7月29日，香港金融管理局发布持牌稳定币发行人监管制度系列指引（简称"指引"），提出法定稳定币的定义， 明确发行人牌照申请的财务条件、人员资质、储备资产、风险管理和监管要求等。 按香港金管局披露，"指明稳定币"是完全参照一种或多种官方货币以维持稳定价值的稳定币，一般称为"法定稳定 币"。 合法的稳定币持牌发行人，只可委托认许提供者要约提供法定稳定币，以及该发行人是属牌照批准，认许提供者包 括：持牌人、银行业条例认可机构、支付牌照、获批的虚拟交易平台提供的符合《反洗钱条例》界定的虚拟资产服 务、香港证监会批准的1号牌。 截至目前，香港金管局尚未发出任何牌照，根据8月1日生效的《稳定币条例》，虚假声称自己为持牌人或申请人均 属违法。 截至目前，香港金管局尚未发出任何牌照，根据8月1日生效的《稳定币条例》，虚假声称自己为持牌人或申请人均 属违法，建议已准备充分并希望尽早获批的机构应于2025年9月30日之前提交申请。 稳定币发行人牌照管理 稳定币具有加密货币的特征，可用于货品或服务付款、清偿债务、投资等交易，可通过电子方式转移、储存或买 卖，还可以在分布式分类账或类似信息储存库上操作，并参照单一资产或一揽子资产维持 ...

美国证交会允许加密货币ETPs的实物创建和赎回。 ...

Core Insights - Bitcoin's recent price surge has led investors to seek higher returns in alternative cryptocurrencies, with some experiencing faster growth than Bitcoin [1][3] - XRP has seen a 530% increase since Trump's election, while Cardano's market cap is approximately $29 billion, having risen about 150% during the same period [1][4] - Bitcoin's market share has decreased from 65.9% to around 61%, while XRP's market share has increased by over 250% [4] Market Dynamics - Bitcoin's price has risen by 70% due to favorable government commitments aimed at legalizing the cryptocurrency industry [3] - The U.S. Congress recently passed a series of cryptocurrency bills, marking significant progress in the regulatory landscape [3][5] - Approximately 80% of cryptocurrency trading volume has shifted towards altcoins in the past 30 days, indicating a potential new cycle in the market [5] Institutional Involvement - Institutional capital entering the cryptocurrency market is fundamentally changing market dynamics, with a focus on fundamentals rather than speculative trading [6] - AMP became the first major Australian pension fund to hold cryptocurrency, purchasing $27 million worth of Bitcoin [6] - The presence of institutional buyers is expected to reduce Bitcoin's volatility, thereby increasing demand for altcoins [6] Altcoin Popularity - Cardano's popularity is attributed to its founder Charles Hoskinson, who has garnered a strong following among retail investors [7] - There are approximately 25,000 cryptocurrencies in the market, with 99.9% considered worthless, primarily for speculation [7] - Only about 10 to 15 cryptocurrencies are believed to hold real value, according to industry experts [7]

Core Insights - FTFT has appointed Professor Xiong Yu as Chief Blockchain Advisor to enhance its stablecoin and Real World Asset (RWA) business, aiming for strong technical support and strategic guidance [1][3] Group 1: Company Developments - FTFT is focusing on expanding its stablecoin and RWA business, which is seen as a bold decision based on deep market insights [3][4] - The company has faced challenges in its cryptocurrency business but is actively seeking breakthroughs and transformation [3] Group 2: Professor Xiong Yu's Background - Professor Xiong Yu is a leading expert in blockchain and has held significant positions, including Vice President at the University of Surrey and founding director of the Surrey Blockchain and Metaverse Applications Institute [1][2] - He has contributed to over 40 companies and has a strong track record in innovation commercialization, including facilitating an £8 million investment for the establishment of the Newcastle Tsinghua Technology Park [2] Group 3: Market Potential - Stablecoins are crucial in the cryptocurrency market, maintaining stable value by being pegged to fiat currencies or other assets, thus becoming an essential component of the crypto ecosystem [3] - RWA has significant market potential by tokenizing real-world assets through blockchain technology, bridging traditional finance and cryptocurrency markets [3]

