Group 1 - The core viewpoint of the report is that OSL Group is expected to see significant revenue growth in the coming years, with projected revenues of HKD 6.7 billion, HKD 11.9 billion, and HKD 18.1 billion for 2025, 2026, and 2027 respectively, and a target price of HKD 21, initiating coverage with a "Buy" rating [1] - OSL's revenue composition is primarily driven by digital asset trading income, which accounted for 51% of total revenue in the first half of 2025, achieving a trading volume of HKD 68.2 billion, representing a year-on-year increase of 200% [1] - As of the end of the first half of 2025, OSL's custodial assets reached HKD 5.7 billion, reflecting a year-on-year growth of 50% [1] Group 2 - The company is the first compliant digital asset exchange in Hong Kong, having obtained the first digital asset trading platform license from the SFC, positioning itself favorably in the growing Web 3.0 ecosystem in Hong Kong [1] - OSL is the only platform in the Hong Kong market that offers a full suite of customizable solutions including RFQ and Orderbook, and has established deep partnerships with over 50 licensed brokers and banks in Hong Kong, leading in trading volume market share [1] - As of December 31, 2024, OSL's partnered ETFs accounted for approximately 64% of the managed assets in the Hong Kong digital asset spot ETF market [1] Group 3 - The company is driven by both organic growth and strategic acquisitions, with the new business OSLPay set to launch in April 2025, which generated HKD 55.9 million in revenue in the first half of 2025, accounting for 29% of total revenue, primarily from Europe [2] - OSL is expanding its global exchange footprint, having obtained licenses in Australia, Japan, and Italy, and plans to acquire Banxa, which holds over 40 licenses/registrations globally [2] - In August 2025, OSL officially received a full license for digital asset business from the Bermuda Monetary Authority and launched a global exchange [2]

数据显示，Bullish第二季度每股收益达0.93美元，较去年同期的-1.03美元大幅提升，并远超-0.05美元的 市场预期。营收为5700万美元，虽低于去年同期的6070万美元，但超出市场预期的5580万美元。数字资 产销售额达586亿美元，较2024年第二季度的496亿美元显著增长。当季交易量飙升至1796亿美元，较去 年同期的1330亿美元显著提升。 截至6月30日的三个月内，调整后运营开支为4890万美元，高于去年同期的4600万美元。调整后 EBITDA为810万美元，低于去年同期的1470万美元。 此外，Bullish旗下数字资产指数提供商CoinDesk Indices季度末资产管理规模达410亿美元，较第一季度 增长超90亿美元。今年4月至6月期间加密货币价格大幅攀升，比特币当季涨幅达30%，成为全球表现最 佳的主要资产。追踪整体市场的CoinDesk20指数同期上涨23%。 展望未来，公司预计2025年第三季度调整后营收将达到6900万至7600万美元，远超分析师平均预测的 5710万美元;调整后EBITDA预计为2500万至2800万美元;交易量预计达1330亿至1420亿美元。 Bull ...

Group 1 - The Federal Reserve is expected to announce its first interest rate cut of Trump's second term next week, with a 93.4% probability of a 25 basis point reduction, bringing the policy rate to a range of 4%-4.25% [1] - Market expectations include at least another 25 basis point cut in both October and December, with the upcoming economic forecasts from the Fed officials also being a key focus [1] - The upcoming week will feature significant U.S. economic data releases, including August retail sales and industrial production, as well as initial jobless claims [3] Group 2 - The Bank of England and the Bank of Japan are also set to announce their latest interest rate decisions next week, with no changes expected from either due to high inflation in the UK and a leadership transition in Japan [4] - The U.S.-China trade negotiations are a major event next week, with discussions on unilateral tariffs, export controls, and issues related to TikTok [5] - FedEx's operational data will provide insights into the current state of the U.S. economy, while Bullish, a digital asset trading platform, will release its first post-IPO financial report [5] Group 3 - Meta is scheduled to hold its Connect conference next week, with a focus on the launch of its first consumer-grade AR glasses, "Meta Hypernova," and the anticipated third-generation AI glasses [6] - The CDC's Advisory Committee on Immunization Practices will meet next week, which is crucial for investors holding vaccine stocks [8] - The third Friday of September, known as "Triple Witching Day," will see the expiration of numerous stock index futures, options, and stock options, potentially leading to liquidity-driven volatility [8] Group 4 - A series of important economic data releases are scheduled for next week, including China's August economic data and the U.S. September New York Fed manufacturing index [9] - The Federal Reserve's FOMC will announce its interest rate decision and economic outlook summary next week, alongside a press conference by Chairman Powell [9]

