格隆汇8月25日丨驴迹科技(01745.HK)发布公告，近期，公司与一间位于香港的科技公司("合作方")进行 沟通，拟订立一份框架合作协议。该合作方为金山云解决方案供应商之一，在香港金融领域分销产品， 并与香港数据营运、金融市场、web3等多方面资源紧密联系。合作方已与一间受香港证券及期货事务 监察委员会监管并就虚拟资产组合管理服务提升牌照的中国金融机构合作。根据初步沟通，双方拟就以 文化及创意知识产权作为相关资产的现实世界资产代币化("RWA")产品及其他数位资产等项目进行合 作。 具体而言，(i)公司将利用其在(其中包括)世界地理人文通识教育及景区等数字内容领域的优势，为相关 项目的开发提供相关资产，并为基础平台建设提供技术支援；(ii)合作方将与其他合资格金融机构共同 开发RWA产品，并为(其中包括)RWA产品的推出、数字货币及法定货币的集资、相关资产透过交易升值 等提供专业服务；及(iii)订约双方将共同投资及营运于香港的数据中心，作为项目的基础设施。框架合 作协议成功订立后将作为公司与合作方之间战略合作的谅解备忘录。 ...

Core Viewpoint - The company is launching a global strategy to establish an AI-driven international supply chain technology platform aimed at supporting small and medium-sized enterprises (SMEs) in expanding their global market presence by providing comprehensive solutions including flexible supply chain services, financial support, currency management, and digital empowerment [1][6] Group 1: Globalization Strategy - The company will officially start its globalization layout on August 21, 2025, after establishing its international headquarters in Singapore [1] - The global strategy is built on an existing foundation of partnerships with over 30 international financial institutions and collaborations with influential regional partners in Southeast Asia [2] Group 2: AI-Driven Technology Platform - The technology platform will utilize AI Agent technology to connect with leading international enterprises, enabling real-time data capture and analysis to enhance operational efficiency and market competitiveness [3] - The platform aims to efficiently match verified supply chain funding needs with international funding sources, leveraging multi-dimensional data for better assessment models [3] Group 3: Web 3.0 Innovations - The company plans to integrate stablecoin applications for cross-border payments, significantly improving transaction speed and reducing costs compared to traditional wire transfer systems [4] - The exploration of Real World Asset (RWA) tokenization will convert quality international supply chain assets into standardized, traceable digital assets, enhancing their appeal to global institutional investors [4] Group 4: Strategic Partnerships and Talent Development - The company intends to introduce strategic partners with global resources to strengthen core ecosystem links and accelerate business expansion [5] - A global team with international vision, local industry insights, and technological research capabilities will be established to support the globalization strategy [5] Group 5: Industry Context - The company is positioned to provide robust support for the development of global supply chains and SMEs amidst deep adjustments in the supply chain and accelerated digital transformation [6]

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依賴該等內容而引致的任何損失承擔任何責任。 SY HOLDINGS GROUP LIMITED 盛業控股集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：6069） 自願性公告 啟動全球化戰略佈局－打造AI+國際供應鏈科技平台 本 公 告 乃 由 盛 業 控 股 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」或「盛 業」）自 願 作 出。 茲提述本公司於2025年7月29日 及2025年8月8日 就設立新加坡國際總部及探索 Web3.0生 態 和 穩 定 幣 創 新 應 用 場 景 刊 發 的 自 願 性 公 告。本 公 司 董 事 會（「董事會」） 進 一 步 欣 然 宣 佈，隨 著 全 球 產 業 供 應 鏈 深 度 調 整 及 數 字 化 浪 潮 席 捲 全 球 貿 易，本 集 團 在 設 立 新 加 坡 國 際 總 部 後，於2025 ...

