Core Viewpoint - The article discusses the rise of Tether (USDT) as a dominant stablecoin, highlighting its significant user base, market valuation, and the unique strategies that have contributed to its success in emerging markets, particularly in the context of high inflation and currency devaluation in countries like Argentina [3][10][34]. Group 1: Tether's Market Position - Tether has over 500 million "real users," representing approximately 6.25% of the global population, with a market capitalization exceeding $180 billion [9][10]. - Tether's net profit for 2024 is projected to reach $13 billion, surpassing that of some of the largest global banks [11]. - Tether is seeking to raise $15 billion with a target valuation of $500 billion, comparable to major tech companies like OpenAI and ByteDance [12][13]. Group 2: User Adoption and Growth - The adoption of stablecoins, particularly USDT, has surged in regions like Africa and South America, driven by the need for wealth preservation and efficient cross-border payments [5][6][51]. - In Argentina, approximately two-thirds of the cryptocurrencies purchased are stablecoins pegged to the US dollar, primarily USDT [6]. - The user base of Tether has grown from around 3 million in 2020 to 500 million in recent years, indicating a significant increase in demand for stablecoins [23]. Group 3: Competitive Landscape - Tether holds a dominant market share of approximately 59% in the stablecoin market, with its closest competitor, Circle's USDC, holding about 24% [34]. - The stablecoin market is expected to grow significantly, with projections suggesting it could exceed $2 trillion by 2028 [33]. - Tether's success is attributed to its ability to operate in a regulatory gray area, allowing for rapid expansion without the constraints faced by more compliant competitors like Circle [56]. Group 4: Strategic Partnerships and Innovations - Tether has invested in over 100 companies globally to establish a wide distribution network, particularly in emerging markets [49]. - The company has developed innovative projects, such as solar-powered service kiosks in Africa, to enhance its presence and utility in local markets [50]. - Tether's approach to market entry involves grassroots education and partnerships with local businesses, contrasting with competitors that focus on large institutional partnerships [48]. Group 5: Regulatory Challenges and Future Outlook - Tether faces potential regulatory scrutiny as the stablecoin market matures, with increasing emphasis on compliance and transparency [58][60]. - The competitive landscape is shifting, with regulatory compliance becoming a critical factor for success, potentially impacting Tether's market share in the long term [62]. - Despite these challenges, Tether's established liquidity and network effects may help it maintain its leading position in the short to medium term [62].

Tokenized Asset & RWA Integration - Securitize's first tokenized asset approved as collateral on Aave Horizon RWA marketplace [1] - VanEck's VBILL product uses Chainlink as oracle for price feed into Horizon [1] - Platform-level integration built by Securitize enables this functionality [1] Aave & Horizon Marketplace - Horizon RWA marketplace is expected to surpass Aave's current TVL in a few years [1] - Aave team recognized for pioneering vision [1] DeFi & TradFi - RWAs offer a superior form of collateral in DeFi, addressing TradFi's borrowing and lending inefficiencies [1] - This innovation solves a real capital markets issue through permissionless public chains [1]

Financial Performance - As of the end of Q3 2025, the company achieved a total revenue of 1.47 billion CNY, a decrease of 2.75% year-on-year, while the net profit attributable to shareholders was 9.47 million CNY, down 41.09% year-on-year. However, the net profit excluding non-recurring items increased by 170.88% to 48.01 million CNY [3] - In Q3 2025, the company reported a revenue of 261 million CNY, an increase of 12.77% year-on-year, and a net profit of 4.92 million CNY, up 104.38% year-on-year [3] - The operating cash flow improved significantly, exceeding 300 million CNY, representing a year-on-year growth of 320% [3] Business Segments Comprehensive Smart Energy - The comprehensive smart energy segment is expected to grow due to the launch of the "distributed wind + heating" business and improvements in biomass power generation [8] - The company has secured over 300 MW of distributed wind power indicators and is in the process of developing five heating project assets [8] New Energy - The company has over 1 GW of projects under construction and an additional 2-3 GW in the development phase, ensuring sustained growth for the new energy segment over the next 3 to 5 years [10] - The company received over 200 million CNY in national subsidies this year, with approximately 1 billion CNY in outstanding subsidy receivables [4] Manufacturing Sector - The smart distribution network business orders are expected to grow by over 20% year-on-year in 2025, driven by increased market demand and strategic investments [5] - The company aims for a 20% revenue growth target for the smart distribution network business in 2025 [11] Strategic Initiatives - The company is open to investments in the power electronics sector and is considering potential mergers and acquisitions to enhance synergy [3] - A new R&D center was established in Jiangsu to improve product competitiveness and reduce transportation costs [5] Market Outlook - The management holds an optimistic view on the future of the power distribution industry, anticipating a new growth cycle due to increased investments in the national grid and rising demand for clean energy projects [5] - The company is actively exploring overseas business opportunities, particularly in Central Asia and ASEAN countries, with a focus on wind and solar power projects [13] Shareholder Actions - The controlling shareholder's planned reduction in holdings is a normal behavior to repay stock pledge debts and will not affect the company's governance structure [14]

RWA Tokenization - DMZ Finance officially launched QCDT, the first tokenized money market fund in Dubai @DIFC [1] - QCDT is debuting on @BNBCHAIN [1] - QCDT is powered by Qatar National Bank, Standard Chartered Bank, and DMZ's RWA infrastructure [1] - QCDT is positioned alongside leading tokenized MMFs such as BUIDL [1]

source: @RWA_xyzhttps://t.co/GCIIAl1vzV ...

