Summary of Visa (V) FY Conference Call - May 14, 2025 Company Overview - **Company**: Visa Inc. (V) - **Industry**: Payments and IT Services Key Points and Arguments Evolution of Visa - Visa has evolved significantly since its inception, transitioning from a bank-owned entity to a public company in 2008, and now operates with nearly 5 billion Visa credentials, up from 2 billion in 2013 [6][10] - The number of merchants on Visa's network has increased from 23 million to over 150 million, and transaction volume has grown from approximately 60-70 billion to close to 300 billion [6][7] Visa as a Service - Visa is focusing on "Visa as a Service," which involves unbundling its services and making them available via APIs, allowing clients to build on Visa's infrastructure [8][10] - This strategy aims to enhance growth and improve service delivery to clients, enabling access to 200 countries and territories [10] AI-Driven Commerce - Visa has introduced "Visa Intelligent Commerce," leveraging generative AI to enhance user shopping experiences by allowing AI agents to make purchases on behalf of users [16][20] - This innovation aims to streamline the shopping process and improve transaction efficiency, with a focus on trusted payments [20][21] Tokenization - Visa has significantly scaled its tokenization platform, increasing from 1 billion tokens in 2020 to nearly 14 billion today, which enhances security and reduces fraud [29][30] - Transactions using Visa tokens result in a 5% increase in sales for merchants and a 37% reduction in fraud for issuers [30][31] Stablecoins and Crypto - Visa views stablecoins and crypto as opportunities, having facilitated $100 billion in crypto purchases using Visa credentials [34][35] - Partnerships have been established to enable stablecoin users to spend their assets seamlessly using Visa credentials, and Visa is modernizing its settlement network using stablecoins [36][37] Money Movement - Visa Direct has become the largest money movement platform globally, with 11 billion endpoints and 10 billion transactions last year [44][47] - The platform is positioned to serve various sectors, including remittances and the gig economy, providing a robust solution for instant payments [46][48] Consumer Payments Growth - Visa's tap-to-pay transactions have reached 76% globally, with significant growth in the U.S. [50][51] - The total addressable market (TAM) for Visa is estimated at $23 trillion annually, with ongoing innovations expected to sustain growth above consumer spending rates [56][58] Value-Added Services (VAS) - Visa's VAS segment has grown to approximately $9 billion in revenue, with a consistent growth rate of over 20% [65] - The penetration of VAS remains low, indicating substantial growth potential in the coming years [66] Future Outlook - Visa aims to achieve a balanced revenue model with 50% from Banking as a Service (BaaS) and Consumer Payments, reflecting its evolution into a more diverse business [67][68] - The company is committed to continuous innovation and expanding its service offerings to enhance client value [68] Additional Important Insights - Consumer confidence remains a concern, but Visa reports stable spending growth, with 6% year-over-year growth in the U.S. and 9% growth internationally [60][62] - Visa's strategic focus on technology and partnerships positions it well to capitalize on emerging trends in payments and financial services [39][68]

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA reached $36 million, marking a 60% year-over-year decrease [17][18] - Net sales totaled $324 million, an 8% increase year-over-year, driven by higher volumes sold, mainly ethanol [17][18] - Net debt amounted to $679 million, a 6% increase year-over-year, attributed to an increase in short-term debt [31] Business Line Data and Key Metrics Changes - Rice operations achieved record productivity, but rice prices are declining [14] - Sugar, Ethanol, and Energy business saw a 31% year-over-year decrease in crushing volume due to dry weather [18][19] - Farming division reported a 25% year-over-year increase in total production, driven by higher planted area and record productivity in rice [18] Market Data and Key Metrics Changes - Ethanol sales increased by 15% year-over-year, attributed to a commercial strategy that capitalized on last year's carry of ethanol [20] - Sugar production mix stood at 42% with lower sugar content due to previous weather conditions affecting yields [19] Company Strategy and Development Direction - The company aims to leverage cutting-edge technologies to transform traditional agribusiness and explore new projects [6][12] - Tether's investment is focused on supporting sustainable developments and maximizing long-term value through disciplined capital allocation [12] - The company is exploring organic and inorganic growth opportunities in Latin America [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of yields due to recent rainfall and expects to accelerate crushing in the second half of the year [23][48] - The macroeconomic environment in Argentina is perceived positively, with improved export conditions and a more realistic dollar system [84] Other Important Information - The company has committed to a minimum distribution of 40% of cash generated from operations, with $64 million to be distributed this year [30] - The new board has been formed to support the company's strategic direction and ensure high standards of governance and transparency [60] Q&A Session Summary Question: Expectations for sugarcane crushing volumes - Management expects to meet last year's sugarcane crushing volumes through improved yields and potentially higher harvested area [37][46][48] Question: Unit economics for different crops - The economic performance of crops is analyzed over a campaign, with corn being prioritized for better economic results [38][50] Question: Opportunities for growth in Latin America - Tether sees potential for both organic and inorganic growth opportunities across all business segments, particularly in energy and agricultural inputs [39][44] Question: Transparency and governance with new control group - The new control group is committed to maintaining high standards of transparency and governance, with protections for minority shareholders [57][60] Question: Plans for land monetization and stock liquidity - The company is exploring mechanisms to unlock value from land holdings and aims to maintain liquidity despite changes in shareholder structure [71][76] Question: Timeline for new investment projects - Projects will be carefully analyzed and executed without haste, with results expected over the next twelve months [80][89] Question: Size and capital requirements for future growth - The company is open to significant growth opportunities, with access to financing supported by Tether's substantial profits [92][95]

