Core Insights - JPMorgan Chase has officially launched its USD deposit token, JPM Coin, aimed at utilizing blockchain technology for real-time payment settlements, marking a significant step for traditional finance in the tokenization space [1] - The launch follows the passage of the Genius Act in the U.S., with major firms like Citigroup and PayPal actively testing digital asset payment solutions, indicating a growing acceptance of compliant digital currencies in the market [2] Group 1: JPM Coin Overview - JPM Coin represents clients' dollar deposits at JPMorgan and is now being offered to institutional clients, allowing for near-instantaneous payments through the Base blockchain associated with Coinbase [1][3] - Unlike stablecoins, deposit tokens are a tokenized version of existing bank deposits and can generate interest for holders, making them attractive for institutions with large balances [3] Group 2: Future Plans and Market Context - JPMorgan plans to expand access to JPM Coin to clients' clients and aims to introduce deposit tokens in other currencies, having already registered a code for a Euro deposit token (JPME) [4] - The bank's Kinexys Digital Payments network processes over $3 billion in transactions daily, but this is a small fraction compared to the $10 trillion processed by its payment department, highlighting the competitive landscape as other banks explore or launch deposit token services [4]

Core Insights - On November 11, New Guodu's stock fell by 1.46%, with a trading volume of 190 million yuan [1] - The company reported a financing buy-in of 25.26 million yuan and a financing repayment of 26.79 million yuan, resulting in a net financing buy of -1.53 million yuan [1] - As of November 11, the total financing and securities lending balance for New Guodu was 1.125 billion yuan, with a financing balance of 1.123 billion yuan, accounting for 7.50% of the circulating market value [1] Company Overview - Shenzhen New Guodu Co., Ltd. was established on July 31, 2001, and listed on October 19, 2010 [2] - The company specializes in electronic payment services, providing payment acquisition services and selling and leasing electronic payment terminals, primarily financial POS machines [2] - New Guodu's revenue composition includes 61.85% from acquisition and value-added services, 35.24% from electronic payment products, and smaller percentages from audit and technical services [2] Financial Performance - For the period from January to September 2025, New Guodu achieved operating revenue of 2.343 billion yuan, a year-on-year decrease of 4.15% [2] - The net profit attributable to shareholders increased by 37.10% to 408 million yuan during the same period [2] Shareholder Information - Since its A-share listing, New Guodu has distributed a total of 1.341 billion yuan in dividends, with 890 million yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 37.23% to 52,300, while the average circulating shares per person increased by 59.32% to 8,296 shares [2][3] - Notable institutional shareholders include Huabao Zhongzheng Financial Technology Theme ETF and Hong Kong Central Clearing Limited, with varying changes in their holdings [3]

有人说比特币没有价值支撑，却忽略了所有货币的价值都源于共同认知。黄金的价值不在于其工业用 途，纸币的价值不在于其纸张成本，正如比特币的价值在于全球用户对其"去中心化交易媒介"的信任。 泰达币资金费率作为稳定币生态中的关键指标，在泰达币的应用场景中，其动态调整其实是市场自我调 节的机制。当加密货币市场过热时，正向资金费率会促使空头增加，平抑泡沫。当市场低迷时，负向费 率则吸引多头入场。这一过程中，XBIT去中心化交易所通过链上清算保障交易公平，让投资者在利用 资金费率套利时无需担忧中心化平台的信用风险。 币界网11月10日讯，当比特币这类加密货币带着"无实体、无央行背书"的特质出现时，人们的困惑本质 上是一种只存在于网络中的数字凭什么能成为"钱"。答案或许颠覆常识，所有货币本质上都是集体共识 的价值投射，比特币只是戳破了这层伪装。XBIT去中心化交易所作为投资者平衡风险与收益的重要选 择，而泰达币（USDT）作为锚定法定货币的稳定币，其资金费率的波动更直观呈现了加密市场与传统 金融的价值联动。我们总以为钱是真实可触的，是钱包里的纸币，是银行APP上的数字，是能兑换商品 的硬通货。美元、欧元等法定货币，早已不是我 ...

