Industry Recognition - The company has won 'Best Blockchain-Based Solution' at the MENA Fintech Awards [1] Strategic Partnership - The company has a world-first agreement with Dubai Finance [1] - The agreement facilitates government service fee payments using digital assets [1] Technological Advancement - This represents the first comprehensive and holistic Government-wide implementation of payment digitization [1] Regional Leadership - The UAE is reinforced as a global leader in financial innovation [1]

Core Insights - Bhutan is advancing its national blockchain initiative with the launch of TER, a gold-backed digital token, supported by the Kingdom's sovereign framework [1][2] - The initiative positions Bhutan among a select group of nations exploring state-backed tokenized assets, merging traditional value stores with modern financial systems [2][5] Token Details - TER will operate on the Solana blockchain and will be distributed and custodied by DK Bank, Bhutan's first licensed digital bank [2][6] - In the initial phase, investors can purchase the token directly through DK Bank, linking traditional gold purchasing methods with transparent on-chain ownership [3][8] Economic Strategy - TER is a flagship project for Gelephu Mindfulness City, aimed at attracting international capital and fostering Bhutan's digital economy [4] - The city is part of Bhutan's broader strategy to diversify its economy through technology-driven initiatives that align with cultural and sustainability goals [4][5] Market Context - Bhutan's initiative follows Kyrgyzstan's introduction of USDKG, a state-supervised gold-backed stablecoin, indicating a trend among smaller nations to modernize safe-haven asset management through blockchain [5] - TER aims to establish a sovereign-aligned digital finance ecosystem, emphasizing audited reserves and institutional safeguards [5][6] Infrastructure and Compliance - DK Bank's regulated infrastructure is designed to instill confidence in custody and compliance standards for both domestic and international investors [6] - The choice of Solana's high-speed, low-cost network is based on its performance and environmental efficiency [6][7] Broader Digital Experimentation - The launch of TER is part of Bhutan's wider digital experimentation program, which includes integrating digital assets into strategic reserves and utilizing blockchain for identity systems and crypto payments [7] - This development positions Bhutan uniquely in the expanding market for state-backed tokenized assets [7][8]

（原标题：信用卡被境外盗刷无需承担？浦东法院发布10起数字金融典型案例） 21世纪经济报道 吴立洋 涉诉主体中，一方面，各类金融机构涉诉较广，其中保险公司、银行及融资租赁公司较多，在线保险理 赔争议、数字信贷违约等成为主要诱因；另一方面，非金融机构当事人中，涉小微企业、个体工商户、 个人的普惠金融纠纷占比较多，同时涉及科技金融、绿色金融、养老金融等多个领域。 总体来看，涉数字金融商事案件呈现案件占比提升、纠纷平台化特征凸显、跨境金融纠纷规模快速增 长、金融消费者权益保护需求旺盛、非金融机构起诉案件增多等特征，对治理体系提出了更高要求。 会上，浦东法院金融审判庭庭长余韬发布10起涉数字金融商事典型案例，涵盖了电子签名效力认定、区 块链存证证据审查、互联网投保流程规范、个人信息保护等重点领域，为市场经营主体和金融消费者提 供了规则指引。 在一起"盗刷"案件中，李某的信用卡在无出境、卡片在本人身上的情况下，多次在境外被"盗刷"。人民 法院认定，该笔交易时间、地点、金额及方式均与李某日常消费习惯明显不符，公安机关也将其认定 为"盗刷"，判决李某无需承担盗刷款，信用卡中心撤销李某的不良征信记录。该案明确了新型线上跨 境 ...

Group 1 - BlackRock's 2026 Global Outlook emphasizes a risk-on approach, favoring equities over long-term Treasuries, driven by "mega forces" such as AI and digital finance [2][4] - The firm identifies AI as a central theme reshaping growth, margins, and capital allocation, indicating a significant shift in the investment landscape [4][5] - Stablecoins are recognized as a structural force in the future of finance, influencing how households and businesses manage cash and transactions [4] Group 2 - BlackRock suggests that broad indexes may not be the best investment strategy, advocating for a selective approach to equities that align with the identified mega forces [4] - The report highlights that elevated deficits and ongoing investment cycles diminish the safety traditionally associated with long-duration Treasuries [4] - Active and thematic investing is recommended over traditional diversification, focusing on sectors that are poised to benefit from structural transformations [4]

Despite uncertainty, banks worldwide are designing stablecoins and tokenized-deposit systems, signaling incumbents’ push to shape the next generation of payments rails.Banks spent 2025 preparing major blockchain products for 2026, but U.S. regulatory movement — including still-unimplemented stablecoin rules under the GENIUS Act — has left institutions in a holding pattern.Global lenders are racing to commercialize digital-asset custody, viewing it as foundational infrastructure for tokenized securities, on- ...

Every tokenized asset must be:• Data-rich• Compliant• Interoperable• Privacy-preservingIn other words—Chainlinked.BlackRock (@BlackRock):Tokenization is shaping the next evolution of global markets. In @TheEconomist, Larry Fink and Rob Goldstein discuss how tokenization can modernize market infrastructure, enhancing efficiency, transparency, and access by connecting traditional and digital finance. Read more: https://t.co/Hf1Q7HbxaZ ...

