MT：实物资产与链上流通的融合 MT通证不仅是奉致茅台纪念酒的链上映射，还将在未来支持NFT化、实物兑回与链上确权，真正实现"酒在链上，权在手中"。 基于NB Chain公链构建，MT具备完善的链上功能，包括转账、授权、锁仓与质押等，为用户提供了完整的Web3资产交互体 验。 MT已于2025年10月1日正式上线NewBit交易所，开盘价为0.2U/MT，用户可随时进行买卖、套利与资产配置操作。根据认购轮 次，持币用户将长期享有交易手续费分红，实现"持币即享生态红利"。此外，Unimall商城将在上线后按照MT实时市价为酒品 购买者计算赠送数量，确保激励公平且与市场表现保持联动，从而实现生态内外的良性循环。 MT的三重价值捕获机制 MT通证在RWA体系中扮演着三重角色。其一，作为消费凭证，MT与奉致茅台纪念酒一一映射，是用户完成支付后的数字确权 凭证，支持NFT化、实物兑回及链上储存。其二，作为流通资产，MT能够在NB Chain及其跨链生态中自由流通，可用于抵押、 闪兑及多种去中心化金融场景，具备高流动性和完善的金融属性。其三，作为生态治理凭证，持有者将享有分红、空投、治理 投票等权益，能够深度参与奉致茅台 ...

编者按： 根据ARK Invest（方舟投资）发布的《大创意（2025）》研究报告，2024年稳定币年化交易额已达15.6万亿美元，相当于Visa全年交易量的119%，万事达 卡的200%。尤其值得注意的是，2024年12月稳定币单日交易额创下2700亿美元的历史新高，月交易量达到2.7万亿美元。 进入2025年，稳定币市场规模持续扩大，比特币价格一度突破10万美元大关，去中心化金融（DeFi）生态也日益丰富，全球加密资产市场正步入规范创新 与快速发展的新阶段。 更重要的是，稳定币与传统支付体系的融合正在加速。银行机构积极拓展加密资产相关服务，资本市场与加密市场之间的壁垒逐步被打破，展现出全面整 合的发展趋势。 在这一进程中，美国通过加快建立稳定币及加密资产监管框架，明确将比特币等纳入战略储备投资类别，进一步推动了加密资产的规范化与大众化，也为 其与传统金融体系的深度融合提供了制度保障。 可以预见，稳定币、加密货币与传统金融体系的融合已成为不可逆转的趋势。其中，稳定币在重塑全球支付体系、升级金融基础设施方面的作用尤为关 键，值得市场与监管机构高度重视。 *文章摘自《稳定币：重塑全球金融新秩序》一书，作者为沈建 ...

Kerrisdale认为，随着BitMine估值相对其加密资产的溢价收窄，其商业模式的吸引力正在减弱。该机构还批评BitMine频繁的股票发行，认为这已 引发"投资者疲劳"。 BitMine Immersion Technologies，这家通过转型成为最大公开以太坊持有者而备受瞩目的公司，正面临做空机构的严峻挑战。 知名做空机构Kerrisdale Capital周三发布报告，宣布已做空BitMine股票，称这家由Tom Lee领导的公司正在"追逐一个濒临灭绝的模式"。报告的核 心论点是，BitMine通过溢价发售股票以收购以太坊、从而提升每股代币持有量的策略已不再有效。 该报告发布后，BitMine股价周二经历剧烈波动。该股开盘价超过60美元，但在早盘交易中一度下跌超过5%，触及57.41美元的日内低点。然而， 市场情绪随后出现反复，该股最终收盘上涨1.35%至60美元。 溢价收窄的"买币"模式 BitMine今年早些时候从一家比特币挖矿公司转型，采取了大量收购以太坊的策略，并迅速成为该代币最大的公开持有者。据Kerrisdale报告数据， 该公司目前持有2.83亿枚以太坊，价值超过125亿美元，其每10 ...

高杠杆市场风险 加密资产市场的关注度不减。 10月5日，比特币价格突破历史新高，达到12.58万美元/枚，涨幅超2%。 10月6日上午11时，市场24小时成交额达到3.12亿美元，增幅67.99%。比特币价格回落至12.34万美元/ 枚，与今年8月中旬价格持平。比特币现货ETF单日总净流入8176.36枚比特币。 值得注意的是，市场24小时爆仓数据显示，最近24小时，全球共有10万人被爆仓（注：国内虚拟货币交 易属于非法金融活动）。 根据Coinglass数据，最大单笔爆仓单发生在Hyperliquid-BTC-USD价值737.46万美元。 多位分析人士告诉《中国经营报》记者，比特币爆仓的原因主要有市场价格剧烈波动、高杠杆交易的使 用以及市场流动性不足等，其高杠杆市场的不健康体现在放大投资风险、加剧市场波动。 监管链路持续完善 鉴于加密资产对金融体系稳定可能产生外溢风险，各国监管部门不断加大对加密资产的监管力度。截至 2024年年底，全球已经有51个国家与地区对加密出台禁止规定。 北京大成（上海）律师事务所律师、浙大城市学院法学院兼职研究员施子涵表示，当前国内对于虚拟货 币的监管链路正在快速完善。证据收集方 ...

