Core Viewpoint - Stablecoins are rapidly becoming a strategic focus for global fintech companies, with significant developments in tokenization and cross-border payments expected in July 2023 [1][2]. Group 1: Market Developments - The financial technology ETF (516860) has seen a rise of over 13% year-to-date and more than 117% over the past year, indicating strong market interest [1]. - Major stocks within the financial technology ETF, such as Xinyada and Dazhihui, have experienced significant price increases, reflecting positive market sentiment [1]. - The Hong Kong government has announced a policy to promote the tokenization of various assets, including precious metals and renewable energy, establishing a stablecoin ecosystem anchored by high-quality Chinese assets [1][2]. Group 2: RWA and Stablecoins - Real World Assets (RWA) refer to the tokenization of physical or intangible assets through blockchain technology, aiming to enhance liquidity and reduce investment barriers [4][6]. - Stablecoins serve as a trading tool for RWA, providing a stable value and facilitating easier transactions, especially in international trade [6][7]. - The regulatory framework for stablecoins is expected to bolster the development of RWA by providing a legitimate payment and settlement framework [6][7]. Group 3: Future Prospects - The integration of stablecoins and RWA is anticipated to break traditional financial barriers, enabling more efficient transactions and lowering investment thresholds in sectors like real estate and private credit [7][9]. - The expansion of RWA into various asset categories, including securities and real estate, is expected to create new growth opportunities for financial institutions [9]. - The financial technology ETF is positioned to benefit from the growing RWA market, with its components actively participating in tokenization services [9][10]. Group 4: Financial Technology ETF Insights - The financial technology ETF comprises 57 stocks, focusing on the electronic and non-bank financial sectors, with a significant portion of its weight in leading companies [10]. - The average R&D investment of the ETF's components exceeds 15%, indicating a strong commitment to innovation within the sector [10]. - The current price-to-earnings ratio of the index is at 79 times, suggesting a valuation that is within the historical upper range [11].

Core Viewpoint - Stablecoins are a strategic battleground for national digital financial discourse, serving as a bridge between traditional finance and the crypto economy, especially in the context of emerging regulations in the EU, the US, and Hong Kong [1][5][10]. Group 1: Stablecoin Mechanism and Application Scenarios - Stablecoins are categorized into three types based on their anchoring mechanisms: fiat-collateralized, crypto-collateralized, and algorithmic, with fiat-collateralized stablecoins dominating the market [2][19]. - The stablecoin market exhibits a "one super, one strong, and a hundred flowers blooming" pattern, with USDT and USDC together accounting for 86% of the market share [2][36]. - Stablecoins are utilized in various scenarios including DeFi ecosystems, RWA transactions, value storage, cross-border payments, and retail payments, providing functions such as pricing benchmarks and real-time settlement [2][63]. Group 2: Impact on Banking Systems - Stablecoins pose significant implications for banking systems, affecting currency status, central bank policy tools, and potentially leading to systemic disturbances [3][9]. Group 3: Regulatory Developments - Recent regulatory frameworks in the US and Hong Kong mark a turning point for stablecoin development, emphasizing the need for compliance and stability in the financial system [5][10]. - Hong Kong's "Stablecoin Ordinance" introduces a comprehensive regulatory framework for fiat-backed stablecoins, focusing on strict entry requirements, robust reserve management, and unconditional redemption [13][14]. Group 4: Comparison of Regulatory Models - The regulatory approaches in Hong Kong, the US, and the EU differ significantly, with Hong Kong emphasizing openness and compatibility, the US reinforcing the dominance of the dollar, and the EU pursuing unity and security [16][18]. - The regulatory frameworks aim to balance financial stability and innovation while protecting investors and maintaining the integrity of financial markets [17][18]. Group 5: Stablecoin Market Dynamics - As of June 2025, the stablecoin market exceeds $250 billion, with USDT and USDC leading the market, accounting for 62% and 24% of the total market share, respectively [36][39]. - The market is characterized by a high degree of concentration, with USDT being the largest stablecoin by market cap, followed by USDC, which has gained traction due to its compliance and transparency [40][41].

