 56% increase year-to-date, driven by foreign investment and strong performances from major companies [15] - The market's growth is attributed to various factors, including AI infrastructure development and government measures to enhance market transparency [15][16] Market Trends and Outlook - The current market environment is characterized by a lack of clear direction, with many growth sectors experiencing volatility and a need for new catalysts to break out of the current trading range [17][18]

Core Insights - The well-known private equity manager Wu Yuefeng's fund, Jiayue Yuefeng Investment Genesis, is nearing breakeven with a latest net value of 0.9854, recovering from a low of 0.3850 earlier this year [2][3][12] - The fund has achieved a year-to-date return of over 60%, although it remains at the bottom of the private equity rankings [2][12] - The fund's performance has seen a remarkable recovery, with a 156% increase since its lowest point in March [2][3] Performance Summary - As of October 10, 2025, the fund's net value is 0.9854, with a year-to-date return of 60.72% [2] - The fund's cumulative return since inception is 1.46%, with a historical maximum drawdown of 75.98% [2][11] - The fund's performance has fluctuated significantly, with a notable drop to 0.3850 in March 2025, followed by a recovery phase [3][4] Investment Strategy - Wu Yuefeng's investment strategy has involved high-risk trading, including shorting stocks like Nvidia and attempting to time the market with various sectors, which led to significant losses in early 2024 [3][4][5] - The fund's recovery has been attributed to a strategic pivot towards investing in Coinbase, which has shown strong performance in the cryptocurrency market [6][8][10] - The fund's net value has closely mirrored Coinbase's performance, indicating a successful alignment with high-growth assets [8][10] Market Context - The private equity landscape has been challenging, with Wu Yuefeng's fund experiencing extreme volatility and investor frustration due to prior poor performance [5][12] - The recent recovery highlights the potential for significant rebounds in private equity investments, particularly when aligned with trending sectors like technology and cryptocurrency [6][10]

Core Viewpoint - The article discusses the recent collapse of the USDe stablecoin, highlighting the inherent risks and vulnerabilities associated with algorithmic stablecoins, particularly in volatile market conditions [2][3][15]. Group 1: USDe's Collapse - On October 11, 2023, USDe, the third-largest stablecoin, experienced a sudden drop from approximately $1 to $0.65 on Binance, leading to a significant loss of market value [2][6]. - The initial appeal of USDe was its promise of high yields, which attracted substantial investment, but this very feature contributed to its instability during market turbulence [4][5][10]. - The collapse was triggered by external market factors, including a significant drop in Bitcoin and Ethereum prices due to geopolitical tensions, resulting in a broader sell-off in the crypto market [11][12]. Group 2: Mechanism of USDe - USDe operates on a decentralized model, relying on collateralization with assets like ETH and utilizing derivatives for hedging, which theoretically maintains its peg to the dollar [9][10]. - The stability of USDe is contingent upon market liquidity and the effectiveness of its hedging mechanisms; however, during extreme market conditions, these mechanisms can fail, leading to significant price deviations [12][15]. - The incident primarily occurred on Binance, where high leverage and trading volume exacerbated the price drop, contrasting with other exchanges where USDe remained more stable [13][14]. Group 3: Broader Implications for Stablecoins - The event raises questions about the reliability of algorithmic stablecoins compared to traditional stablecoins like USDT and USDC, which are backed by fiat reserves [17][21]. - The article emphasizes that the concept of stablecoins is not new and has historical roots in systems like the gold standard, where trust in the backing asset was crucial for stability [18][20]. - Trust remains the fundamental element for the stability of any currency, including stablecoins, and the recent events highlight the fragility of this trust in the absence of robust backing [24][25].

出品 | 妙投APP 作者 | 丁萍 编辑 | 关雪菁 但现实是残酷的，特别是对USDe的持有者而言。 USDe的高收益诱惑是它走红的起点，也是它脱锚的根源。 所谓稳定币"脱锚"，指的是其市场价格偏离了原本应当锚定的资产。理论上，稳定币应始终保持与目标资产1:1 的兑换关系，比如1枚稳定币等于 1美元。但在实际运行中，当市场出现剧烈波动、资金流动性紧张，或是发行机制、技术系统出现问题时，这种锚定关系可能会被打破，导致价 格短暂甚至剧烈偏离。 相比USDT或USDC那种几乎无息的稳定币，USDe的收益率在牛市里能达到两位数，在极端行情下甚至可放大至50%年化。这种"无风险套利"的叙事，在加 密市场几乎无人能拒绝。 头图 | 视觉中国 谁敢说，这不是又一场"郁金香泡沫"式的崩盘。 北京时间10月11日凌晨，全球第三大稳定币的USDe在币安交易所（Binance）突然从1美元上下暴跌至0.65美元，此次脱锚风波持续了近两个小时，USDe才 逐步恢复。在那一瞬间，一度140亿美元市值的"去中心化美元"被市场审判。 USDe的逻辑原本令人心动：它想做一个不依赖银行体系、不依赖美元储备的去中心化"合成美元"。这样的话，它 ...

BNY Mellon is exploring the development of stablecoin infrastructure but has not committed to launching its own token, executives said during the company’s recent earnings discussion on Thursday. The bank, one of the world’s largest custodians, has brought forward several blockchain-related investments in 2025 — including those that would support real-world asset settlement and tokenized payments. Executives linked that acceleration to a more “constructive” regulatory environment and improved market condi ...

以下文章来源于科创日报 ，作者史正丞 科创日报 . 科创圈都在关注的主流媒体，上海报业集团主管主办，《科创板日报》出品。 一笔凭空出现、又在短时间内消失的300万亿美元稳定币，又一次展现加密产业的荒蛮暗面。 据以太坊区块链观察工具Etherscan的记录显示， 北京时间周四凌晨3时许，知名交易平台PayPal的加密产业合作伙伴Paxos在以太坊区块 链上铸造了300万亿个PayPal稳定币PYUSD ，纸面价值对应300万亿美元。 （来源：Etherscan） 这起错误交易的金额也令其他"乌龙指"事件相形见绌。要知道 美国国债规模只有37万亿美元 ，全球所有国家的GDP之和，也不到300万亿 美元的一半。CoinMarketCap数据显示，作为全球第六大稳定币，PYUSD的市值规模只有26亿美元。 Paxos随后发布公告称， 这起事件是公司在进行内部转账时错误铸造了超额的PYUSD 。事发后，公司在第一时间发现错误，并销毁了超额 部分。Paxos强调，此次事件属于内部技术故障，不存在安全漏洞，客户资金也安全无虞。 该事件短暂地扰乱了去中心化金融市场，PYUSD价格短暂脱锚1美元基准，后续随着超发稳定币被销毁迅 ...

Core Viewpoint - The Federal Reserve Governor Barr emphasizes the need for more specific regulatory measures to ensure the safe operation of stablecoins [1] Group 1: Regulatory Framework - Barr welcomes the recently passed "Genius Act," which establishes a regulatory framework for stablecoins, including the types of assets required to support their issuance [1] - The act mandates that stablecoins must be backed by highly liquid assets, such as U.S. Treasury securities [1] Group 2: Market Confidence - Barr points out that regulatory agencies still need to address legal loopholes to enhance market confidence in stablecoins [1] - The aim is to protect households, businesses, and the entire financial system from potential shocks like "runs" or other instability events [1]