Core Viewpoint - Cryptocurrency, particularly stablecoins, is profoundly impacting and reshaping the global financial, trade, and economic systems, becoming a systemic variable that influences macroeconomics, international balance of payments, monetary policy, and financial stability [2] Group 1: Characteristics and Types of Cryptocurrency - Cryptocurrency is a digital asset based on blockchain technology, secured by cryptographic algorithms, and maintained by a decentralized network, enabling peer-to-peer value transfer without reliance on central banks [4] - Key characteristics include decentralization, cryptographic security, limited or algorithmic issuance, and transparency, with all transaction records available on the blockchain [4][5] - Major types of cryptocurrencies include public chain coins (e.g., Bitcoin, Ethereum), stablecoins (e.g., USDT, USDC), central bank digital currencies (CBDCs), exchange platform tokens, and privacy coins [5] Group 2: Impact on Global Economy - Cryptocurrency affects financial stability by exhibiting high volatility and correlation with traditional assets, potentially leading to systemic risks [8] - It transforms international trade by enabling low-cost, efficient cross-border transactions, significantly reducing fees and time compared to traditional banking [8][9] - Capital flow is influenced as cryptocurrencies allow rapid movement of funds across borders, potentially bypassing currency controls [9] - The emergence of a cashless economy is accelerated by cryptocurrencies and CBDCs, reshaping global energy and computing trade [9] Group 3: Regulatory and Governance Challenges - The global landscape is entering a "rules competition" era, with regulatory arbitrage becoming more pronounced as different regions adopt varying compliance standards [10] - Anti-money laundering pressures are increasing, necessitating the extension of regulations to stablecoins and decentralized finance (DeFi) [10] - The introduction of cryptocurrencies poses significant challenges to existing international economic governance, particularly in finance, trade, and capital flow [10] Group 4: Opportunities and Challenges for China - Opportunities for China include promoting the internationalization of the Renminbi, enhancing cross-border payment efficiency, and leveraging blockchain technology for digital currency development [12] - Challenges include risks to financial stability and monetary sovereignty, potential capital flow issues, and the need for a robust regulatory framework to address the evolving landscape of stablecoins [13]

Risk Control & Systemic Issues - Binance's internal risk control system has significant issues, particularly regarding the management of circulating loans for assets like USDe, WBETH, and BNSOL [1] - The de-pegging of WBETH and BNSOL, assets that should be redeemable 1:1, highlights flaws in Binance's risk management [1] - The market's reliance on Binance's pricing creates systemic risk, as other exchanges and market makers are overly confident in Binance's stability [1] - The lack of immediate action or a post-incident report by Binance following the liquidations is unreasonable [1] Binance's Responsibility & Accountability - Binance should be held accountable for the volatility caused by assets that rely on its reputation, such as WBETH and BNSOL [1] - The issues leading to the liquidations should have been addressed six months prior, suggesting a failure to learn from past events like the FDUSD incident [1] - The author questions whether temporary control or suspension of trading for abnormal assets could have mitigated losses during the liquidation event [1] Market Impact & Solutions - The market impact of Binance's issues is greater than historical de-pegging events like USDC during the Silicon Valley Bank collapse [1] - The industry needs better solutions to address the current situation, rather than engaging in meaningless emotional venting [2] - Individual users should learn from this event, improve their risk management, and protect their capital [2]

Core Insights - Dubai has officially become one of the top four global fintech centers according to the latest Global Financial Centers Index (GFCI), being the only leading financial center in the MEASA region [1] - The Dubai International Financial Centre (DIFC) plays a crucial role in this achievement, housing over 8,000 companies and 48,000 professionals [1] - DIFC's CEO, Arif Amiri, emphasizes that artificial intelligence (AI) will fundamentally reshape the financial industry beyond mere automation, impacting risk assessment, customer service, and product design [1][5] Group 1: DIFC's Role and Growth - DIFC is the most favored hub for Chinese financial institutions in the UAE, with major firms like China International Capital Corporation, Bank of China, and Industrial and Commercial Bank of China establishing branches to access high-growth markets [2] - The D33 economic agenda aims to double Dubai's economy by 2033, with DIFC positioned as a core engine to drive growth and attract global capital [2] - DIFC has become a comprehensive financial center, serving both local and global economies, and is pivotal in the evolution of the global financial landscape [2] Group 2: Technological Advancements and AI Integration - DIFC has attracted over 180 AI companies through the Dubai AI Park, integrating AI into various financial services, enhancing processes from risk management to customer interaction [3] - The DIFC Innovation Center has gathered over 1,500 fintech and innovation firms, supported by initiatives like low-cost licensing and mentorship programs [3] - By August 2025, AI, fintech, and innovation startups in DIFC are projected to have raised over $4.2 billion in total funding, showcasing significant growth in the sector [3] Group 3: Collaboration with Chinese Institutions - Chinese institutions are key players in DIFC's development, with major banks establishing a presence to leverage Dubai's strategic position as a gateway to the MEASA region, which encompasses 3.7 billion people and a GDP of approximately $10.5 trillion [6] - The independent legal and regulatory framework based on English common law provides transparency and predictability, making DIFC attractive for Chinese tech and AI companies [6] - The collaboration between Dubai and China has expanded beyond traditional finance into innovation, technology, and green finance, aligning with both countries' long-term development strategies [7] Group 4: Regulatory Framework and Digital Assets - DIFC has introduced the world's first Digital Assets Law, providing a clear regulatory framework for digital assets, including stablecoins, ensuring a secure and transparent environment for institutions [8] - The Dubai Financial Services Authority (DFSA) has established comprehensive regulations covering digital assets, including anti-money laundering and consumer protection measures [8] - DIFC's commitment to innovation and responsible governance positions it as a trusted jurisdiction for the development and implementation of digital assets [8]

