Core Insights - The MYBW 2025 event in Kuala Lumpur highlighted the advancements and future directions in the Web3 sector, with a focus on Openverse's innovative Layer0 infrastructure aimed at creating a value internet [1][3]. Group 1: Openverse's Innovations - Openverse aims to simplify value transmission akin to sending emails, addressing industry pain points with a novel cross-chain technology that eliminates traditional bridging methods, ensuring seamless and secure asset and data flow across blockchains [4]. - The project has introduced a comprehensive protocol system for digital asset issuance, including VRC-10 for decentralized stablecoins, VRC-11 for enterprise value transfer, and VRC-12 for tokenizing real-world assets, enhancing liquidity and integration between traditional and digital economies [5]. Group 2: Technical Performance - Openverse boasts impressive technical capabilities, achieving over 300,000 transactions per second (TPS) and a final confirmation time of just 380 milliseconds, significantly improving user experience while maintaining low transaction costs of $0.000005 [8]. - The hybrid consensus mechanism of DPoS+PoH ensures decentralization while enhancing network security and efficiency, supported by native IBC standards for cross-chain communication [8]. Group 3: Ecosystem Development - Openverse is actively expanding its global ecosystem through partnerships with various first-layer blockchain projects and payment institutions, enhancing payment efficiency and fostering developer community engagement [9]. - With the launch of its testnet, over 100 developer teams are exploring innovative applications on Openverse, and a mainnet public test is expected to commence this year, featuring collaborations in Southeast Asian cross-border payments and European real estate tokenization [9].

Core Insights - The global financial landscape in 2025 is characterized by intense competition over stablecoins, driven by regulatory developments and the involvement of major financial and tech players [3][8][21] - Stablecoins, once seen as a niche product, are now central to discussions about monetary power and financial market restructuring, with significant profit potential for issuers [4][6][22] Regulatory Developments - The U.S. Senate passed the "GENIUS Act" on June 17, 2025, establishing strict regulations for stablecoins, including a 100% reserve requirement and mandatory transparency [10][11] - The EU's MiCA regulation, effective December 30, 2024, imposes stringent requirements on stablecoins, including a 1:1 liquidity reserve and banning algorithmic stablecoins [12] - Hong Kong's "Stablecoin Ordinance" came into effect on May 30, 2025, marking the beginning of licensed operations for stablecoin issuers [13] Market Dynamics - Major financial institutions like JPMorgan and BlackRock are actively entering the stablecoin market, with JPMorgan's blockchain platform processing over $20 billion daily and BlackRock's BUIDL fund capturing 40% of the tokenized U.S. Treasury market [15] - Tech giants such as JD.com and Ant Group are also positioning themselves in the stablecoin space, aiming to reduce cross-border payment costs significantly [16] - The involvement of political figures, such as the Trump family launching a stablecoin, adds a new dimension to the competitive landscape [17] Financial Implications - The stablecoin market is projected to generate substantial profits, with Tether's market cap at $155.7 billion and a net profit of $13 billion in 2024, indicating its significant role in the U.S. Treasury market [6] - The total transaction volume of stablecoins surpassed $27.6 trillion in 2024, exceeding that of Visa and Mastercard combined, highlighting their growing importance in global payments [19][20] Future Outlook - The evolution of stablecoins is seen as a potential revolution in payment systems and asset tokenization, with implications for various asset classes [21] - The competitive landscape is expected to intensify as demand for stablecoins grows, driven by their utility in facilitating transactions and their role as a bridge between fiat and cryptocurrencies [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 emergence of cross-chain technology is breaking down barriers in the blockchain ecosystem, enabling asset interoperability and data recognition across different chains [1][3][4] Group 1: Challenges in Blockchain Ecosystem - The blockchain ecosystem faces three core challenges: asset fragmentation, data barriers, and ecological isolation, which hinder collaboration and user experience [3] - Bitcoin cannot participate in Ethereum's DeFi ecosystem, leading to isolated liquidity pools [3] - Logistics information on one chain cannot be directly trusted by another, reducing enterprise collaboration efficiency [3] - Users are forced to switch between multiple wallets and chains, resulting in a fragmented experience [3] Group 2: Cross-Chain Technology Mechanisms - Cross-chain technology employs four core mechanisms for secure inter-chain interactions: notary model, atomic swap technology, relay hub architecture, and light node verification [3] - The notary model involves third-party nodes validating cross-chain transactions, offering simplicity and efficiency [3] - Atomic swap technology enables trustless asset exchanges through hash time-locked contracts [3] - Relay hub architecture connects heterogeneous blockchains via dedicated verification chains [3] - Light node verification allows the target chain to independently verify the source chain's state [3] Group 3: Applications of Cross-Chain Technology - Cross-chain technology is reshaping blockchain application scenarios, including financial infrastructure, metaverse access, enterprise collaboration networks, and digital identity verification [4] - Users can invest Bitcoin into Ethereum lending protocols without conversion, accelerating global liquidity integration [4] - NFT digital art can be minted on Polygon and used in games on the Flow chain, dissolving value boundaries [4] - Cross-border trade benefits from the interoperability of credit data on alliance chains and bill of lading information on public chains [4] - On-chain educational certificates can be cross-verified, becoming valuable assets in the job market [4] Group 4: Key Challenges Ahead - The development of cross-chain technology still faces critical challenges, including security measures, performance bottlenecks, and standardization [4][6] - In 2022, cross-chain bridge attacks resulted in losses exceeding $2 billion, highlighting the need for zero-trust verification mechanisms [4] - Balancing relay chain verification efficiency with decentralization remains a significant hurdle [4] - Achieving interoperability among protocols like IBC and CCIP is essential for establishing a common language [4] Group 5: Future Outlook - Successful implementations of cross-chain technology, such as electronic invoice recognition between tax and court chains, demonstrate its potential [6] - Cross-chain platforms have significantly reduced verification times for shipping documents, showcasing efficiency improvements [6] - Cross-chain technology serves as a connector for assets, data, functions, and ecosystems, allowing each chain to maintain its uniqueness while sharing network benefits [6] - The integration of technologies like zero-knowledge proofs and secure multi-party computation is paving the way for a "connected world" where value flows freely and trust is easily established [6] - The ultimate vision for blockchain will be shaped by advancements in cross-chain technology [6]