Core Viewpoint - The article discusses the increasing influence of cryptocurrencies in the political arena, particularly highlighting the support from Republican presidential candidate Donald Trump during the 2024 U.S. elections. The shift in cryptocurrency policy aims to boost the U.S. economy, address government debt issues, and solidify the U.S. position in the global cryptocurrency and blockchain landscape, with anticipated impacts on the international monetary system, financial markets, and regulatory frameworks [1][5][36]. Group 1: Cryptocurrency's Political Influence - The influence of cryptocurrencies has permeated the political domain, especially evident in the 2024 U.S. elections, where both Democratic and Republican teams have shown friendliness towards pro-cryptocurrency lobbying groups [5][6]. - Trump's policy shift towards supporting cryptocurrencies marks a significant turnaround from his previous negative stance, reflecting the growing political and economic importance of the cryptocurrency sector [10][14]. Group 2: Trump's Cryptocurrency Policy Evolution - Trump's attitude towards cryptocurrencies has evolved through three main phases: initial opposition during his first term, a subtle shift in 2022-2023, and a full embrace of cryptocurrency during the 2024 election campaign [11][13][14]. - The introduction of Trump's digital trading cards in late 2022 marked a turning point, leading to a more pragmatic approach towards cryptocurrencies [13][14]. Group 3: Economic and Regulatory Implications - The anticipated "cryptocurrency new policy" under Trump's second term includes appointing pro-cryptocurrency officials and establishing a more favorable regulatory environment for the industry [15][16][20]. - The U.S. government aims to support the development of stablecoins and integrate cryptocurrencies into the existing financial system, which could enhance the dollar's dominance as a reserve currency [20][21][32]. Group 4: Global Financial Order Impact - Trump's cryptocurrency policy is expected to have significant implications for the international monetary system, potentially redefining the role of cryptocurrencies as reserve assets and impacting cross-border payment systems [36][37]. - The policy may also challenge the monetary sovereignty of many countries, particularly developing nations, by promoting the use of stablecoins and cryptocurrencies [39][40]. Group 5: Regulatory Challenges and Cooperation - The rise of cryptocurrencies presents challenges to global financial regulation, necessitating enhanced international cooperation to address issues such as regulatory arbitrage and the risks associated with illicit activities [42][48]. - There is a pressing need for a global regulatory framework for stablecoins and coordinated efforts to manage the cross-border flow of cryptocurrencies [48][49].

Core Insights - TRON has achieved significant breakthroughs in blockchain infrastructure, application ecosystem, and industry integration during Q1 2025, surpassing analyst expectations in both technological iteration speed and ecosystem expansion [1][8] - The strategic collaboration led by founder Justin Sun focuses on optimizing value transfer efficiency, redefining the value transmission mechanism of blockchain technology [1][8] Group 1: Strategic Collaborations and Innovations - TRON has formed strategic partnerships with leading institutions, enhancing its ecosystem service capabilities, including improved trading efficiency and liquidity support through collaboration with Wintermute [3] - The integration of compliance technology with T3 FCU has upgraded security by enabling real-time monitoring of suspicious transactions [3] - TRON's smart contract system optimizations have significantly improved network performance, while the introduction of a dynamic allocation mechanism in its smart wallet enhances resource distribution and cost optimization [3] Group 2: Market Trends and Performance Metrics - The circulation data of stablecoins in the blockchain industry indicates a significant trend, with TRON's USDT circulation surpassing key thresholds and achieving double-digit growth on a month-over-month basis [5] - TRON's on-chain account base has exceeded 300 million, with total on-chain transactions crossing the 10 billion mark, reflecting stable growth and the long-term synergy of technological iteration and ecosystem development [6] Group 3: Industry Integration and Future Plans - TRON is accelerating the integration of blockchain technology with various industries, collaborating with leading enterprises to build a multi-industry application ecosystem [6] - The development plan disclosed by Justin Sun emphasizes continuous optimization of underlying protocol architecture and the exploration of blockchain applications in sectors such as healthcare data management and government process optimization [8]