Core Insights - The Financial Stability Board (FSB) is focusing on enhancing global policy responses to emerging threats from the increasing use of private finance and stablecoins [1] - There is a significant gap in addressing financial stability risks, with few countries or regions establishing comprehensive regulatory frameworks for global stablecoins [1] - Hong Kong is exploring the development of offshore RMB stablecoins and aims to act as a "testing ground" for stablecoins and digital assets [1] - A recent survey indicates that nearly 20% of local businesses have already adopted or are using stablecoins, with 62% planning to do so within two years, surpassing the average of 46% from four other surveyed countries [1] - Over 80% of local businesses are either using or planning to introduce stablecoin payments [1] Industry Developments - Stablecoins are recognized for their "fast, low-cost, and programmable" characteristics, making them an effective solution for cross-border payment challenges [3] - The remittance market, valued at nearly $1 trillion, incurs an average fee of 6.4% (approximately $64 billion) annually, while stablecoin transfers can cost just a few cents and are nearly instantaneous [3]

Stablecoin & DeFi Platform Analysis - FalconStable's $FF stablecoin demonstrates resilience post-"black swan" event, with user confidence seemingly maintained despite fee structures [1] - The market expresses concerns regarding potential issues with Market Makers (MM), but DWF's involvement with FF suggests stability [1] - FalconStable launched Miles Season 2 with NFT incentives, requiring 1,000 $FF staked for potential NFT whitelist access [1] TVL & Trading Volume - FalconStable experienced a TVL increase of several hundred million, accompanied by billions in overall token trading volume [1] Airdrop & User Sentiment - Pendle's airdrop, in collaboration with Yap2FLY and Kaito, was distributed based on badge ownership [1] - Users express mixed feelings, with some criticizing FalconStable despite profitability, highlighting the importance of expectation management [1]

Core Viewpoint - The company has completed the acquisition of a property in Irvine, California, for $4.365 million, and established a wholly-owned subsidiary, ETHK BANK, to enhance its operations in the North American market, focusing on stablecoin and intellectual property securitization [1][2]. Group 1: Property Acquisition - The acquired property, located at 9840 Irvine Center Drive, spans approximately 4,960 square feet and includes a two-story office building of about 9,920 square feet, designed for both office and research purposes [2]. - This property will serve as the company's strategic headquarters in the U.S., supporting the development of stablecoin public chain technology and intellectual property securitization, creating a hub for connecting global innovative assets with capital markets [2]. Group 2: ETHK BANK - ETHK BANK will act as the global operational platform for the company's stablecoin and intellectual property securitization business, managing core business directions including stablecoin licensing and compliance framework establishment [3]. - The company is pursuing a federal payment stablecoin issuer license under the U.S. GENIUS Act and plans to apply for a national trust bank license to create a compliant operational system [3]. - The company is developing an innovative stablecoin architecture that supports the generation of stablecoins pegged to the U.S. dollar through real-world asset collateral, aiming to provide a transparent and sustainable digital asset yield solution [3]. Group 3: Key Project Cooperation - The company has signed a strategic cooperation agreement with Transcenta Holding Limited for the tokenization of innovative drug pipeline assets valued at approximately $1.5 billion, with ETHK BANK leading the initiative [5]. - This project focuses on cutting-edge research in cancer treatment, providing a transparent and professional channel for global investors to access medical assets [5]. Group 4: Future Outlook - The acquisition of the U.S. property and the establishment of ETHK BANK signify the company's strategic upgrade towards becoming a global leader in stablecoin and high-tech intellectual property capital operations [6]. - The company aims to integrate on-chain financial infrastructure with the real economy, aligning with global digital economy trends and potentially opening new growth pathways [6]. - The board believes these initiatives reflect the company's core philosophy of transforming knowledge into capital, ensuring long-term stable returns for shareholders through compliant capital operations and innovative practices [6].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責 任。 IVD Medical Holding Limited 華檢醫療控股有限公司 （於開曼群島註冊成立之有限公 司） （股份代號：1931） 收購美國物業及設立美國附屬公司ETHK BANK 於美國推進穩定幣及知識產權證券化新征程 本 公 告 乃 由 華 檢 醫 療 控 股 有 限 公 司（「本公司」或「華檢醫療」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 作 出，旨 在 向 股 東 及 潛 在 投 資 者 提 供 本 集 團 業 務 發 展 的 最 新 資 料。 本 公 司 董 事 會（「董事會」）欣 然 宣 佈，本 公 司 已 於 近 期 完 成 收 購 位 於 美 國 加 利 福 尼 亞 州 奧 蘭 治 縣 爾 灣 市 一 處 物 業（「該物業」），總 代 價 為436.5萬 美 元。同 時， 本公司於美國科羅拉多州註冊成立全資附屬公 ...

