Group 1 - Central banks and regulatory bodies are intensifying their exploration of blockchain technology in the financial system, with the People's Bank of China emphasizing its role in central bank digital currencies and stablecoins [1] - The "payment upon settlement" feature of blockchain technology is reshaping traditional payment infrastructure, significantly improving efficiency and reducing costs in cross-border payments [3] - The Hong Kong Stablecoin Bill marks the formal acceptance of compliant digital assets in the Asian financial market, providing a regulatory framework that benefits compliant enterprises [3][8] Group 2 - TRON's network boasts high throughput (over 2000 TPS) and low transaction fees (approximately $0.1 per transaction), making it an ideal underlying infrastructure for stablecoin circulation [3] - The issuance of stablecoins is now subject to regulatory requirements, including maintaining sufficient reserves and undergoing regular audits, which helps to standardize the market and mitigate chaos [3][4] - TRON has established partnerships with licensed institutions to enhance the transparency of its stablecoin reserves, with the issuance of TRC20-USDT surpassing 80 billion, accounting for over 50% of the total USDT supply [3] Group 3 - The rise of stablecoin illegal transactions has increased regulatory concerns, highlighting the urgent need for collaborative regulation [4] - TRON has improved its suspicious transaction interception rate to over 98% through on-chain analysis tools and regulatory data sharing [4] - The company is developing a cross-border payment protocol based on smart contracts, which will facilitate automatic currency conversion among multiple national currencies [6] Group 4 - The implementation of stablecoin legislation in Hong Kong signifies a transition from disorderly expansion to a new era of regulated competition in the industry [8] - TRON's strategic positioning and technological foundation have allowed it to occupy a core position in the stablecoin sector [8] - The company aims to become a key infrastructure provider as blockchain technology is projected to handle 30% of cross-border payment transactions in the next five years [6]

Group 1 - The central bank's recent statements on stablecoins provide clear guidance for the future development of the industry, emphasizing compliance and security as core principles [3][8] - TRON has achieved a breakthrough in transaction processing capability, handling millions of transactions per second with confirmation times of just three seconds and negligible fees, significantly enhancing user experience [3] - The USDT stablecoin, based on the TRON blockchain, has seen substantial adoption, with on-chain transaction volumes reaching $1.6 trillion and over 268 million transactions in the past six months, leading the stablecoin market [3] Group 2 - TRON is leading in compliance by collaborating with global regulatory bodies, being the first stablecoin protocol to pass the EU MiCA regulation and comply with ISO 20022 standards, enhancing market trust [4] - The recent launch of the USD1 stablecoin, backed by short-term government bonds and cash, marks a significant advancement for TRON in the digital asset space, with a focus on transparency and compliance through third-party audits [6] - TRON aims to achieve zero-cost stablecoin transfers by the end of 2025, enhancing global payment competitiveness, while also expanding the application of stablecoins through cross-chain upgrades and the RWA project [6]