Group 1 - Thailand plans to issue digital tokens worth approximately 5 billion Thai Baht (1.5 million USD) as part of public debt [1] - The announcement was made by Thailand's Finance Minister Pichai Chunhavajira [1] - This initiative reflects Thailand's ongoing efforts to innovate in public finance and debt management [1] Group 2 - The issuance of digital tokens is expected to enhance the efficiency of public debt management [1] - This move aligns with global trends in digital finance and could attract more investors [1] - The digital token initiative may also serve as a model for other countries exploring similar financial instruments [1]

Group 1 - The Thai Cabinet has approved a government digital token initiative aimed at enhancing the country's digital economy [1] - This initiative is expected to promote financial inclusion and support the growth of digital assets in Thailand [1] - The approval marks a significant step towards the adoption of digital currencies in the Thai financial system [1] Group 2 - The government aims to leverage the digital token to facilitate transactions and improve efficiency in various sectors [1] - This move aligns with global trends towards digitalization and the increasing acceptance of cryptocurrencies [1] - The initiative is part of a broader strategy to position Thailand as a leader in the digital economy within the region [1]

智通财经5月13日电，泰国内阁批准政府数字代币计划。 ...

据香港IDC新天域互联了解，Robinhood Markets Inc.正积极开发一项区块链平台，旨在让欧洲投资者能 够交易美国的代币化证券。根据最新的报道，这一计划不仅将扩展Robinhood在欧洲市场的影响力，还 将为零售投资者提供更加便捷的交易方式。 Robinhood近期在立陶宛获得了经纪牌照，这使得该公司能够在整个欧盟内提供投资服务。随着区块链 技术的日益成熟，Robinhood希望借助这一平台，为用户提供代币化股票交易的机会。 随着Robinhood在纳斯达克的股票价格上涨2.7%，市场对其扩展计划的反应积极。尽管2025年第一季度 的营收下降了8.6%，但仍超出华尔街预期，显示出投资者对其未来发展的信心。 Robinhood的这一举措不仅标志着其在全球金融市场中的进一步布局，也反映了金融科技行业对区块链 和代币化资产日益增长的兴趣。随着越来越多的金融机构探索这一领域，Robinhood的区块链平台或将 成为推动市场变革的重要力量。 总体来看，Robinhood的区块链计划和Bitstamp的收购将为其在欧洲市场的成功奠定基础，使其能够更 好地满足全球投资者的需求，同时推动代币化证券的普及。随着这 ...

1. RWA与智能合约的关系 RWA（Real World Assets，现实世界资产）与智能合约和代币之间的关系可以从技术实现、功能作用和实际应用三个层面来分析。这三者的结合是RWA落地 的重要基础，也是实现其价值的关键。 智能合约在RWA的实现过程中扮演了核心角色，主要体现在以下几个方面： (1) 资产数字化与代币化的核心技术 · 智能合约是区块链上的自动化程序，能够按照预设规则自动执行操作。通过智能合约，现实世界资产可以被映射到区块链上，并生成对应的数字资产（代 币）。 · 例如，将房地产、应收账款等资产的所有权或收益权通过智能合约进行数字化处理，并根据规则生成标准化代币。 (2) 自动化管理与操作 · 智能合约可以实现对RWA的自动化管理，包括交易、收益分配、清算等操作。 · 举例： 如果某RWA代币代表一个租赁物业，智能合约可以自动收取租金，并将收益分配给代币持有者。 在供应链金融中，智能合约可以自动追踪应收账款的支付状态，并确保资产的真实性。 (3) 透明性与信任 · 智能合约的规则和执行过程是透明且不可篡改的，这在RWA中尤为重要，因为它能够解决传统金融中资产管理和交易中的信任问题。 · 例如， ...

