Group 1: Regulatory Framework - Hong Kong's "Stablecoin Ordinance" officially implemented on August 1, allowing institutions to apply for licenses [1] - The ordinance requires a minimum capital of 25 million HKD and mandates 100% asset backing for stablecoins [1][10] - Issuers must ensure that stablecoins are redeemable at face value within one working day, addressing investor protection concerns [10] Group 2: Market Dynamics - As of June 2023, the total market capitalization of cryptocurrencies exceeded 3 trillion USD, with stablecoins reaching approximately 260 billion USD, a growth of over 40 times since 2020 [2] - Stablecoins have become essential for internal transactions in the cryptocurrency market due to restrictions on fiat and crypto exchanges [2] - The demand for stablecoins is expected to grow significantly, particularly in cross-border payments and gaming sectors [5][19] Group 3: Technological and Operational Aspects - Stablecoins are built on public blockchain technology, with Ethereum and TRON being the most prominent platforms [3] - Financial institutions like JPMorgan and major credit card companies have already integrated stablecoin solutions into their operations [3] Group 4: Future Outlook - Industry expert predicts that within five years, compliant stablecoins will gradually replace SWIFT for peer-to-peer payments, leading to significant changes in the financial system [19] - The development of stablecoins is seen as a strategy to bolster the dominance of the US dollar in the global economy [17][18]

美国证券交易委员会（SEC）主席Atkins：大部分加密数字货币资产并非证券。 需要将加密货币分门别类地监管。 要求SEC工作人员提供量身定制的信息披露建议。 寻求非证券类加密货币和加密货币证券框架。 ...

从MEME币暴涨到政策微调，加密市场热点随时都可能变化，谁能提前洞察流量的走向，谁就能在市场中抢占制高点。 引言：波场TRON以3.65亿TRX战略储备，正式登陆纳斯达克资本市场；特朗普概念币、MEME币掀起市场趋势，主权基金和高净值人群纷纷入 局，让"加密流量"成为全球商业竞争的核心。如何精准触达、捕捉流量与安全协作，是企业突围的关键。007TG为你解析 EchoData+PromoPicasso+CloudSeven三款技术营销工具如何为企业打造加密时代的流量护城河。 波场借壳上市树立合规典范，企业海外办公和数据安全成为合规"护城河"。通过技术手段为远程团队筑起合规防火墙，让企业在拓展海外业务时无后顾之 忧。 CloudSeven通过云端虚拟桌面，为团队提供随时随地的远程办公环境 ，同时内置强大的管理功能： EchoData全球筛号系统帮助企业打破信息壁垒，以全局视角审视市场，在流量浪潮来临前抢占先机： 智能筛选与精准营销 ：强大筛选引擎可筛选出高价值线索，企业能将加密内容转化为本地语音、短信等，结合社媒平台按目标时区发送，解决交付难 题，打开营销商机。 全球用户数据汇聚 ：覆盖 200+国家的用户数据资 ...

Group 1 - Cryptocurrency concept stocks experienced a collective rise, with BitMine Immersion Technologies (BMNR.US) up over 7%, MARA Holdings (MARA.US) up over 5%, and other companies like 嘉楠科技 (CAN.US), Circle (CRCL.US), and Coinbase (COIN.US) also seeing increases [1] - A cryptocurrency task force established by former President Trump is set to release a policy report that will clarify the government's stance on critical issues such as tokenization and cryptocurrency legislation, which are vital for the digital asset industry [1] - Jito Labs' Chief Legal Officer, Rebecca Rettig, indicated that while some regulatory frameworks exist, the recommendations in the upcoming report are expected to serve as a roadmap for integrating cryptocurrency into the future economy [1]

