Key Narratives - PinLinkAi is positioned at the forefront of three top narratives in crypto: RWA Marketplace, BTCFi, and Stablecoin Access [1] RWA Marketplace - Offers fractional ownership of real Bitcoin mining fleets on-chain [1] BTCFi - Provides non-custodial BTC hashrate futures, enabling users to earn daily mining yield with monthly BTC payouts [2] Stablecoin Access - Allows the use of USDC to invest in BTC-mining operations via USDCShop [2] - Fees generated go back into the ecosystem [2] Financial Performance & Ecosystem Value - PinLink has executed over $670 thousand in buybacks from real BTC yield [2] - On-chain value backs $PIN [2] Market Positioning - $PIN is undervalued compared to other RWA leaders like Ondo, Clearpool, and Plume [2]

Core Insights - The rapid development of supply chain finance in China over the past decade, particularly in the last five years, has played an irreplaceable role in serving the real economy, ensuring the stable operation of supply chains, and promoting healthy economic growth. The total scale of supply chain finance has exceeded 40 trillion yuan, with an annual compound growth rate faster than the economic growth rate [1][2]. Group 1: Development Factors - The macroeconomic stability of China's economy and the global financial environment has significantly contributed to the growth of supply chain finance [2]. - Legal frameworks, including the implementation of the Property Law in 2006 and the Civil Code, have established a solid legal foundation for the financing of movable property and rights [2]. - The establishment of a centralized registration system for movable property and rights has improved the efficiency and clarity of financing processes [2]. Group 2: Financing Structure - The main suppliers of supply chain financing are commercial banks and non-bank financial institutions, while the primary demand comes from small and micro enterprises, particularly in agriculture and commerce [1]. - The fastest-growing and largest share of financing methods includes accounts receivable pledge financing and various types of bill financing [1]. - Other financing methods include collateralized financing based on inventory and movable assets, credit financing based on orders and invoices, and mixed financing models [1]. Group 3: Challenges and Risks - Core enterprises often exhibit non-compliant behavior, such as delayed confirmations and payment defaults to small and micro enterprises, leading to complex debt chains [5]. - Some information service companies in supply chain finance face governance issues, operational opacity, and insufficient market supervision, which may pose significant risks [5]. - The legal and judicial mechanisms for resolving debt disputes in supply chain finance are not fully developed, hindering the protection of legitimate rights and interests [5]. Group 4: Recommendations for Improvement - Implement the recently issued regulations to ensure timely payments to small and micro enterprises and enhance the overall business environment [6]. - Improve the governance of supply chain information service institutions to ensure transparency and accountability [7]. - Establish efficient legal and judicial mechanisms for accounts receivable financing and movable property financing to facilitate smoother transactions [8]. - Explore the use of blockchain and stablecoins in supply chain finance to leverage their innovative advantages while managing associated risks [9].

Regulatory Landscape - Republican House leaders expect to pass an industry-friendly stablecoin regulatory bill this week [1]

Stablecoin Adoption - Tokenized stocks are expected to drive significant stablecoin adoption [1]

🔥 LATEST: Crypto and stablecoin infrastructure provider Zerohash is raising $100M at a $1B valuation, per Fortune. https://t.co/swdd4M7oyO ...

stablecoin landscape splitting into distinct pathsregulated: Circle launches payment network, pursues banking license, expands EURC cross-chain ($200M circ)alternative: new projects target different segments, build separate infrastructureclear infrastructure divergence forming • market adapting to reality of dual systems ...

Network Performance - TRON 网络日处理 2960 万笔 USDT 交易 [1] - TRON 网络每周转账额达 210 亿美元 [1] - TRON 网络上 USDT 的供应量为 816.9 亿 [1] - TRON 网络为超过 10 亿笔转账提供零费用结算 [1] - TRON 网络月度 DEX 交易量为 38 亿美元 [1] Infrastructure Scaling - 网络指标表明基础设施持续扩展 [1]

stablecoin markets splitting into two clear paths:• regulated: banking licenses + government approval• alternative: mining + broader crypto integration$159.9B USDT + USDC creating parallel systemsus treasuries in reserves:• circle: 100%• tether: 88%infrastructure race accelerates ...

everyone's tracking ETF billions, missing the bigger storystablecoin markets are splitting into two worlds:• Circle: US banking license + EU approval, building compliant rails• Tether: $8B gold reserves, offshore expansion, mining focusthis divide shapes how money moves more than any ETF ...

（原标题：华尔街为何疯抢这只的稳定币股票？） 作者 | 黄绎达 编辑 | 郑怀舟 我们在之前发布的策略文章《全球爆火的稳定币暗藏哪些投资机会？》中，已对稳定币市场的基本情况 展开详细介绍，涵盖稳定币的类型、当前的市场规模、未来的发展预期等核心内容。而关于稳定币市场 本身，其主要参与者包括发行人、交易平台、技术供应商和客户。 作为稳定币第一股的Circle是目前稳定币市场最主要的发行人之一，公开资料显示，截至2025Q2，由其 发行的稳定币USDC的总市值约600亿美元，约占稳定币市场份额的24%。在竞争格局方面，稳定币市 场目前由两大寡头垄断，由Tether发行的USDT在同期总市值的市场份额高达60%，Circle发行的USDC 总市值排名次之，而且Circle的USDC与Tether的USDT 这两大币种合计的市场份额则达到了惊人的 84%，其他稳定币种的总市值要远低于这两大巨头。 近期， A股市场中稳定币概念表现火爆，wind稳定币指数自6月3日发布至今（截至7月11日），期间指 数最大涨幅超过40%，可以说稳定币是近期A股最热门的话题之一。 与此同时，随着稳定币发行人Circle于6月初在纽交所上市， ...