The governments of the U.K. and the U.S. have agreed to establish a new “Transatlantic Taskforce for Markets of the Future.” | Credit: Leon Neal / Getty Images. [focus-text-wrap]Key Takeaways[/focus-text-wrap] The governments of the U.K. and the U.S. have agreed to establish a new “Transatlantic Taskforce for Markets of the Future.” The taskforce will drive closer collaboration on crypto policy and capital markets. Retail crypto exchange-traded notes are set to return to the U.K. in October. Amid ...

Group 1: Federal Reserve and Interest Rates - The Federal Reserve has lowered the federal funds rate ceiling by 25 basis points to 4.25%, aligning with market expectations, down from 4.50% [1] - Most officials anticipate at least three more rate cuts by the end of the year, with only one member advocating for a 50 basis point cut [1] Group 2: Virtual Currency and Legal Developments - Shanghai court successfully disposed of over 90,000 FIL coins in a criminal case, marking the first successful handling of virtual currency in a criminal asset execution case [1] - The disposal process involved a "domestic entrustment, overseas disposal, closed-loop return" model, ensuring compliance with foreign exchange management procedures [1] Group 3: Digital Assets and Regulatory Frameworks - Hong Kong's 2025 Policy Address includes initiatives to promote tokenized deposits and asset trading, as well as the establishment of a regulatory framework for stablecoin issuers [2] - The UK and US are enhancing cooperation on crypto asset regulation, focusing on stablecoins and digital securities sandboxes to facilitate market access for UK firms [4] - The UK's FCA plans to exempt certain traditional financial rules for crypto companies to better regulate the industry, adapting to the high volatility of crypto assets [5] Group 4: Blockchain and AI Initiatives - The UNDP is launching a "Government Blockchain Academy" in collaboration with Exponential Science Foundation to provide education on blockchain and AI for government departments [3] - Ethereum founder Vitalik Buterin announced a roadmap focusing on increasing Ethereum's mainnet gas limits and enhancing privacy features for various applications [6][7] Group 5: Industry Challenges and Market Dynamics - Standard Chartered warns of a market collapse in digital asset treasury (DAT) companies, with many facing valuation crises and smaller firms potentially entering a "death spiral" [9] - Larger, low-cost DAT companies are expected to gain an advantage, with potential acquisitions of struggling peers to maintain expansion [9] Group 6: Funding Events - Brera is rebranding to Solmate and has completed a $300 million PIPE financing with support from the Solana Foundation [10] - GRVT has raised $19 million in Series A funding led by ZKsync and Further Ventures [10] - Kredete has announced a $22 million Series A funding round [10]

Group 1 - The SEC has approved three exchanges to expedite the listing process for exchange-traded products (ETPs) that hold physical commodities like Bitcoin and gold, aiming to enhance investor choice and promote innovation [1][2] - The U.S. Congress is advancing a Bitcoin Strategic Reserve bill, proposing the purchase of 1 million Bitcoins over the next five years, positioning Bitcoin alongside gold as a national strategic reserve asset [1][2] - The SEC has approved a universal listing standard for commodity-based trust shares, which includes digital assets, allowing eligible products to be listed without individual rule change applications [2][5] Group 2 - The New York State Department of Financial Services (NYDFS) has issued guidance requiring banks to adopt blockchain analysis tools to combat illegal activities such as money laundering and terrorist financing [4][5] - The UK's Financial Conduct Authority (FCA) plans to include crypto asset companies in a comprehensive regulatory framework while exempting some traditional financial rules to better suit the crypto industry's characteristics [3] - Standard Chartered Bank, Qatar National Bank, and DMZ Finance have launched a regulated tokenized money market fund in the Dubai International Financial Centre [3] Group 3 - The supply of Bitcoin on centralized exchanges has reached a seven-year low, indicating significant institutional investment in Bitcoin [4] - Gemini's stock has fallen below its IPO price of $28, with a current market capitalization of $2.9 billion, following a significant drop in share price shortly after its market debut [4] - Bitfinex analysts report that Bitcoin has formed a new resistance level around $116,000, with potential catalysts needed for a price increase [5] Group 4 - The total open interest in BNB contracts has approached $2 billion, marking a new historical high, with Binance leading in contract volume [6]

