Group 1: Market Overview - The stablecoin market has surpassed a trading space of 100 trillion yuan, indicating its potential as a focal point for global financial power [1] - The global stablecoin market capitalization has exceeded 250 billion dollars, with a significant increase of 40 billion dollars since the end of 2024 [1] Group 2: Regulatory Developments - Hong Kong is set to implement the "Stablecoin Regulation" on August 1, marking the first comprehensive regulatory framework for fiat stablecoins in the Asia-Pacific region [1] Group 3: Company Opportunities - Hopu Co., as a pioneer in blockchain technology, has collaborated with Ant Group on significant projects, including a 200 million yuan tokenized financing for solar power plants [3] - GCL-Poly Energy has partnered with Ant Group to issue the first domestic solar RWA, showcasing the integration of blockchain technology in the energy sector [3] - A potential giant in the blockchain smart device field holds the only international certification in China, creating a high technical barrier and facilitating energy transactions through innovative stablecoin settlement methods [3][4] Group 4: Valuation Insights - The company's on-chain photovoltaic assets are nine times that of GCL-Poly Energy, yet its stock price is only 6 yuan, indicating a significant undervaluation of its market value [4]

Group 1: Stablecoin Overview - Stablecoins are digital currencies anchored to a reference value, primarily traditional financial assets, with Tether (USDT) and USDC being the largest, valued at $156.7 billion and $61.8 billion respectively, together accounting for over 85% of the total market[30] - The total market capitalization of stablecoins reached approximately $232 billion by March 2025, a nearly 45-fold increase from $5.2 billion at the end of 2019[31] - Stablecoin transaction volume approached $35.5 trillion in the past 12 months, with $7.4 trillion in payments settled, indicating significant growth compared to traditional payment platforms like PayPal and Mastercard[36] Group 2: Regulatory Developments - The U.S. is enhancing its stablecoin regulatory framework through the STABLE Act and GENIUS Act, requiring a 1:1 reserve ratio with assets like U.S. dollars or short-term U.S. Treasury securities[54] - U.S. stablecoins, particularly USDT and USDC, hold over $170 billion in U.S. Treasury securities, ranking them as the 17th largest holder, surpassing countries like Germany and South Korea[48] - Hong Kong's Stablecoin Ordinance, effective August 1, 2025, allows for a more inclusive regulatory environment, permitting reserves in multiple currencies and maintaining a 1:1 reserve requirement[63] Group 3: Market Implications - Stablecoins are expected to play a crucial role in reshaping the international financial system, particularly in cross-border payments, due to their efficiency and low costs[70] - The integration of stablecoins with Real World Assets (RWA) is anticipated to create a sustainable growth environment, leveraging blockchain technology to enhance trust and efficiency in asset transactions[74] - The demand for decentralized and efficient payment solutions is increasing as countries seek to reduce reliance on traditional dollar-based systems amid geopolitical tensions[70]

Core Viewpoint - Blockchain technology is becoming essential in financial transactions but faces unprecedented security challenges, prompting the introduction of an innovative blockchain reconstruction solution by MicroCloud Hologram (NASDAQ: HOLO) to protect transactions from malicious attacks and ensure system integrity [1] Group 1: Security Challenges and Solutions - Blockchain technology is known for its decentralization and transparency, but it also introduces new security issues, particularly in permissioned blockchains where unauthorized participants can compromise the system [1] - MicroCloud Hologram has proposed a solution using Verifiable Secret Sharing (VSS) technology, allowing for immediate blockchain reconstruction without relying on trust between different blockchain parties [1][2] - The solution includes advanced encryption techniques to ensure the security of all transaction data during transmission and storage [4] Group 2: Technical Features - An improved consensus algorithm is employed to maintain blockchain integrity and consistency even if some nodes are attacked or damaged [2][4] - VSS technology enables the splitting of secret information into multiple parts stored across different nodes, allowing reconstruction only when a sufficient number of nodes collaborate [2] - The integration of smart contracts automates the reconstruction process, reducing human intervention and enhancing efficiency and security [2][4] Group 3: Advantages of the Solution - The blockchain reconstruction solution allows for a rapid initiation of the reconstruction process during an attack, with each user capable of independent reconstruction without relying on others [5] - The use of VSS technology ensures data security during the reconstruction process, and all activities are transparent, enhancing user trust [5] - This innovative technology not only improves the security of blockchain systems but also brings greater stability and trust to the financial transaction market [5]

