智通财经APP获悉，鉴于一项新的美国法律为稳定币确立了有史以来第一个监管规则，从华尔街金融巨 头美国银行(BAC.US)到美国中小型商业银行Fiserv(FI.US)等金融公司正准备推出其各自的基于美元支持 的"链上金融"体系，但有数字资产专家警告称，稳定币以及"链上金融"的未来之路可能并不简单。 《天才法案》(即GENIUS法案)为稳定币制定联邦规则，美国总统唐纳德·特朗普于7月18日签署《天才 法案》使之正式成为法律，为与美元挂钩、被称为"稳定币"的加密货币代币设定了联邦规则和官方指导 方针。这项旨在促进加密货币等数字资产使用规模的首部美国法律，可能为数字资产成为日常支付与跨 境转移资金的方式铺平道路。 稳定币旨在维持货币恒定价值，通常为与美元1:1挂钩。近年来，稳定币的使用激增，尤其是在加密交 易者在比特币与以太币等其他代币之间进出资金时，以及在跨境金融服务方面的渗透率加速增长。 稳定币也是一种特殊类型的加密货币，通过锚定美元、欧元、黄金等核心储备资产来维持稳定价值比 例。随着制定稳定币监管框架的关键立法在美国国会加速推进完成，这类维系价格稳定的加密货币开始 步入全球金融市场的主流资产领域。 稳定币的本 ...

Core Viewpoint - Fosun International (00656) has seen a significant stock price increase of over 20% following reports that the company has confirmed its application for a stablecoin license in Hong Kong [1] Group 1: Stock Performance - Fosun International's stock rose by 20.6%, reaching HKD 6.44, with a trading volume of HKD 287 million [1] Group 2: Stablecoin License Application - The company has established a complete team for the stablecoin license application in Hong Kong [1] - On August 6, Fosun's team, led by Guo Guangchang, met with Hong Kong's Chief Executive John Lee and Financial Secretary Paul Chan [1] - The Financial Secretary oversees the Hong Kong Monetary Authority, which is responsible for the approval of stablecoin licenses [1] Group 3: Trademark Registrations and Business Expansion - On July 21, Fosun International's subsidiary submitted trademark applications for "Xing Coin" and "Fosun Wealth RWA," indicating an accelerated move into virtual assets and tokenization [1] - Fosun International has obtained an upgraded Type 1 license from the Hong Kong Securities and Futures Commission, allowing it to provide comprehensive account services through a Virtual Asset Trading Platform (VATP) [1] - The company’s subsidiary, Xinglu Technology, held a product launch summit for RWA on July 23, planning to introduce version 1.0 of its virtual asset trading system [1] - CEO Cai Hua has indicated that multiple asset tokenization projects are in progress, and the trademark registrations suggest the establishment of a blockchain-based ecosystem [1]

Q1：我们看到 MyStonks 完成了 SEC STO的备案，这听起来很重要，但对于普通人来说，这到底意味 着什么？ Keaton： 谢谢。您这个问题非常好。简单来说，这次备案就像我们向美国政府提交了一份正式的报 告，表明我们正在严格遵守他们的规定来运营。这和大家平时了解的那些不受监管的数字货币项目完全 不同。它告诉大家：MyStonks 的所有行为都是在美国证券法律的框架下进行的。这不仅是我们自己合 规的证明，也让大家可以更放心地使用我们的服务。 Q2：现在很多人都在讨论"代币化"和"RWA"，这些新概念听起来很复杂。能用最简单的话解释一下 吗？ Keaton： 当然可以。您可以把"代币化"想象成"给真实世界的资产制作一张数字证书"。这张证书记录在 区块链上，非常安全，不可篡改。比如，我们做的就是把一张美股股票的"所有权"证书，变成一个可以 在区块链上流通的数字代币。通过这种方式，我们能解决很多传统投资中的麻烦：比如交易时间不再受 限于交易所的开盘时间，可以做到 7x24 小时交易；交易流程也变得更高效，没有那么多繁琐的手续费 和中间商。 专题：香港试验场：稳定币、监管与未来金融体系 最近，美国政府的一个 ...

