Core Viewpoint - MyStonks has announced a brand upgrade to msx.com, marking its transition towards a global financial technology platform, emphasizing user-centric innovation and enhanced digital financial services [1][6]. Company Development and Strengths - Since its launch in March 2025, MyStonks has become a leading platform in decentralized trading of US stock tokens, supporting over 200 tokenized assets and surpassing 50,000 users, with daily trading volumes reaching up to $200 million [2]. - The platform has established a secure, compliant, and efficient on-chain asset trading ecosystem, positioning itself as an industry innovation benchmark [2]. - MyStonks offers spot trading of US stock tokens and perpetual contracts with leverage up to 20 times, catering to various risk preferences [2]. Strategic Partnerships - Within six months of its launch, MyStonks formed strategic partnerships with several leading institutions, including a deep collaboration with Fidelity for independent custody of all on-chain US stock assets [3]. - Collaborations with platforms like BSC, OKX Wallet, and others enhance the ecosystem through support in areas such as public chain integration, asset management, and market data services [3]. Compliance and Security - MyStonks obtained a Money Services Business (MSB) license from the US FinCEN and completed SEC registration for security token offerings (STO), becoming one of the few RWA platforms recognized by strict regulations [4]. - The platform is actively pursuing compliance licenses in major markets, including the EU, UK, Singapore, Hong Kong, and Dubai [4]. - A comprehensive security audit by CertiK was completed in September 2025, ensuring the safety of smart contracts and core architecture [4]. Technological Innovations - MyStonks has implemented multi-chain bridge technology, allowing seamless asset transfer across Solana, Ethereum, Tron, and BNB, enhancing user asset choices and liquidity [4]. - The platform employs Merkle Tree technology for on-chain asset proof, ensuring data integrity and transaction transparency [4]. User Governance and Community Engagement - MyStonks adopts a DAO governance model, encouraging community participation in decision-making and asset selection, fostering a sense of belonging among users [4]. - The platform has designed multi-layer incentive mechanisms to stimulate ecosystem vitality and ensure long-term user engagement [4]. Brand Upgrade and User Experience - The brand upgrade to msx.com features a minimalist black-and-white design with vibrant green accents, reflecting the platform's commitment to innovation and user experience [6][8]. - Enhanced navigation and user interface improvements aim to streamline user interactions and facilitate easier access to trading functionalities [11][13]. - A new user onboarding module simplifies the trading process, aiming to improve user retention and conversion rates [11]. Future Outlook - MyStonks aims to continue prioritizing user experience and technological innovation, aspiring to be a bridge between real-world assets and blockchain finance, leading the digital finance industry into a new development phase [14].

Core Insights - The strategic investment by JF SmartTrade, a wholly-owned subsidiary of Jiufang Zhitu Holdings, in EX.IO marks a significant step in enhancing the company's overseas digital asset business and establishing a comprehensive on-chain financial service system [3] - The collaboration between Jiufang Zhitu Holdings, EX.IO, and Fangde Securities aims to leverage their respective strengths in the digital finance sector, creating an integrated service loop covering digital asset issuance, trading, custody, and advisory [3][4] Group 1: Strategic Investment and Collaboration - Jiufang Zhitu Holdings has completed a strategic investment in EX.IO, a leading global Web3 innovation group, to deepen its overseas digital asset business [3] - EX.IO operates a compliant digital asset trading platform that received an operational license from the Hong Kong Securities and Futures Commission (SFC) in December 2024 [3] - Fangde Securities has signed a strategic cooperation agreement with EX.IO to jointly explore opportunities in the Hong Kong digital asset market, leveraging their licensing resources and market experience [4][6] Group 2: Market Context and Future Prospects - The collaboration comes in the context of Hong Kong's accelerating development of a robust digital asset ecosystem, as highlighted by the recent release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" [7] - In the first half of 2025, the total trading volume of bank-related digital asset products and tokenized assets in Hong Kong reached HKD 26.1 billion, a 233% increase compared to the same period last year [7] - The partnership is expected to create a strong ecological complementarity among the three parties, enhancing their capabilities in providing comprehensive and diverse investment experiences for clients [6][7]