Core Insights - The forum focused on the development trends of the shipping and trade ecosystem, aiming to create a more efficient, secure, and sustainable financial service system for cross-border trade [1][2] - The launch of the "Jiaoyin Shipping Trade Connect" platform marks a significant step by Bank of Communications in supporting the construction of a strong trade nation and high-quality economic development [2] Group 1: Government and Institutional Perspectives - The Ministry of Commerce emphasized the need to expand high-level opening up during the 14th Five-Year Plan period, promoting trade innovation and international circulation [1] - The Hong Kong government aims to build a resilient ecosystem for trade and shipping through coordinated infrastructure, green development strategies, and digital trade finance platforms [2] - The importance of establishing a stable and lasting regulatory framework was highlighted by the 2011 Nobel laureate Thomas Sargent, stressing collaboration among industry leaders, government, and society [2] Group 2: Industry Innovations and Collaborations - The discussion highlighted three key paths for building future shipping and trade financial service systems: product innovation, technological empowerment, and ecosystem co-construction [3] - The need for improved credit systems and comprehensive financial product support was emphasized to facilitate cross-border trade [3] - The establishment of the "Digital Shipping Trade" ecological alliance aims to enhance digital collaboration in the trade and finance sectors [2]

Group 1 - Franklin Templeton has launched a tokenized U.S. Government Money Fund aimed at professional and institutional investors in Hong Kong [1] - The fund, named "Franklin Onchain U.S. Government Money Fund," is the first fully tokenized UCITS product registered in Europe by Franklin Templeton [1] - The fund was approved by Luxembourg regulators in October last year and opened to institutional investors in several European countries in mid-February [1] Group 2 - The fund is issued on the Stellar public blockchain and utilizes Franklin Templeton's proprietary blockchain recording system, "Benji Technology Platform," enhancing transparency, security, convenience, and cost-effectiveness for investors [1] - Investment strategy includes investing in U.S. government bonds with fixed, floating, and variable rates, as well as repurchase agreements collateralized by U.S. government bonds or cash, aiming to provide higher current yields while maintaining capital and liquidity [1]

Core Viewpoint - The forum highlighted the need for collaborative efforts to promote high-quality development of cross-border trade amidst rising unilateralism, protectionism, and geopolitical tensions affecting global trade costs and efficiency [1] Group 1: Industry Challenges and Opportunities - The global economic landscape is undergoing significant adjustments, with increased focus on stabilizing global supply chains and enhancing international trade competitiveness [1] - The potential of trade finance in ensuring the stability of supply chains and enhancing international trade competitiveness is emphasized [1] Group 2: Technological Innovations - New technologies such as big data, blockchain, and artificial intelligence are driving the digital transformation of trade finance services, including the implementation of electronic bills of lading and smart contracts [1] - The integration of various data resources around trade finance customers' needs is aimed at providing a comprehensive suite of financial services for cross-border transactions [2] Group 3: Collaborative Ecosystem Development - The establishment of a collaborative ecosystem involving insurance, logistics, and e-commerce platforms is crucial for creating an efficient support system that integrates financial support, customs facilitation, and risk management technologies [2]

Core Viewpoint - The Bank of Communications is actively participating in the construction of the Shanghai shipping trade digital platform, collaborating with various stakeholders to innovate cross-border financial services and support the stability of supply chains [1] Group 1: Cross-Border Financial Services - The bank aims to integrate shipping, trade, and financial data resources to provide e-commerce companies with secure, efficient, and convenient one-stop financial services for cross-border settlement, financing, and risk management [1] - This initiative is designed to contribute to the stability and smooth operation of global supply chains [1] Group 2: Digital Empowerment - The bank is leveraging blockchain and artificial intelligence technologies to quickly respond to customer needs, enabling instant cross-border remittances [1] - The focus is on addressing the financing challenges faced by small and micro enterprises, particularly in terms of accessibility and cost [1] Group 3: Ecosystem Collaboration - The bank is collaborating with insurance, logistics, and e-commerce platforms to create a synergistic ecosystem that integrates financial support, customs facilitation, and risk prevention technologies [1] - This collaborative approach aims to form an efficient and coordinated support system for cross-border trade [1]

