Stablecoin Market Overview - Stablecoin 总供应量为 2649.1 亿美元 [1] - 自 2024 年 1 月以来，Stablecoin 供应量翻了一番 [1] Market Share Analysis - Ethereum 和 Tron 占据约 90% 的市场份额（基于供应量） [1] - 前四大发行商占据约 96% 的市场份额（基于供应量） [1] Tokenized Currency - 美元是使用最广泛的 Token 化货币 [1]

Market Perspective - Tether CEO 认为美国应将比特币视为对冲美元风险的工具 [1] - Tether CEO 希望美国拥有庞大的比特币资产负债表 [1] Financial Implication - Tether CEO 表示 Tether 市值达 1670 亿美元 [1]

Stablecoin Development - Wyoming becomes the first US state to launch a stablecoin, FRNT [1] - FRNT is backed by USD and Treasuries [1] - FRNT is not yet available to the public [1]

Tokenized Assets Overview - The largest categories of tokenized assets are USD stablecoins without yield [1] - Followed by USD stablecoins with yield [1] Market Trend - Another 'flippening' is anticipated [1]

Stablecoins and Fiat Currencies - Stablecoins 可能抵消风险，延长（法币）寿命 [1] - 多数本地法币可能对美元贬值，而美元可能对 BTC 贬值 [1] - 类似于多数本地报纸对《纽约时报》贬值，《纽约时报》又对社交媒体贬值 [1] USD Dominance - 讨论了美元在全球范围内通过美国稳定币传播的情况下，如何失去主导地位的可能性 [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **Emerging Markets (EM)** and **Global Fixed Income** strategies, with a focus on the **USD** and its impact on EM local markets. Core Insights and Arguments 1. **USD Rebound and EM Markets** - The USD experienced a modest rebound in July, influenced by resilient macro data and policy uncertainty, leading to a neutral positioning in DXY [1][9][12] - EM local markets are expected to regain stability as the medium-term trend of duration and FX gains reasserts itself [1][9] 2. **Investor Positioning and Market Dynamics** - Resilient US data has pressured EM local markets, creating favorable entry points for adding EM exposure [9] - DXY positioning is neutral, with elevated US policy uncertainty suggesting medium-term risks tilted towards USD downside [9][25] 3. **Performance During UST Bear Flattening** - Historical performance during UST bear flattening shows diverse returns for EM local markets, ranging from -8% to +10% [9][50] - Weak commodity prices during bear flattening periods typically lead to lower returns for EM local markets [9][50] 4. **Inflation and Economic Outlook** - The US economy is anticipated to slow following a tariff-induced inflation bump, which could extend the period of economic weakness and deepen the easing cycle in 2026 [25] - Policy uncertainty in the US remains high, with potential impacts on monetary policy and USD strength [25] 5. **Regional Insights** - **Panama**: Despite strong performance, fundamental progress is lacking, leading to potential negative catalysts ahead [10][68] - **Brazil (BRL)**: Expected to perform well due to a hawkish tone from the central bank, with a window for a rally likely open until August [73] - **Chile (CLP)**: Strong fundamentals but potential volatility due to upcoming elections; the currency is expected to be sensitive to voter surveys [73] 6. **Credit Strategy and Recommendations** - EM sovereign credit strategies suggest a preference for high-yielding bonds, with a focus on countries like Guatemala, Dominican Republic, and Costa Rica for potential upgrades [59][60] - Recommendations include selling Panama bonds and maintaining a cautious stance on Colombia due to unattractive valuations [73] Other Important Insights - The **2025 Extel Global Fixed Income Poll** is open for participation, emphasizing the importance of investor feedback on the research provided [3][9] - The analysis of GBI-EM index performance during UST bear flattening indicates that negative returns are often driven by FX components, while positive returns are supported by both FX and duration & carry [28][50] - The relationship between EM local performance and commodity prices is stronger during periods of negative returns, suggesting a need for careful monitoring of commodity market dynamics [40][41] This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the EM and Global Fixed Income markets.

RT Kyle Samani (@KyleSamani)At ~2:30 EDT today, President @realDonaldTrump will sign @SenatorHagerty 's GENIUS Act into lawWe @multicoincap - particularly our General Counsel @xethalis - have been working with dozens of lawmakers and their staff over the last year to get to this point.I'm honored to be invited to the Whitehouse today to join the President, @DavidSacks , @BoHines and so many others for this monumental occasionThis is the most consequential financial legislation since Dodd Frank. GENIUS will ...

Market Sentiment - Bitcoin community has ambitious goals, targeting $1 million USD per BTC [1] - The goal is for Bitcoin to replace USD and become a global strategic reserve currency [1] - The target price of $1 million USD would put BTC at parity with gold [1] Comparative Analysis - Ethereum community's goals are perceived as less ambitious compared to Bitcoin [1]

For contextThe value of Bitcoin is outpacing the value of a dollarEven tho bitcoin is not all time high yet in USD terms.This genuinely just makes me want to buy so much more bitcoin.Easy (@EasyEatsBodega):BTC against the Dollar is JUST under all time high.All time high against the dollar was made in May.The decoupling of Bitcoin against the dollar is happening in real time. https://t.co/0Q2RnfK7RA ...

RT CoinDesk Podcast Network (@CoinDeskPodcast)📊 USD hits a 3-year low as Trump considers naming the next Fed chair early.Will Trump remove Powell before July? Who will be the next successor?Let us know in the comments 👇@jennsanasie brings you 'Chart of the Day,' presented by @cryptocom. 🔗👇 https://t.co/afmx88zGCF ...