Market Overview - A-shares exhibited mixed performance with major indices showing limited volatility on July 2 [1][3] - The marine economy concept stocks surged, becoming one of the strongest sectors in the A-share market, with the sector overall rising over 6% [3] Sector Performance - Leading sectors included engineering machinery, non-ferrous metals, trade agency, shipbuilding, steel, and home appliances, while sectors such as components, communication equipment, semiconductors, and software services saw declines [3] Marine Economy Development - The Central Financial and Economic Commission emphasized the importance of high-quality development in the marine economy, focusing on innovation, efficient collaboration, and industry updates [5] - Key initiatives include enhancing marine technology innovation, fostering leading marine technology enterprises, and promoting sustainable marine industry growth [5] Hong Kong Market Highlights - The Hong Kong market performed well, with the Hang Seng Index rising over 1% at one point, and individual stocks like Galaxy Entertainment and Sands China leading with gains exceeding 7% [6] - Notably, the stock of Leading Pharmaceutical Biotechnology experienced a dramatic increase, with a peak rise of over 200% during trading [6] Acquisition Announcement - Leading Pharmaceutical Biotechnology announced a memorandum of understanding regarding a potential acquisition, which involves acquiring the entire equity of a target company contingent upon the completion of asset acquisition from Conflux [8] - The acquisition aims to diversify the company's revenue sources and expand into the digital innovation sector, particularly blockchain technology [9]

Core Insights - Sun Yuchen delivered a speech on "Driving Decentralized Finance Scale with Stablecoins" at Istanbul Blockchain Week (IBW2025), highlighting TRON's latest achievements in the stablecoin ecosystem [1][3] - The dual approach of compliant stablecoin USD1 and decentralized stablecoin USDD is creating a comprehensive stablecoin ecosystem, providing diverse financial infrastructure for global Web3 users [1][4] Group 1 - USD1, issued by World Liberty Financial, has been natively minted on TRON, backed by 100% USD assets and short-term U.S. Treasury bonds, showcasing high standards of security, transparency, and compliance [3] - USD1's choice of TRON as its primary issuance platform is due to TRON's high throughput, low cost, and reliable on-chain performance, along with Sun Yuchen's influence in global blockchain policy [3] - USDD has rapidly expanded, with total locked value surpassing $400 million, making it one of the leading decentralized stablecoins globally [3] Group 2 - The integration of USD1's compliance and USDD's on-chain governance reflects TRON's mature capabilities in technology integration and scenario deployment [4] - Sun Yuchen emphasized that a single form of stablecoin cannot meet the diverse market demands, advocating for a financial system that accommodates various types of digital assets [4] - TRON is evolving from a traditional public chain platform to a core hub of global digital financial infrastructure, aiming to enhance the usability, security, and compliance of its stablecoin system [4]

Group 1 - The resurgence of RWA (Real World Asset tokenization) in 2024 is driven by the dual transformation of financial infrastructure and macroeconomic environment, particularly in a high-interest and liquidity-constrained global context [1] - RWA enhances the tradability and inclusivity of traditionally illiquid assets like bonds, real estate, and public service facilities by digitizing and fragmenting them through blockchain technology [1][5] - The maturation of underlying blockchain technology enables the entire process of asset confirmation, registration, custody, and circulation to be conducted on-chain, making RWA a key tool for reshaping global financial infrastructure [1] Group 2 - The current RWA trend is fundamentally a competition over global financial infrastructure standards, which define how assets are registered, confirmed, traded, and custodied [2] - RWA technology allows for the digital fragmentation of public service assets, enabling broader participation from individuals and small businesses in the benefits of these traditionally centralized assets [2] - Major players are vying for control over the digital registration, circulation, and settlement standards of these assets, positioning themselves as future gateways and pricing centers in the digital finance landscape [2] Group 3 - The globalization of RWA faces significant challenges from regulatory and technological dimensions, with varying standards across countries regarding cross-border regulation, data sovereignty, and privacy protection [3] - Recent regulatory developments in the US, EU, and Hong Kong have laid the groundwork for RWA, but a unified global compliance framework is still needed to facilitate international circulation [3] - The interoperability of multiple blockchain ecosystems presents a new challenge, requiring mature and secure cross-chain protocols for efficient asset transfer and settlement [4] Group 4 - RWA represents a revolutionary shift beyond being merely the "next ETF," as it reconstructs the underlying protocols for asset confirmation, registration, custody, and cross-border circulation [5] - This transformation allows traditionally centralized and high-barrier asset classes to be fragmented and standardized for global circulation and co-management, establishing a more open and inclusive "value internet" [5] Group 5 - In China, RWA presents a unique opportunity to integrate digital finance with real industries, supported by regulatory encouragement for compliant innovation [6] - The exploration of RWA in China is closely tied to practical applications in areas like supply chain finance, green finance, and urban infrastructure, enhancing liquidity and value realization of traditional assets [6] - To capitalize on this transformation, China needs a multi-faceted approach involving policy improvements, technological advancements, and innovative applications in public assets and industry rights [7]