Core Viewpoint - The digital asset trading industry is a product of the deep integration of blockchain technology and financial innovation, which has become a significant force in reshaping the global economic landscape amid the acceleration of global digitalization [2][4]. Submission Directions - The editorial team of "Tsinghua Financial Review" is inviting submissions on the topic of global digital assets, focusing on providing insights for policymakers, business decision-makers, researchers, and investors [4][13]. - The submission should be original and unpublished, with a suggested word count of 4,000 to 6,000 words, including charts and tables [8][15]. - The deadline for submission is September 20, 2025 [9]. Topics for Discussion - The article outlines 12 specific topics for discussion, including: 1. Development trends and policy comparisons of global central bank digital currencies 2. Exploration of the synergy between RWA (Real World Assets) and central bank digital currencies 3. Redefinition of traditional financial assets by RWA 4. Comparative study of global policies and regulatory frameworks for RWA 5. International trends and legislative dynamics in digital asset regulation 6. Risk identification, assessment, and prevention mechanisms for digital assets 7. The impact and challenges of digital assets on the traditional financial system 8. Legal attributes and compliance pathways for digital assets 9. The role and prospects of digital assets in cross-border payments 10. Construction of investor protection mechanisms in the digital asset field 11. Trends of "de-risking" in digital assets and industry transformation 12. Digital assets and financial stability [7]. Editorial Guidelines - The articles can be analytical or interpretative, aiming to provide practical insights and stimulate thought among readers [13][15]. - The editorial team emphasizes the importance of a solid academic foundation for the viewpoints and conclusions presented, while avoiding overly complex theories and models [14][15].

Market Overview - The global digital asset market experienced significant volatility on the last trading day of August, with Bitcoin's price dropping from a daily high of $112,652 to $108,198, a decline of 3.3% within 24 hours, closing at $108,747. This drop was primarily due to a whale account selling 24,000 Bitcoins, valued at over $2.7 billion, impacting the entire cryptocurrency market [1][3] - Bitcoin is currently in a correction phase, approximately 10% down from its historical high of $124,496 reached in mid-August. Analysts suggest Bitcoin may enter a consolidation phase between $110,000 and $120,000 or test critical support levels between $105,000 and $100,000 if market momentum weakens [3] Ethereum Performance - Ethereum demonstrated relative strength during the market pullback, maintaining a price of $4,335 with only a 3.2% decline over 24 hours. Since April's low, Ethereum has surged over 200%, significantly outperforming Bitcoin's 45% increase during the same period [6] - Ethereum's recent price surge was partly attributed to comments from Federal Reserve Chairman Jerome Powell favoring a more accommodative monetary policy, which helped Ethereum briefly surpass $4,900, setting a new historical high [6] Institutional Investment Trends - A notable shift in institutional investment was observed, with a super whale investor, managing $11.4 billion in assets, converting a large amount of Bitcoin into Ethereum. This asset rotation reflects a positive outlook on Ethereum's ecosystem development [7] Stablecoin Market Dynamics - The global stablecoin market continues to grow, surpassing $283 billion, a 22% increase since the beginning of the year. Tether (USDT) holds approximately 65% of the market share, while Circle's USDC accounts for about 25%, together controlling 90% of the stablecoin market [8] - The recent GENIUS Act passed in the U.S. provides a clear regulatory framework for the stablecoin industry, requiring issuers to be fully backed by USD or other high-quality liquid assets, enhancing market confidence in stablecoin assets [8] Cross-Border Transactions and Stablecoin Utilization - The application of stablecoins in cross-border transfers and international trade settlements is rapidly expanding. Mastercard and Circle announced an expansion of USDC and EURC settlement services in Eastern Europe, the Middle East, and Africa, which will improve transaction efficiency and reduce costs [9] - Circle's partnership with fintech company Finastra aims to help more banking institutions integrate stablecoin settlement functions into existing cross-border transaction systems, indicating a shift of stablecoins from speculative tools to valuable components of financial infrastructure [9]

Group 1 - The core viewpoint of Zhao Changpeng (CZ) emphasizes the evolution of stablecoins, their strategic importance to the US dollar, and the potential of decentralized exchanges and Real World Asset (RWA) tokenization [4][6][12] - Stablecoins have become a crucial profit segment in the crypto finance sector, with a simplified business model that allows for low barriers to entry and high liquidity [9][12] - The US government's changing stance on stablecoins reflects a strategic understanding of their role in enhancing the global influence of the dollar, with over $100 billion in USDT being used to purchase US Treasury bonds [12][13] Group 2 - RWA tokenization faces significant challenges, including liquidity issues, regulatory complexities, and product mechanism flaws, which hinder its practical implementation [13][18][19] - Despite these challenges, stablecoins have successfully demonstrated the feasibility of financial asset tokenization, with the US dollar being the most developed stablecoin [18][19] - The future of exchanges is expected to shift towards decentralized models, which may surpass centralized exchanges in scale and user experience [25][26] Group 3 - The Digital Asset Treasury (DAT) strategy serves as a bridge for traditional investors to enter the crypto space, with various operational models available for DAT companies [27][29][30] - DAT models can range from passive single-asset holding to complex multi-asset management, allowing traditional investors to gain exposure to digital currencies [29][31] - The integration of AI and Web 3.0 is anticipated to revolutionize transaction methods, leading to exponential growth in blockchain transaction volumes [34][35][36]