Core Viewpoint - Faraday Future (FF) is planning to spin off its Crypto&C10 and related assets into a separate publicly listed company, aiming to create two independent yet strategically collaborative entities [1][3]. Group 1: Spin-off Strategy - The board of FF has approved the overall spin-off strategy and is in close communication with investment banks, strategic investors, and law firms regarding this project [3]. - The new company, focused on Crypto&C10, will operate independently while being financially consolidated with FFAI, subject to necessary approvals [3]. - The spin-off is seen as a pivotal turning point in the company's development, establishing a second growth engine while maintaining focus on its core EAI EV business [1][3]. Group 2: Financial Performance - C10 Treasury has recently completed two rounds of crypto asset allocations totaling approximately $7 million, showcasing strong performance [4]. - 20% of the actively managed assets have outperformed the C10 index, indicating effective asset management strategies [4]. Group 3: Addressing Shareholder Concerns - The spin-off will address two major concerns of shareholders: independent financing for C10 Treasury, preventing dilution of FFAI's equity, and clearer team focus for both companies [5]. - The company anticipates five significant values from the spin-off, including enhanced economic value, strategic flexibility, focused business operations, clearer financial structures, and increased organizational attractiveness for top Web3 talent [5].

Core Viewpoint - The article discusses the recent decline in the U.S. labor market, as evidenced by the lower-than-expected job growth reported by ADP, which has implications for the Federal Reserve's interest rate decisions and the performance of the stock and cryptocurrency markets [2][3]. Employment Data - In August, U.S. private sector employment increased by only 54,000 jobs, falling short of the expected 65,000 and significantly down from the revised 106,000 in the previous month [2]. Market Reactions - The disappointing employment data has reinforced expectations that the Federal Reserve may resume interest rate cuts, leading to a rise in U.S. stock markets and a rebound in U.S. Treasury yields [3]. Cryptocurrency Market Impact - On the same day, cryptocurrencies and related companies experienced a significant downturn, particularly those associated with the Trump family, with some tokens and companies seeing declines of up to 50% [4][6]. DAT Companies and Regulatory Concerns - Nasdaq is reportedly planning to impose regulations requiring DAT companies to obtain shareholder approval before issuing new shares to purchase cryptocurrencies, which could slow down the current trend of companies transitioning to DAT models [7][8]. Financial Strategies of DAT Companies - A total of 184 publicly traded companies have announced intentions to raise over $132 billion to invest in various cryptocurrencies, utilizing stock issuance as a means to acquire digital assets without incurring additional debt [8]. WLF Project and Market Sentiment - The World Freedom Finance (WLF) project, supported by the Trump family, aims to create a new financial system through its stablecoin USD1 and has faced scrutiny regarding its governance and token distribution [9][10]. Investor Concerns - Investors have expressed concerns about the liquidity and transparency of the WLFI token, particularly regarding the potential for significant price volatility due to the project's reliance on public interest and the Trump family's involvement [10].

Group 1: Employment Data and Market Reaction - The ADP employment report for August shows that U.S. private sector jobs increased by only 54,000, below the expected 65,000 and significantly lower than the revised 106,000 from the previous month, indicating a weakening labor market [1] - This data reinforces expectations that the Federal Reserve may resume interest rate cuts later this month, contributing to a rise in U.S. stock markets and a rebound in U.S. Treasury yields [1] Group 2: Cryptocurrency Market Decline - Various digital asset companies, particularly those associated with the Trump family, experienced significant stock declines, with ALT5 Sigma's stock dropping approximately 12% and WLFI token falling about 25% on the same day [3][4] - The overall cryptocurrency market saw declines, with Bitcoin dropping around 2% to approximately $109,800, nearing its recent trading range's lower boundary [4] Group 3: Regulatory Concerns and Market Impact - Nasdaq is reportedly planning to require digital asset companies to obtain shareholder approval before issuing new shares to purchase cryptocurrencies, which could delay the listing process for these companies and introduce uncertainty into the cryptocurrency market [5] - The trend of companies issuing stock to acquire tokens has become popular, with 184 listed companies intending to raise over $132 billion for cryptocurrency purchases, but this may lead to increased scrutiny and slower transitions to digital asset companies [6] Group 4: WLFI Token and Investor Sentiment - WLFI's investment risks are being priced in by investors, with concerns about its reliance on public influence and the potential for volatility due to the Trump family's involvement [8] - A recent online event hosted by WLF aimed to alleviate investor concerns, emphasizing the project's focus on creating high-quality cryptocurrency products [7]