Core Viewpoint - The company has established a joint venture, Novus Infusion Partners Limited, with Supercomputing Technology Co., Ltd. to focus on the issuance of Real World Assets (RWA) [1][2] Group 1: Joint Venture Details - Novus Infusion is formed with an initial capital contribution of HKD 3 million from the company and HKD 2 million from Supercomputing Technology, resulting in ownership of 60% and 40% respectively [1] - Novus Infusion will become a direct non-wholly owned subsidiary of the company [1] Group 2: Sponsorship Agreement - A sponsorship agreement has been signed between Novus Infusion and a Hong Kong limited company fully owned by Greenland LPF, designating the latter as a Web3.0 solution service provider [2] - The focus of the collaboration will be on the tokenization and management of intangible cultural intellectual property (IP) and related digital asset projects [2] Group 3: RWA Platform Development - The agreement outlines the development of a blockchain-based RWA platform, which includes tokenization and on-chain management of intangible cultural IP assets [2] - The total budget for the collaboration under the sponsorship agreement is expected to be less than HKD 5 million, covering platform development, legal consulting, auditing, and compliance [2]

Group 1 - Sun Yuchen, a prominent 90s entrepreneur in China, is set to become the youngest Chinese commercial astronaut by participating in Blue Origin's New Shepard spaceflight [1] - TRON, founded by Sun Yuchen, has become a globally influential blockchain platform with over 300 million users and a total issuance of 81.6 billion USDT on-chain, indicating its significant role in the global stablecoin ecosystem [1] - The total settlement amount of TRON's on-chain stablecoin is expected to surpass Visa this year, highlighting its position as a crucial infrastructure for new payment systems [1] Group 2 - On July 17, SRM Entertainment, a Nasdaq-listed company, changed its stock ticker from "SRM" to "TRON," marking a significant recognition of TRON's global influence and enhancing the voice of Chinese entrepreneurs in international finance and technology [3] - Sun Yuchen's commitment to education is evident as he donated $28 million for a Blue Origin flight seat to support youth STEM education, showcasing his dedication to breaking boundaries [3] - Sun Yuchen's journey from 300 million users to Nasdaq recognition exemplifies his relentless pursuit of dreams and serves as an inspiration for others to explore and break through in their respective fields [3]

Core Viewpoint - Conflux is a high-performance public blockchain system developed in China, positioned in the top tier of international competition, with the upcoming launch of Conflux 3.0 expected to enhance transaction processing capacity to 15,000 TPS and natively support AI agents on-chain [3][4]. Group 1: Technology and Infrastructure - Conflux 3.0 will significantly improve transaction processing capabilities to 15,000 TPS, enhancing its competitiveness in the blockchain space [3][4]. - The BSIM card technology, developed in collaboration with China Telecom and Conflux, addresses digital identity authentication and user private key management through physical-level security [5][7]. - The BSIM card is based on the new Henghui eSIM physical architecture, which upgrades storage and encryption modules while reusing the existing SM-DP+ system for blockchain configuration [7]. Group 2: Digital Assets and Applications - The subsidiary Star Map Bit has partnered with Conflux to monopolize cultural relics NFT certification, leveraging policy support and scarce IP resources to become a core player in Shanghai's metaverse sector [8]. - The financial application of Conflux includes the issuance of AXCNH offshore RMB stablecoin, with ongoing efforts to secure a license in Hong Kong, benefiting from Shanghai's state-owned background and policy advantages [9][10].

Core Insights - The Conflux blockchain research institute held a technology and ecological development conference in Shanghai, focusing on the theme "Technology Builds Trust, Open Embraces the World" to discuss blockchain and Web3 trends [1] Group 1: Conflux Blockchain Developments - Conflux has developed a high-performance consensus algorithm-based public chain system, the Conflux Tree Graph, which has been operational for nearly five years [1] - The upcoming version 3.0 of the Conflux Tree Graph public chain is set to launch in August, aiming to enhance transaction throughput to 15,000 TPS and support AI agents for cross-border payments and RWA asset settlement [2] - The transaction confirmation time will be reduced from under 30 seconds in version 2.0 to under 26 seconds in version 3.0, with the node scale increasing from 5,000 to over 10,000 [2] Group 2: Strategic Collaborations - Conflux has signed cooperation agreements with Fudan University, Qingdao International Copyright Trading Center, and Dongxin Peace Technology Co., Ltd. to enhance blockchain applications [3] - The collaboration with Dongxin Peace involves the development of a blockchain mobile SIM card (BSIM) that integrates hardware-level security for digital identity authentication and private key management [3] - Conflux, along with AnchorX and Dongxin Peace, plans to pilot a financial technology model in Central and Southeast Asia, focusing on a "technology-compliance-security" framework to enhance its infrastructure value in cross-border trade [3]

