互联网券商基于散户流量优势为交易所提供流动性，留存客户资产的PFOF模式更有利于业务场景的拓 展。1）流动性是开展加密资产交易业务的核心。为满足对冲基金等机构客户高频交易的需求，交易所 通过做市提供流动性，导致盈利波动；2）互联网券商基于自身在零售客户流量层面的优势，通过将散 户交易流量接入交易所提供流动性。业务模式上，Robinhood以PFOF模式将客户订单打包出售给做市 商，赚取点差，同时为零售客户提供免佣交易；富途、老虎将客户流量接入交易所交易，向零售客户收 取手续费，费率（0.08%/0.05%）低于零售客户在交易所交易费率（0.1%-0.3%）。3）PFOF模式将客户 资产留存于券商账户上，更有利于业务场景的拓展。Robinhood提供加密资产质押、自我托管钱包等业 务场景，并推动股票代币化业务创新。 风险提示：加密资产市场价格大幅波动；监管政策变化。 券商进军加密货币交易市场，满足零售客户对便捷化、低佣金的需求。1) 加密货币交易由对冲基金与 散户主导，主要通过顶级中心化交易所实现。截至2025年Q2 69%的比特币由个人持有，交易量上看约 80%的交易量来自于对冲基金等高频交易的机构投资者，散 ...

Core Viewpoint - The Hong Kong Stablecoin Regulation will take effect on August 1, prohibiting unlicensed stablecoin operations in the region, raising questions about the future of stablecoins like USDT and USDC in Hong Kong [1][4]. Group 1: Current Operations of Crypto Exchange Shops - Crypto exchange shops in Hong Kong, such as "One Bitcoin" and "Fangbei," continue to operate normally ahead of the regulation's implementation, with limited customer traffic observed [2][3]. - The shops offer services for exchanging fiat currency for various cryptocurrencies, including USDT and USDC, with transaction fees varying based on the method of purchase [3][4]. - Staff at these shops expressed uncertainty about the impact of the new regulation on their operations, indicating they had not received official notifications regarding changes [3][4]. Group 2: Regulatory Environment and Future Implications - The Hong Kong government is welcoming licensed virtual asset trading platforms, and any unlicensed sale of USDT and USDC to retail customers will be deemed illegal post-regulation [4][6]. - The government is considering establishing a licensing regime for virtual asset OTC services, as current operations remain largely unregulated [6][7]. - A significant number of physical virtual asset OTC shops and digital platforms are currently operating in Hong Kong, with some providing services to mainland residents [5][6].

香港《稳定币条例》将于8月1日正式生效，其禁止未获发牌而在香港经营稳定币业务。那么，像 USDT、USDC这些稳定币在香港的使用会否因此受到限制？ 在香港的街头，加密货币找换店随处可见，它们提供法币与稳定币之间的兑换服务，并能现场完成交 易。 《稳定币条例》正式生效前夕，这些街边找换店经营情况如何？条例的生效又是否会对其后续经营造成 影响？近日，《每日经济新闻》记者（以下简称每经记者）走访香港街头。 加密货币找换店仍在正常营业 7月28日，每经记者依据手机地图的指引，抵达了香港湾仔区"铜锣湾地带"商场二层。这个商场的大部 分商铺均为抓娃娃店，仅二层便设有十余家，吸引了不少年轻人在此扎堆。 在该楼层，每经记者发现了两家加密货币找换店，分别名为"一宗比特币"和"方贝"。这两家店铺的规模 都不大，仅有几平方米。每经记者在店铺附近停留逾半个小时，其间仅1名男士走进"一宗比特币"店铺 进行咨询。 对于8月1日之后在该店铺是否还能继续用港元兑换USDT等加密货币，店员表示不清楚，"我们暂时还 没有收到通告。" 在同楼层的另一家店铺"方贝"，店铺内同样有一台小液晶显示屏，上面播放着不同加密货币的买入和卖 出价格，可交易币种 ...

Coinbase(COIN.US)一度涨超4%，最高触及386.58美元。消息面上，摩根大通与Coinbase建立战略合作 伙伴关系，开通银行直充、信用卡支付及积分兑币服务。(格隆汇) ...