跨链网关标准，构建多元化的统一数据流通市场 连通区块链，跨链网关亟需标准化 区块链具有去中心化、不可篡改、可溯源、安全可信等特点，在数据确权、交易、流通等场景具有不可替代的重要地位，其应用场景正在从数字货币扩展 到证券与资产交易、供应链与物流管理、能源与公用事业、公共服务等各个领域，中国、美国、欧盟等都在积极支持区块链产业的发展。 据不完全统计，全球正在运营的公有链超过100个，欧盟、中国等基于联盟链的区域级区块链基础设施也形成了较大规模。但是不同的区块链，底层架构 不同，互通难；数据结构不同，互认难；接口协议不同，互联难；安全机制不同，互信难；业务模式不同，互访难。这使得数据流通被限制在一个个的小 圈子中，难以形成多元化、开放、统一的数据流通市场。 跨链网关是区块链生态系统的重要基础设施，可以将原来孤立的区块链生态整合联通，允许区块链之间进行信息的传递、数据的共享以及功能的调用。当 前的区块链跨要实现互联互通，构建开放统一的数据市场，首先就要建立统一的跨链网关标准。 6 月 27 日，北京迎来了"区块链标准化创新发展峰会"暨 2025 年 IEEE 计算机协会 BDL 年度大会。此次活动由 IEEE C/B ...

Market Overview - The market experienced a rebound with the ChiNext Index leading the gains. The military industry sector saw significant growth, with over 20 stocks including Changcheng Military and Hunan Tianyan hitting the daily limit. The stablecoin concept also surged, with stocks like Hopu Co. and Xiexin Energy reaching their limits. Brain-computer interface stocks rose, with Xiangyu Medical and Innovation Medical hitting the limit. Overall, more than 4,000 stocks in Shanghai and Shenzhen markets were in the green, with a total transaction volume of 1.51 trillion [1]. Hot Topics Military Industry - The military sector continued its upward trend, with stocks like Changcheng Military, Feiyada, and Zhongguang Defense hitting consecutive limits. Hunan Tianyan and Beifang Navigation also saw significant rebounds [4]. RWA (Real World Assets) - The RWA sector experienced substantial gains, with stocks like Hopu Co. and Hangzhou Garden hitting their limits. The market is witnessing a rapid growth of RWA ecosystem participants, including issuers, custodial banks, and investors, which may present investment opportunities in asset operation, banking IT, and cross-border payments [6][8]. Brain Science - The brain science sector saw significant increases, with stocks like Rongtai Health and Innovation Medical hitting their limits. Recent developments from Neuralink, including clinical trials for brain-computer interfaces, have generated excitement in the market. The brain-computer interface market in China is projected to reach 3.2 billion by 2024 and exceed 5.5 billion by 2027, with global applications expected to reach between 40 billion to 145 billion by 2030-2040 [9][10][11].

Group 1 - The global stablecoin trend has raised investor caution as it has significantly boosted the stock prices of related tech companies [1][3] - Circle Internet Group Inc.'s stock price has surged approximately 500% since its listing in New York three weeks ago, with its valuation exceeding $40 billion, surpassing over 50% of companies in the S&P 500 [3] - Kakaopay Corp.'s stock has doubled in the past month, despite being sold off by global and local funds, indicating a disconnect between retail investor enthusiasm and institutional selling [3] Group 2 - Analysts from Citigroup acknowledge Kakaopay's long-term potential but express concerns about its early-stage opportunity and high valuation, assigning a "sell" rating [4] - The short interest in Circle has increased, with over 25% of its float now sold short, reflecting growing skepticism among investors [3]

Core Viewpoint - The Hong Kong Special Administrative Region government has released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to establish Hong Kong as a global innovation center in the digital asset sector, with a focus on stablecoins and tokenized real-world assets (RWA) as core pillars of the policy [1][2][4] Group 1: Policy Upgrades - The new declaration represents a systematic upgrade from the 2022 version, transitioning from a "testing ground" for digital assets to a more institutionalized, scaled, and global approach [1] - The declaration is structured around the "LEAP" strategy, focusing on compliance regulation, asset tokenization, scenario expansion, and talent development [1] Group 2: Terminology Shift - A significant change in terminology from "virtual assets" to "digital assets" reflects a broader regulatory perspective and a shift in focus, encompassing cryptocurrencies, stablecoins, and various forms of tokenized real assets [2] Group 3: Stablecoin Regulation - The declaration emphasizes support for stablecoins and other tokenized projects, particularly exploring the use of stablecoins as payment tools, which could revolutionize payment systems, supply chain management, and capital market activities [2] - A regulatory framework for stablecoin issuers will be implemented starting August 1, 2025, establishing requirements for reserve asset management, stability mechanisms, redemption processes, and prudent risk management [2][4] Group 4: Tokenization of Assets - The Hong Kong government plans to regularize the issuance of tokenized government bonds and promote the tokenization of a wider range of assets and financial instruments, including precious metals and renewable energy [3] - The declaration positions the tokenization of RWA as a key industry development direction, aiming to bridge the gap between the virtual economy and the real economy [4] Group 5: Institutional Innovations - The declaration outlines a clear timeline for stablecoin regulation, with Hong Kong set to become one of the few jurisdictions to provide a "landing pass" for stablecoins, facilitating their legalization and standardization [4] - Tokenized ETFs and digital asset funds, if legislated, will enjoy the same stamp duty and profits tax exemptions as traditional ETFs, significantly reshaping financial market rules and attracting international capital to Hong Kong [4]