Regulatory Landscape - US House includes CBDC ban in defence spending bill [1] Cryptocurrency & CBDC - The document suggests potential regulatory challenges for Central Bank Digital Currencies (CBDCs) in the US [1]

Regulatory Landscape - The EU is reportedly reconsidering its plans for a central bank digital currency (CBDC) [1] - This reconsideration is linked to the passage of the "Genius Act" [1] Potential Technology Shift - The EU is considering a stablecoin on a public blockchain as an alternative to a CBDC [1] - Ethereum or Solana are mentioned as potential blockchain platforms [1]

Market Volatility & Investment Strategy - Market volatility is expected to return, potentially leading to an asset price explosion in the second half of the year, advising strategic positioning [2][4][6] - Historically, volatility was seen negatively, but now it's part of digitalization and financialization trends [3] - The VIX (Volatility Index) is at its lowest point in 2025, suggesting an imminent increase in market volatility [5] Tariff Revenue & US Investment - Tariff income is projected to exceed 1% of GDP, surpassing the initial estimate of $300 billion [7][8] - Private industry is committing over $10 trillion in investments into the United States [8][9] - The US is gaining advantage in the geopolitical trade realm, potentially disadvantaging those betting against it [10] Geopolitics & Trade Negotiations - The US employs a multi-lever, non-linear strategy in trade negotiations, leveraging military operations, diplomacy, economic sanctions, and oil markets [22][23][28] - Disbanding of the Klepto Task Force and discussions on Arctic routes were potential incentives offered to Russia during negotiations [30][31][32] - Arctic shipping routes are emerging as a significant geopolitical factor, influencing trade and logistics [34][35] Cryptocurrency & Digital Assets - The US government and the Chinese government are among the largest holders of Bitcoin, holding the 3rd and 4th position respectively [40] - China is seriously considering launching a yuan-backed stablecoin, potentially from Hong Kong [42] - Governments recognize the growing demand for digital assets, leading to a complex dynamic between supporting these assets and safeguarding legacy systems [44][45]

Tokenization and Real World Assets (RWAs) - Tokenized value on chain is nearly $26 billion, and is expected to grow [3] - BlackRock is heavily involved in tokenization, with almost $3 billion on chain through its USD Institutional Digital Liquidity Fund [9] - BlackRock believes the next step is tokenization of financial assets, including stocks and bonds, on a general ledger with individual investor identification [11] - BlackRock CEO Larry Fink sees tokenization as a technological transformation for financial assets, enabling instantaneous settlement and customized strategies [12] Digital Identity and Control - A coordinated digital identity verification system is considered necessary for the tokenization revolution [19] - The financial services industry is focusing on building a zero-trust framework for identification, raising concerns about digital IDs [23] - The combination of tokenization and digital IDs could enable tracking of all transactions [25] CBDCs and Stablecoins - Stablecoins are viewed as a way to circumvent the ban on Central Bank Digital Currencies (CBDCs) in the US, effectively functioning as CBDCs [6][7] - Stablecoins are becoming increasingly significant, making up over 1% of the global M2 supply [9] Fourth Industrial Revolution and WEF - Tokenization and blockchain are part of the Fourth Industrial Revolution, supported by organizations like the World Economic Forum (WEF) [20][21] - BlackRock is a partner of the WEF and is actively pushing tokenization [22] Regulatory Landscape - SEC Chair Paul Atkins supports tokenization as an innovation and aims to make regulations transparent to foster innovation in the marketplace [27][28] - The SEC is seen as shifting towards supporting tokenization to enhance efficiency and certainty in trade settlement [29][30] Potential Risks and Concerns - Big players may be weaponizing tokenization technology [1] - Universal basic income and digital IDs are linked to the acceleration of AI and automation [5] - Cyber security challenges, particularly digital verification, pose a significant obstacle to the widespread adoption of tokenization [18]

As part of the second phase of Brazil’s DREX initiative involving the Central Bank of Brazil, Chainlink powered a cross-border trade finance solution with Banco Inter, Microsoft, and 7COMmThe initiative leverages Chainlink CCIP to connect Brazil’s CBDC with a foreign central bank, trigger payments via supply chain data, and enable tokenized settlement of agricultural exports across currencies and platforms.https://t.co/YAn5BbatKN ...

Market Overview - The cryptocurrency market performed exceptionally well in July, driven by interest rate cut expectations, regulatory openness, and institutional buying frenzy, with Bitcoin reaching a high of $123,000 and Ethereum surging over 60% [1][9] - The passing of three major cryptocurrency bills, including the Stablecoin Genius Act, established a strategic foundation for cryptocurrencies in the U.S., marking a shift towards mainstream, institutional, and political integration of crypto with traditional finance [1][9] - The macroeconomic policies, particularly U.S. monetary policy, are expected to increasingly influence the cryptocurrency sector [1][9] Policy Direction - In mainland China, two new blockchain policies were introduced, focusing on standardizing blockchain applications and copyright protection for emerging industries [2] - In Hong Kong, the Monetary Authority expressed concerns over the overheated stablecoin market and announced a cautious approach to issuing licenses for stablecoin issuers, with a regulatory framework set to take effect on August 1, 2025 [2][19] Investment and Financing - In July, there were 85 blockchain investment events, with total financing reaching 37.684 billion yuan, a 87.67% increase from the previous month, marking the highest monthly investment record ever [3][10] - The digital currency sector dominated the investment landscape, accounting for 94.20% of total financing, while other areas like blockchain application and foundational technology saw significant declines [3][10] Application Development - 华夏基金 (China Asset Management) launched two tokenized money market funds in July, extending the reach of tokenized funds to major currencies like USD and RMB, although the funds remain conservative in their approach [4][10] - As of July 2025, Hong Kong has 11 licensed virtual asset trading platforms and 42 brokerages with upgraded licenses to provide virtual currency trading services [4][10] CBDC Developments - The U.S. House of Representatives passed the Anti-CBDC Surveillance Act, which restricts the Federal Reserve from issuing retail CBDCs, signaling the end of retail CBDC initiatives in the U.S. [5][10] - This legislation reflects a broader ideological struggle regarding digital currencies, positioning the U.S. against global CBDC initiatives while potentially hindering the development of next-generation financial infrastructure [5][10]