Core Insights - OSL Group has successfully completed the acquisition of Indonesian digital exchange PT IDAX by issuing approximately 9.2662 million shares, allowing for rapid acquisition of a cryptocurrency trading regulatory license in Indonesia, thus accelerating its entry into the Indonesian market [1] Group 1: Acquisition and Market Entry - The acquisition provides OSL with a compliant platform, expanding its service offerings in Indonesia to emerging areas such as RWA and PayFi, with Indonesia projected to have the third-highest global focus on RWA in 2024, accounting for 10.1% [1] - OSL will leverage the brand recognition of PT IDAX's "KoinSayang" in Indonesia to conduct unified marketing and public relations, enhancing brand influence and attracting a broader customer base, thereby strengthening its market penetration in Southeast Asia's digital asset sector [1] Group 2: Synergies and Operational Efficiency - The acquisition is expected to generate synergistic value and operational efficiency by combining OSL's technological capabilities with PT IDAX's local resources, enabling the launch of more compliant financial service products [1] - OSL aims to utilize its global infrastructure to support blockchain technology development and compliance framework construction, solidifying its position as a leading compliant digital asset trading platform in Asia, which will continuously provide new revenue sources and user groups, enhancing its core competitive advantages and long-term value in the global digital asset industry [1]

Core Viewpoint - Bakkt Holdings has appointed fintech veteran Mike Alfred to its board to enhance governance and accelerate its initiatives in next-generation financial infrastructure, focusing on digital asset trading and related services [1][2]. Group 1: Company Developments - Mike Alfred's appointment is aimed at supporting Bakkt CEO Akshay Naheta in executing the company's growth roadmap, leveraging Alfred's reputation in the digital asset ecosystem to deliver long-term shareholder value [2]. - Bakkt, founded in 2018 and headquartered in New York, offers institutional-grade trading and on-ramp solutions for digital assets, expanding its product suite across futures, custody, and payments [3]. Group 2: Market Reaction - Following the announcement of Mike Alfred's appointment, BKKT shares experienced a 40% increase during pre-market hours [4].

Group 1 - The core viewpoint of the report is that OSL Group (00863) is projected to achieve revenues of HKD 6.7 billion, HKD 11.9 billion, and HKD 18.1 billion for the years 2025, 2026, and 2027 respectively, with a target price set at HKD 21 and an initial "Buy" rating [1] - OSL's revenue composition is primarily driven by digital asset trading income, which accounted for 51% of total revenue in H1 2025, with a trading volume of HKD 68.2 billion, representing a year-on-year increase of 200% [1] - As of the end of H1 2025, OSL's custodial assets reached HKD 5.7 billion, reflecting a year-on-year growth of 50% [1] Group 2 - OSL is recognized as the first compliant digital asset exchange in Hong Kong, having obtained the first digital asset trading platform license issued by the SFC, positioning itself ahead in the compliance process [1] - The company is expected to benefit directly from the ongoing prosperity of the Web 3.0 ecosystem in Hong Kong, being the only platform in the market that offers a full suite of customizable solutions including RFQ and Orderbook [1] - OSL has established deep partnerships with over 50 licensed brokers and banks in Hong Kong, leading in trading volume market share, with its partnered ETFs accounting for approximately 64% of the managed assets in the Hong Kong digital asset spot ETF market as of December 31, 2024 [1] Group 3 - The company's growth is driven by both organic growth and strategic acquisitions, with the new business OSLPay officially launched in April 2025, generating revenue of HKD 55.9 million in H1 2025, which constitutes 29% of total revenue, primarily from Europe [2] - Payment services are expected to become a key focus area for the company, covering deposit and withdrawal channels as well as cross-border payments [2] - OSL has obtained licenses in regions such as Australia, Japan, and Italy, and plans to acquire Banxa in June 2025, which holds over 40 licenses/registrations globally [2]

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]

Core Insights - Bullish reported better-than-expected Q2 earnings and revenue, with EPS at $0.93 compared to a loss of $1.03 a year ago, exceeding the market expectation of -$0.05 [1] - The company’s revenue for Q2 was $57 million, slightly below last year's $60.7 million but above the market forecast of $55.8 million [1] - Digital asset sales reached $58.6 billion, significantly up from $49.6 billion in Q2 2024, with trading volume soaring to $179.6 billion from $133 billion year-over-year [1] Financial Performance - Adjusted operating expenses for the quarter were $48.9 million, up from $46 million a year ago [1] - Adjusted EBITDA was $8.1 million, down from $14.7 million in the same quarter last year [1] - The company expects Q3 2025 adjusted revenue to be between $69 million and $76 million, significantly higher than the analyst consensus of $57.1 million [2] Market Position and Growth - Bullish's digital asset index provider, CoinDesk Indices, reported an AUM of $41 billion, increasing by over $9 billion from Q1 [2] - The company recently obtained a BitLicense from the New York State Department of Financial Services, facilitating its expansion in the U.S. market [3] - Cathie Wood's ARK Invest has increased its stake in Bullish, purchasing over 160,000 shares valued at approximately $8.3 million, continuing to hold a total of over $129 million in Bullish stock across multiple ARK funds [3]

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]