自去年7月30以来，Strategy的股价已上涨超过140%，而比特币的价格同期涨幅大约75%——在这样的差异之下，金库公司的模式引来了机构投资者和个 人投资者的更多关注，也催生了更多上市公司"试水"，其中就不乏港股上市公司。 香港上市公司打造「金库」 美国支持稳定币和加密货币的"天才法案"通过后，美国资本市场的加密货币"金库公司"再次成为投资者关注的焦点，而在这样的背景下包括Micro Strate g y （下称Strategy，MSTR.US）、 Bitmine （BMMR.US ）等公司 也在过去一段宣布新的融资等动作。 Strategy在7月25日宣布，发行约25亿美元的可变利率A系列永续延伸优先股（STRC）。每股定价为90美元。初始股息率为每年9.00%，公司有权每月调整 股息率。此次发行包括28,011,111股，每股票面金额为100美元。公司称，发行募集资金主要用来购买比特币及公司一般用途。 据彭博援引知情人士信息，该优先股9%的回报率以及无具体到期日，"这在优先股发行中非常罕见"。目前，Strategy持有607700枚比特币，平均收购成本 约71756美元，截至发稿，比特币价格约11.9 ...

Core Insights - The White House is set to release a cryptocurrency policy report on Wednesday, which is based on an executive order signed by President Donald Trump in January regarding digital assets [1] - The executive order emphasizes promoting U.S. leadership in digital assets and financial technology while protecting economic freedom [1] - Congress is actively working to regulate the cryptocurrency industry, indicating a significant shift in the regulatory landscape [1] - The Federal Reserve's interest rate decision is anticipated to be another catalyst for the cryptocurrency market, with expectations that rates will remain unchanged [1] - Any unexpected actions or statements from Federal Reserve Chairman Jerome Powell could impact the market, including the cryptocurrency sector [1]

香港：稳定币时代的风口浪尖 1995年，互联网初现端倪，许多人嗤之以鼻；2008年，移动支付兴起，也饱受质疑。如今，我们回首往 昔，才发现自己错过了多少机遇。而今，我们再次站在历史的十字路口，面对一个前所未有的金融变革 ——稳定币的崛起，而香港，正站在这场变革的最前沿。 最近，投资圈最热门的话题并非A股震荡或金价波动，而是稳定币。摩根大通的报告显示，截至今年六 月，全球稳定币总市值已突破2300亿美元，几乎相当于一个小国家的GDP。阿里巴巴、京东等巨头纷纷 入局，更值得关注的是，香港特区政府于五月底率先发布了《稳定币条例草案》，成为全球首个为稳定 币制定监管框架的地区。 朋友圈里不少人质疑稳定币是否只是新的"割韭菜"工具。但事实上，这背后蕴藏着巨大的机遇，而香港 正占据着核心地位。 5月30日，《稳定币条例草案》的正式落地，展现了香港在金融创新领域的魄力与速度。香港为何能占 据领先地位？这与其独特的历史背景和金融生态密不可分。港币本身就是一种"原始版"稳定币，其发行 机制需要发钞行预先向金管局存入等值的美元，这一制度运行了40年，稳定可靠。现在，稳定币不过是 将美元和港币的储备和结算方式转化为代码和区块链技术 ...

Core Viewpoint - The article highlights the increasing interest and investment in stablecoin-related stocks in Hong Kong, particularly with the upcoming implementation of the "Stablecoin Regulation" [1][2]. Group 1: Market Activity - Stablecoin concept stocks have seen significant activity, with notable increases in share prices for companies like Huaxing Capital Holdings (up over 16%), Guotai Junan International (up over 9%), and OSL Group (up nearly 5%) [1]. - Huaxing Capital Holdings reported a peak increase of 18.62% during trading, closing at 6.74 HKD per share [3]. Group 2: Investment Trends - The stablecoin market is projected to grow rapidly, with over 250 types of stablecoins expected to be in circulation by June 2025, reflecting a trend that has been gaining traction since the launch of Tether (USDT) in 2014 [1]. - A primary market investment institution is closely monitoring stablecoin developments, indicating a belief in its potential as a significant future trend [1]. Group 3: Company Strategies - Huaxing Capital has committed a budget of 100 million USD over the next two years to develop its Web 3.0 business and invest in cryptocurrency assets, aligning with Hong Kong's supportive policies for the sector [3]. - OSL Group successfully completed a 300 million USD equity financing, the largest public equity financing in Asia's digital asset sector, aimed at strategic acquisitions, new business planning, and strengthening operational capital [4]. Group 4: Market Size and Growth - As of mid-June, the total market capitalization of stablecoins surpassed 250 billion USD, accounting for approximately 8% of the total cryptocurrency market, indicating their growing importance in the global financial system [5]. - The trading volume of stablecoins for the entire year of 2024 is expected to reach around 37 trillion USD, significantly higher than Bitcoin's projected 19 trillion USD trading volume, showcasing stablecoins' evolution into a crucial global payment infrastructure [6]. Group 5: Industry Outlook - Investment professionals view stablecoins as a solution to the volatility of traditional cryptocurrencies, with Circle's IPO enhancing interest and returns for early investors [8]. - The stablecoin industry encompasses four key segments: issuance, custody, payment, and trading, with a focus on the high-value segments of issuance, payment, and trading as core investment areas [9]. - Major companies like Ant Group and JD.com are expected to be among the first to obtain stablecoin licenses in Hong Kong, leveraging their blockchain technology and application scenarios [11].

