Core Insights - Moody's warns that the rise of "cryptoization" driven by stablecoins poses significant challenges to monetary sovereignty and financial stability in emerging markets [1][2] - The report highlights that the increasing adoption of stablecoins, particularly those pegged to fiat currencies like the US dollar, undermines central banks' control over interest rates and exchange rates [1][2] Group 1: Risks to Monetary Policy and Financial Stability - The core risk of "cryptoization" is its erosion of a country's monetary policy independence and the stability of its financial system [2] - When a significant portion of economic activity is conducted through stablecoins, central banks' ability to manage the economy via interest rate adjustments is weakened [2] - The potential dominance of dollar-pegged stablecoins as a medium of exchange could directly impact the stability of local currencies' exchange rates [2] Group 2: Systemic Risks of Stablecoins - Moody's warns that stablecoins themselves carry systemic risks despite being perceived as relatively safe [3] - The rapid growth of stablecoins introduces systemic vulnerabilities, with insufficient regulation potentially leading to runs on reserves [3] - A de-pegging event could force governments to undertake costly rescue measures [3] Group 3: Imbalance in Growth and Regulatory Gaps - The global adoption of crypto assets shows significant regional imbalances, with emerging markets facing heightened risks due to regulatory lag [4] - Currently, less than one-third of countries have implemented comprehensive digital asset regulations, exposing many economies to market volatility and systemic shocks [4] - The disparity in regulatory frameworks contrasts with the differing growth patterns, where developed markets focus on investment while emerging markets prioritize practical needs like cross-border remittances and inflation hedging [4] - This divergence highlights both the potential of digital assets in promoting financial inclusion and the accumulating risks of financial instability in the absence of adequate regulation [4]

香港在Web3及数字资产领域正取得重大进展。香港政府发布的《数位资产发展政策声明2.0》中，强调 了香港致力于成为值得信赖且富有创新精神的全球数位资产中心的决心。此外，香港最近颁布的《稳定 币条例》已于2025年8月1日起生效，为香港受监管的稳定币活动引入发牌制度，旨在增强市场信心并与 全球标准接轨。监于香港有利于Web3及金融科技产业的持续发展，集团对RWA代币化相关业务的潜力 持乐观态度。 在考虑与战略伙伴的合作时，董事会进一步宣布，于2025年9月26日，公司与NVTHK Limited("战略伙 伴")订立了一份不具法律约束力的意向书，据此，公司拟透过与战略伙伴的战略合作，探索数字资产及 Web3行业的业务发展机会。 格隆汇9月26日丨中联发展控股(00264.HK)公告，为了实现业务多元化及拓展，公司正积极考虑开展 Web3及数字资产业务，当中包括：(1)组建自有团队，探索涉足Web3及数字资产领域的可能性；及／或 (2)寻求与在Web3及现实世界资产("RWA")业务领域拥有丰富经验的战略合作伙伴合作。其将透过进行 业务可行性研究及招募专业人才，开展相关业务。 ...

（来源：吴说） 吴说获悉，专注于 Telegram 生态的数字资产国库公司 AlphaTON Capital（纳斯达克：ATON）宣布完成 7100 万美元融资，并已收购首批约 3000 万美元 TON 代币。本次融资包括约 3620 万美元私募配售及 3500 万美元贷款协议，合作方涉及 BitGo、Animoca Brands、Kraken 等。公司计划在 2025 年第四季度 将 TON 国库规模扩大至 1 亿美元，并通过质押、网络验证及生态投资推动 Telegram mini app 生态发 展。 ...

智通财经APP获悉，德林控股(01709)尾盘飙升逾15%，截至发稿，涨11%，报3.43港元，成交额3.54亿 港元。 德林控股表示，近期在数字资产业务领域的多项策略布局稳步推进，此前透过配售及认购所融得的约 6.5亿元资金，已按计划有序投入各项核心业务发展中，包括购入顶尖比特币矿机，全面进军比特币挖 矿领域等。据悉，公司此前与Fortune Peak订立条款清单，拟收购2200台比特币矿机。 消息面上，德林控股推出一系列旨在激励和回馈集团董事、高阶管理层及员工的重要举措。包括公司控 股股东陈宁迪的股份转让、DSM股份奖励计划，以及公司拟根据2025年受限制股份奖励计划授出股份 奖励，三项安排合计动用1.2亿股公司股份，约占公司已发行股本的7%左右。同时，陈宁迪连同其配偶 江欣荣宣布自愿承诺12个月内禁售所持有的任何股份。 ...

消息面上，德林控股推出一系列旨在激励和回馈集团董事、高阶管理层及员工的重要举措。包括公司控 股股东陈宁迪的股份转让、DSM股份奖励计划，以及公司拟根据2025年受限制股份奖励计划授出股份 奖励，三项安排合计动用1.2亿股公司股份，约占公司已发行股本的7%左右。同时，陈宁迪连同其配偶 江欣荣宣布自愿承诺12个月内禁售所持有的任何股份。 德林控股表示，近期在数字资产业务领域的多项策略布局稳步推进，此前透过配售及认购所融得的约 6.5亿元资金，已按计划有序投入各项核心业务发展中，包括购入顶尖比特币矿机，全面进军比特币挖 矿领域等。据悉，公司此前与Fortune Peak订立条款清单，拟收购2200台比特币矿机。 德林控股(01709)尾盘飙升逾15%，截至发稿，涨11%，报3.43港元，成交额3.54亿港元。 ...