Core Points - The Hong Kong Stablecoin Regulation will take effect on August 1, opening the licensing channel for stablecoin issuers [1] - The Hong Kong Monetary Authority (HKMA) will issue the first phase of licenses in early 2026, with a limited number of licenses to be granted [1][4] - The global stablecoin market is experiencing rapid growth, with a market size exceeding $250 billion as of June 2023 [9] Group 1: Regulatory Framework - The HKMA has released guidelines covering compliance, specificity, and sustainability for stablecoin issuers [4] - Compliance requirements include adherence to anti-money laundering regulations and local laws, especially for cross-border transactions [4] - The HKMA will verify the identity of stablecoin holders to mitigate money laundering risks [4][5] Group 2: Market Dynamics - The stablecoin market is currently dominated by Tether's USDT (60% market share) and Circle's USDC (24% market share) [9] - The compound annual growth rate of the stablecoin market has exceeded 80% over the past five years [9] - There is a significant demand for stablecoins in cross-border trade and investment, indicating a vast market opportunity [9][11] Group 3: Technological and Security Considerations - Companies are focusing on enhancing security measures for stablecoin transactions, including multi-party computation (MPC) to protect private keys [7][8] - The industry is encouraged to implement "programmable compliance" to embed regulatory requirements into smart contracts [8] Group 4: Future Outlook - The demand for stablecoins is expected to grow, particularly in payment services and banking sectors [12] - The potential for offshore RMB stablecoins is increasing, with expectations for significant growth in the offshore RMB market [14][16] - The integration of stablecoins into existing financial systems is anticipated to enhance the efficiency and security of cross-border payments [16]

2025 年 7 月 30 日，加密货币市场整体下行，狗狗币（DOGE）也受到波及：24 小时内下跌 2.08%，过去一周跌幅达 15.4%，引发市场关注。 美联储政策成关键变量 2025 年以来，美联储始终维持利率不变，尽管特朗普总统多次呼吁降息。利率变动对狗狗币及整个加密市场可能产 生显著影响： 1.若降息：借贷成本降低或刺激散户入场（上一轮反弹中散户参与度较低，高利率可能是重要阻碍），有望推动狗狗 币及市场迎来看涨逆转。 狗狗币价格预测：关键点位需关注 结合近期大幅抛售及从 0.223 美元区域的反弹，狗狗币短期前景谨慎乐观：若能站稳 0.223 美元上方并回升至 0.241 美元，或在数日内重新测试 0.260 美元。若失守支撑位，可能跌至 0.215-0.218 美元区间。 投资者需重点关注美国通胀数据及美联储表态，宏观经济逆风或加剧短期波动性。 3.若加息：市场或再度回调。 此外，本月初加密市场的显著反弹，主要得益于机构投资者 ETF 资金流入增加。美联储利率决议后，若 ETF 资金持 续流入，可能增强散户信心，进而带动狗狗币价格上涨。 狗狗币近期价格走势：波动中显支撑 近期狗狗币价格呈现明显波动 ...

7月29日，香港金融管理局发布持牌稳定币发行人监管制度系列指引（简称"指引"），提出法定稳定币的定义， 明确发行人牌照申请的财务条件、人员资质、储备资产、风险管理和监管要求等。 按香港金管局披露，"指明稳定币"是完全参照一种或多种官方货币以维持稳定价值的稳定币，一般称为"法定稳定 币"。 合法的稳定币持牌发行人，只可委托认许提供者要约提供法定稳定币，以及该发行人是属牌照批准，认许提供者包 括：持牌人、银行业条例认可机构、支付牌照、获批的虚拟交易平台提供的符合《反洗钱条例》界定的虚拟资产服 务、香港证监会批准的1号牌。 截至目前，香港金管局尚未发出任何牌照，根据8月1日生效的《稳定币条例》，虚假声称自己为持牌人或申请人均 属违法。 截至目前，香港金管局尚未发出任何牌照，根据8月1日生效的《稳定币条例》，虚假声称自己为持牌人或申请人均 属违法，建议已准备充分并希望尽早获批的机构应于2025年9月30日之前提交申请。 稳定币发行人牌照管理 稳定币具有加密货币的特征，可用于货品或服务付款、清偿债务、投资等交易，可通过电子方式转移、储存或买 卖，还可以在分布式分类账或类似信息储存库上操作，并参照单一资产或一揽子资产维持 ...

美国证交会允许加密货币ETPs的实物创建和赎回。 ...