Core Insights - The core value of issuing stablecoins for companies lies in creating an independent data and value closed loop outside the traditional banking system, allowing them to capture real-time user behavior data and financial profiles, which is crucial for optimizing business models in the AI era [1][2][3] Group 1: Stablecoin Market Development - To ensure the healthy development of the stablecoin market, two key issues must be addressed: stablecoins should not rely solely on trading for market momentum, but rather return to supporting real-world asset (RWA) values, as the vitality of stablecoins ultimately depends on their anchoring to RWA [2][3] - The tokenization of real-world assets requires a stable and efficient on-chain trading medium, with RWA creating continuous real application scenarios and rigid demand for stablecoins [2][3] Group 2: Technological Solutions - A significant challenge in asset tokenization has been the credibility of data before it is on-chain, but advancements in IoT technology have effectively addressed this issue, ensuring that data is automated and immutable from the moment of collection [2] - The concept of "multi-centralization" has emerged as a way to navigate the complexities of decentralized technologies while still integrating with traditional centralized systems [3] Group 3: Market Activity and Innovation - The stablecoin market needs to maintain activity and circulation, with decentralized finance (DeFi) playing a crucial role in this process, potentially allowing for credit creation even if stablecoins are not permitted as collateral [4] - Innovative solutions are anticipated to emerge to enhance the functionality and acceptance of stablecoins within the financial ecosystem [4]

首先，感谢杨老师的邀请。我从事区块链技术多年，对这些技术和应用场景有一定了解。然而，我一直 没有时间将这些知识系统化。几周前，我有机会花了几天时间深入了解这一领域，今天我希望与大家分 享这些思考。 7月18日晚，复旦大学经济学院举办《稳定币的商业机遇：来自业界的声音》国际金融政策圆桌会。会 上，上海特高信息技术有限公司董事长崔建军抛出了一个问题：为什么京东等企业有强烈的意愿去发行 稳定币？稳定币的发行机构的盈利模式是什么？ 对此，崔建军认为，公众普遍认为的"赚取储备资产的利息差"仅仅是冰山一角。对于企业而言，发行稳 定币的最核心价值，在于构建一个独立于传统银行体系之外的数据与价值闭环。这使得企业能够直接捕 获最真实、最完整的用户行为数据和金融画像。在人工智能时代，这些高维度的实时数据是训练和优化 商业模型的"黄金燃料"，其战略价值远远超过了短期利差收益。 结合他多年在区块链技术的实践经历，崔建军认为，从长远来看，稳定币和RWA将对全球货币和金融 体系带来重大变革，这种变革的重要性不亚于人工智能的发展。尽管短期内面临诸多挑战，如监管问题 等。"虽然这条路很长，但其中的机会是存在的"，崔建军说道。 崔建军强调，要 ...

智通财经APP获悉，招银国际发布研报称，RWA代币化即现实世界资产通过代币化方式在区块链上交易 和流通，基于智能合约等机制，加密资产1比1锚定现实世界资产。RWA代币化基本可覆盖所有传统资 产，包括债券、股权等金融资产以及地产、黄金、原油等实物资产。 RWA代币化核心价值在于：1)降低交易成本，提高交易效率;2)提升资产交易的流动性和灵活性，触达 更多投资者;3)优化资产价格发现机制。截至1H25全球代币化资产总市值已超230亿美元，随着监管完 善、生态发展以及更多传统资产参与到代币化项目，全球代币化资产总市场规模有望超18万亿美元。产 业中，该行看好具备技术实力、合规能力和客户渠道优势的RWA发行平台与技术方案提供商。 招银国际主要观点如下： 全球代币化资产总市场规模有望超18万亿美元 截至1H25，全球代币化资产(不含稳定币)总市值已超过230亿美元，同比增长约260%，主要得益于更清 晰的监管框架及区块链技术的迭代(数据来源：RedStone)。更多资管机构和金融科技公司正在推动各类 不同资产的代币化，包括美国国债、私募债、股票等。展望RWA代币化市场长期空间，理论上商品、 债券、权益、货币、房地产、私 ...