Avalanche Total RWA value visualized: https://t.co/goP6QeDKB5 ...

Regulatory Landscape & Industry Growth - The US stance on cryptocurrencies and digital assets is a key factor determining the speed of industry growth [1] - Understanding in DC is growing that the industry's value extends beyond speculative coins to rebuilding the financial system [1] - The White House is actively involved in stable coin legislation and broader digital asset regulation [1] - There's a 70-80% chance of the Clarity Act happening before the midterms [4] - SEC and CFTC are showing unprecedented support for the crypto industry, potentially issuing guidance and rules even if the market structure bill fails [4] Chainlink's Role & Technological Advancements - Chainlink enables automated compliance and proactive regulation by codifying regulatory rules into smart contracts [1] - Chainlink Runtime Environment (CRE) simplifies the development of institutional smart contracts, reducing the time and number of developers needed [2] - Chainlink's confidential compute enables private smart contracts, unlocking trillions of dollars in transactions by allowing verification without disclosing sensitive data [3] - Chainlink is positioned to connect DeFi, traditional finance, and the blockchain world, managing complexity through CRE workflows [8][9] Tokenization & Market Dynamics - Tokenization, especially of assets beyond cash like stocks, bonds, and real estate, is expected to go mainstream next year [3] - The industry needs a flywheel of commercial and market success with high-quality assets on-chain and active trading [3][4] - DeFi's success is driven by a commercial loop, and institutional digital asset tokenization needs a similar pattern [3] - Institutional capital will eventually flow into DeFi, potentially 10x'ing DeFi overnight as clients seek higher yields [6]

Product Launches & Updates - Chainlink Runtime Environment (CRE) is now live, powering onchain finance [1] - Chainlink introduced Confidential Compute, unlocking private smart contracts on any blockchain [2] - Chainlink launched the Automated Compliance Engine (ACE) partner ecosystem with 20+ compliance providers [2] Banking & Capital Markets - UBS, with over $6 trillion in AUM, completed an in-production tokenized fund workflow using Chainlink DTA [3] - FTSE Russell, benchmarking $18+ trillion in AUM, collaborated with Chainlink to publish global indices onchain [3] - Tradeweb collaborated with Chainlink to publish U S Treasury data onchain [4] - WisdomTree, with $130+ billion AUM, collaborates with Chainlink to bring institutional-grade NAV data onchain [4] - SBI Digital Markets (SBIDM), part of SBI Group with ¥10+ trillion AUM, is adopting Chainlink as its exclusive infrastructure solution [5] - Chainlink is powering cross-border DvP settlement between the Central Bank of Brazil and Hong Kong Monetary Authority [5] DeFi & Tokenization - Lido, with $28+ billion in TVL, is upgrading to Chainlink CCIP for wstETH across all chains [7] - Chainalysis has entered into a strategic partnership with Chainlink to power advanced cross-chain compliance workflows using Chainlink ACE [7]

Group 1 - The Hong Kong FinTech Summit highlighted significant advancements in cryptocurrency regulation, showcasing Hong Kong's leading position in the Web3 space through initiatives like the licensing regime for virtual asset trading platforms and the release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" and "Stablecoin Regulations" [1] - Professor Wang Yang emphasized the need for a regulatory approach that empowers businesses rather than merely enforcing rules, advocating for a flexible and transparent regulatory framework to foster innovation and balance regulation with market vitality [1] Group 2 - New Fire Technology (1611.HK) reported substantial growth since its strategic shift to a "private banking-level digital asset custodian," with a significant increase in high-net-worth clients and an expected rise in asset management scale from $40 million to $500 million [2] - The launch of the new international business brand "Bitfire" aims to establish a global licensed trading matrix, drawing inspiration from the compliant exchange BitTrade in Japan, and will include various trading platforms such as Bitfire Exchanges and Bitfire Prime [2] Group 3 - The panel discussion on "Asset Tokenization" addressed core challenges such as transparency and legal integration, while the topic of "Institutional Liquidity and Future Exchange Forms" highlighted concerns over fragmented liquidity and opaque risk management, calling for collaborative efforts to build liquidity hubs [3] - Discussions on the integration of traditional capital with digital assets provided practical advice on areas like cognitive alignment, asset collaboration, and cross-jurisdictional compliance, emphasizing the importance of a secure framework for high-net-worth clients entering the crypto space [3]

Tokenized Assets Overview - The Ethereum network holds approximately $200 billion worth of tokenized assets or Real World Assets (RWAs) [1] - The report highlights the fastest-growing RWAs on Ethereum, including stablecoins and tokenized funds [1] Growth Metrics - The analysis is based on the 30-day growth percentage in market capitalization of these RWAs [1]