Core Viewpoint - The emergence of IXUS represents a pivotal moment for gold as it adapts to the accelerating digitalization of assets, merging traditional value systems with decentralized finance [1][3][10] Group 1: Market Context - The global digitalization of assets is rapidly evolving, creating new opportunities for gold as a long-standing value anchor [1] - Gold, historically viewed as a stable and inflation-resistant asset, faces challenges in the digital age, including high investment barriers and limited cross-border usability [4][5] Group 2: IXUS Overview - IXUS is strategically initiated by HEX TRUST, a licensed digital asset custodian in Asia, which manages over $5 billion in assets for more than 300 institutions [6] - The platform aims to reconstruct the mechanisms and functions of gold, enhancing its efficiency and accessibility in the digital landscape [5][6] Group 3: Technological Integration - IXUS leverages blockchain technology to transform gold into a more accessible and efficient asset, allowing for fractional ownership and participation without traditional banking requirements [8][9] - The platform targets over 2.5 billion unbanked individuals globally, providing them with a breakthrough in financial access and wealth preservation [8] Group 4: Future Vision - IXUS envisions gold not just as a store of wealth but as an integral part of the global digital economy, facilitating asset digitization and value circulation [10] - The initiative aims to evolve from a platform to a collaborative ecosystem, enhancing cross-border settlement and decentralized governance [10]

Summary of Key Points from the Conference Call Industry Overview - The stablecoin industry is experiencing rapid development and is entering practical application stages, with significant recognition from official entities regarding its potential in payment and settlement [1][4] - The total market capitalization of stablecoins is currently $250 billion, with USDC accounting for 25% of this market [3][9] Core Insights and Arguments - The establishment of the Gibus Act in the U.S. provides a compliance framework for stablecoin development, which is crucial for the industry's growth [1][4] - Circle's revenue is heavily reliant on its partnership with Coinbase, with 60% of its income derived from the distribution of USDC through Coinbase [1][5][6] - The global cross-border payment market is projected to reach $350 trillion by 2030, with stablecoins potentially capturing 25% of this market, translating to an $80 trillion market size [11][12] - The expansion of stablecoin applications into areas such as cross-border payments and decentralized finance (DeFi) is expected to drive significant market growth [2][7] Financial Performance and Projections - Circle's business model involves issuing USDC, backed by U.S. dollars, and investing the received dollars in low-risk assets to generate returns [6][8] - By 2024, 20% of USDC distribution is expected to occur on the Coinbase platform, a significant increase from 5% in 2022, indicating a growing reliance on this partnership [5] - The overall cryptocurrency market capitalization is anticipated to exceed $30 trillion by 2030, with stablecoins' share potentially rising to 25%, leading to a market valuation of $5 to $7.5 trillion [14] Potential Risks and Considerations - The profitability of Circle is influenced by the yields from short-term U.S. Treasury securities and the distribution costs associated with USDC [8] - The competitive landscape is evolving, with USDC gaining market share from non-compliant stablecoins like USDT due to regulatory advancements [3][9] Additional Important Insights - The integration of stablecoins into traditional payment systems is gaining traction, as evidenced by partnerships with platforms like Shopify and Visa [10][5] - The innovation in Real World Assets (RWA) on-chain is expected to enhance asset liquidity, with the RWA market potentially reaching $16 trillion to $30 trillion by 2030, largely denominated in stablecoins [13]

Core Insights - The concept of "stablecoins" is gaining significant attention, with major companies like Ant Group, JD.com, and Xiaomi actively exploring opportunities in this space [3][4] - The Hong Kong "Stablecoin Ordinance" is set to take effect on August 1, which will regulate the issuance of stablecoins and is expected to open new avenues for financial innovation [3][5][8] Group 1: Company Developments - Ant Group is planning to apply for stablecoin licenses in Hong Kong and Singapore, emphasizing its commitment to global financial management and the application of AI, blockchain, and stablecoin innovations [3][4] - JD.com has already participated in the Hong Kong Monetary Authority's (HKMA) first batch of stablecoin issuers, focusing on providing applications for retail and institutional clients [4] - Xiaomi's Tianxing Bank has announced a partnership with JD.com’s stablecoin initiative, indicating a collaborative approach among major tech firms in the Web3 space [4] Group 2: Market Reactions - The implementation of the Hong Kong "Stablecoin Ordinance" has triggered a surge in research reports from 22 brokerage firms, with nearly 30 reports published within three days, covering various sectors including technology and finance [5][6] - Brokerages are focusing on the policy impacts and industry opportunities presented by the new regulations, suggesting investment opportunities in technology development and trading platforms [5][6] Group 3: Regulatory Landscape - Global regulatory bodies are accelerating the legislative process for stablecoins, with recent laws passed in the U.S. and Hong Kong establishing clear frameworks for reserve assets and issuance mechanisms [8] - The market for stablecoins is rapidly expanding, with a reported global market cap exceeding $250 billion as of May 31, 2025, reflecting a significant increase from the previous year [7][8]

Core Insights - The introduction of the US "GENIUS Act" and Hong Kong's "Stablecoin Ordinance" marks a significant step towards the mainstream acceptance of stablecoins in the financial market [1][5]. Regulatory Developments - Recent regulations in the US and Hong Kong are pushing for the compliance of stablecoins, indicating a competitive race for dominance in the future monetary system [2][5]. - The "GENIUS Act" mandates that stablecoin reserves must be backed by high liquidity assets, such as cash and short-term US Treasury securities, at a minimum ratio of 1:1 [5][7]. - Hong Kong's "Stablecoin Ordinance" establishes a licensing system for fiat-backed stablecoin issuers, with notable participants including JD.com and Standard Chartered Bank [5][6]. Market Dynamics - Stablecoin-related stocks have experienced significant volatility, with companies like ZhongAn Online and Circle seeing substantial price increases following regulatory news [3][4]. - The total market capitalization of stablecoins is projected to exceed $230 billion by June 2025, with Tether (USDT) and USD Coin (USDC) accounting for approximately 90% of this market [4][7]. Future Projections - Analysts predict that the total supply of stablecoins could reach $2 trillion by the end of 2028, creating a demand for $1.6 trillion in short-term Treasury securities [7][8]. - The market for Real World Assets (RWA) is expected to grow significantly, potentially reaching $16 trillion by 2030, as stablecoins facilitate the integration of traditional finance with the crypto world [9][10].