Group 1 - The core agreement involves Delin Holdings agreeing to subscribe for 77,400 Class A ordinary shares of Asseto Holdings Limited for a total subscription price of $1.2903 million, representing approximately 3.23% of Asseto's enlarged issued share capital post-transaction [1] Group 2 - Asseto is a leading fintech company in the Asian tokenization market, focusing on the tokenization of real-world assets (RWA) and integrating traditional finance (TradFi) with decentralized finance (DeFi) [2] - The company aims to diversify its revenue sources by expanding its product line to include funds, bonds, stocks, private credit, real estate, and various alternative assets [2] - Asseto has established a strong strategic industry partnership network, including companies preparing to apply for a stablecoin license in Hong Kong [2] Group 3 - The subscription is a significant milestone for the group to achieve its strategic goals, allowing the company to enter a rapidly growing market and leverage advanced technologies in blockchain and smart contracts [3] - The existing partnerships with leading firms, such as HashKey Group and major global asset management companies, provide valuable ecosystem connections for future product co-development and cross-market promotion projects in Asia and internationally [3]

该公司计划与圆币集团合作推动区块链及稳定币技术在国际贸易中的应用。合作重点将侧重于探索基于 智能合约的结算、数字贸易融资及供应链追踪，以提高透明度、降低信用成本及提高跨境贸易效率。此 外，其将采用合规的稳定币(以港元、人民币或美元计值)作为结算工具，以降低交易成本及提高流动 性，并由圆币集团提供技术支持、兑换服务及合规保障。 合作旨在将稳定币及区块链技术整合至该集团的数字交易平台，促进大宗商品交易的创新。改集团将探 讨扩大稳定币及区块链的用途，以提升交易体验、提高供应商及客户的效率、优化跨境贸易流程，并将 Steel Searcher定位为国际数字化钢铁贸易的领导者。 找钢集团-W(06676)公布，于2025年7月28日，该公司与R D International Holdings Limited(RD Holdings， 连同其附属公司及联属公司，统称"圆币集团")订立意向书，表明战略合作的初步意向，据此，该公司 的子品牌Steel Searcher将可支援稳定币结算及相关活动。 据悉，RD Holdings为首批纳入香港金融管理局稳定币发行人"沙盒"的三家公司之一。圆币集团主要从 事加密钱包业务，该项业 ...

Core Insights - The central economic work conference emphasizes boosting consumption as a key task for the year, highlighting the importance of digital currency in enhancing payment convenience and supporting domestic demand [1][11]. Group 1: Digital Currency App Enhancements - The digital currency app has undergone continuous iterations since its launch in 2022, focusing on improving user experience and simplifying payment processes [2][10]. - Recent updates include an optimized bank card binding process, allowing users to link cards from 81 banks, with 27 banks offering a no-input card number feature [2][4]. - A "one-click login" feature has been introduced, enabling users to log in using their mobile number without entering a password or verification code [2][10]. Group 2: Desktop Widget Features - The app now includes a desktop widget that allows users to access frequently used functions such as payment codes and QR scanning directly from their home screen [4][6]. - Users can customize the widget's appearance with various themes, enhancing both functionality and aesthetic appeal [7][10]. Group 3: Consumer Incentives and Marketing - The government and market institutions continue to issue digital currency consumption red envelopes to stimulate consumer spending, aligning with national policies to enhance consumption mechanisms [11][13]. - The app's recent updates improve its marketing capabilities, allowing for a wider range of merchant discounts and promotional activities, enhancing consumer engagement [11][13]. - Digital currency subsidies are reported to effectively boost social consumption and local economic development, with smart contracts ensuring direct and efficient fund distribution [13][14].