Core Viewpoint - EDA Group Holdings has entered into a partnership agreement with UTCPAY Limited to collaborate on digital asset trading, Web3 technology, and blockchain applications, effective August 27, 2025 [1] Group 1: Partnership Details - The partnership will focus on deep collaboration in the fields of digital asset trading, Web3 technology, and blockchain applications [1] - UTCPAY will provide EDA Group with access to its digital asset payment solution technology but will not participate in the fund settlement business for EDA Group's clients [1] - EDA Group will utilize UTCPAY's technology to support its clients in completing digital asset transactions and will have full control over the fund settlement service needs of clients using UTCPAY's solutions [1]

Group 1 - EDA Group Holdings has entered into a partnership agreement with UTCPAY Limited to collaborate on digital asset transactions, Web3 technology, and blockchain applications, aiming to provide advanced digital asset payment solutions for cross-border e-commerce clients [1][2] - The Hong Kong government has implemented a series of regulatory policies regarding cryptocurrency trading since October 2022, recognizing Web3 as a potential trend for future financial and commercial development [1] - The "Stablecoin Ordinance" will come into effect on August 1, 2025, establishing a licensing system for regulated stablecoin activities in Hong Kong [1] Group 2 - The company believes that the entry of virtual assets into the Web3 space presents significant opportunities, as cryptocurrency penetration in global commerce continues to rise [2] - The favorable regulatory environment created by the Hong Kong government for the sustainable development of the Web3 industry has instilled confidence in the future of the Hong Kong Web3 sector [2] - The partnership with UTCPAY aims to enhance payment solutions, improve customer experience, and promote the widespread use of stablecoins in cross-border e-commerce logistics [2]

Core Insights - MyStonks has experienced rapid growth since its launch in March 2025, with daily trading volume increasing from under $10,000 in May to over $209 million by August 27, 2025, and user count surpassing 37,000 [1] - The rise of Real World Assets (RWA) is a key trend in the digital asset market, driven by the integration of traditional asset securitization and blockchain technology [2] - MyStonks has established itself as a market leader by effectively mapping underlying assets onto the blockchain, capitalizing on the growing demand for digitalization in the U.S. stock market [2] Company Overview - MyStonks has achieved nearly 10,000 times growth in RWA token assets, reaching 179 assets [1] - The platform employs a professional research team to select high-quality U.S. stocks and real-world assets for digital mapping, ensuring asset quality and liquidity [2] - MyStonks has introduced a community voting mechanism, allowing users to participate in asset selection, enhancing ecosystem engagement [2] Product Offerings - MyStonks offers perpetual contract trading with leverage up to 20 times, providing users with more product choices [3] - The platform has implemented a decentralized autonomous organization (DAO) governance structure, where major decisions are made through community voting [3] - Incentive mechanisms such as liquidity mining and trading rebates have been designed to promote long-term user engagement and ecosystem health [3] Technological Innovations - MyStonks focuses on providing a secure and efficient trading experience, with compliance as a core principle [4] - The platform utilizes a blockchain-based smart contract system and oracle technology to ensure accurate asset pricing and transaction transparency [4] - MyStonks has obtained a Money Services Business (MSB) license from FinCEN and completed SEC registration for security token offerings (STO), demonstrating strong compliance capabilities [4] Future Outlook - MyStonks aims to continue expanding the variety of tokenized assets and deepen the integration of traditional high-value assets into the blockchain [5] - The company is committed to creating a safe, compliant, and efficient digital asset trading environment, positioning itself as a bridge between global capital markets and the digital economy [5] - As more quality assets undergo digital integration, MyStonks is expected to play a leading role in the new era of digital asset trading [5]

Group 1 - The Federal Reserve's latest meeting minutes marked a historic moment by mentioning "stablecoins" eight times, indicating a significant shift in regulatory attitudes towards digital assets [1][2] - The approval of the GENIUS Act is expected to lead to explosive growth in the market application of stablecoins, which will have profound implications for the entire U.S. financial system [2] - U.S. Treasury Secretary emphasized that stablecoins will become a crucial tool for promoting global dollar usage and will significantly increase demand for U.S. Treasury securities, reflecting the government's recognition of stablecoins' strategic value [2] Group 2 - A U.S. federal judge has unblocked $57.6 million in USDC stablecoin funds related to the Libra token incident, confirming the legal status of stablecoins and providing financial assurance for resolving related legal disputes [4] - The ruling allows the unblocked funds to be used for compensating victims, showcasing the judicial system's mature approach to the handling of digital assets [4] Group 3 - The legislative process for a highly anticipated cryptocurrency market structure bill is accelerating, which will clarify the roles of the SEC and CFTC in regulating digital assets, paving the way for the standardized development of stablecoins [6] - Traditional financial giants like Visa and Mastercard are actively engaging in stablecoin settlement business, indicating their strategic focus on this emerging technology despite the fact that stablecoins may not fully disrupt the traditional financial system [6] Group 4 - The historic changes in the stablecoin policy environment create unprecedented opportunities for decentralized trading technologies [8] - The XBIT platform utilizes blockchain address anonymity to protect user transaction privacy while ensuring transparency through publicly recorded transactions [8] - With the Federal Reserve's historic shift in attitude towards stablecoins and the gradual improvement of the legal framework, digital assets are expected to play a more significant role in the U.S. financial system [8]