7月23日，香港金管局总裁余伟文再次发文给稳定币降温。 余伟文表示，已经有数十家机构主动接触金管局团队表达对稳定币牌照的兴趣，但初期只会发放数个稳定币牌 照。余伟文还强调，争取在7月底正式发布《稳定币条例》下的监管和反洗钱两份指引，而金管局将于下周公 布"稳定币发行人发牌制度"的摘要说明，文件会阐述金管局接受和处理牌照申请的安排。 在文中，余伟文表示，稳定币作为新兴的支付工具，并通过监管而逐渐进入传统金融体系，有积极的意义，公 众对它的功能和发展前景感兴趣并有所期待非常正常。但他认为，近期市场和舆论的过度炒作值得关注。 一是过度概念化。余伟文认为，当前围绕稳定币的讨论容易集中于其对传统金融特别是支付体系的颠覆作用， 但是一旦要由虚入实，从概念和理论层面转到应用场景和具体安排，就出现明显落差。他以香港的经验为例， 至今已经有数十家机构主动接触金管局团队，有的明确表示有意申请稳定币牌照，有的属于初步探路性质。总 结这些接触发现，很多只停留在概念阶段，如提出要提升跨境支付效率、支持Web3.0发展、提升外汇市场效 率等愿景，但缺乏实际的应用场景，无法提出切实可行的具体方案和落实计划，更遑论具备管控风险的意识和 能力 ...

7月18日，复旦大学经济学院联合复旦大学国际金融研究中心、复旦大学绿色金融研究中心举办"稳定币 的商业机遇：来自业界的声音"南土国际金融政策圆桌会。此次会议是复旦大学围绕稳定币主题开展的 第三场专题研讨，汇聚了金融学界、区块链产业、金融机构等领域的十余位专家，深入探讨稳定币在全 球金融格局中的发展现状、商业潜力及监管挑战。 殷剑峰特别提到，中国庞大的工业互联网基础为资产代币化提供了独特场景，若能实现链下资产数据与 链上的有效映射，制造业的物流、信息流与资金流有望实现全链条数字化革新，推动Web3.0在实体经 济中快速落地。 殷剑峰指出，它类似货币市场基金，但最大的缺陷在于缺少最后贷款人支持。而目前美国的GEIUS法案 和香港《稳定币条例》，都没给稳定币发行机构这样的支持。他认为，三五年内，稳定币领域很有可能 会出现重大变局。 以下为殷剑峰发言全文（已经发言人审定）： 我研究稳定币问题期间，读了大量国际清算银行（BIS）的研究报告，今天和大家分享一些体会。 我认为，现在讨论稳定币必须清楚一点：稳定币只是资产代币化（RWA）这个大叙事中的一小部分。 所谓资产代币化的概念，就是将资产转化为代币（token）的过程， ...

Core Viewpoint - Conflux is a high-performance public blockchain system developed in China, positioned in the top tier of international competition, with the upcoming launch of Conflux 3.0 expected to enhance transaction processing capacity to 15,000 TPS and natively support AI agents on-chain [3][4]. Group 1: Technology and Infrastructure - Conflux 3.0 will significantly improve transaction processing capabilities to 15,000 TPS, enhancing its competitiveness in the blockchain space [3][4]. - The BSIM card technology, developed in collaboration with China Telecom and Conflux, addresses digital identity authentication and user private key management through physical-level security [5][7]. - The BSIM card is based on the new Henghui eSIM physical architecture, which upgrades storage and encryption modules while reusing the existing SM-DP+ system for blockchain configuration [7]. Group 2: Digital Assets and Applications - The subsidiary Star Map Bit has partnered with Conflux to monopolize cultural relics NFT certification, leveraging policy support and scarce IP resources to become a core player in Shanghai's metaverse sector [8]. - The financial application of Conflux includes the issuance of AXCNH offshore RMB stablecoin, with ongoing efforts to secure a license in Hong Kong, benefiting from Shanghai's state-owned background and policy advantages [9][10].