Group 1: Digital Currency Development - Digital RMB has developed applications across various sectors including retail, dining, education, and public services, forming a replicable model for online and offline use [1][7] - As of April 2025, the cumulative transaction amount of digital RMB in pilot areas reached 10.8 trillion yuan, with 2.1 billion personal wallets opened through the digital RMB app [1][7] Group 2: Supply Chain Finance and Smart Contracts - Agricultural Bank of China has integrated digital RMB smart contracts into the supply chain of Luzhou Laojiao, enabling precise control of loan funds for 2,259 downstream distributors, resulting in 2.418 billion yuan in loans [2] - Smart contracts are effectively addressing financing challenges for small and micro enterprises, enhancing fund management efficiency and reducing compliance costs [2] Group 3: Prepaid Consumption Management - Postal Savings Bank has utilized smart contract technology to address the issue of "easy recharge, difficult refund" in prepaid consumption, covering over 700 merchants and preventing consumer losses [3] - Agricultural Bank has established a regulatory system for prepaid funds, incorporating over 4,000 merchants and 1.5 billion yuan into its network, ensuring consumer protection [3] Group 4: Inclusive Finance Innovations - CITIC Bank is exploring digital RMB loan services, launching products like "信保贷" and "政采e贷" to support small and micro enterprises [4] - Postal Savings Bank has created a payment loop from planting to retail in agricultural scenarios, demonstrating the practical application of digital RMB in rural finance [4] Group 5: Cross-Border Payment Enhancements - The "Currency Bridge" project aims to improve cross-border payment efficiency and reduce costs, with 35 banks from four jurisdictions participating in real transactions [8][9] - The platform can process cross-border payments in 6 to 9 seconds, significantly cutting costs compared to traditional methods [9] Group 6: Expanding Digital RMB Usage - Didi Group has integrated digital RMB into its services, allowing users to pay for bike rentals and freight services in over 250 cities [5][6] - Tencent is enhancing the digital RMB experience for foreign visitors in China, enabling them to use digital RMB in various scenarios through WeChat [10]

Core Viewpoint - The recent surge in the US stock market, with the S&P 500 and Nasdaq indices reaching record highs, is driven by better-than-expected corporate earnings, rising expectations for Federal Reserve interest rate cuts, and short-term policy benefits [1][2]. Group 1: Market Performance and Drivers - As of July 20, 12% of S&P 500 companies reported Q2 earnings, with 83% exceeding expectations, particularly in the technology sector [2]. - Nvidia's stock saw a weekly increase of 4.54%, contributing to a 1.51% rise in the Nasdaq 100 index during the same period [2]. - Factors such as "import rush" behaviors mitigating tariff impacts and high overseas revenue for tech firms benefiting from a declining dollar index are noted as key drivers [2]. Group 2: Federal Reserve and Market Sentiment - The upcoming Federal Reserve meeting at the end of July is highlighted as a potential turning point for the market, with the possibility of either maintaining or unexpectedly cutting interest rates [4]. - The delay in implementing "reciprocal tariffs" and tax incentives from the "Big and Beautiful" plan are seen as factors that have improved market risk appetite [2]. Group 3: XBIT Decentralized Exchange Features - XBIT provides a secure and transparent trading environment through three core advantages: zero-knowledge proof for privacy protection, distributed cold storage for asset security, and automated smart contracts for efficiency [5][6]. - The platform's smart contracts ensure quick settlement with a 0.1% slippage in transactions, enhancing fairness and efficiency [5]. Group 4: Regulatory Compliance and Market Adaptation - XBIT's strategy includes compliance without KYC verification, supporting 70% of token issuance on the Solana chain, and ensuring asset flow remains unaffected by regional policy restrictions [6]. - The platform's "no lockdown, no review" trading mechanism allows for seamless transactions even amid global trade tensions [6]. Group 5: Market Correlation and Investment Strategies - The correlation between the US stock market and the cryptocurrency market has intensified, with Bitcoin's price showing a 30-day volatility difference of 6% compared to the Nasdaq index [8]. - XBIT's dynamic liquidity pool technology offers investors tools to hedge against market fluctuations, allowing for quick asset switching to capture short-term gains [8]. Group 6: Future Outlook for XBIT - As global monetary policies diverge, XBIT's decentralized advantages are becoming more pronounced, with analysts predicting increased cross-market allocation demand if the Fed signals rate cuts in September [9]. - The introduction of a "meme coin staking" mechanism by XBIT allows users to participate in project governance with an annual yield of 215%, indicating potential for ecosystem expansion in the Web 3.0 era [11].