Core Viewpoint - The article discusses the rising prominence of stablecoins and their relationship with Real World Assets (RWA), highlighting the potential for significant growth in the RWA market driven by stablecoin adoption and regulatory developments [1][3]. Summary by Sections Stablecoin Market Overview - The global stablecoin market reached a total market capitalization of $232 billion by March 2025, with USDT holding a dominant 70% market share, followed by USDC at 20% and DAI at 3% [3][4]. - Major companies like Ant Group, Xiaomi, and JD.com are accelerating their stablecoin initiatives, with JD.com planning to launch its stablecoin by Q4 2024 [3][5]. RWA and Its Growth Potential - RWA refers to the tokenization of real-world assets using blockchain technology, with a projected on-chain RWA value of approximately $15.4 billion by the end of 2024, reflecting an 80% year-over-year growth [1][3]. - Citigroup predicts that RWA could drive the blockchain industry into a multi-trillion dollar market, with the saying "everything can be RWA" in the Web3 space [1][3]. Stablecoin's Role in RWA - Stablecoins are expected to enhance the stability and liquidity of RWA transactions, allowing for easier buying and selling of RWA tokens [10][11]. - The integration of stablecoins into the RWA market is seen as a bridge connecting the Web3 economy with the real-world economy, with projections indicating that the global RWA market could exceed $16 trillion by 2030 [11][12]. Industry Developments and Collaborations - Companies like Goldman Sachs and BlackRock are actively exploring RWA applications, with various projects underway, including tokenized bonds and real estate assets [12]. - In China, Ant Group and other firms are collaborating on RWA projects, such as the first domestic RWA based on renewable energy assets, raising 100 million RMB [12][13]. Investment Opportunities - The article highlights several companies involved in the stablecoin and RWA sectors, noting significant stock price increases and institutional holdings in related firms [7][8][15]. - The potential for stablecoin legislation to accelerate RWA adoption is emphasized, with predictions of substantial market growth in the coming years [13].

Core Technology Components - The technology architecture of RWA tokenization includes five main components: blockchain ledger, smart contracts, oracles, cross-chain technology, and off-chain asset custody and verification [3][4][5][6][10][11]. Blockchain Ledger - Provides decentralized records for asset ownership, transaction history, and token data, utilizing public chains like Ethereum, Solana, Polymesh, and Avalanche, as well as consortium chains like AntChain's "two chains and one bridge" architecture [4]. Smart Contracts - Automates the processes of tokenization, trading, revenue distribution, and compliance management, with standards such as ERC-3643 for compliant tokens and ERC-721/1155 for non-fungible assets [5]. Oracles - Ensures secure transmission of off-chain asset data to on-chain, maintaining consistency between tokens and assets, with projects like Chainlink and Pyth Network providing real-time data services [6]. Cross-Chain Technology - Facilitates interoperability of assets and data across multiple chains, utilizing cross-chain bridges and protocols [8][9]. Off-Chain Asset Custody and Verification - Custody is managed by regulated entities to ensure 1:1 anchoring, with periodic audits recorded on-chain, while verification involves IoT monitoring and AI for valuation accuracy [10][11]. RWA Tokenization Process - The process includes asset assessment and digitization, tokenization through smart contracts, compliance embedding, on-chain recording and trading, and automated revenue distribution [12][13][14][15][16]. Technical Challenges - Key challenges include smart contract security requiring formal verification and auditing, real-time synchronization of off-chain asset changes, scalability issues related to high gas fees on Ethereum, and balancing privacy with compliance [17][20]. Future Trends - The integration of AI and IoT is expected to enhance pricing accuracy, while dedicated blockchains and Layer 2 solutions will improve efficiency and reduce costs [20].