Core Insights - The UAE is launching the Digital Dirham, a Central Bank Digital Currency (CBDC) aimed at transforming savings, payments, and currency interactions [3][4] - The Digital Dirham is part of the UAE's modernization strategy for financial infrastructure, ensuring competitiveness in the global digital economy [3] - The currency will enhance payment speed, ensure monetary sovereignty, and secure central bank currency in the digital economy [3][8] Group 1: Digital Dirham Overview - The Digital Dirham is issued by the Central Bank of the UAE and is based on blockchain technology, making it a trusted and secure form of digital currency [3][4] - It will be used in various scenarios, including retail, wholesale, and cross-border payments [4] - The Digital Dirham aims to improve financial inclusion and reduce transaction costs, thereby unlocking economic growth potential [8] Group 2: Development Timeline - The Financial Infrastructure Transformation (FIT) project was initiated in February 2023, with the Digital Dirham becoming legal tender in October 2023 [7] - The first issuance of Digital Dirham is scheduled for January 2024, with cross-border payments to be realized through the "mBridge project" [7] - Pilot testing for retail scenarios will occur from March 2023 to June 2024, covering four new use cases [7] Group 3: Advantages and Impact - The Digital Dirham will enhance monetary policy, improve financial system security, and streamline compliance processes [8] - It will facilitate cross-border collaboration and promote payment method competition, increasing resilience in the payment ecosystem [8] - The currency will also support financial innovation, including tokenization and smart contracts [8] Group 4: Comparison with Cryptocurrencies - The Digital Dirham is issued by the Central Bank of the UAE, while cryptocurrencies are decentralized and lack government backing [9] - The Digital Dirham offers price stability, whereas cryptocurrencies are known for their price volatility [9] - The Digital Dirham complies with national regulations, unlike many cryptocurrencies that often lack legal protections [9] Group 5: User Impact - The Digital Dirham will function similarly to cash or bank cards for everyday users, enabling faster and safer transactions [10] - Banks and licensed fintech companies will manage wallet issuance and user services under central bank oversight [10] - The government can utilize programmable Digital Dirhams for social security payments and subsidy distributions, enhancing transparency and efficiency [10]