阿根廷作为拉丁美洲第三大经济体，近年来面临严重的货币贬值与通胀压力。与此同时，阿根廷电商市 场规模以年均27%的速度增长（数据来源：阿根廷电子商务协会），数字化需求与滞后的支付基础设施 形成鲜明矛盾。 在此背景下，阿根廷头部电商平台Kripton宣布与全球领先的区块链组织波场TRON达成战略合作。由波 场TRON创始人孙宇晨全力助推，旨在通过区块链技术重构支付底层架构，大幅提高阿根廷数字支付覆 盖率，并降低中小商户的支付成本。 当然，合作不止于技术输出，更着眼于金融服务的全链路重构。除了技术融合，双方还联合推出的"普 惠金融加速器"计划。基于区块链不可篡改特性，该计划为中小企业建立信用画像，将融资审批周期从 十几天压缩至几小时。并通过智能合约实现应收账款的自动化拆分与流转，使核心企业账期大大缩短。 在数字身份系统建设上，为百万无银行账户用户创建可验证数字身份，打通水电缴费、社保查询等民生 服务通道。这种"技术+场景"的深度融合，正在重塑拉美中小企业的生存法则。 技术融合重构支付基础设施 由波场TRON定制开发的"闪电支付通道"系统是双方合作的核心，目的在于以技术创新夯实阿根廷支付 基础。其采用混合架构设计，在 ...

Core Insights - The rise of cross-border e-commerce is a significant trend in international trade, driven by global digitalization, and 2025 will be a pivotal year for newcomers in this sector to adopt the right strategies for success [1] Group 1: Platform Selection - Choosing the right platform is crucial for newcomers in cross-border e-commerce, with Amazon being a top choice due to its vast traffic, extensive user base, and comprehensive support services [3] Group 2: Policy Collaboration - Governments worldwide are implementing policies to promote the growth of cross-border e-commerce, creating a favorable policy environment by 2025 [4] Group 3: Technological Empowerment - Rapid technological advancements will provide unprecedented opportunities for cross-border e-commerce, making technology a core element for enhancing competitiveness by 2025 [5] Group 4: Tax Policies - Many countries are offering tax incentives for cross-border e-commerce, such as tax exemptions or reduced rates on exported goods, which lowers operational costs and enhances price competitiveness in international markets [6] - Simplified tax collection processes for small imports are also stimulating the growth of cross-border e-commerce [6] Group 5: Customs Facilitation - Customs facilitation policies, including the digitalization and automation of customs processes, are essential for the development of cross-border e-commerce, with priority inspections and rapid release measures for qualifying businesses [6] Group 6: Financial Support - Financial support policies are addressing funding challenges for cross-border e-commerce companies, encouraging financial institutions to innovate products and services, and enhancing cross-border payment efficiency [6] Group 7: Technological Applications - The application of big data and artificial intelligence in cross-border e-commerce is increasing, allowing companies to gain insights into market trends and consumer demands through data analysis [7] - Blockchain technology is enhancing trust in cross-border e-commerce by providing a decentralized, immutable, and traceable system for transaction information among various stakeholders [7]

在区块链技术持续演进的当下，孙宇晨主导的波场TRON生态持续吸引全球目光。该公链近期在监管合 规框架搭建与底层技术突破方面取得双重进展，其创新模式引发国际资本市场的深度讨论。这种多维突 破不仅验证了孙宇晨对行业趋势的精准判断，更凸显其构建数字金融基础设施的战略眼光。 TRC20-USDT的全球扩张得益于其在拉美、中东等地形成的深度应用基础，已成为当地用户高频支付场 景的重要工具。波场网络通过优化交易体验构建的支付生态系统，为新兴市场用户提供了规避传统金融 摩擦的替代方案。该稳定币凭借低手续费和即时到账特性，正在推动加密货币从虚拟空间向现实经济场 景的实质性渗透。 孙宇晨深耕区块链领域 波场TRON生态持续扩张 孙宇晨作为波场TRON的领军人物，在区块链领域树立起鲜明的华人标杆。自2017年启动该项目以来， 他通过技术创新与用户需求洞察相结合，构建了涵盖去中心化金融、数字藏品、稳定币及虚拟世界等多 元场景的开放生态体系。2025年4月公布的3亿用户规模突破，不仅验证了该公链在底层架构与社区运营 上的双重优势，更凸显其在全球数字资产普及进程中的战略价值。这种以技术驱动生态扩张的模式，正 在重新塑造区块链技术从实验 ...