XBIT Wallet 9月25日讯，美联储为平衡美国经济"通胀反弹"与"就业疲软"的双向风险，于9月17日宣布将联邦基金 利率目标区间下调25个基点至4.00%-4.25%，这是其年内首次降息，却未缓解市场对流动性的担忧。截至纽约时间 周三下午3:30，9月到期的联邦基金期货合约交易量已逼近50万手，这一数字不仅刷新了该品种自1988年在芝加哥 期货交易所上市以来的纪录，更远超今年4月3日因特朗普宣布全面关税政策引发市场动荡时创下的前期高点。如 此密集的交易动作背后，是市场对季度末短期融资环境恶化的深度担忧。过往数据显示，月末、季末期间，机构 为优化资产负债表往往缩减回购操作，导致短期融资成本攀升，而当前美联储持续缩表导致银行准备金余额降至 近五年低位、7月以来美国国库券发行量激增32%等因素，进一步加剧了资金缺口风险。在此背景下，投资者对跨 领域资产流动性管理需求骤增，数字资产钱包成为连接传统金融与加密市场的关键工具，其中XBIT Wallet去中心 化web3钱包凭借多资产兼容、实时行情追踪与合规审查内置功能，正帮助用户灵活应对市场波动，实现持仓动态 调整。 XBIT Wallet报道，香港加密市场则以 ...

Core Insights - The "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou, focusing on the theme "New Pattern, New Path" to explore development opportunities amidst changing circumstances [1] Group 1: Digital Asset Regulation in Hong Kong - The Hong Kong digital asset industry has been under regulatory development since 2018, with 3 licensed virtual asset exchanges currently operating and 8 more awaiting licenses [3] - The three key focuses for the Hong Kong market by 2025 are expected to be stablecoins, Real World Asset (RWA) tokenization, and the implementation of OTC (over-the-counter) virtual asset trading and custody licenses [3] - Hong Kong's approach to digital assets is characterized as "Web 3.0," emphasizing "de-intermediation" rather than the commonly referenced "Web3," which focuses on decentralization [3] Group 2: Stablecoin Regulations - The recently introduced Stablecoin Regulation in Hong Kong was legislated within a year after consultation, highlighting the rapid regulatory pace [4] - Key requirements of the regulation include that issuers must hold 100% or more of high-quality, liquid assets as reserves, which must be pegged to the same fiat currency as the stablecoin [4] - Independent audits are mandated for issuers, and users must be able to redeem their stablecoins within one day, ensuring stability and reliability as a payment tool rather than as an investment tool [4] Group 3: Financial Sovereignty Implications - The development of stablecoins is expected to impact core aspects of financial sovereignty, including currency sovereignty, payment sovereignty, digital sovereignty, and regulatory sovereignty [5]

Group 1: Gold Price Trends - The international gold price has risen significantly, leading to an increase in domestic gold jewelry prices, with some brands reaching 1100 yuan per gram as of September 23 [1] - The current high gold prices coincide with the traditional consumption peak season, prompting changes in consumer behavior in the gold market [1] Group 2: Consumer Behavior in Xiamen - In Xiamen, there is a notable trend of consumers opting for larger wedding gold ornaments, with heavier pieces (35-50 grams) currently in high demand and often sold out [5][7] - Many consumers are bringing old gold to exchange for new pieces, taking advantage of promotions that waive additional costs except for labor fees [7] Group 3: Product Offerings and Market Dynamics - Various gold brands are launching co-branded products to capture market share, although these items often come with a premium price and are typically smaller in weight [9] - Products priced between 1000 to 3000 yuan are particularly popular, along with 1-gram gold notes and bars that appeal to younger consumers as gifts [11] Group 4: Factors Influencing Gold Prices - The recent rise in gold prices is attributed to the Federal Reserve's easing monetary policy, with market expectations for two more rate cuts this year [12] - The dollar has weakened significantly, with the dollar index dropping over 10% this year, which has positively impacted gold prices, which have increased by over 40% [12][14] Group 5: Future Market Outlook - Experts predict that the dollar may continue to weaken, as the economic advantages of the U.S. compared to emerging markets are diminishing [14] - There is a growing trend among global investors to diversify away from U.S. assets, which may further support gold prices as central banks increase their gold reserves [16]

Group 1 - Fitell Corporation, a fitness equipment supplier, has announced the launch of a digital asset treasury strategy based on Solana [1] - The company has secured a financing limit of $100 million, with the initial $10 million allocated for purchasing SOL [1] - Fitell plans to generate returns through on-chain DeFi and structured product strategies, with assets being custodied by BitGo and undergoing institutional-grade staking [1] Group 2 - The company is also pursuing a dual listing on the Australian Securities Exchange and intends to rebrand as "Solana Australia Corporation" [1]

Group 1 - The company announced a share subscription agreement with EXIO Group Limited, aiming to enhance its digital asset business and overseas strategic development [1] - The investment in EX.IO is expected to leverage its exchange resources and Web3 technology advantages, accelerating the company's overseas digital asset business layout and market expansion [1][2] - The investment aligns with the company's overall strategic planning and funding purposes, aiming to build a solid foundation for global market positioning [1] Group 2 - The digital asset industry is experiencing accelerated globalization, with Hong Kong providing a high-standard regulatory framework for digital assets [2] - EXIO Limited holds a virtual asset trading platform license from the Hong Kong Securities and Futures Commission, which enhances the company's service capabilities in digital asset trading, asset management, and custody [2] - The collaboration aims to seize policy opportunities in Hong Kong's digital asset market and promote innovative cooperation in the digital asset field [2] Group 3 - EX.IO possesses technical and service capabilities in blockchain and Web3 infrastructure, while the company has experience in developing smart investment advisory products for individual investors [3] - The partnership will explore the deep integration of digital asset trading, asset management, and smart investment advisory services, enhancing the company's competitive advantage in the digital finance sector [3] - The collaboration aims to innovate the application of "AI + research" strategies in digital asset scenarios, further improving the company's service capabilities [3]