Core Viewpoint - The recent surge in the US stock market, with the S&P 500 and Nasdaq indices reaching record highs, is driven by better-than-expected corporate earnings, rising expectations for Federal Reserve interest rate cuts, and short-term policy benefits [1][2]. Group 1: Market Performance and Drivers - As of July 20, 12% of S&P 500 companies reported Q2 earnings, with 83% exceeding expectations, particularly in the technology sector [2]. - Nvidia's stock saw a weekly increase of 4.54%, contributing to a 1.51% rise in the Nasdaq 100 index during the same period [2]. - Factors such as "import rush" behaviors mitigating tariff impacts and high overseas revenue for tech firms benefiting from a declining dollar index are noted as key drivers [2]. Group 2: Federal Reserve and Market Sentiment - The upcoming Federal Reserve meeting at the end of July is highlighted as a potential turning point for the market, with the possibility of either maintaining or unexpectedly cutting interest rates [4]. - The delay in implementing "reciprocal tariffs" and tax incentives from the "Big and Beautiful" plan are seen as factors that have improved market risk appetite [2]. Group 3: XBIT Decentralized Exchange Features - XBIT provides a secure and transparent trading environment through three core advantages: zero-knowledge proof for privacy protection, distributed cold storage for asset security, and automated smart contracts for efficiency [5][6]. - The platform's smart contracts ensure quick settlement with a 0.1% slippage in transactions, enhancing fairness and efficiency [5]. Group 4: Regulatory Compliance and Market Adaptation - XBIT's strategy includes compliance without KYC verification, supporting 70% of token issuance on the Solana chain, and ensuring asset flow remains unaffected by regional policy restrictions [6]. - The platform's "no lockdown, no review" trading mechanism allows for seamless transactions even amid global trade tensions [6]. Group 5: Market Correlation and Investment Strategies - The correlation between the US stock market and the cryptocurrency market has intensified, with Bitcoin's price showing a 30-day volatility difference of 6% compared to the Nasdaq index [8]. - XBIT's dynamic liquidity pool technology offers investors tools to hedge against market fluctuations, allowing for quick asset switching to capture short-term gains [8]. Group 6: Future Outlook for XBIT - As global monetary policies diverge, XBIT's decentralized advantages are becoming more pronounced, with analysts predicting increased cross-market allocation demand if the Fed signals rate cuts in September [9]. - The introduction of a "meme coin staking" mechanism by XBIT allows users to participate in project governance with an annual yield of 215%, indicating potential for ecosystem expansion in the Web 3.0 era [11].

Core Viewpoint - The article discusses the rise of tokenized funds, particularly focusing on the recent issuance of USD and RMB tokenized funds by Huaxia Fund (Hong Kong), highlighting the potential disruption these funds could bring to traditional financial products and the necessity for China to embrace digital currencies and related technologies [1][9]. Group 1: Market Trends and Developments - Tokenized funds represent a transformation of traditional currency funds into digital tokens that can circulate on the blockchain, maintaining the same underlying assets as traditional funds [1][2]. - Over 95% of stablecoins are pegged to the US dollar, with more than 80% of transactions occurring outside the US, indicating a significant global expansion of the dollar through digital means [5][6]. - The recent passing of the Stablecoin Ordinance in Hong Kong and the government's declaration to establish Hong Kong as a leading hub for digital assets and Web3 innovation reflects a proactive regulatory environment [8][9]. Group 2: Strategic Implications for Huaxia Fund - Huaxia Fund's move into tokenized funds is seen as a necessary adaptation to the changing financial landscape, driven by both external market forces and internal recognition of the need for innovation [4][11]. - The company aims to leverage its first-mover advantage in the tokenized fund space, positioning itself to capture a significant share of the offshore RMB asset management market [22]. - The success of similar initiatives by major asset management firms like Franklin Templeton and BlackRock validates the potential of tokenized funds, suggesting a viable path for Huaxia Fund [20][21]. Group 3: Future Outlook and Challenges - The transition to tokenized funds could revolutionize the financial system by enabling 24/7 trading and eliminating traditional intermediaries, thus enhancing efficiency [17][18]. - Despite the current limitations of tokenized funds, such as regional restrictions and the need for regulatory clarity, the growing acceptance of these products indicates a shift towards a new financial paradigm [17][19]. - Huaxia Fund's strategy to collaborate with potential stablecoin issuers and submit cash management proposals to the Hong Kong Monetary Authority demonstrates its commitment to becoming a key player in the evolving digital finance landscape [21][22].

