Core Insights - Conflux Tree Graph Technology and Ecological Development Conference was held in Shanghai from July 18 to 20, where Conflux Tree Graph Public Chain 3.0 was announced [1] - The official launch of Conflux Tree Graph Public Chain 3.0 is scheduled for August this year [1] - Strategic partnerships were established with AnchorX and Dongxin Peace (002017) to promote offshore RMB stablecoin issuance, cross-border settlement, and RWA applications in countries involved in the Belt and Road Initiative [1]

Group 1 - The Conflux Tree Graph Technology and Ecological Development Conference was held in Shanghai from July 18 to 20, focusing on the development and application trends of blockchain and Web 3.0 technology [1] - Conflux Tree Graph public chain 3.0 is set to launch in August, featuring a comprehensive technical upgrade to enhance Web 3.0 infrastructure for developers and users [1][2] - The Tree Graph blockchain has processed 170 million transactions and has over 25 million global users, establishing a full-category Web 3.0 ecosystem [2] Group 2 - The transaction confirmation time has been reduced from under 30 seconds in version 2.0 to under 26 seconds in version 3.0, with full compatibility with the Ethereum Virtual Machine ecosystem [3] - Strategic partnerships have been formed with institutions like Fudan University and Qingdao International Copyright Trading Center to promote offshore RMB stablecoin issuance and cross-border settlement in Belt and Road countries [3] - The new public chain aims to create a "digital highway" supporting 15,000 transactions per second and native AI capabilities for cross-border payments and RWA asset settlement [2]

Group 1 - The Shanghai Municipal State-owned Assets Supervision and Administration Commission organized a "stablecoin learning session," indicating a shift in regulatory perspective from observation to understanding and engagement [2][3] - The learning session suggests that regulators are exploring localized alternatives to overseas stablecoin technologies and operational mechanisms [2][3] - The integration of on-chain assets, identity, auditing, and credit infrastructure may be piloted within a regulatory sandbox framework [2][3] Group 2 - The implementation of Real World Assets (RWA) in China faces three structural challenges: lack of verifiable data, inability to stratify identities, and insufficient compliance mechanisms [4][5] - MetaUserDAO (MUD) aims to address trust and governance issues at the protocol level, integrating an AI-driven dynamic identity system to create an on-chain credit tagging system [5][6] - MUD's system serves as an access layer for stablecoin and RWA issuance, supporting on-chain behavior tracking and compliance components [5][6] Group 3 - The convergence of regulatory and infrastructure signals will be central to the future development of blockchain in China [6][7] - Potential directions include piloting an integrated platform for on-chain identity, asset mapping, and auditing mechanisms within state-owned enterprises [6][7] - The establishment of a "regulatable DAO" could facilitate infrastructure operation and feedback loops through on-chain governance structures [6][7] Group 4 - The focus on stablecoins may be a starting point, but the identity system is viewed as the core of the foundational infrastructure [7] - The transition from narrative to infrastructure in blockchain will determine the success of achieving a win-win scenario among finance, industry, and regulation [8] - MetaUserDAO (MUD) provides a valuable reference path for the industry in the collaborative direction of on-chain identity and RWA [8]

Core Insights - TRON network has achieved a significant milestone with the issuance of TRC20-USDT surpassing $80 billion, marking a major advancement in the blockchain stablecoin issuance history and reinforcing TRON's core position in global financial infrastructure [1][3] - The founder, Justin Sun, emphasized that this achievement represents the initial results of the TRON ecosystem and signifies a crucial leap towards global financial freedom [1] - TRON's technological iterations and practical applications in cross-border payments and inclusive finance demonstrate the tangible changes blockchain technology can bring to the world [1] Group 1: Technical Advantages - Since the mainnet launch in 2018, TRON has continuously optimized its performance and cost, utilizing DPoS consensus mechanism to achieve over 2,000 transactions per second with a block confirmation time of just 3 seconds [3] - Transaction fees on TRON are as low as $0.001, with plans to achieve zero-cost transfers within the year [3] - The network processes over 28 million transactions daily, with total accounts exceeding 307 million, reflecting strong user demand for convenient and low-cost financial services [3] Group 2: Real-World Applications - The issuance of USDT exceeding $80 billion reflects real economic activities rather than mere symbolic representation, with applications spanning over 100 countries and regions, including cross-border payments, international trade, salary payments, and digital asset transactions [3] - Collaborations with traditional institutions like Visa and Grab allow users to directly use USDT for e-commerce and travel expenses, significantly enhancing transaction fluidity [3] Group 3: Regulatory Compliance and Innovation - TRON has achieved compliance with both the EU MiCA regulations and ISO 14064 carbon neutrality standards, showcasing breakthrough progress in the public chain sector [5] - The network has established strategic partnerships with governments in the UAE, Singapore, and Dominica, with USDT recognized as legal tender in Dominica [5] - TRON maintains decentralization principles through transparent smart contract operations, BitGo reserve custody, and the freezing of over $150 million in illegal assets, ensuring regulatory adaptability and technical reliability [5] Group 4: Future Prospects - Under Justin Sun's leadership, TRON continues to push technological boundaries, focusing on transaction processing capabilities, zero-fee transfers, compliance, and ecosystem collaboration, with the core goal of promoting inclusive finance [7] - As technology iterates and application scenarios expand, TRON is poised to develop into a node for inclusive finance, enabling global users to participate equally in the economic system [7]