Core Points - Blue Origin, founded by Jeff Bezos, announced a new space journey passenger list, with Sun Yuchen, founder of TRON, set to become the youngest Chinese commercial astronaut [1][3] - Sun Yuchen purchased a seat on Blue Origin's New Shepard for $28 million in 2021, donating the funds to support global youth STEM education [1][5] - The space journey will last approximately 10 minutes, with passengers experiencing about 4 minutes of weightlessness after reaching over 100 kilometers [3][7] Company and Industry Insights - Sun Yuchen's journey represents a significant milestone for the blockchain industry, as he becomes the first Chinese entrepreneur to take blockchain innovation into space [5][6] - TRON has achieved over 300 million global users and a USDT issuance of 81.6 billion, with daily active addresses exceeding 3 million [5][6] - Blue Origin has successfully conducted 13 crewed flights, sending over 70 individuals to the edge of space, indicating the growing accessibility of commercial space travel [7][8] - Sun Yuchen aims to inspire young people to engage in technology and innovation through his space flight, linking it to the importance of STEM education [7][8]

Group 1 - The core viewpoint of the article is the significant rise of stablecoins following the passage of the GENIUS Act in the U.S., which establishes a regulatory framework for stablecoins, defining their characteristics and requirements for reserves and transparency [2][3][21] - The GENIUS Act is seen as a pivotal moment for global stablecoin legislation, providing a regulatory anchor that could influence international standards [2][21] - Following the regulatory developments, cryptocurrencies like Bitcoin and Ethereum experienced substantial gains, and related stocks in the Hong Kong market also performed strongly [3] Group 2 - JD.com's founder, Liu Qiangdong, announced the launch of a stablecoin project aimed at revolutionizing cross-border payments, indicating a growing interest in stablecoin initiatives among major companies [3] - Ant Group's subsidiary, Ant Digital Technology, has initiated the application for a stablecoin license in Hong Kong, reflecting the company's commitment to expanding its presence in the stablecoin market [3][15] - Ant Digital Technology is also actively developing Real World Assets (RWA) projects, which involve tokenizing physical assets for blockchain transactions, showcasing a dual strategy in the digital finance space [3][11] Group 3 - The relationship between stablecoins and RWAs is highlighted, with stablecoins potentially serving as a bridge between traditional finance and tokenized assets, thus expanding market opportunities [15][11] - Ant Digital Technology's RWA projects focus on renewable energy assets, which are deemed suitable for tokenization due to their stable cash flows and regulatory friendliness [11][12] - The company has successfully completed multiple RWA projects, demonstrating its capability to innovate within the regulatory framework while providing technological support for asset tokenization [8][9][12] Group 4 - The article discusses the competitive landscape in the RWA sector, noting that other major players like Tencent, Baidu, and JD.com are also exploring RWA applications, albeit in different areas [17] - Ant Digital Technology's approach is characterized as both advanced and cautious, balancing innovation with regulatory compliance [17] - The establishment of Ant Digital Technology's overseas headquarters in Hong Kong signifies its ambition to connect Chinese assets with global investors, enhancing its strategic positioning [18] Group 5 - The article emphasizes the global trend towards stablecoin and RWA collaboration, with various countries exploring regulatory frameworks to facilitate these developments [19][22] - In China, local governments are piloting RWA initiatives, focusing on non-securitized assets like solar energy and charging stations, indicating a cautious but progressive approach to digital asset regulation [21][22] - The ongoing exploration of stablecoin and RWA integration reflects a broader movement towards digital finance innovation, with early adopters likely to gain a competitive edge [22]

Market Overview - The Dow Jones increased by 0.06%, the S&P 500 rose by 0.16%, and the Nasdaq gained 0.31% at market open [1] Cryptocurrency Sector - Ethereum-related stocks showed strong performance, with Gamesquare Holdings rising by 3.9% and BTCS increasing by 13% [1] - Trump Media & Technology Group (DJT.O) saw a rise of 5.7% after announcing that its total Bitcoin reserve purchases have reached $2 billion [1] - ZK International (ZK.N) experienced a decline of 3.2% [1]