Group 1 - The core viewpoint of the article is the significant rise of stablecoins following the passage of the GENIUS Act in the U.S., which establishes a regulatory framework for stablecoins, defining their characteristics and requirements for reserves and transparency [2][3][21] - The GENIUS Act is seen as a pivotal moment for global stablecoin legislation, providing a regulatory anchor that could influence international standards [2][21] - Following the regulatory developments, cryptocurrencies like Bitcoin and Ethereum experienced substantial gains, and related stocks in the Hong Kong market also performed strongly [3] Group 2 - JD.com's founder, Liu Qiangdong, announced the launch of a stablecoin project aimed at revolutionizing cross-border payments, indicating a growing interest in stablecoin initiatives among major companies [3] - Ant Group's subsidiary, Ant Digital Technology, has initiated the application for a stablecoin license in Hong Kong, reflecting the company's commitment to expanding its presence in the stablecoin market [3][15] - Ant Digital Technology is also actively developing Real World Assets (RWA) projects, which involve tokenizing physical assets for blockchain transactions, showcasing a dual strategy in the digital finance space [3][11] Group 3 - The relationship between stablecoins and RWAs is highlighted, with stablecoins potentially serving as a bridge between traditional finance and tokenized assets, thus expanding market opportunities [15][11] - Ant Digital Technology's RWA projects focus on renewable energy assets, which are deemed suitable for tokenization due to their stable cash flows and regulatory friendliness [11][12] - The company has successfully completed multiple RWA projects, demonstrating its capability to innovate within the regulatory framework while providing technological support for asset tokenization [8][9][12] Group 4 - The article discusses the competitive landscape in the RWA sector, noting that other major players like Tencent, Baidu, and JD.com are also exploring RWA applications, albeit in different areas [17] - Ant Digital Technology's approach is characterized as both advanced and cautious, balancing innovation with regulatory compliance [17] - The establishment of Ant Digital Technology's overseas headquarters in Hong Kong signifies its ambition to connect Chinese assets with global investors, enhancing its strategic positioning [18] Group 5 - The article emphasizes the global trend towards stablecoin and RWA collaboration, with various countries exploring regulatory frameworks to facilitate these developments [19][22] - In China, local governments are piloting RWA initiatives, focusing on non-securitized assets like solar energy and charging stations, indicating a cautious but progressive approach to digital asset regulation [21][22] - The ongoing exploration of stablecoin and RWA integration reflects a broader movement towards digital finance innovation, with early adopters likely to gain a competitive edge [22]

Core Viewpoint - Coolpad Group has announced the establishment of the "Real World Asset Tokenization Division" (RWA Division) to advance the tokenization of real-world assets in response to the Web3.0 technological transformation and the Hong Kong government's digital asset development policy [1][2] Group 1 - The RWA Division will be directly led by the company's Chairman and CEO, Chen Jiajun [1] - As of December 31, 2024, the group's investment properties are valued at approximately HKD 3,151 million [1] - The board has noted that the group's market value has long been below its net asset book value, indicating that asset values are not fully reflected in the capital market [1] Group 2 - The company is conducting preliminary feasibility studies on the tokenization of real-world assets to explore innovative ways to unlock their value and promote circulation [2] - Current discussions focus on effectively converting core asset values, assessing the technical adaptability to support this goal, and establishing relevant ownership and legal compliance frameworks [2] - If pilot projects prove commercially viable, the group plans to leverage the extensive industry resources and experience of major shareholder Chen in the real estate sector to assist more corporate clients in exploring and achieving asset tokenization [2]

Core Viewpoint - The passage of three key bills by the U.S. House of Representatives marks a pivotal moment in the history of American digital finance, initiating a transformation of the global on-chain financial order [2][14]. Group 1: Legislative Developments - The U.S. House of Representatives approved the "GENIUS Act," "CLARITY Act," and "Anti-CBDC Act," which institutionalize the regulatory framework for digital assets in the U.S. and aim to protect consumer rights while reinforcing the dollar's status as the global reserve currency [2][3]. - The "GENIUS Act" mandates that stablecoin issuers must hold dollar-equivalent assets, ensuring a 1:1 redemption capability, and comply with "Know Your Customer" and anti-money laundering regulations [4][8]. - The "CLARITY Act" clarifies the regulatory roles of the SEC and CFTC, providing clear rules for the cryptocurrency market and establishing a legal basis for the classification of most cryptocurrencies as commodities rather than securities [5][6]. Group 2: Market Reactions and Implications - Following the passage of the "GENIUS Act," Circle's stock, viewed as the "on-chain dollar's first stock," rebounded from a low of $195.33 to $233.45, reflecting market optimism [12]. - However, Circle's stock experienced a decline of 4.8% to $223.78 due to profit-taking and concerns over future compliance costs and reserve disclosures [13]. - The financial market's cautious attitude is evident, as indicated by the mixed performance of major indices following the legislative developments [11]. Group 3: Global Context and Future Outlook - The introduction of these bills is seen as a response to the global competition in digital currencies, with over 130 countries researching central bank digital currencies (CBDCs) and several already piloting them [14][15]. - The "Anti-CBDC Act" prohibits the issuance of retail CBDCs, reflecting concerns over government surveillance and privacy, while simultaneously paving the way for stablecoins [8][15]. - The legislation signifies a shift in the relationship between digital economy, sovereign currency, and personal privacy, with potential implications for the future of monetary policy and financial stability in the U.S. [15].