Core Insights - Stablecoins are gaining mainstream recognition in the financial narrative, supported by regulatory frameworks like the GENIUS Act in the US and the Stablecoin Ordinance in Hong Kong [1] - Circle, as the first publicly traded stablecoin company, saw its market capitalization exceed $50 billion and a price-to-earnings ratio of 120, indicating high market expectations for growth [1][5] - The primary revenue model for major stablecoin issuers is interest arbitrage, with Circle projected to earn $1.56 billion in interest income in 2024, constituting 99% of its total revenue [3] Business Models - Major stablecoin issuers primarily profit from interest arbitrage by investing dollar reserves into low-risk, interest-bearing assets like US Treasury bonds [3] - Tether, the largest stablecoin issuer, reported profits exceeding $13 billion, primarily from similar investment strategies [3] Market Position - Tether holds a significant first-mover advantage, capturing 60%-70% of the market share since its launch in 2014, while USDC, launched in 2018, holds about 20%-24% [4] - USDC emphasizes compliance and transparency, which has attracted regulated entities, but its market penetration is limited in less regulated environments [4] Regulatory Environment - The scarcity of stablecoin licenses in Hong Kong may increase their value, similar to the experience with virtual bank licenses [6] - Over-regulation could stifle innovation and push issuers to less regulated regions, potentially limiting the value of licenses [6] Application Scenarios - The most promising application scenarios for licensed stablecoin issuers include cross-border payments and decentralized finance (DeFi), due to their scalability and cost-effectiveness [7] - Cross-border payments are highlighted as the most certain application, with USDC significantly reducing transaction times and costs compared to traditional methods [7] Impact on Financial Institutions - Traditional financial institutions, particularly banks, may face revenue restructuring as stablecoins could replace some cross-border payment services [9] - Stablecoins enhance financial inclusion, especially in developing regions, while market power may concentrate among compliant institutions due to regulatory barriers [10] Future Trends - The emergence of multi-currency and multi-asset stablecoins could lead to a digital currency exchange rate system, potentially replicating international monetary dynamics [11] - The dominance of the US dollar in stablecoins may persist unless non-dollar stablecoins achieve significant scale, with central bank digital currencies (CBDCs) adding complexity to the competitive landscape [11]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 DL HOLDINGS GROUP LIMITED 德林控股集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1709） 自願性公告 與ASSETO FINTECH LIMITED 戰略合作之諒解備忘錄 戰略合作諒解備忘錄 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年6月30日，本公司與 Asseto Fintech Limited（「Asseto」）訂立一份戰略合作（「戰略合作」）諒解備忘 錄（「諒解備忘錄」）。本集團將與Asseto建立戰略合作夥伴關係，攜手在亞洲市 場共同探索並開發真實世界資產（「RWA」）的代幣化解決方案，並推動採納合 規數字資產產品與服務，包括穩定幣應用及去中心化金融（「DeFi」）整合。 1 訂約方擬在以下關鍵領域展開合作： 諒解備忘錄項下擬進行的交易為訂約方就擬議戰略合作達成的初步共識，仍 需由訂約方進一步協商並簽立 ...

Core Insights - Sun Yuchen delivered a speech on "Driving Decentralized Finance Scale with Stablecoins" at Istanbul Blockchain Week (IBW2025), highlighting TRON's latest achievements in the stablecoin ecosystem [1][3] - The dual approach of compliant stablecoin USD1 and decentralized stablecoin USDD is creating a comprehensive stablecoin ecosystem, providing diverse financial infrastructure for global Web3 users [1][4] Group 1 - USD1, issued by World Liberty Financial, has been natively minted on TRON, backed by 100% USD assets and short-term U.S. Treasury bonds, showcasing high standards of security, transparency, and compliance [3] - USD1's choice of TRON as its primary issuance platform is due to TRON's high throughput, low cost, and reliable on-chain performance, along with Sun Yuchen's influence in global blockchain policy [3] - USDD has rapidly expanded, with total locked value surpassing $400 million, making it one of the leading decentralized stablecoins globally [3] Group 2 - The integration of USD1's compliance and USDD's on-chain governance reflects TRON's mature capabilities in technology integration and scenario deployment [4] - Sun Yuchen emphasized that a single form of stablecoin cannot meet the diverse market demands, advocating for a financial system that accommodates various types of digital assets [4] - TRON is evolving from a traditional public chain platform to a core hub of global digital financial infrastructure, aiming to enhance the usability, security, and compliance of its stablecoin system [4]