Investment Rating - The industry investment rating is "Overweight" [3] Core Insights and Investment Recommendations - RWA (Real World Assets) refers to the tokenization of traditional physical assets through blockchain technology, enabling real-time trading and circulation of these assets in a digital network, addressing liquidity issues, trust deficits, and high transaction costs in traditional finance, thus presenting new opportunities for global economic and financial digital innovation [4][8] - The potential market for tokenized digital securities is projected to reach $4-5 trillion by 2030, with trade finance based on distributed ledger technology (DLT) expected to reach $1 trillion [4][8] - The report emphasizes the importance of focusing on three growth themes: blockchain + fintech, renewable energy + RWA, and cross-border payments, highlighting specific companies to watch in each category [4] Summary by Sections RWA Overview - RWA involves the conversion of traditional assets into digital tokens, facilitating online trading and addressing challenges posed by globalization [4][8] - The report outlines the diverse asset classes that can be tokenized, including real estate, private credit, government bonds, commodities, and equities [39] Business Development and Regulation - The process of RWA issuance requires compliance with regulatory frameworks, ensuring asset value, ownership, and legal status are clearly defined [4][30] - The report discusses the regulatory landscape in regions like Hong Kong and the U.S., highlighting the establishment of frameworks for virtual assets and stablecoins [47][49] Technology, Market, and Ecosystem - RWA technology is structured in three layers: core architecture, middleware, and application layer, facilitating the conversion of physical assets into tradable digital tokens [52] - The ecosystem involves various participants, including asset issuers, technology service providers, liquidity providers, compliance entities, and investors, creating a collaborative environment for RWA [9][63] - The report predicts that the global RWA market could exceed $16 trillion by 2030, driven by the increasing adoption of stablecoins and regulatory advancements [54][58]

Core Viewpoints - Stablecoins originated in the "wild" world of Web3.0, initially serving as a fiat currency pricing tool for trading cryptocurrencies. As the cryptocurrency market has grown, stablecoins have become essential tools for exchanges, DeFi, and RWA ecosystems. A key to the success of stablecoins is their ability to gain market trust, which involves their credit transmission mechanism [1] - The integration of RWA (Real World Asset tokenization) and stablecoins is seen as the next major narrative in Web3, with RWA being one of the fastest-growing sectors in the cryptocurrency market. The RWA market has surpassed $22 billion, while the stablecoin market exceeds $247 billion, positioning both as dual engines driving the cryptocurrency market [4][5] RWA and Stablecoins as Catalysts - The rapid development of RWA and stablecoins is prompting regulatory advancements. Recent legislative actions in the U.S. and Hong Kong indicate a growing regulatory framework for stablecoins, driven by the swift growth of the stablecoin and RWA markets [6] - The focus on stablecoin payments and international payments is significant, as RWA and stablecoins have established a substantial commercial ecosystem. Payment giant Stripe's acquisition of stablecoin trading company Bridge for $1.1 billion and its subsequent global payment capabilities highlight the potential for stablecoins in the payment sector [7] Investment Analysis - Continuous catalysts are present in the financial technology transformation, with upcoming events such as Circle's IPO and Hong Kong's licensing process being key points of interest [8]

Group 1 - The core point of the news is the passage of the GENIUS Act, which establishes a federal regulatory framework for stablecoins in the U.S., potentially reshaping the crypto asset market and impacting global financial systems [1][2]. - Stablecoins are defined as cryptocurrencies that are pegged to stable assets or currencies, providing a bridge between the crypto market and traditional finance, with applications in asset trading, cross-border payments, and decentralized finance (DeFi) [1][2]. - The GENIUS Act aims to enhance anti-money laundering and consumer protection measures, ensuring financial stability and the legality of transactions, thereby reinforcing the dominance of the U.S. dollar in the global financial landscape [1][2]. Group 2 - The U.S. government's proactive approach to stablecoins is driven by the need to alleviate debt burdens and manage rising long-term treasury yields, which indicate higher demands for returns and increased borrowing costs [2]. - The GENIUS Act positions stablecoins as automatic vending machines for U.S. treasuries, creating a significant demand for U.S. debt, which could help manage the country's debt burden and borrowing costs [2]. - The emergence of stablecoins is expected to revolutionize financial asset trading, pricing, transaction modes, and time constraints, posing substantial impacts on financial markets and institutions, as well as introducing new regulatory challenges [3].