Core Insights - Central banks and regulatory bodies are accelerating the exploration of blockchain technology in the financial system, with a focus on Central Bank Digital Currencies (CBDCs) and stablecoins as key drivers of development [1][3] - The introduction of the Hong Kong Stablecoin Regulation Draft signifies the recognition of compliant digital assets in the Asian financial market [1][4] - TRON, as an early player in the industry, has developed a stablecoin strategy that integrates technology, ecosystem, and compliance, positioning itself for global expansion [1][4][7] Blockchain Technology Reshaping Payment Systems - Blockchain technology enables "payment upon settlement" through decentralized ledgers and smart contracts, significantly reducing the time and cost associated with traditional payment systems, particularly in cross-border payments [3] - Traditional SWIFT systems take 2-3 business days for settlement, while blockchain solutions can reduce this to minutes, cutting costs by over 60% [3] - TRON's network features high throughput (over 2000 transactions per second) and low transaction fees (approximately $0.1 per transaction), making it an ideal infrastructure for stablecoin circulation [3] Milestone Significance of Hong Kong's New Policy - The Hong Kong Stablecoin Regulation Draft mandates issuers to maintain sufficient reserves and undergo regular audits, integrating stablecoins into the financial regulatory framework [4] - This policy aims to regulate market chaos and provide a development window for compliant enterprises [4] - TRON has collaborated with licensed institutions since 2022 to enhance the transparency of its ecosystem stablecoins, such as USDT-TRON, which has surpassed an issuance of 80 billion, accounting for over 50% of the total USDT supply [4] Regulatory Challenges and AML Pressures - The anonymity and cross-border liquidity of blockchain technology pose challenges for anti-money laundering (AML) and capital controls, with a reported 10% year-over-year increase in illegal transactions related to stablecoins [6] - TRON has improved its suspicious transaction interception rate to over 98% through on-chain analysis tools and data sharing with regulatory bodies [6] - The call for a "global stablecoin regulatory sandbox" aims to establish unified standards to address cross-border collaboration challenges [6] TRON's Stablecoin Strategy - TRON's stablecoin advantages stem from its technical efficiency, comprehensive ecosystem integration, and proactive regulatory compliance in regions like the US and Singapore [7] - The company is developing a cross-border payment protocol based on smart contracts to facilitate automatic currency conversion among multiple fiat currencies [7] - Predictions indicate that 30% of cross-border payments will be conducted via blockchain in the next five years, with TRON aiming to be a foundational infrastructure provider in this transition [7] Industry Transition and Future Outlook - The implementation of Hong Kong's stablecoin legislation marks a shift from unregulated growth to compliant competition within the industry [9] - TRON's technological advancements and strategic foresight have positioned it favorably in the stablecoin sector, although global expansion will face regulatory fragmentation and technological evolution challenges [9] - The coexistence of CBDCs and private stablecoins is expected to redefine the future of the payment industry [9]

Core Viewpoint - Derin Holdings (01709.HK) has entered into a non-binding term sheet with Via BTC Holdings Limited to establish a strategic partnership focused on cryptocurrency and digital asset services [1][2] Group 1: Strategic Partnership - The partnership will involve the formation of a joint venture to engage in OTC cryptocurrency trading, asset management, and family office services for OTC and/or cryptocurrency mining clients [1] - The collaboration aims to leverage Via BTC's existing infrastructure and expertise in financial advisory, securities trading, and brokerage to create synergies [2] Group 2: Business Diversification - This strategic move allows Derin Holdings to accelerate its entry into the high-growth digital asset and blockchain services sector, diversifying its business portfolio beyond traditional finance [2] - The partnership will extend the company's existing asset management and family office services to include OTC and cryptocurrency mining clients, generating diversified revenue streams and expanding market coverage [2]

（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1709） 自願性公告 與VIABTC HOLDINGS LIMITED 開展戰略合作之條款書 本公告由德林控股集團有限公司（「本公司」，連同附屬公司統稱為「本集團」） 自願刊發，旨在知會本公司股東及潛在投資者有關本集團之最新業務發展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年6月24日，本公司與 ViaBTC Holdings Limited（「ViaBTC」）訂立不具法律約束力之條款書（「條款 書」），以開展戰略合作。本集團將透過成立合營企業與ViaBTC深入合作，共同 進行：(i)加密貨幣場外(OTC)交易；(ii)向OTC及╱或加密貨幣挖礦客戶提供資 產管理及家族辦公室服務；及(iii)其他潛在業務合作，包括但不限於建立比特 幣(BTC)儲備及開發獲證券及期貨事務監察委員會發牌之虛擬資產交易及虛 擬資產管理平台（「建議成立合營企業」）。 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告 全部或任何部分內容而產生或因倚 ...