Group 1 - The U.S. House of Representatives passed a procedural vote on a cryptocurrency bill with a result of 217 to 212, allowing the bill to enter the debate process, marking the longest voting record since the electronic voting system was implemented [1] - The bill had previously passed in the U.S. Senate in June, and this vote aims to advance the legislative agenda for cryptocurrency [1] - More than 10 Republican members voted against the procedural vote, which delayed the House's consideration of the bill [1] Group 2 - The cryptocurrency market showed stability with Bitcoin trading around $118,400 after briefly surpassing $120,000 [3] - Ethereum reached a new high, breaking the $3,400 mark, with significant increases in other cryptocurrencies such as SOL, XRP, and Dogecoin [5][6] - In the last 24 hours, over 120,000 traders were liquidated in the cryptocurrency market, with total liquidation exceeding $450 million [6] Group 3 - In the cryptocurrency market, significant liquidations included $4.5 million in one hour, $82.4 million in four hours, and $320 million in twelve hours [7] - Stocks related to blockchain and stablecoins in the Hong Kong market experienced notable movements, with Blueport Interactive surging over 45% [7]

Group 1 - The digital asset sector has gained significant attention in the A-share market since June, particularly after the launch of the stablecoin concept index on June 3, which has seen a cumulative increase of 35.13% within a month, outperforming many mainstream sectors [1][2] - The rise in the stablecoin sector is driven by both technological paradigms and industrial logic, with the "RDA (Real Data Asset)" concept emerging as a new catalyst, linking real-world data to tradable digital assets through blockchain technology [1][2] - Major companies involved in the stablecoin and RDA sectors, such as Information Development, Shanghai Steel Union, and DaZhiHui, have seen their stock prices rise significantly, attracting substantial capital inflows [2][3] Group 2 - The RDA concept stocks have shown impressive market performance, with Information Development leading with over 60% price increase, followed by DaZhiHui and Shanghai Steel Union with increases of 53.12% and 44.70% respectively [2][3] - Despite the overall positive trend, some RDA concept stocks, like Xiexin Energy and Annie Co., have experienced significant capital outflows, indicating a mixed sentiment among investors [4][5] - Institutional investors, including public funds, have begun to increase their holdings in RDA-related stocks, with several funds reporting significant positions in companies like DaZhiHui and TuoErSi [6][7] Group 3 - Research institutions have begun to release reports on RDA and stablecoin concepts, showing a divided perspective; some emphasize the potential of RDA in data rights and industrial financialization, while others express concerns about valuation and implementation progress [8] - The stablecoin market is expected to expand beyond cryptocurrency trading into broader payment scenarios, with regulatory developments, such as the upcoming Hong Kong stablecoin regulations, likely to enhance market opportunities [8]

大家好欢迎参加国金金融工程拆GBT6.YPR稳定币产业链与零涨股目前所有参会者均处于静音状态下面开始播放面子声明声明完毕后主持人可以开始发言本次电话会议仅面向国金证券的专业投资机构客户或受邀客户仅供交流研究观点专家发言内容仅代表其个人观点会议内容并不构成对任何人的投资建议未经国金证券事先书面许可 任何机构或个人严禁以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改解读等涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持谢谢 各位投资者大家下午好我是国际证券及应用工程组研究员胡振扬本次电话会议的主题主要是介绍一下稳定币它的产业链的情况以及相关投资标的一个情况 那么结算的时间的话也是能够加快到一分钟计的这样的一个速度那么同时呢稳定币也是能够推动比方说像这种资产代币化这样的一些方面的一些进展能够带来一些新的投资机会那所以说稳定币产业链的话也是受到了这个其中市场的一个关注 我们团队的话就是针对稳定币去进行的这个产业链图谱以及概念股的一个自动的生成就是使用我们刚刚那一套agent的一个模型那么我们这次就是从这个模型角度出发首先给出稳定币产业链的一个图谱的一个结果再同时给到这个概念股的一个相关标的的情 ...