Summary of Conference Call on Stablecoins and Cybersecurity Industry Overview - The discussion revolves around the **stablecoin** industry, which is emerging as a significant tool for **cross-border payments** due to its advantages of convenience, low cost, and real-time transactions [2][3][8]. Key Points and Arguments - **Technological Risks**: Stablecoins face substantial cybersecurity risks, including system vulnerabilities and DDoS attacks, as evidenced by incidents like the theft of 400,000 Ether worth $1.5 billion [5][9]. - **Regulatory Developments**: Various regions are actively developing stablecoin regulations. For instance, Hong Kong is set to implement a stablecoin licensing system, while the U.S. Senate has passed the "Genius Act" to establish a regulatory framework [2][6]. - **Market Opportunities**: The rise of stablecoins is expected to create new opportunities in the cybersecurity market, particularly in infrastructure development and security assurance, as businesses increasingly rely on secure information systems for cross-border transactions [2][8][12]. - **Technological Components**: The technology behind stablecoins includes blockchain, smart contracts, encryption, and user identity verification, all of which are critical for ensuring security [7][12]. Important but Overlooked Content - **Current Stage of Development**: The stablecoin sector is at different stages globally, with the U.S. and Europe having more established infrastructure compared to Hong Kong, which is preparing for pilot projects, and mainland China, which is still in the research phase [11][14]. - **Cybersecurity Solutions**: The need for comprehensive cybersecurity solutions is emphasized, including risk assessments for cross-border data and compliance with data security laws [9][14]. - **Commercial Models**: The commercial model for stablecoin security solutions is still in exploration, focusing on providing integrated security solutions rather than standalone products [15]. - **Market Expansion**: The potential for cybersecurity firms to expand into international markets through stablecoin applications in Hong Kong is highlighted, as it simplifies cross-border transactions [19][21]. Future Outlook - The stablecoin market has significant growth potential, but its expansion is contingent on regulatory clarity. Once policies are established, the growth rate of stablecoins could surpass that of other technologies like quantum-resistant cryptography [22]. - The cybersecurity industry is expected to remain relevant as digitalization continues, with a call for increased attention from capital markets towards cybersecurity firms [23].

Summary of Key Points from the Conference Call on Stablecoins and RWA Industry Overview - The discussion revolves around the **stablecoin** industry, highlighting its applications in **cross-border trade** and **smart payment solutions** such as invoice tokenization and Project DSFT, which have received fintech innovation awards and funding, showcasing commercial potential [1][2] - The global trend towards stablecoin policy is one of increasing attention and support, with central banks and regulatory bodies accelerating the formulation of relevant policies to ensure safe and compliant development, although regulatory intensity varies across countries [1][3] Core Insights and Arguments - Future trends for stablecoins include expansion in cross-border trade and smart payment sectors, growth in commercial applications, and increased attention and investment from traditional financial institutions, indicating a positive outlook [1][5] - The digital asset market has recently shown strong performance, with Bitcoin and Ethereum prices surging, suggesting that major economies are entering the stablecoin economic competition, driven by expectations of relaxed monetary policy from the Federal Reserve [1][10] - The market faces challenges from geopolitical tensions, policy changes, monetary policy uncertainties, internal market risks, and potential bubble cycles, necessitating vigilance against various risks [1][12] Regulatory Landscape - Key regulations impacting the digital asset space include the **Stablecoin Act**, **Clarity Act**, **Anti-CBDC Act**, and **Fit 21 Act**, which could significantly influence the global digital asset landscape and economy [1][6] - Different countries exhibit varying regulatory attitudes, with Hong Kong actively following U.S. legislation, while Singapore is tightening regulations, leading to operational challenges for stablecoin payment companies [1][7] Misconceptions and Risks - There are misconceptions within the Chinese community regarding the potential and risks of stablecoin economic models, which could lead to new risks if not addressed [1][4] - The digital asset market is expected to experience a new bull market, with stablecoins playing a central role, but significant risks and misunderstandings could lead to a potential crash [1][11] Market Dynamics - The primary battleground for stablecoins is in the offshore dollar stablecoin system, with major users of USDT and USDC located outside the U.S., particularly in regions like Africa, Asia, and Latin America [1][17] - The issuance of stablecoins is seen as straightforward, but operational security and management are complex due to the prevalence of malicious actors in the blockchain ecosystem [1][18] Future Opportunities and Challenges - The stablecoin market is expected to see hundreds or even thousands of different types of stablecoins, with major companies and celebrities likely to issue their own for brand promotion and low-cost financing [1][26] - Hong Kong is positioned as a significant player in the global stablecoin market, with initiatives to support Chinese entrepreneurs in the stablecoin economy [1][28] Conclusion - The future scale of the stablecoin market is closely tied to China's stablecoin strategy, with significant challenges in competing against the dominance of the U.S. dollar, which currently holds 97% to 99% of the market share [1][30] - Users in global payment systems tend to prefer dollar stablecoins, indicating a need for strategies to encourage the use of Hong Kong or Renminbi offshore stablecoins [1][31][32]

