Group 1 - Bullish officially listed on the New York Stock Exchange on August 13, with an initial price of $37, raising $1.1 billion, and saw a first-day closing price of $68, representing an 83.78% increase and a market capitalization rise from $5.4 billion to $9.94 billion [2] - The company is led by former NYSE president Tom Farley and supported by Peter Thiel, positioning itself as an "institutional-grade crypto exchange" that integrates decentralized finance protocols with centralized security systems [2] - Bullish's trading platform has achieved a cumulative trading volume of over $1.25 trillion since its launch in 2021, with an average daily trading volume of $2.6 billion, primarily serving quantitative and hedge funds [2] Group 2 - The successful listing of Bullish coincides with favorable conditions, including supportive policies from the Trump administration and the recent signing of the "Genius Act," which boosts the crypto industry [3] - Institutional investor interest was significant, with Bullish's subscription rate exceeding 20 times, leading to an increase in the offering price range, and notable commitments from BlackRock and ARK Invest totaling $200 million [3] - Bullish's asset reserves, including 24,300 Bitcoins and 12,600 Ethereums, along with cash and stablecoins valued at over $3.4 billion, provide a solid foundation for its valuation [4]

Core Viewpoint - The rise of stablecoins has led to an increase in financial scams, with platforms like "Xin Kang Jia" using stablecoins as a facade for Ponzi schemes, attracting over 2 million investors and involving more than 10 billion yuan [1][2]. Group 1: Nature of the Scam - "Xin Kang Jia" presents itself as a legitimate investment platform by claiming to be a Chinese branch of the Dubai Gold and Commodities Exchange (DGCX), promising unrealistic returns of 1% daily, equating to an annualized return of 365% [2]. - The platform requires investors to convert their yuan into Tether (USDT) before depositing, creating an illusion of cross-border asset allocation and enhancing its credibility [2][3]. - The scam operates by leveraging the popularity of stablecoins, blurring the lines between payment and investment attributes, and enticing investors with high returns [2][3]. Group 2: Regulatory Challenges - Many of these scams, including "Xin Kang Jia," utilize stablecoins to bypass traditional financial regulations, making it difficult for authorities to track and recover funds [4][7]. - The lack of regulatory oversight in mainland China allows these platforms to operate illegally, with warnings issued by various local financial authorities regarding the risks associated with stablecoins [7][8]. - The scams have increasingly spread to lower-tier cities and rural areas, where residents have limited understanding of stablecoins and blockchain technology, making them more susceptible to fraud [6][7]. Group 3: Investor Behavior and Market Trends - Investors are often driven by greed and misinformation, leading them to participate in these schemes despite the risks involved [5][8]. - The narrative surrounding stablecoins is often manipulated to present them as innovative financial products, attracting a wide range of investors, including the elderly [6][8]. - The ongoing trend indicates that future scams will become more sophisticated, utilizing advanced technology and exploiting regulatory gaps globally [8].