Investment Rating - The report does not explicitly provide an investment rating for the stablecoin industry Core Insights - The US Congress is developing regulations to promote the sound development of stablecoins, reflecting strong support from the Trump administration for crypto assets and aiming to maintain the US dollar's dominance as the world's currency [2][5][6] - The GENIUS Act establishes a regulatory framework for stablecoins, requiring issuers to maintain reserve assets and disclose information about their reserves [4][7][8] - The stablecoin market is projected to expand significantly, potentially reaching $2 trillion by the end of 2028, driven by the demand for USD-pegged stablecoins [15][17] Summary by Sections Regulatory Developments - The US Senate passed the GENIUS Act, which aims to create a regulatory framework for stablecoins, requiring issuers to be approved by authorities and maintain reserves of highly liquid assets [4][5][7] - Issuers must disclose reserve asset information monthly, with additional requirements for those with a market capitalization exceeding $50 billion [8][9] Market Dynamics - Major US retailers and travel companies are considering issuing USD-pegged stablecoins, which could lead to competition with banks and impact their fee income from credit card transactions [11][12][13] - The current global stablecoin market is dominated by USD-pegged stablecoins, which account for over 90% of transactions [16] Economic Implications - The promotion of USD-pegged stablecoins is seen as a strategy to maintain the dollar's status as the world's reserve currency, potentially stabilizing the US Treasury bond market by increasing demand for these bonds [15][18][19] - The issuance of stablecoins could lead to increased foreign investment in US Treasuries, contributing to the stability of the dollar [20][21] Historical Context and Risks - The report draws parallels with the abandoned Libra project, highlighting potential risks associated with expanding stablecoin use for international payments [23][24][32] - Concerns exist regarding the ability of authorities to effectively supervise privately issued stablecoins and prevent financial crimes [28]

Crypto Market & Trading - Crypto's value lies in its 24/7, global market availability, highlighting a benefit over traditional financial markets, especially during geopolitical events like the Iran-Israel situation [1] - Traditional financial markets are limited by legacy technology and institutions, causing delays and restrictions compared to the continuous trading of crypto assets [2] - Tokenization of assets, such as T-Bills, creates more efficient, globally accessible, and 24/7 tradable markets [3] - The market's embrace of stablecoins like $CRCL indicates a broader trend towards asset tokenization, with major players like BlackRock, Apollo, Franklin Templeton, Coinbase, and Google participating [4] GTE's Strategy & Technology - GTE aims to provide liquid 24/7 trading for tokenized assets by converging spot and perpetual Continuous Liquidity Order Books (CLOBs) [5] - GTE's Spot CLOB, built on @megaeth_labs, offers market makers the latency and style of a centralized exchange [5] - With assets tokenized permissionlessly and markets onchain, price-feeds can derive perpetual futures without relying on oracles when traditional markets are closed [6] - GTE envisions a future where weekend price discovery occurs on its exchange as markets converge [7] - GTE's ultimate goal is to facilitate the trading of all tokenized assets globally [7][8]

SHANGHAI, May 6, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company") today announced its production update for crypto mining business in April 2025. Bitcoin Mining Update for April 2025 | Metrics | | Apr 2025 1Mar 2025 1 | | --- | --- | --- | | Number of Bitcoins produced | 470.0 | 530.1 | | Average number of Bitcoins produced per day | 15.7 | 17.1 | | Total number of Bitcoins held 2 | 2,944.8 | 2,474.8 | | Total number of Bitcoins sold 2 | - | - | | Deployed hashrate 2 | 32 EH/s | 32 EH ...

Core Insights - Cango Inc. has been included in the Bitwise Bitcoin Standard Corporations ETF, which tracks companies holding a minimum of 1,000 Bitcoins on their balance sheets, indicating recognition of its strategic pivot to Bitcoin mining [1][2] - The company has achieved significant milestones since transitioning to a capital-light Bitcoin mining model, including leading the industry in productivity with 17.81 Bitcoin per EH/s and securing a hashrate of 32 EH/s, ranking 3rd globally [2] Company Overview - Cango Inc. primarily operates a Bitcoin mining business and has expanded its operations across strategic locations including North America, the Middle East, South America, and East Africa [3] - The company has been involved in the automotive transaction service in China since 2010, aiming to simplify car purchases [3]