Group 1 - Ripple has announced a partnership with Mastercard, Gemini Space Station, and WebBank to pilot RLUSD stablecoin settlements on the XRP Ledger [1] - The collaboration will support blockchain processes between Mastercard and WebBank, marking a significant use case for regulated stablecoin settlements in traditional credit card transactions [1] - Since its launch, the RLUSD stablecoin, pegged to the US dollar, has surpassed a circulation of $1 billion, with applications in decentralized finance, Ripple's cross-border payment solutions, and institutional alliance networks [1]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - Amid tariff policies and geopolitical events causing global financial market volatility, the value of gold as a traditional safe - haven asset is increasingly prominent. Blockchain technology has spurred the rise of cryptocurrencies and given birth to gold - backed stablecoins, which combine gold's safe - haven nature with the high liquidity and decentralization of cryptocurrencies, offering new investment and risk - management tools for the traditional gold market and creating new buyers for gold [1][7]. - The report analyzes tokenized gold models represented by Pax Gold and Tether Gold, as well as the PGI scheme proposed by the World Gold Council in September 2025, and explores the differences and complementarities among the traditional gold market, tokenized gold models, and the PGI model [1][7]. - Gold - backed stablecoins, represented by XAUt and PAXG, have advantages such as low investment thresholds and low fees, with relatively low margin occupancy, but also face regulatory compliance issues due to decentralization and currently have a small scale. The PGI scheme shows the ambition to combine compliance and flexibility, with unique advantages in pledge and lease convenience, but its specific performance and market impact need further observation after implementation [3][45]. Summary According to the Directory 1. Blockchain and Cryptocurrency Basics: The Technological Foundation for Understanding Gold - Backed Stablecoins 1.1 Core Features of Blockchain - Blockchain has two core features: non - tamperability and decentralization. Non - tamperability means that each transaction record on the blockchain is stored in a chained manner through encryption algorithms. To modify a historical transaction record in a block, one must modify a series of blockchain records and their cryptographic proofs, making the transaction records on the blockchain non - tamperable and non - forgeable [8]. - Decentralization means that the entire blockchain network has no single centralized server but consists of numerous nodes with equal rights, connected peer - to - peer. Transaction records are broadcast to the whole network, and all nodes can verify and store the complete transaction ledger, which helps build a trust mechanism and makes the network more secure and stable [11]. 1.2 Classification of Cryptocurrencies and the Positioning of Gold - Backed Stablecoins - Cryptocurrencies can be classified into three categories based on value anchoring: native cryptocurrencies (e.g., Bitcoin and Ether), stablecoins (e.g., USDT), and real - world assets (RWA). Gold - backed stablecoins are positioned between stablecoins and RWA, mainly as "convenient on - chain gold investment products" rather than "on - chain currencies" [15][17][18]. 2. Overview of Mainstream Gold - Backed Stablecoins: Pax Gold and Tether Gold 2.1 Pax Gold (PAXG): A Compliance Benchmark with Priority on Regulation - PAXG is an ERC - 20 standard gold token issued by Paxos in September 2019 on the Ethereum blockchain, with excellent compatibility. Paxos actively seeks higher - level financial regulation. Each PAXG token corresponds to 1 ounce of LBMA - certified physical gold stored in London vaults, and token holders can trace the corresponding gold. PAXG can be redeemed for legal tender, other cryptocurrencies, or physical gold. As of late October 2025, its market value has increased by 153.16% in the past year to about $1.35 billion, and the number of investment gold ounces has grown from 196,700 ounces to 332,000 ounces [22][24][25]. 2.2 Tether Gold (XAUt): A Late - Comer Dominator Backed by Tether - XAUt is issued by Tether, the issuer of the largest US dollar stablecoin USDT. It has become the leader in the gold - backed stablecoin market. Technically and in terms of reserves, it is similar to PAXG, but its compliance process is relatively slow. Tether is not a licensed financial institution, and its financial compliance risk is more uncertain. As of late October 2025, its market value has increased by 215.61% in the past year to about $2.14 billion, and the number of investment gold ounces has grown from 246,300 ounces to 521,800 ounces [27][28][29]. 2.3 Price Difference between Gold - Backed Stablecoins and Spot Gold - The quotes of mainstream gold - backed stablecoins represented by XAUt and PAXG are basically the same as the London gold spot price, but there are still price differences, with the premium or discount fluctuating within ±$100 per ounce [30]. 3. The World Gold Council's PGI Scheme: A Revolutionary Framework Combining Law, Technology, and Regulation 3.1 Background of the PGI Proposal - The traditional physical gold investment market has two trading models: allocated and unallocated gold models, both of which have pain points. The allocated gold model has a high investment threshold, poor liquidity, and holding costs, while the unallocated gold model has prominent counter - party risks. The PGI scheme is designed to address these issues [37]. 3.2 Core Design of PGI - The core design of PGI includes legal, technological, and regulatory aspects. Legally, it solves the legal difficulty of "divisible ownership" of physical gold, defining PGI as an "intangible movable property" with an account - isolation - like risk - control mechanism. Technologically, it is "technology - neutral", does not require physical delivery, and supports a minimum trading unit of one - thousandth of an ounce, with high liquidity. In terms of regulation, it meets the requirements of mainstream financial regulatory regulations in the US and Europe and can be used as a compliant collateral [38]. 4. Comparison of Gold Investment Tools - In terms of investment thresholds, gold - backed stablecoins and PGI have significantly lower thresholds. Gold - backed stablecoins have an advantage in holding costs. In terms of regulation, gold - backed stablecoins are weakly regulated due to decentralization, while PGI tries to balance blockchain technology and regulation. In terms of market scale, gold - backed stablecoins currently have a small scale, and the performance of PGI remains to be seen [43][44][45].