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，概不對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。 （股份代 號：399） 自願公告 有關潛在合作的 諒解備忘錄 本公告乃由本公司自願作出。 董事會欣然宣佈，於二零二五年五月六日（聯交所交易時段後），本公司已與 Conflux訂立諒解備忘錄，內容有關本公司有意就Conflux區塊鏈的相關基礎設 施及共通關鍵技術與Conflux深入合作，包括但不限於創新技術研發、應用場 景探索及潛在股權合作。 潛在合作須待本公司與Conflux訂立正式協議後方可作實。因此，潛在合作可 能或未必會進行。本公司將根據上市規則適時刊發公告。股東及本公司潛在 投資者於買賣本公司股份時務請審慎行事。 – 1 – INNOVATIVE PHARMACEUTICAL BIOTECH LIMITED 領航醫藥及生物科技有限公 司 （於開曼群島註冊成立並於百慕達存續之有限公 司） 緒言 茲提述本公司日期為二零二五年四月二十五日之公告，內容有關本公司擬擴 充業務至區塊鏈技術。 董事會欣然宣佈 ...

Group 1 - The core business of the company includes digital medical insurance, digital healthcare, digital social security, digital technology, and digital services [1] - The company has received several awards for its achievements in blockchain technology and digital health initiatives, including the FISCOBCOS Open Source Ecological Excellence Contribution Award and recognition at the 2023 Digital China Summit [1] - As of the first quarter of 2025, the company reported a revenue of 59.36 million yuan, a year-on-year increase of 21.49%, but a net loss of approximately 26.26 million yuan, representing a year-on-year decline of 34.59% [2] Group 2 - The company's latest closing price was 4.07 yuan, with a market capitalization of 1.75 billion yuan and a price-to-book ratio of 6.14 [1] - The company has only one institutional investor holding a total of 69.67 million shares, valued at approximately 29.4 million yuan [1] - The company's sales gross margin stands at 48.01% [2]

Core Viewpoint - The increasing importance of digital assets among young people necessitates a legal framework that integrates technology and regulations to protect digital inheritance rights [1][2][3]. Group 1: Digital Inheritance Trends - The number of young individuals aged 18-30 creating wills has increased by 300% over the past five years, with 21.5% of post-90s and 19.7% of post-00s including digital assets in their wills, significantly higher than the 12.7% of post-80s [1]. - Digital inheritance encompasses both economic assets like virtual currencies and digital art, as well as personal information such as social media accounts and chat records, reflecting a dual nature of property and personal identity [2]. Group 2: Legal Framework and Protection - Legal clarity is essential for the ownership of digital assets, ensuring that users can transfer their rights through wills or statutory inheritance, thus respecting user wishes and protecting heirs' rights [3]. - The EU's Digital Single Market Copyright Directive serves as a model for distinguishing between inheritable property and personal rights, providing a framework for managing digital inheritance [3]. Group 3: Legislative Improvements - Current laws do not explicitly include digital assets, leading to uncertainty in judicial practices; thus, a comprehensive legal framework is needed to define digital inheritance, inheritance rules, and platform responsibilities [4]. - Establishing a national digital inheritance database using blockchain technology can enhance the management and traceability of digital assets, while a cross-departmental coordination body can address complex issues related to digital inheritance disputes [4]. Group 4: Technological Integration - Blockchain technology offers a decentralized, immutable, and traceable solution for protecting digital inheritance, ensuring the authenticity and longevity of digital assets [5]. - The integration of digital identity verification systems can further secure the inheritance process, minimizing legal disputes arising from identity issues [5]. - A dual protection system combining legal frameworks and technological innovations is essential for safeguarding digital legacies in the digital age [5].