Core Viewpoint - The article highlights the increasing interest and investment in stablecoin-related stocks in Hong Kong, particularly with the upcoming implementation of the "Stablecoin Regulation" [1][2]. Group 1: Market Activity - Stablecoin concept stocks have seen significant activity, with notable increases in share prices for companies like Huaxing Capital Holdings (up over 16%), Guotai Junan International (up over 9%), and OSL Group (up nearly 5%) [1]. - Huaxing Capital Holdings reported a peak increase of 18.62% during trading, closing at 6.74 HKD per share [3]. Group 2: Investment Trends - The stablecoin market is projected to grow rapidly, with over 250 types of stablecoins expected to be in circulation by June 2025, reflecting a trend that has been gaining traction since the launch of Tether (USDT) in 2014 [1]. - A primary market investment institution is closely monitoring stablecoin developments, indicating a belief in its potential as a significant future trend [1]. Group 3: Company Strategies - Huaxing Capital has committed a budget of 100 million USD over the next two years to develop its Web 3.0 business and invest in cryptocurrency assets, aligning with Hong Kong's supportive policies for the sector [3]. - OSL Group successfully completed a 300 million USD equity financing, the largest public equity financing in Asia's digital asset sector, aimed at strategic acquisitions, new business planning, and strengthening operational capital [4]. Group 4: Market Size and Growth - As of mid-June, the total market capitalization of stablecoins surpassed 250 billion USD, accounting for approximately 8% of the total cryptocurrency market, indicating their growing importance in the global financial system [5]. - The trading volume of stablecoins for the entire year of 2024 is expected to reach around 37 trillion USD, significantly higher than Bitcoin's projected 19 trillion USD trading volume, showcasing stablecoins' evolution into a crucial global payment infrastructure [6]. Group 5: Industry Outlook - Investment professionals view stablecoins as a solution to the volatility of traditional cryptocurrencies, with Circle's IPO enhancing interest and returns for early investors [8]. - The stablecoin industry encompasses four key segments: issuance, custody, payment, and trading, with a focus on the high-value segments of issuance, payment, and trading as core investment areas [9]. - Major companies like Ant Group and JD.com are expected to be among the first to obtain stablecoin licenses in Hong Kong, leveraging their blockchain technology and application scenarios [11].

Investment Rating - Investment rating: None [4] Core Insights - The White House released the "AI Action Plan" aimed at accelerating the development of artificial intelligence in the U.S. by easing regulations and expanding energy supply for data centers. The plan focuses on three pillars: accelerating innovation, building AI infrastructure domestically, and establishing U.S. hardware and software as the global standard for AI innovation [4][15][17] - The plan includes a threefold energy strategy to prevent the premature closure of key power plants, upgrade existing transmission systems to enhance capacity, and utilize emerging technologies such as enhanced geothermal energy, nuclear fission, and nuclear fusion to expand the grid. This emphasizes the need for a reliable and dispatchable energy foundation to support AI infrastructure [16][17] - The nuclear power sector is expected to gain from this plan, as stable power supply capabilities will become increasingly important in the future energy structure, benefiting related uranium resources and supply chain enterprises [4][17] Summary by Sections 1. Overseas AI 1.1 Market Performance Review - Hong Kong tech stocks continued to rise, with the Hang Seng Tech Index closing at 5677.9, up 2.5%, outperforming the Hang Seng Index by 0.2 percentage points [7][8] - The Philadelphia Semiconductor Index closed at 5645.9, down 1.5%, underperforming the Nasdaq 100 and S&P 500 indices [7][8] 1.2 Recent Important Events Review - The "AI Action Plan" was released, focusing on easing regulations and expanding energy supply for AI development [15] - The plan emphasizes the upgrade of the power grid as a core component of AI infrastructure [16][17] 1.3 Upcoming Important Events - Key earnings reports from major companies such as VERTIV, ARM, Qualcomm, and others are scheduled for July 30, 2025 [18] 2. Web3 and Cryptocurrency Market 2.1 Cryptocurrency Market Performance Review - The total market capitalization of cryptocurrencies remained stable at $3.86 trillion as of July 25, 2025, with a total trading volume of $202.46 billion, accounting for 5.25% of the total market cap [19][27] - The market sentiment is currently in the "greed" zone, with a fear and greed index of 66 [23] 2.2 Recent Important Events Review - The core assets of cryptocurrency ETFs recorded a net inflow of $0.72 billion this week [28] 2.3 Upcoming Important Events - Earnings reports from companies like Ebang International Holdings, Microstrategy, and Coinbase Global are scheduled for late July and early August 2025 [34]