Crypto exchange Binance launched a new Junior App on Dec. 3, with the goal of allowing kids aged between 6-17 to learn, save, and explore crypto together with their parents. Binance said that this platform will help children prepare for a digital financial future, while allowing them to build their own crypto wealth and savings. Binance Junior App Brings Crypto Savings for Kids The newly launched Binance Junior platform allows parents to open and manage crypto savings accounts for their children. It also ...

Core Viewpoint - Bitcoin has experienced significant volatility and is currently facing a downturn, marking the first negative year since 2023, which raises concerns for investors [1] Industry Insights - Bitcoin has been in existence for 15 years and has undergone 15 major drawdowns, but it has consistently rebounded to new all-time highs, indicating a normal cycle for an emerging asset class [3] - The involvement of Wall Street has contributed to reduced volatility in Bitcoin, which has seen its volatility decrease from 80% to around 50% over the years [5] - Bitcoin is currently about 1.5 times as volatile as the S&P index but also performs 1.5 times better, suggesting a maturing asset class [6] Company Performance - The company has achieved a 70% annual growth rate over the past five years, while Bitcoin has grown at 50% annually during the same period [9] - The company is well-capitalized with over $50 billion in equity and is considered a financial powerhouse within the crypto economy [10] - The company raises capital through selling digital credit or equity to invest in Bitcoin, which is expected to appreciate at 30% annually over the next 20 years [11] - The company offers credit instruments with a 10% dividend yield, which is tax-deferred, creating a strong business model as long as Bitcoin appreciates by at least 1.25% annually [12] - The company's structure is designed to withstand an 80-90% drawdown in Bitcoin prices, maintaining operational stability [13]

Core Insights - New research from CoinShares indicates that Bitcoin and Ethereum function as complementary assets, which supports the investment case for dual-exposure products like the CoinShares Bitcoin and Ether ETF (BTF) [1] Group 1: Investment Product Overview - The CoinShares Bitcoin and Ether ETF (BTF) tracks the price performance of Bitcoin and Ethereum without directly holding the cryptocurrencies, currently holding $31 million in assets and posting three-year returns of 50.8% [2] - Year-to-date, BTF has attracted $2.02 million in inflows [2] Group 2: Asset Characteristics - Bitcoin has a hard cap of 21 million coins, creating scarcity through programmed halvings every four years, with 95% of all BTC already minted [3] - Ethereum does not have a supply cap and employs a "burn" mechanism that permanently destroys ETH with every transaction, introduced in 2021 [3] Group 3: Energy Efficiency and Institutional Appeal - Bitcoin uses proof of work, requiring significant energy for transaction processing, while Ethereum switched to proof of stake in 2022, reducing energy usage by 99.95% [4] - The difference in energy efficiency is significant for institutional investors who consider environmental factors in their allocation decisions, with Bitcoin facing regulatory scrutiny due to higher energy consumption [5] Group 4: Institutional Adoption - Institutional investors have shown a preference for Bitcoin due to its longevity and liquidity, with spot bitcoin ETFs launched in early 2024 now holding $176 billion in assets [6] - Ethereum is gaining traction, with spot ether ETFs approved in summer 2024 holding $25 billion in assets, highlighting Ethereum's dominance in tokenized real-world assets and stablecoins as key opportunities for institutions [7] Group 5: Value Proposition - Both Bitcoin and Ethereum provide exposure to distinct value sources within the crypto ecosystem, with BTC representing digital value and ETH serving as programmable infrastructure for digital finance [8] - Investors may diversify across both assets to gain exposure to different segments of the digital ecosystem, similar to how equity investors diversify across sectors [8]

Core Viewpoint - The debate centers around the impact of stablecoins on Bitcoin's long-term value, with Michael Saylor arguing that stablecoins do not threaten Bitcoin's position, contrary to Cathie Wood's revised price target for Bitcoin [1][2]. Group 1: Market Dynamics - The stablecoin sector, valued at $308 billion, constitutes 30% of the crypto transaction volume, raising questions about its influence on Bitcoin's use cases [1]. - Cathie Wood's recent price target adjustment for Bitcoin from $1.5 million to $1.2 million reflects her belief that stablecoins are taking over some of Bitcoin's intended roles, particularly in hyperinflationary markets [2]. - Despite the reduction, Wood maintains a bullish outlook, projecting a 1,100% upside for Bitcoin, supported by institutional investments [2]. Group 2: Distinction Between Digital Assets - Saylor distinguishes between "digital capital" (Bitcoin) and "digital finance" (stablecoins and DeFi), asserting that they serve different economic functions [3][4]. - Bitcoin is characterized as a store of value akin to digital gold, while stablecoins are seen as tools for transactions and payments [4][5]. - Saylor anticipates that the market capitalization of stablecoins will grow significantly, but he does not view them as direct competitors to Bitcoin [5]. Group 3: Company Actions - Strategy has recently acquired 8,178 Bitcoin for $835.6 million, increasing its total holdings to 649,870 BTC, which represents nearly 3.1% of Bitcoin's network supply [6].