Core Viewpoint - The submission of the S-1 filing by Canary Capital Group to the SEC for the Canary Staked TRX ETF marks a significant step for the TRON native token TRX in integrating into the global mainstream financial market, allowing ordinary investors to indirectly invest in TRX through the stock market [1][2][3] Group 1: TRX ETF Application Background - The Canary Staked TRX ETF aims to provide traditional investors with a convenient and secure investment channel for TRX, incorporating the staking mechanism to generate additional returns [5] - The ETF will directly hold TRX tokens, with its net asset value (NAV) referencing TRX price benchmarks from CoinDesk Indices, ensuring pricing transparency and market consistency [5] - The application reflects a broader trend of cryptocurrency ETF approvals, with the SEC having received numerous applications for various altcoin ETFs, indicating a deep integration of crypto assets with traditional financial systems [6][7] Group 2: Market and Regulatory Context - The approval of Bitcoin and Ethereum ETFs has significantly increased investor interest in cryptocurrency ETFs, prompting institutions to explore the potential of this market [6] - The regulatory landscape has shifted, with recent policies under the Trump administration facilitating the emergence of altcoin ETFs, thus accelerating the integration of cryptocurrencies into mainstream finance [6][7] Group 3: TRON's Position and Growth - TRX's acceptance by traditional financial institutions highlights its status as a mainstream crypto asset, with TRON's founder, Justin Sun, recently featured on the cover of Forbes, marking a milestone for the crypto industry [8] - TRON has established itself as a significant player in the global payment and settlement network, with over 300 million user accounts and a transaction volume projected to reach 9.3 billion in 2024, reflecting a 34% annual growth rate [10][11] - The total revenue for TRON's protocol reached $2.12 billion, doubling from the previous year, showcasing its robust growth trajectory [10][11] Group 4: Ecosystem and Technological Advancements - TRON's blockchain has surpassed $70 billion in stablecoin issuance, with daily settlement volumes exceeding $30 billion, indicating its strong position in the crypto ecosystem [11] - The TRON ecosystem encompasses various sectors, including DeFi, NFTs, and GameFi, attracting developers and enhancing its overall vitality [11] - Recent collaborations, such as with Argentina's e-commerce platform Kripton and Tether, aim to build a new local financial infrastructure, showcasing TRON's commitment to expanding its influence in emerging markets [11][12] Group 5: Vision and Future Aspirations - Justin Sun envisions TRON as a foundational pillar of global fintech, aiming to increase daily transaction volumes significantly and expand its applications in cross-border payments and supply chain finance [14][17] - The TRX ETF process illustrates the intersection of technological revolution and institutional evolution, positioning TRON as a key player in the reconfiguration of the new financial order [21]

Core Viewpoint - The development of blockchain ETFs faces unique and complex technical challenges due to the characteristics of blockchain technology, the volatility of the cryptocurrency market, and stringent regulatory requirements [1]. Technical Challenges - Data acquisition and processing complexity: The integration of diverse data sources from numerous exchanges and data providers presents significant challenges in data standardization and accuracy [3][4]. - Security and asset custody: Ensuring the security of crypto assets is paramount, necessitating integration with secure custody solutions and robust private key management [4]. - Integration with traditional financial systems: The ETF software must seamlessly interface with existing financial infrastructure, including brokers and clearing institutions [4]. - Challenges inherent to blockchain technology: The maturity and stability of blockchain technologies can vary, requiring careful selection and risk management strategies [3][4]. Data Management - Multi-source data integration: The need for stable, accurate, and real-time data collection and processing from various sources is critical for ETF operations [4]. - Data standardization and accuracy: The lack of unified data standards complicates data cleaning and validation, which is essential for net asset value calculations and risk management [4]. - High-frequency and real-time requirements: The near-24/7 trading nature of the cryptocurrency market demands high-performance systems capable of real-time updates and net asset value calculations [4]. Security Measures - Custody of crypto assets: The software must integrate with secure custody solutions to protect against theft and cyberattacks [4]. - Smart contract risks: The potential vulnerabilities in smart contracts necessitate strict auditing and monitoring mechanisms [4]. - Network security: Building a robust security framework to protect against ongoing threats such as DDoS and phishing attacks is essential [4]. Compliance and Reporting - Regulatory compliance: The software must include comprehensive compliance checks and reporting features to meet KYC and AML requirements [4]. - Transaction and settlement integration: Accurate transaction processing and settlement with market makers and exchanges are crucial for smooth ETF operations [4]. Market Dynamics - Market volatility and liquidity management: The software must address the challenges posed by market volatility and ensure effective liquidity management to support trading decisions [5][6]. - Network congestion and high fees: The potential for network congestion during high transaction volumes can impact ETF operations, necessitating optimization strategies [6]. - Net asset value calculation and tracking error: The software must employ sophisticated algorithms to manage price volatility and maintain the relationship between ETF prices and underlying asset values [6].