反对者认为，单笔交易无论规模多大都不代表意识形态背叛。他们强调此次出售明确关联遗产规划，而 非信念丧失。更有社区成员指出，像亚当·巴克（Adam Back）等元老仍在持续增持，梅尔克的言论纯属 臆测。 支持者则断言，巨鲸退场折射出更深刻的转向——随着比特币通过ETF、企业国库和托管方案被传统金 融收编，其"抗审查、去中心化"的原始精神正被稀释。对他们而言，早期持有者的退出恰印证了比特币 已从"个人主权工具"沦为"金融工程产物"。 AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 数字资产公司Galaxy Digital上周五宣布，它为一位比特币上古时期的"巨鲸"投资者完成超过8万枚比特 币的出售，总价值逾90亿美元。这笔加密货币史上最大规模的单笔交易之一，标志着中本聪时代（比特 币诞生初期）持有者的罕见退出。 这一消息宣布后，比特币价格基本保持稳定，目前交易价格接近11.9万美元，比周末前水平高出约5千 美元。 该公司表示，此次抛售是客户遗产规划策略的一部分。这些早期投资者当年以每枚几美元甚至美分的成 本建仓，如今已成为数字资产领域最集中的财富群体。 这场交易迅速演变为象征性事件，有人视其为正常的资产 ...

Investment Rating - Investment rating: None [4] Core Insights - The White House released the "AI Action Plan" aimed at accelerating the development of artificial intelligence in the U.S. by easing regulations and expanding energy supply for data centers. The plan focuses on three pillars: accelerating innovation, building AI infrastructure domestically, and establishing U.S. hardware and software as the global standard for AI innovation [4][15][17] - The plan includes a threefold energy strategy to prevent the premature closure of key power plants, upgrade existing transmission systems to enhance capacity, and utilize emerging technologies such as enhanced geothermal energy, nuclear fission, and nuclear fusion to expand the grid. This emphasizes the need for a reliable and dispatchable energy foundation to support AI infrastructure [16][17] - The nuclear power sector is expected to gain from this plan, as stable power supply capabilities will become increasingly important in the future energy structure, benefiting related uranium resources and supply chain enterprises [4][17] Summary by Sections 1. Overseas AI 1.1 Market Performance Review - Hong Kong tech stocks continued to rise, with the Hang Seng Tech Index closing at 5677.9, up 2.5%, outperforming the Hang Seng Index by 0.2 percentage points [7][8] - The Philadelphia Semiconductor Index closed at 5645.9, down 1.5%, underperforming the Nasdaq 100 and S&P 500 indices [7][8] 1.2 Recent Important Events Review - The "AI Action Plan" was released, focusing on easing regulations and expanding energy supply for AI development [15] - The plan emphasizes the upgrade of the power grid as a core component of AI infrastructure [16][17] 1.3 Upcoming Important Events - Key earnings reports from major companies such as VERTIV, ARM, Qualcomm, and others are scheduled for July 30, 2025 [18] 2. Web3 and Cryptocurrency Market 2.1 Cryptocurrency Market Performance Review - The total market capitalization of cryptocurrencies remained stable at $3.86 trillion as of July 25, 2025, with a total trading volume of $202.46 billion, accounting for 5.25% of the total market cap [19][27] - The market sentiment is currently in the "greed" zone, with a fear and greed index of 66 [23] 2.2 Recent Important Events Review - The core assets of cryptocurrency ETFs recorded a net inflow of $0.72 billion this week [28] 2.3 Upcoming Important Events - Earnings reports from companies like Ebang International Holdings, Microstrategy, and Coinbase Global are scheduled for late July and early August 2025 [34]