2025年6月24日，万事达宣布与Chainlink（区块链预言机网络，旨在弥合链下数据与链上智能合约 之间的差距）建立战略合作伙伴关系。有分析认为，这意味着传统支付网络正主动上"链"，在不拆 解合规架构的前提下，将 DeFi（去中心化金融）纳入自身轨道。 现在，一个用户无需理解区块链即可体验链上经济价值、推动Web3.0（基于区块链去中心化的第 三代互联网）从"极客工具"向"大众金融基础设施"转型的支付裂变时刻已至。 金融业正在经历"链改"而非"被颠覆"，最终是否会形成一种 混合型金融服务生态：底层是区块链技术作为新金融基础设 施；中间层是合规框架下的加密资产纳入主流体系；应用层则 由传统金融机构主导。 作者：欧阳晓红 封图：图虫创意 想 象 一 下 ： 2025 年 的 夏 天 ， 在 纽 约 一 家 咖 啡 馆 ， 一 位 年 轻 的 软 件 工 程 师 用 手 中 的 万 事 达 （Mastercard）信用卡轻轻一刷，购买了0.25枚以太坊。他既没有登录加密货币交易平台Binance 或Coinbase，也无需复制粘贴复杂的钱包地址，只是在一个名叫Swapper Finance（兑换者金融） 的小程 ...

Core Insights - Mastercard is transforming the payment landscape by enabling users to purchase cryptocurrencies directly using their credit cards through a new service called Swapper Finance, in partnership with Chainlink [1][2][3] - This collaboration signifies a shift where traditional payment networks are integrating decentralized finance (DeFi) without dismantling existing compliance structures [1][5] Group 1: Strategic Partnerships - Mastercard has partnered with major cryptocurrency platforms like MetaMask, Crypto.com, and Kraken, allowing users to spend stablecoins at 150 million merchants globally [2][3] - The partnership with Chainlink aims to provide a secure bridge between off-chain data and on-chain smart contracts, facilitating seamless transactions [3][4] Group 2: User Experience and Accessibility - Users can now purchase cryptocurrencies like Bitcoin and stablecoins directly from decentralized exchanges (DEX) using their Mastercard, simplifying the process that previously required multiple steps [3][6] - The new system allows for a straightforward transaction process: input card number, select amount, and confirm payment, making it accessible to a broader audience [7][8] Group 3: Regulatory and Compliance Framework - The collaboration emphasizes compliance, consumer protection, and transparency, ensuring that on-chain activities are visible and off-chain identities are compliant [6][9] - The integration of stablecoins into mainstream payment channels represents a significant step towards bridging traditional finance and decentralized finance [5][10] Group 4: Future Implications - The partnership may signal a new era in digital currency competition, focusing on ecosystem connectivity rather than just payment efficiency [9] - The evolving landscape suggests a potential hybrid financial ecosystem where traditional financial services leverage blockchain technology for enhanced functionality [10]

Core Insights - The cryptocurrency industry experienced significant growth in Q1 2024, continuing the momentum from Q4 2023, with a total market capitalization reaching $2.8 trillion, a 64.5% increase from the previous quarter [1][2][10]. Overall Market - The total cryptocurrency market capitalization surged by $1.1 trillion in Q1 2024, nearly double the previous quarter's increase, with an average daily spot trading volume of $109.2 billion, up 45.4% [2][16]. - Bitcoin maintained its dominant position with a market share of 49.4%, while Solana and BNB showed notable growth in market share, increasing by 0.7% and 0.5% respectively [2][18]. - The top 15 stablecoins saw a total market capitalization increase of $20.6 billion, with Ethena's USDe emerging as a new focus in the industry [2][23]. Head Assets - Bitcoin reached a historical high of $73,098 during the quarter, closing at $71,247, marking a 69% increase, driven by the approval of the U.S. spot Bitcoin ETF and its perceived scarcity [4]. - Ethereum's price rose to $4,000, closing at $3,507, with a 59.9% increase, supported by significant upgrades and increased transaction volumes on Layer 2 networks [5]. - Solana's token price doubled to over $200, with a 100.1% increase, largely fueled by the meme coin craze within its ecosystem [6]. Sector Trends - The industry narrative in Q1 2024 focused on three main areas: artificial intelligence (AI), meme coins, and real-world assets (RWA), capturing over one-third of market attention [3]. - Decentralized finance (DeFi) saw a 49.1% increase in total market capitalization, although its market share slightly declined due to the influx of funds into Bitcoin and meme coins [7]. - The NFT market rebounded with a 51.5% increase in trading volume, reaching $4.9 billion, with Ethereum still leading but facing competition from Bitcoin and Solana [8]. Trading Platforms - Centralized exchanges (CEX) and decentralized exchanges (DEX) both showed strong performance, with the top 10 CEXs achieving a total trading volume of $4.3 trillion, the highest since Q4 2021 [9]. - The perpetual contract market also reached historical highs, with the top 10 perpetual CEXs recording a trading volume of $13.5 trillion [9]. Industry Outlook - The cryptocurrency industry is expected to continue its growth trajectory, driven by traditional financial institutions entering the market, technological innovations, and the expansion of applications such as meme coins and NFTs [10].