Core Insights - The article highlights a significant surge in Hong Kong's stablecoin concept stocks, driven by the dual breakthroughs in global stablecoin regulatory frameworks, specifically the enactment of the U.S. GENIUS Act and the upcoming Hong Kong Stablecoin Regulation [1][2]. Group 1: Regulatory Developments - The U.S. GENIUS Act, signed by Trump on July 18, establishes the first national regulatory framework for stablecoins, requiring issuers to hold 100% legal reserves and undergo regular audits by the Federal Reserve, while prohibiting the payment of explicit interest [2]. - Concurrently, Hong Kong's Stablecoin Regulation, published on May 30, mandates that issuers must obtain approval from the Securities and Futures Commission (SFC) and store reserve assets in licensed banks [2]. Group 2: Company Developments - Yunfeng Financial, as the first Hong Kong stock to explicitly engage in Web 3.0, is extending its strategy into real-world assets (RWA), digital currencies, and ESG zero-carbon assets, complementing its insurance technology ecosystem with XBIT's decentralized exchange technology [5]. - Huajian Medical has established a U.S. subsidiary, IVDGROUP INC., to initiate a stablecoin license application, aiming to create the world's first compliant trading platform for innovative medical drugs using RWA [5]. Group 3: Technological Innovations - XBIT's decentralized trading platform has gained attention due to three major technological breakthroughs: a smart contract auditing system ensuring compliance with regulatory requirements, a cross-chain clearing network enabling seamless conversion between major stablecoins and fiat currencies, and a decentralized reserve proof system providing quarterly on-chain asset audit reports [6]. - On July 19, XBIT's daily stablecoin trading volume exceeded $1.5 billion, with institutional clients accounting for 68% of the transactions [6]. Group 4: Industry Applications - Huajian Medical's strategy exemplifies the integration of medical innovation assets with stablecoins, attracting both traditional medical capital and crypto-native funds [8]. - A New York importer successfully completed a cross-border transaction using USDC through XBIT, demonstrating a cost reduction to 1.8% of traditional wire transfer fees and a significant decrease in transaction time from three days to 47 seconds [8]. Group 5: Future Outlook - XBIT is prepared for potential regulatory changes regarding stablecoin capital requirements, with a modular architecture that can quickly detach compliance risk modules if regulations tighten, while also planning to connect to the Federal Reserve's instant payment system if policies become more open [10]. - The platform currently supports over 150 mainstream and emerging meme coins, utilizing an automated market maker (AMM) model with a slippage rate below 0.5%, attracting 20 million global users [10].

Core Viewpoint - The recent passage of three key bills in the U.S. Congress marks a significant institutionalization of the regulatory framework for digital assets, particularly stablecoins, aiming to protect consumer rights and reinforce the dollar's status as the global reserve currency while fostering the development of the Web3.0 industry [2][3][8]. Group 1: GENIUS Act - The GENIUS Act mandates that stablecoin issuers must hold dollar-equivalent assets, such as U.S. Treasury securities, to ensure a 1:1 redemption capability and comply with "Know Your Customer" and anti-money laundering regulations [3][6]. - This act provides legal recognition to dollar-pegged stablecoins like USDT and USDC, establishing a critical turning point for their acceptance by global banks and financial institutions [3][7]. - The act was passed with a vote of 308 in favor and 122 against, reflecting a significant legislative achievement during the "crypto week" [7]. Group 2: CLARITY Act - The CLARITY Act aims to eliminate regulatory overlap between the SEC and CFTC, providing clear definitions and delineating regulatory responsibilities for the Web3.0 industry [4][5]. - It classifies most cryptocurrencies, including Bitcoin and Ethereum, as "digital commodities," thus providing them with a non-securities designation [4][5]. - The act introduces a distinction between "investment contracts" and "investment contract assets," allowing certain projects to be recognized as securities during fundraising but not necessarily as securities for their tokens [5]. Group 3: Anti-CBDC Act - The Anti-CBDC Act prohibits the issuance of retail digital dollars to the public, reflecting concerns over government surveillance through central bank digital currencies [6][8]. - This legislation is seen as a way to protect consumer privacy and freedom while paving the way for stablecoins [6][8]. Group 4: Market Reactions - Following the passage of the GENIUS Act, Circle's stock price rebounded from a low of $195.33 to $233.45, but subsequently fell by 4.8% to $223.78 due to profit-taking and concerns over compliance costs [7]. - The overall market response to the legislative developments has been cautious, as indicated by the mixed performance of major indices like the Dow Jones and Nasdaq [6][7]. Group 5: Global Context - The introduction of these bills is viewed as a response to the global competition in digital currencies, with over 130 countries researching central bank digital currencies [8][9]. - The U.S. regulatory framework for stablecoins is positioned as a strategic move to maintain the dollar's dominance in the evolving financial landscape [9].