Core Insights - The Web3.0 industry faced a significant increase in security incidents in Q1 2025, with a total of 197 on-chain security events resulting in approximately $1.669 billion in losses, marking a 303.38% increase compared to the previous quarter [1][9][20] - Wallet theft emerged as the primary threat, accounting for nearly 87% of total losses, with just three wallet-related incidents causing around $1.451 billion in damages [1][9][21] - Ethereum was identified as the most affected blockchain, with 98 incidents leading to losses of approximately $1.541 billion, driven by its extensive use in DeFi and smart contracts [1][9][23] Incident Breakdown - The Bybit exchange experienced the largest security breach in Web3.0 history on February 21, 2025, with approximately $1.45 billion stolen due to a sophisticated attack that manipulated transaction approvals [2][25] - Other notable incidents included Phemex, which lost about $71.7 million due to private key leakage, and 0xInfini, which suffered a loss of approximately $49.5 million due to an administrator privilege vulnerability [2][26][27] - Phishing attacks were prevalent, with 81 incidents resulting in losses of around $1.579 million, highlighting the need for improved user security education [3][21] Recovery and Regulatory Actions - The industry struggled with fund recovery, managing to recover only $6.39 million, which is 0.38% of total losses, significantly lower than the previous quarter's recovery rate of 42.09% [3][18][21] - Regulatory developments included the establishment of a Strategic Cryptocurrency Reserve by the U.S. government and the formation of a special task force by the SEC to provide clearer regulatory guidance [3][20][21] Security Challenges and Innovations - The Web3.0 sector is grappling with complex security challenges as attackers employ advanced techniques, including social engineering and AI [4][23] - Innovations such as zero-knowledge proofs, on-chain evidence tools, and multi-party computation wallets are being explored to enhance security measures [4][23]

Core Insights - Blockchain technology is revolutionizing the art auction market by addressing issues such as authenticity verification and ownership transfer transparency [1][3][12] - The rise of NFTs (Non-Fungible Tokens) is providing a digital proof of ownership and authenticity for artworks, enhancing traceability and trust in the art market [3][7][10] Blockchain Technology Advantages - Blockchain offers a decentralized, immutable, and transparent ledger, making it ideal for verifying the authenticity and ownership of artworks [3][5] - Each artwork's information, including creation date, artist, and transaction history, can be securely recorded on the blockchain, solving the "authenticity dilemma" in traditional art markets [3][9] NFT Emergence and Art Traceability - NFTs serve as unique digital assets representing artworks, ensuring their uniqueness and provenance [3][7] - NFTs contain detailed information about the artwork, including background, ownership records, and transaction history, which are publicly accessible and immutable [3][9] Automated Ownership Transfer - The integration of blockchain and NFTs simplifies the ownership transfer process through smart contracts, automating transactions and reducing reliance on intermediaries [5][11] - Smart contracts enhance transaction efficiency and security, ensuring that every transaction is legitimate and executed seamlessly [5][11] Future of Art Auctions with Blockchain - The art auction market is expected to undergo significant transformation, moving towards decentralized platforms that increase transparency and accessibility for art enthusiasts [7][12] - The combination of blockchain and NFTs is paving the way for a more transparent, secure, and intelligent future in the art market [7][12] Market Transparency - Blockchain technology allows for permanent recording and tracking of every transaction, significantly reducing the potential for fraud and enhancing market health [9][12] - Collectors can verify the authenticity of their purchases and access historical transaction records, improving trust and providing accurate pricing data [9][12] Artist Benefit Protection - NFTs provide artists with new revenue streams and copyright protection, allowing them to earn from secondary market sales through smart contract royalties [10][12] - This mechanism encourages artists to focus on quality and innovation in their work while enhancing their brand recognition [10][12] Impact on Auction Houses - Traditional auction houses can streamline their processes and reduce costs through the adoption of NFTs and blockchain technology [11][12] - Blockchain enables real-time monitoring of auction transactions, ensuring transparency and fairness in the auction process [11][12]

Pain Points in Traditional Prediction Industry - Traditional platforms suffer from a lack of fairness and transparency, including issues like manipulating odds and delaying payments [1] - Security and trust are major concerns due to fund freezes and platforms disappearing [1] - Traditional platforms lack effective incentive mechanisms to enhance user loyalty [4] - Traditional prediction ecosystems are closed, lacking asset appreciation channels [7] Hash Epoch's Blockchain Solutions - Blockchain technology ensures data transparency and fairness through immutable smart contracts and hash-based random number generation [1] - Smart contracts manage user funds, and a 1:1 collateral mechanism ensures payment capability [2][3] - A multi-dimensional incentive system rewards users with HEST tokens for tasks, social sharing, and staking [5] - A loss compensation mechanism provides HEST token rewards to users who lose predictions, reducing risk [6] - DeFi integration allows users to earn interest by investing idle funds in liquidity pools [8] - Users can participate in node validation by staking HEST, sharing platform revenue [8]