Summary of Conference Call on Stablecoins Industry Overview - The discussion revolves around the **stablecoin** industry, particularly focusing on **USD stablecoins** and their implications in the global financial system [2][4][6]. Key Points and Arguments Definition and Characteristics of Stablecoins - Stablecoins are private currencies pegged to fiat currencies, primarily designed to maintain stable value [6]. - USD stablecoins, such as USDT and USDC, account for over **90%** of the total stablecoin market capitalization [6]. - The operational model of stablecoins resembles that of **narrow banking**, where they hold low-risk, high-liquidity assets to ensure redemption [12]. Demand and Supply Dynamics - The supply of stablecoins is highly elastic and primarily driven by demand, as they do not pay interest [22]. - The market capitalization of USD stablecoins surged from several billion in 2020 to over **$220 billion** by Q1 2025, representing **99.8%** of fiat-pegged stablecoins [23]. Economic Implications - Stablecoins offer lower transaction costs, particularly in **cross-border payments**, compared to traditional banking systems [17][20]. - The demand for stablecoins is influenced by factors such as the need for liquidity in high-inflation economies and the convenience they provide in crypto trading [26][29]. Regulatory Landscape - The U.S. government, under the Trump administration, has shown interest in promoting USD stablecoins while opposing central bank digital currencies (CBDCs) [4]. - The European Central Bank (ECB) is exploring the introduction of a digital euro to counter the rise of stablecoins [4]. - Hong Kong has passed regulations allowing licensed institutions to issue fiat-pegged stablecoins, indicating a growing regulatory framework [4]. Risks and Challenges - Stablecoins face inherent risks, including potential loss of peg and lack of regulatory oversight compared to traditional banking systems [36][37]. - The reliance on private institutions for issuing stablecoins raises concerns about their safety and stability, especially during market volatility [36][39]. Future Prospects - The growth potential of stablecoins is closely tied to the status of the USD as the world's primary reserve currency [31]. - Stablecoins may enhance the dollar's international role, but they also pose challenges to monetary policy and financial stability in other countries [35][49]. - The development of a robust regulatory framework is essential to balance innovation with the need for financial stability and consumer protection [47][48]. Strategic Recommendations - China should leverage its digital payment platforms like WeChat Pay and Alipay to enhance cross-border payment capabilities, utilizing the strengths of its large economy [49][50]. - Hong Kong could serve as a testing ground for RMB stablecoins, balancing innovation with regulatory oversight [50]. Other Important Insights - The discussion highlights the dual nature of stablecoins as both a technological innovation and a financial instrument, with implications for monetary policy and international finance [8][10]. - The potential for stablecoins to facilitate underground economic activities and regulatory arbitrage raises significant concerns for global financial stability [27][32]. This summary encapsulates the key discussions and insights from the conference call regarding the evolving landscape of stablecoins and their implications for the global economy and regulatory frameworks.

36氪财经 . 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 A股新晋高弹性投资机会。 以下文章来源于36氪财经 ，作者丁卯 郑怀舟 文 ｜ 丁卯 编辑 ｜ 郑怀舟 来源｜ 36氪财经（ID：krfinance） 封面来源 ｜ 视觉中国 本周，受益于海外中东局势降温以及国内供给端金融支持消费政策等利好的催化，市场风险偏好显著回暖， A 股迎来强势反弹， 大盘指数突破 3400 点整数关口，其他关键指数也迎可观涨幅。具体来看，周内，上证综指收涨 1.91% ；深证成指收涨 3.73% ； 沪深 300 收涨 1.95% ；创业板指收涨 5.69% ；中证 1000 指数收涨 4.62% ；科创 50 收涨 3.17% 。 从具体表现上，在上半周情绪回暖带动下指数迎来快速上涨，实现"三连阳"，但下半周，受部分获利了结影响，波动性有所加 剧。不过整体市场成交仍维持在 1.5 万亿之上，显示资金活跃度较高，市场情绪乐观。 从板块来看，本周 31 个申万行业中 25 个实现上涨，涨幅前三为非银金融、计算机和通信；石油石化、煤炭、交通运输表现最 差。概念板块方面，炒股软件、金融科技、光模块和稳定币等板块录得较好 ...