Group 1 - RWA (Real World Assets) represents a transformative concept that connects traditional finance with digital assets through tokenization, enhancing asset liquidity and lowering investment barriers [10][11][12] - The global on-chain RWA asset value surpassed $23.3 billion by June 2025, indicating rapid growth and adoption of this technology [2][16] - RWA tokenization allows for the fractionalization of traditionally illiquid assets, enabling broader participation in investment opportunities [21][22] Group 2 - In China, Hong Kong is leading the way in RWA implementation, with regulatory frameworks supporting the tokenization of government bonds and other assets [3][11] - Notable projects in China include the tokenization of charging station data and photovoltaic assets, demonstrating the potential for RWA in green energy and agriculture [3][11] - The "East Data West Computing" initiative and the emergence of data center REITs are paving the way for the tokenization of computing power assets [4][11] Group 3 - Globally, major asset management firms like BlackRock and Franklin Templeton are pushing for the tokenization of government bonds and private debt, with individual projects managing over $2 billion [5][12] - The real estate sector in the U.S. has seen platforms like RealT tokenize thousands of properties, lowering the minimum investment to $50, thus democratizing access to real estate investments [5][12] - Regulatory challenges, such as inconsistent cross-border compliance and the reliance on centralized custodians, pose significant hurdles for the widespread adoption of RWA [6][12] Group 4 - The global asset tokenization market is projected to reach $16.1 trillion by 2030, representing 10% of global GDP, highlighting the vast potential of RWA [7][12] - RWA's ultimate goal is to democratize finance, allowing for seamless integration between traditional and digital economies, thus enabling every asset to be liquid [7][12] - The collaboration between technology and regulatory frameworks will be crucial for the successful implementation and scaling of RWA [7][12]

2025 年 7 月 13 日，2025 全球 RWA & AGI 生态峰会在杭州举行。数秦科技董事长高航受邀发表题为 《RWA 的技术逻辑与最佳实践》的主题演讲，凭借 12 年区块链行业探索经验，深入剖析了真实世界资 产(RWA)通证化的技术内核、发展前景及实践案例，为行业发展带来深刻洞见，引发广泛关注。 从区块链理想主义到现实协同的成熟之路 高航在演讲中强调，RWA 通证化具有多方面重要意义：它能够显著提升资产流动性，实现全球 7x24 小 时跨境交易；可进行可信计量，建立更高效的利益分配机制；还能实现自动化合规与契约执行，并推动 基于可信底层资产的金融创新。 从市场反馈来看，众多权威投行机构同样认为RWA潜力无穷。花旗银行研报显示，目前 RWA 市场总规 模已接近 16.16 万亿美元，且潜力持续释放。另有核心总结指出，到 2030 年，全球资产代币化规模将 增长 50 倍，通证化资产预计将占到全球 GDP 的 10%，房地产、股票、债券、投资基金及专利等底层 资产的通证化都将迎来增长。 可以说，RWA已成为当前web3领域最受关注的新风口。基于此，高航首先解析了RWA的技术演化路 径，帮助与会者了解R ...

Core Viewpoint - The article discusses the growing attention on stablecoins from the perspective of the internet industry, highlighting their potential to bridge traditional finance and Web3.0 through blockchain technology [1]. Group 1: Blockchain as the Infrastructure - Blockchain technology serves as the foundational architecture for stablecoins and Real World Assets (RWA), providing transparency, decentralization, and immutability [3]. - Stablecoins are pegged to fiat currencies or government bonds, utilizing blockchain smart contracts for 1:1 asset mapping, thus acting as a value bridge between traditional finance and Web3.0 [3]. - Compared to traditional payment systems like SWIFT, blockchain-based stablecoins offer significant advantages in efficiency and cost [3]. Group 2: Internet Companies and Stablecoins - The proliferation of stablecoins is unlikely to significantly impact existing domestic third-party payment systems like WeChat Pay and Alipay, which already operate as "quasi-stablecoins" [4]. - Internet companies involved in cross-border payments, such as JD.com and Ant Group, are more actively exploring stablecoin applications due to their large user bases and established payment scenarios [4]. - The advantages of internet companies in the stablecoin space include user scenarios, technical capabilities, and ecosystem synergy, which can enhance the network effects of stablecoins [4]. Group 3: Stablecoins and Web3.0 Ecosystem - Stablecoins can enhance the liquidity and growth of the DeFi ecosystem, attracting compliant stablecoins to the blockchain [5]. - The programmable nature of stablecoins allows for automated yield generation, a feature difficult to achieve in traditional finance [5]. - The collaboration between stablecoins and RWAs can broaden the asset categories in DeFi, introducing significant liquidity into traditional financial markets [5]. Group 4: Cross-Border Payment Advantages - Stablecoins present notable advantages in cross-border payments, offering faster transaction times and lower costs compared to traditional systems like SWIFT [13]. - The average settlement time for SWIFT is 0.5-6 days, while stablecoins can achieve near real-time settlements [13]. - In countries facing currency volatility, stablecoins can mitigate exchange rate risks and enhance payment efficiency [13]. Group 5: Internet Companies' Strategic Moves - Major internet companies are accelerating their stablecoin strategies, with JD.com and Ant Group planning to launch compliant stablecoins for cross-border payments [23]. - Visa and PayPal have also made significant moves in the stablecoin space, indicating a broader trend among tech giants to integrate stablecoins into their payment systems [23]. - The integration of stablecoins into existing ecosystems can lower transaction costs and enhance operational efficiency for internet companies [23]. Group 6: Future Implications for Web3.0 - The adoption of stablecoins is expected to increase the penetration of Web3.0 ecosystems, potentially leading to a more prosperous DeFi landscape [31]. - As stablecoins grow, they may attract more compliant stablecoins into the blockchain market, further enriching the DeFi asset base [31]. - The synergy between stablecoins and RWAs can significantly enhance liquidity and broaden the scope of financial products available in the DeFi space [31].