The stablecoin is fuelling a global shadow economy. And it’s never been more respectable https://t.co/ryiRigO9Rz ...

Asia Pacific Equity Research 01 July 2025 China SMid Insurance Key investor feedback post the initiation; ZhongAn remains top investor focus See page 4 for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as onl ...

Summary of Multi-Point Digital Conference Call Company Overview - Multi-Point Digital is a leader in retail digitalization, benefiting from the growth in digital demand and the application of AI technology in vertical industries, particularly in its core businesses of operating systems and AIoT solutions [2][3] Core Business Segments - The company operates primarily in two segments: operating systems and AIoT solutions. The operating system encompasses various aspects of store management, inventory management, payment, procurement, logistics, and customer relationship management. AIoT solutions combine software and hardware, integrating AI technology [4][5] Financial Performance - The company reported a rapid growth in international business revenue, which is expected to reach 160 million yuan in 2024, a year-on-year increase of 28%, accounting for nearly 9% of total revenue [2][9] - The gross margin for SaaS software is approximately 70%-80%, while the gross margin for AIoT solutions has improved from 10% to nearly 20% [2][10][11] - The adjusted net profit for 2024 is projected to be close to 30 million yuan, with expectations for continued profit growth in 2025 and 2026 [4][13] Market Strategy - The domestic retail industry is undergoing transformation, with increasing demand for high-quality service experiences. Multi-Point Digital is actively collaborating with major retailers like Pang Donglai and Bubugao to develop standardized software modules [7][8] - The company aims to optimize its customer structure by expanding its third-party and international client base, which will drive revenue growth [6][10] International Expansion - Multi-Point Digital has established partnerships in international markets, including collaborations with DFI to provide systems for 7-Eleven and Mannings in Hong Kong, and is expanding into Southeast Asia [9][10] AI and Technology Integration - AI applications are being utilized to enhance operational efficiency and reduce costs. The company has implemented AI systems that have generated significant profit increases in retail environments [14] - The integration of stablecoins for cross-border payments is being explored, with partnerships established to enhance competitive positioning in the market [15][17] Future Outlook - The company is optimistic about maintaining a revenue growth rate of 15%-20% in the coming years, driven by its dual business model of operating systems and AIoT solutions [13][20] - The current valuation is approximately 4 times price-to-sales (PS), which is considered low compared to other digital software companies, indicating significant long-term growth potential [19][20] Key Takeaways - Multi-Point Digital is well-positioned in the rapidly growing retail digitalization market, with strong partnerships and a focus on AI and stablecoin integration to enhance its service offerings and market reach [2][19]

Stablecoin Reserves - Stablecoin attestations represent reserves, not complete audits [1] - Industry emphasizes the importance of verifying who verified the tokens and what is backing them [1]

Stablecoin monthly active users (MAUs) are at an all-time high of ~20 million.@revolut, the fintech with ~55 million retail customers, is rumored to be building its own stablecoin.Revolut alone could ~2x the onchain user base of stablecoins. https://t.co/8NPgf6xLRp ...

Russian Arms Maker Wants Its Own Stablecoin Too—On Tron► https://t.co/y135WkjTlC https://t.co/y135WkjTlC ...

The stablecoin is fuelling a global shadow economy. And it’s never been more respectable https://t.co/ZaMU6pK6kv ...

RT Bridget (@bridge__harris)A "stablecoin bank" could take many diff forms, but the one we explored in the piece resembled a narrow bank where deposits are 1:1 backed with T-bills --- Customers could automatically earn T-bill yield on their deposits- Credit issuance itself could be done in stablecoins- From a UX perspective, customers would still just be tapping a piece of plastic ... when a customer spends at a retailer, it would functionally just be sending money from one wallet to another.The challenges ...

source:https://t.co/yn8PQNyFgVRYAN SΞAN ADAMS - rsa.eth 🦄 (@RyanSAdams):The ETH thesis for @fundstrat is simple.He's frontrunning ETH accumulation by the banks."Ethereum is also the architecture that future banks will have. When goldman issues a stablecoin and JPMorgan doing it on Ethereum as Layer 1 blockchain they're going to want to secure it https://t.co/MyyJz94rXw ...

Core Insights - The rise of stablecoins represents a significant challenge to the existing monetary system and highlights the need for the issuance of RMB-pegged stablecoins to promote the internationalization of the RMB [1][3] - Stablecoins have seen a dramatic increase in transaction volume, surpassing traditional payment giants like Visa and Mastercard, indicating their growing influence in global financial infrastructure [1][9] - The development of stablecoins poses various challenges, including the potential erosion of monetary sovereignty and the effectiveness of monetary policy, particularly in countries that have not fully digitized their financial systems [2][19] Group 1: Current Status and Trends of Stablecoins - As of June 2025, the total market capitalization of mainstream stablecoins reached $262.5 billion, a 40-fold increase since 2020 [2][9] - In 2024, the annual on-chain transaction volume of stablecoins reached $27.6 trillion, exceeding the combined transaction volume of Visa and Mastercard [1][9] - Stablecoins are becoming integral to the Web3 infrastructure, serving as a bridge between decentralized finance (DeFi) and traditional financial systems [9][10] Group 2: Challenges Posed by Stablecoins - Stablecoins create a "private central bank" system that undermines state control over monetary policy and economic regulation [2][16] - They may bypass existing payment systems like SWIFT and CIPS, leading to a parallel P2P clearing network that could threaten national financial stability [2][17] - The rise of stablecoins could weaken the effectiveness of monetary policy, especially in countries with less developed digital financial systems [2][19] Group 3: Implications for RMB Internationalization - Stablecoins have begun to occupy cross-border payment spaces, particularly in regions like Southeast Asia and Africa, which may hinder the expansion of the RMB as a payment or reserve currency [22] - The digital RMB ecosystem is still underdeveloped, limiting its competitiveness in the digital economy [23] - The network effects of established stablecoins like USDT and USDC create barriers for the international penetration of RMB digital products [24] Group 4: Strategic Recommendations for RMB Internationalization - The issuance of RMB-pegged stablecoins should be encouraged in offshore markets like Hong Kong and Singapore to enhance their usability in various digital trade scenarios [27] - A cross-border institutional framework for the digital RMB should be established to improve compliance and efficiency in international financial activities [28] - Active participation in the global stablecoin regulatory framework is essential to enhance the RMB's influence in the international stablecoin market [30][31]