Core Insights - The concept of Real-World Asset (RWA) tokenization, which aims to place traditional assets like stocks and bonds on the blockchain, has not yet gained widespread acceptance among major institutional investors on Wall Street [1][4] - According to JPMorgan, the overall market for RWA tokenization is still small, valued at only $25 billion, with most activity driven by crypto-native companies rather than traditional financial institutions [1][3] - The main obstacles to RWA adoption include fragmented cross-border regulations, legal uncertainties, and limited trust in the executability of smart contracts [1][5] Group 1: RWA Tokenization Overview - RWA tokenization is promoted as a way to make financial market transactions faster, cheaper, and more transparent, but this vision largely remains theoretical [2][3] - The tokenization process involves creating blockchain-based representations of traditional financial assets, which can include government bonds, loans, and real estate [2][3] - Stablecoins have validated the on-chain payment pathways, with monthly settlement volumes reaching $650 billion to $700 billion, indicating a growing interest from traditional banks in issuing their own stablecoins [2] Group 2: Market Dynamics and Predictions - The World Economic Forum highlights that tokenization can provide a unified ledger, real-time settlement, and programmable attributes, thereby reducing settlement risks and increasing efficiency [3] - Predictions suggest that the scale of tokenized real-world assets could exceed $18 trillion by 2033, with a compound annual growth rate (CAGR) of 53% since 2025 [3] - Some traditional financial firms, such as Fidelity and VanEck, are beginning to experiment with RWA tokenization, indicating a cautious but growing interest in this area [3] Group 3: Challenges and Institutional Perspectives - Despite some initiatives, RWA adoption remains limited, with secondary market activities for tokenized bonds and private assets being very restricted [4][5] - Traditional investors perceive the utility of RWA tokenization as minimal, as the existing financial system is becoming faster and more efficient, reducing the demand for radical changes in settlement and trading [5] - Concerns about legal clarity, operational risks, and ecosystem fragmentation continue to hinder broader institutional adoption of RWA tokenization [5]

Group 1 - Tokenization is a global fintech trend that is significantly changing the operation of financial markets, with Hong Kong establishing a leading position in this field [1] - The global asset management scale of tokenized funds has surpassed $2 billion and is expected to reach $600 billion by 2030, representing about 1% of the global mutual fund and ETF market [1] - The Hong Kong government has implemented a clear regulatory framework for stablecoin issuers with the stablecoin bill effective from August 1, 2023, and is currently conducting public consultations for digital asset service providers [1] Group 2 - In February 2023, Hong Kong issued the world's first tokenized green bond worth HKD 800 million, utilizing blockchain for payment settlement, reinforcing its leadership in green finance and tokenization [2] - The first retail tokenized money market fund in the Asia-Pacific region was launched, lowering investment barriers and facilitating investor participation in digital asset management [2] - The government plans to regularly issue tokenized government bonds, provide stamp duty exemptions for tokenized ETFs, and explore tokenization applications for various assets like precious metals and renewable energy [2]

Core Viewpoint - The cryptocurrency "vault company" trend may have peaked, and the next major trend will be the migration of traditional assets to blockchain through Real-World Assets (RWA) [1][4] Group 1: Cryptocurrency Vault Companies - Michael Novogratz, CEO of Galaxy Digital, suggests that the peak of "vault companies" holding cryptocurrencies on their balance sheets has likely been reached [1] - Companies like MicroStrategy have pioneered this model, and new entrants are now diversifying into Ethereum and other lesser-known tokens [2] - Galaxy Digital has partnered with over 20 crypto vault investment firms, generating approximately $2 billion in assets for its custody platform, creating a recurring revenue stream [2] Group 2: Financial Performance of Galaxy Digital - Galaxy Digital reported a net profit of approximately $30.7 million for Q2 2025, a significant recovery from a loss of $177 million in the same period last year [3] - The company's diluted earnings per share for the quarter was $0.08, slightly below analyst expectations, leading to a 4% drop in stock price [3] Group 3: RWA and Tokenization Trends - Novogratz believes that crypto vault companies and cryptocurrency ETFs provide important exposure for hedge funds wary of directly holding tokens [4] - Major financial institutions like Goldman Sachs and JPMorgan are increasingly focusing on RWA as a new business trend [4] - The concept of tokenization involves mapping traditional financial assets onto the blockchain, which could lead to a market size exceeding $18 trillion by 2033, with a projected CAGR of 53% since 2025 [5][6] Group 4: Advantages of RWA for Traditional Banks - RWA offers a more straightforward regulatory framework compared to pure crypto assets, making it easier for traditional banks to adopt [7] - The underlying assets like bonds and loans provide stable cash flows, aligning well with traditional banking business models [7]