Group 1 - Hong Kong is positioned as a leading hub for financial technology and digital assets, leveraging its robust regulatory framework and vibrant financing market to integrate Web3 technologies [1][2] - The Legislative Council has established a Web3 and Virtual Assets Development Subcommittee to explore the application and development of digital asset technologies [1] - Hong Kong ranks as the third-largest international financial center globally and first in Asia, while also being the top in the financial technology sector [1] Group 2 - The Legislative Council passed the Stablecoin Bill in May, establishing a licensing regime for stablecoin issuers, making Hong Kong one of the first regions to regulate stablecoin issuance [2] - Amendments to the Stablecoin Bill allow licensed stored value payment tool providers to sell fiat-backed stablecoins, promoting broader adoption in Hong Kong [2] - The total amount of green and sustainable bonds issued in Hong Kong has reached approximately $43 billion, maintaining the top position in the Asia-Pacific market for seven consecutive years [2] Group 3 - Hong Kong has established multiple cross-regional financial cooperation platforms to enhance fintech innovation and connect with international markets [3] - The Hong Kong Fintech Week, held in November, is expected to attract over 30,000 participants from more than 100 economies, showcasing the city's fintech ecosystem [3] - Legislative Council members recommend optimizing the regulatory framework to encourage fintech trials and simplify licensing processes to support digital transformation in traditional industries [3]

Group 1 - The core viewpoint of the article emphasizes the rapid rise of stablecoins as a crucial element in reshaping financial infrastructure, particularly following legislative developments in the US and Hong Kong [3] - The book "Stablecoins: Reshaping the Global Financial Order" provides a comprehensive framework for understanding stablecoins, including their origins, business models, applications, risks, and global regulatory landscape [3] - The concept of "general equivalent" in currency is highlighted, indicating that the definition of money must evolve with time, as traditional commodity money has become obsolete [5] Group 2 - Keynes' contributions to monetary theory are discussed, particularly his views on deposits as a form of money and the concept of "endogenous money," which posits that money is created through the loan-deposit process [6] - The article argues against the notion of "supranational currency," asserting that currency is fundamentally tied to national sovereignty and cannot be eliminated as long as sovereign states exist [8] - The complexities of cross-border payments and the inherent exchange rate issues are acknowledged, emphasizing that currency remains a sovereign entity despite technological advancements [9] Group 3 - The article introduces the idea of "layered currency," referencing Marxist political economy to explain the different layers of money, from cash to various forms of digital currency [11] - The emergence of digital currencies complicates the traditional understanding of currency layers, with stablecoins adding a new dimension to the existing monetary hierarchy [12] - The discussion on the role of central banks in issuing currency and the implications of digital currencies on monetary policy and financial systems is presented [12]

Market Overview - The recent market crash resulted in over 1.6 million liquidations, totaling $19.3 billion, marking the highest single-day liquidation amount in history [1][7][24] - Major cryptocurrencies experienced significant declines, with Bitcoin (BTC) dropping to a low of $101,516, representing a 16% decrease within 24 hours, while Ethereum (ETH) fell by 22% to a low of $3,400 [2][7] - Altcoins suffered even more severe losses, with some experiencing declines of 80% to 90% [2][4] Liquidation Details - The liquidation breakdown showed that long positions accounted for $16.81 billion, while short positions totaled $2.495 billion, with the largest single liquidation occurring on Hyperliquid for ETH-USDT, valued at approximately $203 million [7][8] - The derivatives market amplified the crash, with a total of $19.3 billion liquidated in just 24 hours [7][8] Causes of the Crash - Analysts suggest multiple factors contributed to the crash, including geopolitical tensions related to U.S.-China trade tariffs, which heightened market fears [9][10][11] - The automatic liquidation of cross-margin positions by centralized exchanges (CEX) was also cited as a significant factor leading to the sharp decline in altcoin prices [11] - A large institution's massive liquidation on Binance was speculated to have triggered the market downturn, particularly affecting the price of USDe, which briefly fell to $0.65 [12][20] Winners and Losers - Some traders capitalized on the extreme market conditions, with a notable BTC whale reportedly making over $200 million by shorting BTC and ETH [15][26] - Conversely, many investors faced substantial losses, with some accounts being completely wiped out, including one individual losing $80 million [1][24] Recovery and Future Outlook - Despite the significant downturn, there are indications of recovery in some assets, with certain traders successfully bottom-fishing during the crash [17][20] - The market remains volatile, and liquidity issues are expected to persist, particularly over weekends [24][26]