智通财经6月23日电，海联金汇在互动平台表示，公司自主研发的区块链底层框架优链系统（UChains） 自2017年来已连续7年通过中国信息通信研究院"可信区块链"标准评测；自主研发的"海联金汇供应链金 融系统"、"优链区块链服务平台（UBaaS）"、"联动优势UChains区块链平台"等4项区块链系统，已经 先后通过国家互联网信息办公室备案。 海联金汇：4项区块链系统先后通过国家互联网信息办公室备案 ...

龙虎榜机构热股 6月23日，公司互动平台表示，DDR4价格上涨对公司业绩有积极作用。 龙虎榜知名游资 一、区块链 恒宝股份 个股龙虎榜 今天机构龙虎榜上榜27只个股，净买入13只，净卖出14只。当日机构买入最多的个股前三位是：微芯生物（8674万）、神州细胞（4601万）、大为股份 （4330万）。 | 上榜热股 | 实时涨跌幅♀ 买/卖家数♦ | | | --- | --- | --- | | 微芯生物 688321.SS | +15.64% | 1/0 | | 神州细胞 688520.SS | +16.66% | 3/0 | | 大为股份 002213.SZ | +10.00% | 1/2 | 大为股份 龙虎榜显示，今日1家机构净买入4330万。 开源证券认为，稳定币相对传统跨境支付体系具有高效、低成本、透明等优势。时效性上，现有的银行跨境汇款通常需要长达5个工作日才能结算，其中基 于跨境银行间通信系统的数字支付，大约30%的汇款需要一天以上的时间才能完成；基于区块链的跨境支付，100%的交易都会在不到1小时内完成。 二、航运 宁波海运 个股龙虎榜 首批参与中国人民银行数字货币研究所"数字人民币试点"工作 ...

一、行情回顾 二、当日热点 1.区块链 区块链概念今日再度大涨，安妮股份、浙江东日、恒宝股份等再度涨停。四方精创一度涨停，再创历史新高。 证券时报6月23日发布头版头条文章《顺应稳定币浪潮 主动作为助推人民币国际化》，文章提到，稳定币浪潮正向全球袭来，对于正在积极提升人民币国际 化地位的中国，主动监管稳定币并顺势而为加速人民币国际化或许是更优解。 此外，在中国人民银行和香港金融管理局的共同推动下，跨境支付通22日正式上线，标志内地与香港快速支付系统实现互联互通，今后两地居民可实时办理 跨境汇款。当天，全国首笔跨境支付通汇款业务落地深圳。 当地时间6月20日，"稳定币第一股"Circle延续疯狂涨势，再度飙升逾20%至240.28美元，自IPO以来累计涨幅超650%。在美国参议院通过GENIUS法案后， 连续第二个交易日大涨。 市场全天低开高走，三大指数集体上涨。稳定币概念股再度大涨，恒宝股份、海联金汇等多股涨停。航运板块全天强势，宁波海运、兴通股份等封板。油气 股再度爆发，山东墨龙、准油股份等涨停。银行股继续走强，工商银行、建设银行等多股创新高。个股涨多跌少，沪深京三市超4400股飘红，今日成交1.15 万亿 ...