Group 1: Company Overview - DeepGreenX Group, Inc. (DXG) is a green energy data service provider that leverages AI for asset digitalization, with projected revenue of $24.08 million and a net loss of $2.45 million for 2024 [2][36]. - Shanglifanghua (GINT) plans to issue 1.5 million shares at $4 per share, aiming to raise $6 million, with revenue of $11.8 million and net profit of $730,000 for the twelve months ending March 31, 2025 [4][2]. - Hongbo Capital (RNBW) intends to issue 138,000 shares priced between $4 and $5, targeting $5.5 million to $6.88 million in fundraising, with revenue of $1.54 million and net profit of $780,000 for the six months ending March 31, 2025 [4][6]. Group 2: Financial Performance - DeepGreenX reported a significant increase in revenue from $5.95 million in 2023 to $24.08 million in 2024, with a cash end of year balance of $1.05 million [37]. - Shanglifanghua's revenue for the year ending March 31, 2025, was $11.8 million, compared to $10.46 million the previous year, with net profits of $730,000 and $810,000 respectively [4]. - Hongbo Capital's revenue for the six months ending March 31, 2025, was $1.54 million, with a net profit of $780,000 [6]. Group 3: Market Position and Strategy - The tokenization market is projected to grow significantly, with Frost & Sullivan valuing the current tokenization pipeline between $13.7 billion and $28.2 billion [13][15]. - DeepGreenX aims to create a platform for converting real-world sustainability data into digital currencies, enhancing the monetization of nature-based assets [9][24]. - The company plans to expand its operations into intelligent platforms that will generate revenue streams through the trading of digital financial products [20][9].

在全球复杂多变的金融环境下，大型跨国银行如何持续提升客户体验并保持强劲盈利能力？ 花旗集团金融服务部门（Citi Services）主管Shahmir Khaliq近日在接受《每日经济新闻》（以下简称NBD）独家专访时给出了答案。他表示，通过深度整合 支付、流动性管理、贸易融资等五大核心业务，花旗构建了覆盖多市场多货币的"端到端"解决方案，有效破解了传统金融服务碎片化痛点。 尽管面临利率下行挑战，花旗金融服务部依然贡献了花旗超半数存款，并在最新财季实现了8%的同比收入增长和23%的有形普通股回报率（RoTCE）。 每经记者｜李玉雯 每经编辑｜张益铭 记者注意到，花旗金融服务部每年在技术上投入15亿美元。"客户需求正强力驱动技术迭代。"Khaliq对记者表示，人工智能特别是生成式AI（人工智能）， 正在客户服务和后端流程自动化中发挥关键作用。同时，花旗亦战略布局如Citi Token Services（花旗代币服务）等代币化解决方案，以实现实时跨境资金转 移和贸易融资自动化。 花旗集团金融服务部门主管Shahmir Khaliq 图片来源：受访者供图 五大业务条线支持"端到端"需求，多样化存款基础带来稳定收益 ...

Core Insights - Ethereum has evolved from a radical idea in a cramped Berlin attic to a $420 billion platform reshaping global finance and enabling decentralized finance, NFTs, and tokenization [1][2] - The integration of Ethereum into traditional financial systems is accelerating, with major companies and countries beginning to operate on its infrastructure [5][6] Group 1: Historical Context - Vitalik Buterin and a group of developers launched Ethereum's first network, "Frontier," which allowed mining and execution of smart contracts, marking its transition from concept to reality [1] - IBM recognized the potential of Ethereum early on, leading to the development of a blockchain prototype that showcased Ethereum's capabilities [2] Group 2: Current Developments - Ethereum's stablecoins are facilitating trillions in payments and asset tokenization, with significant trading volumes occurring on its network [6] - Major financial institutions are increasingly adopting Ethereum for its stability and reliability, with various second-layer networks being utilized to meet specific needs [7][8] Group 3: Future Outlook - Ethereum's transition to a proof-of-stake mechanism has significantly reduced energy consumption and set the stage for scalability improvements [9] - The ongoing development aims to enhance Ethereum's capabilities while maintaining decentralization and security, with innovations like zero-knowledge proofs being explored [9][10] Group 4: Broader Implications - The shift towards blockchain technology is seen as a gradual transformation rather than a sudden disruption, with new financial products being built on blockchain infrastructure [10] - The potential for Ethereum to become a dominant programmable layer in the financial ecosystem is recognized, with Bitcoin serving a complementary role [8]

Core Insights - The Hong Kong Monetary Authority (HKMA) has approved 22 banks to sell digital asset-related products and 13 banks to sell tokenized securities by mid-2025 [1] - Five banks have been authorized to provide digital asset custody services [1] - The total trading volume of bank digital asset-related products and tokenized assets reached HKD 26.1 billion in the first half of 2025, representing a 233% increase compared to the same period last year, surpassing the total trading volume of the previous year [1] - Several asset management companies have announced plans to launch tokenized products, and the government is actively promoting the issuance of tokenized bonds, indicating a sustained growth momentum in Hong Kong's digital asset sector [1]