Core Insights - The wave of Real World Asset (RWA) tokenization is transforming from an abstract concept into practical financial tools, with significant involvement from institutional investors [1] - Major financial institutions like BlackRock and native blockchain companies are actively advancing their RWA initiatives, indicating a shift towards real-world applications [1][2] - Ethereum remains the primary hub for RWA tokenization, currently holding a market value of $6.5 billion in tokenized U.S. Treasury bonds, with over $4.9 billion managed on the platform [1][3] Group 1: Institutional Involvement - BlackRock has submitted an application to create a digital ledger technology share class for its $150 billion Treasury Trust Fund, utilizing blockchain to maintain ownership records [2] - MultiBank Group has signed a $3 billion RWA tokenization agreement with MAG and Mavryk, marking one of the largest RWA tokenization plans to date [2] - Major players like Citigroup and Franklin Templeton are exploring digital asset custody and have already tokenized money market funds on public blockchains [2] Group 2: Regulatory Environment - The regulatory landscape has become more favorable since Trump's election, with the SEC dropping or pausing over ten enforcement actions against cryptocurrency companies [3] - The recent dissolution of the DOJ's cryptocurrency enforcement division indicates a shift towards a more lenient approach to the industry [3] Group 3: Market Potential and Predictions - Piscini estimates that over 10% of global financial assets could be tokenized by the end of this decade, while D'Onofrio predicts 5% to 10% by 2030 [6] - Kazmierczak forecasts that approximately 30% of the global financial system could be tokenized by the end of this decade [6] - STM.co predicts that the global RWA market size could reach between $30 trillion and $50 trillion by 2030, with Tren Finance estimating a potential market value of around $10 trillion [6] Group 4: Challenges - Regulatory compliance and privacy concerns remain significant barriers for risk-averse institutions looking to adopt tokenization [5] - Technical limitations, particularly the lack of interoperability between blockchain platforms, continue to pose challenges for widespread adoption [5]

=11 中国移动 令 下午 5:53 ™ 嘉实比特币 c 03439 BMP ▼ 11.740 >> 11.740 最高 11.780 最低 11.590 总量 143.2万股 金额 1669万 -- 0.43% 0.050 换手 更多 2.22亿 单位净值 11.688 资产规模 分时 月K 五日 日K 周K 更多, <0> 20:10.570 ↑ MA5:11.602 ↑ 10:11.071 ↑ 120:11.360↑ DK点, 不复权 均线 ▼ 30:10.561↑ 60:11.010 J 250 :-- 11.385 10.303 9.220 9.220 143.2万股↑ MA1:37.49万股↑ MA2:21.27万股 成交量 143.2万 LO HaCoUI 20250117 20250219 20250324 20250429 公告 资讯 资料 研报 FS IH 华夏时报（www.chinatimes.net.cn）记者 胡金华 上海报道 一年前，中国香港资本市场正式"试水"发行加密资产现货ETF产品，内地三大公募巨头博时基金、嘉实基金和华 夏基金在香港子公司博时（国际）、嘉实（国际）、华夏（香 ...

金十数据4月25日讯，美联储周四宣布撤销针对银行加密资产及美元代币业务的监管指引，并同步更新 相关业务预期标准。此举旨在确保监管要求与风险演变保持同步，进一步支持银行体系创新。公告显 示，美联储正式废止2022年发布的监管函件，该文件此前要求州成员银行就拟开展或现有的加密资产业 务进行事前报备。撤销后，美联储将不再要求银行履行报备义务，转为通过常规监管程序监测相关活 动。同时被废止的还包括2023年关于州成员银行参与美元代币业务"监管无异议"程序的指导文件。此 外，美联储与联邦存款保险公司共同决定，退出由联邦银行监管机构2023年联合发布的两份关于银行加 密资产业务及风险敞口的政策声明。货币监理署此前已退出该声明。美联储表示，未来将与其他监管机 构协同评估是否需要出台支持创新（包括加密资产业务）的新指导框架。 松绑加密监管 美联储等机构撤销银行业的相关指导意见 ...