Core Viewpoint - The article discusses the rising prominence of stablecoins and their relationship with Real World Assets (RWA), highlighting the potential for significant growth in the RWA market driven by stablecoin adoption and regulatory developments [1][3]. Summary by Sections Stablecoin Market Overview - The global stablecoin market reached a total market capitalization of $232 billion by March 2025, with USDT holding a dominant 70% market share, followed by USDC at 20% and DAI at 3% [3][4]. - Major companies like Ant Group, Xiaomi, and JD.com are accelerating their stablecoin initiatives, with JD.com planning to launch its stablecoin by Q4 2024 [3][5]. RWA and Its Growth Potential - RWA refers to the tokenization of real-world assets using blockchain technology, with a projected on-chain RWA value of approximately $15.4 billion by the end of 2024, reflecting an 80% year-over-year growth [1][3]. - Citigroup predicts that RWA could drive the blockchain industry into a multi-trillion dollar market, with the saying "everything can be RWA" in the Web3 space [1][3]. Stablecoin's Role in RWA - Stablecoins are expected to enhance the stability and liquidity of RWA transactions, allowing for easier buying and selling of RWA tokens [10][11]. - The integration of stablecoins into the RWA market is seen as a bridge connecting the Web3 economy with the real-world economy, with projections indicating that the global RWA market could exceed $16 trillion by 2030 [11][12]. Industry Developments and Collaborations - Companies like Goldman Sachs and BlackRock are actively exploring RWA applications, with various projects underway, including tokenized bonds and real estate assets [12]. - In China, Ant Group and other firms are collaborating on RWA projects, such as the first domestic RWA based on renewable energy assets, raising 100 million RMB [12][13]. Investment Opportunities - The article highlights several companies involved in the stablecoin and RWA sectors, noting significant stock price increases and institutional holdings in related firms [7][8][15]. - The potential for stablecoin legislation to accelerate RWA adoption is emphasized, with predictions of substantial market growth in the coming years [13].

Group 1: Global Technology Trends - The global AI market is projected to reach approximately $279.2 billion in 2024 and is expected to surge to $1.81 trillion by 2030, with a compound annual growth rate (CAGR) of 35.9% [1] - The global blockchain technology market is experiencing an impressive CAGR of 87.7%, with a market value anticipated to exceed $1.43 trillion by 2030 [1] - The combination of computing power benefits, data factors being incorporated, and clearer regulatory frameworks for Web3 is positioning "algorithms + consensus" as the next frontier in capital markets [1] Group 2: Hong Kong Main Board Developments - As of June 19, 2025, there are 2,319 companies listed on the main board, maintaining a leading position globally [2] - In the first five months of 2025, 29 new listings raised HKD 77.7 billion, indicating a significant increase in both quality and quantity [2] - The expected number of IPOs for the entire year of 2025 is approximately 40, raising around HKD 108.7 billion, showing a clear recovery in funding [2] - The current IPO application pipeline exceeds 160 companies, doubling compared to the end of 2024, focusing on technology and green themes [2] - The Hang Seng Index has seen an approximate 19% increase this year, indicating a valuation recovery window [2] - The launch of the "TECH Channel" by the Hong Kong Stock Exchange in May aims to expedite the listing process for specialized technology and biotech companies, particularly in AI and blockchain [2] Group 3: Mergers and Acquisitions Pathways - Reverse mergers are being utilized where existing main board shell companies issue new shares to inject AI or blockchain assets, complying with major acquisition rules [3] - Spin-off listings involve parent companies stabilizing cash cows in A-shares or US stocks before packaging high-growth AI/blockchain businesses for listing in Hong Kong [4] - SPAC mergers are being leveraged under the framework opened by the Hong Kong Stock Exchange in 2022, allowing for a "merge first, then transfer to the main board" strategy, with a time cost of approximately 12-18 months [5] Group 4: Investment Insights and Future Outlook - The macro perspective indicates a dual high-beta opportunity driven by the certain growth of AI and blockchain alongside Hong Kong's international capital pool [10] - Policy developments such as FINI and the TECH channel are expected to reduce listing cycles by about 30%, with more refined regulatory standards for reverse mergers [11] - Companies are encouraged to adopt rapid integration of SaaS, digital asset custody, and on-chain trust certification modules, following the model of AiGao Group [12] - Startups are advised to utilize merger/acquisition strategies to connect with the main board platform, enhancing internal control and ESG compliance for better outcomes [12] - Investors should focus on the triad of "technological content, merger flexibility, and policy alignment" to capture the dual drivers of shell value and thematic momentum [12] - The convergence of computing power, algorithms, and assets is propelling the capital fast track, with Hong Kong emerging as a value amplifier for global tech firms [12]