Group 1 - Coinbase's stock rose over 1% in pre-market trading [1] - JPMorgan Chase has established a strategic partnership with Coinbase [1] - The partnership includes services such as bank direct deposits, credit card payments, and points redemption for cryptocurrency [1]

Core Viewpoint - JPMorgan has established a strategic partnership with Coinbase, enabling direct bank deposits, credit card payments, and points-to-crypto conversion services, leading to a pre-market increase of over 1% in Coinbase's stock price [1] Group 1 - JPMorgan and Coinbase's partnership aims to enhance user experience by providing more payment options [1] - The introduction of direct bank deposits and credit card payments is expected to attract more users to Coinbase's platform [1] - The partnership reflects a growing trend of traditional financial institutions collaborating with cryptocurrency platforms [1]

Group 1 - The core viewpoint of the article is that JPMorgan Chase has established a strategic partnership with Coinbase, making the purchase of cryptocurrencies unprecedentedly simple [1] Group 2 - The collaboration aims to enhance the accessibility of cryptocurrency transactions for users [1] - This partnership signifies a growing trend of traditional financial institutions engaging with the cryptocurrency market [1]

Core Viewpoint - The article highlights the rapid development of artificial intelligence (AI) technology and its potential opportunities in the market, focusing on various companies and trends within the AI sector [1]. Group 1: Strategic Alliances and Partnerships - Hon Hai and Dongyuan Electric will establish a strategic alliance through a share swap, focusing on AI server business, with Hon Hai acquiring 10% of Dongyuan Electric and vice versa [3]. Group 2: Funding and Valuations - Ambiq Micro set its IPO price at $24 per share, aiming to raise $96 million [4]. - AI Agent platform Delve secured $32 million in funding, achieving a valuation of $300 million [4]. Group 3: Innovations in AI Education - OpenAI launched ChatGPT Study, an interactive tutoring model aimed at revolutionizing education by providing personalized guidance and feedback to students [4][5]. - The free version of ChatGPT also includes the Study mode, enhancing accessibility for users [6]. Group 4: Talent Movement and Market Impact - Apple has lost its fourth AI researcher to Meta within a month, indicating potential challenges in its AI strategy, as reflected by a 1.5% drop in Apple's stock price [7]. Group 5: Regulatory Challenges - Meta is under investigation by the Italian Competition Authority for allegedly abusing its market dominance by integrating its AI service with WhatsApp without user consent [10][11]. - The regulatory body is collaborating with the European Commission on this matter [10]. Group 6: Corporate Negotiations and Future Prospects - Microsoft is in discussions to secure continued access to OpenAI's technology, even if OpenAI achieves its goal of general artificial intelligence (AGI) [13][17]. - The negotiations involve potential changes to revenue sharing and intellectual property access, with Microsoft aiming to maintain its rights post-2030 [20][22]. - OpenAI seeks to ensure its business remains competitive and compliant with safety standards as it approaches AGI [21].

Market Overview - The US stock market has been experiencing a significant rally, with the S&P 500 index reaching new highs for six consecutive trading days, closing at 6389.77 points, marking a 0.02% increase [3] - Investor sentiment remains optimistic despite concerns over US tariff policies and government debt, with the S&P 500's valuation exceeding 3.3 times its operating income, a historical high [3][4] - Morgan Stanley forecasts that the S&P 500 index could rise over 12% in the next 12 months, potentially reaching 7200 points, driven by improved corporate earnings prospects [3] Technology Sector Performance - Major technology stocks have significantly contributed to the recent market gains, with Nvidia and Meta's stock prices rising by 100% and 50% respectively since April [4] - Smaller companies like Palantir have seen even greater increases, with a 140% rise since April, while Coinbase's stock surged nearly 180% [4] Trade Agreements and Market Sentiment - The resolution of trade negotiations with Japan and the EU has improved market sentiment, leading to a decrease in the VIX index by 66.83% since April 8, indicating reduced market uncertainty [5][6] - Analysts suggest that the market perceives tariffs as manageable, with expectations that a comprehensive tariff of 10% to 15% could be absorbed by producers and consumers [6] Earnings Season Impact - Upcoming earnings reports from major companies, including Meta, Microsoft, Amazon, and Apple, are anticipated to influence overall investor sentiment [7] - Over 85% of the 62 S&P 500 companies that have reported earnings so far exceeded expectations, with the "Big Seven" expected to show even stronger performance [7] Federal Reserve and Economic Indicators - The Federal Reserve's upcoming policy meeting is expected to maintain stable interest rates, with a 60.4% chance of a rate cut in September [8] - Economic data, including the June personal consumption expenditures report and non-farm payroll data, will be closely monitored for insights into consumer prices and labor market conditions [8] Market Risks and Speculation - Concerns about market bubble formation are rising, with analysts noting that the current environment resembles the late 1990s internet boom, characterized by speculative behavior [9][10] - The surge in "meme stocks" and significant trading volumes in low-value stocks without substantial news support raises alarms about potential market instability [9][10]

Binance上USD1出现脱锚情况 短时报0.9934USDT 智通财经7月29日电，据行情数据，Binance上USD1出现脱锚情况，短时报0.9934USDT，现回升至 0.9968USDT。 ...