21世纪经济报道 记者 崔文静 北京报道 香港《稳定币条例》与美国《GENIUS法案》的相继落地，对此，21世纪经济报道记者与清华大学国家 金融研究院院长、清华大学五道口金融学院副院长田轩教授展开一场对话。在田轩看来，上游发币方如 Circle（USDC），依托合规性与储备资产透明度形成优势，但需警惕储备资产流动性风险；中游服务 商如 Chainalysis，凭借技术能力立足，却面临技术迭代被替代的挑战；下游场景方如蚂蚁、京东等，通 过 "RWA + 支付" 闭环释放商业潜力，不过概念炒作可能催生估值泡沫。 跨境协作方面，香港作为国际金融枢纽，在稳定币监管中高度重视与其他司法管辖区的合作，通过建立 互信机制，促进稳定币的跨境流动与使用场景扩展。而美国的《GENIUS法案》更多聚焦于国内市场的 整合与保护，在国际合作上通常附带严苛条件。因此，这种灵活性、包容性方面的差异，使得香港模式 能够更好地适应多边金融体系，促进全球稳定币市场的多元化发展，而美国模式则可能在短期内继续通 过美元锚定型稳定币主导主流市场，进一步挤压其他货币的空间。 21世纪：您提到香港条例推动"数字金融与跨境资本体系重构"。稳定币是否可能冲击 ...

21世纪经济报道 记者 崔文静 北京报道 香港《稳定币条例》与美国《GENIUS法案》的相继落地，对此，21世纪经济报道记者与清华大学国家 金融研究院院长、清华大学五道口金融学院副院长田轩教授展开一场对话。在田轩看来，上游发币方如 Circle（USDC），依托合规性与储备资产透明度形成优势，但需警惕储备资产流动性风险；中游服务 商如 Chainalysis，凭借技术能力立足，却面临技术迭代被替代的挑战；下游场景方如蚂蚁、京东等， 通过 "RWA + 支付" 闭环释放商业潜力，不过概念炒作可能催生估值泡沫。 田轩提醒投资者需理性看待三类主体的长期价值锚点 —— 发币方看储备安全与合规性，服务商看技术 壁垒与效率，场景方看用户粘性与生态扩展力。同时，对于港股券商ETF 因牌照引发的短期暴涨，需 警惕估值与实际业务的脱节。在这场金融创新浪潮中，唯有穿透概念、聚焦本质，才能在稳定币生态中 稳健前行。 他指出，从境内监管和风险防范的角度出发，内地在法律法规完善度、市场认可度、技术安全、金融系 统稳定性及风险防控等方面尚不具备推进稳定币的条件，境内目前也尚未批准任何稳定币的发行和交 易。 香港VS美国：稳定币监管的制度 ...

Potential Impact on Government Funding - Stablecoins have the potential to revolutionize government funding mechanisms, offering an alternative to traditional bond markets, fractional reserve banking, and central banks [1] - The US government could directly issue a yield-bearing stablecoin (USDX) on a blockchain like Ethereum [1] - USDX could function as a hyper-liquid bond, issued on demand without auctions via a smart contract staking system [3] - USDX could become legal tender, effectively a US Dollar CBDC [3] USDX Staking Mechanism - A staking smart contract, managed by the US Treasury, would allow users to stake USDX and earn a rate based on the staking duration [2] - Staking rates, determined and subject to change by the Treasury, could vary (e g, 3% for a day, 5% for a year) [2] Global Accessibility and Usage - USDX would be available worldwide, not limited to the USA [3] - Users could deposit USDC or other approved stablecoins into the Treasury portal to acquire USDX [3] - The Treasury could utilize the acquired USDC to settle its financial obligations or directly use USDX, bypassing the need for other stablecoins [3]

NEW: 🇺🇸 Trump's Crypto-Dollarization Gameplan | Bitcoin Policy Hour Ep. 14An inside look at the Trump admin's Digital Assets Report by @btcpolicyorg's @matthew_pines, @zackbshapiro & @zackcohen_.00:00 - Intro - SBR Market Impacts01:25 - Are We Feds? White House Shoutout08:44 - White House Digital Asset Report Overview15:42 - SBR Accumulation: Gradually, not Suddenly?16:56 - Atmospherics and Official Responses to the Report23:08 - Europe v USA: CBDC Loggerheads25:59 - Executive vs Congressional Actions31:59 ...