Core Insights - Digital assets have transitioned from "marginal innovation" to "mainstream allocation," becoming a focal point in global financial markets due to advancements in digital technology, financial inclusivity, and clearer regulations [3][10] - Major economies are strategically positioning themselves in the digital asset space, making it a frontier for the reconstruction of financial systems and geopolitical competition [3][10] Digital Asset Overview - Digital assets generally consist of central bank digital currencies (CBDCs) and crypto assets, which include stablecoins, real-world assets (RWAs), and virtual assets [4] - As of August 2025, the total market capitalization of global crypto assets reached $3.9 trillion, with Bitcoin accounting for over 56% [4] - The U.S. is accelerating the establishment of a regulatory framework through various legislations, while the EU's Markets in Crypto-Assets (MiCA) regulation has come into full effect [4][10] Challenges in Digital Asset Development - Technological challenges include security vulnerabilities, interoperability issues, and the need for unified communication standards [5] - Regulatory challenges stem from fragmented rules and cross-border enforcement disputes, leading to high compliance costs [5] - Market challenges include insufficient liquidity in secondary markets and uncertainties regarding asset ownership and bankruptcy isolation [5] Future Directions for Digital Assets - The significance of developing digital assets lies in their potential to enhance economic efficiency and reduce transaction costs, particularly in facilitating data sharing and cross-border payments [6] - The value foundation of digital assets varies, with CBDCs having a clear value basis, while the stability of stablecoins depends on the market value and liquidity of their collateral [6] - The role of stablecoins in reshaping cross-border payment systems and the international monetary framework is under scrutiny, with challenges related to liquidity management and regulatory uncertainties [6] Global Monetary System Evolution - The international monetary system is showing signs of fragmentation due to geopolitical competition and technological changes, presenting opportunities for other reserve currencies [7] - Strengthening institutional frameworks and further opening capital accounts are essential for leveraging the advantages of digital assets [7] Thematic Exploration in Digital Assets - The October issue of Tsinghua Financial Review features a cover topic on global digital assets, inviting experts to discuss the interaction between digital assets and the monetary financial system from multiple dimensions [12]

Core Viewpoint - Delin Holdings (01709) has seen a stock price increase of over 5%, currently trading at 3.42 HKD with a transaction volume of 175 million HKD, driven by the company's active development and expansion of its digital asset strategy focusing on tokenization of private equity from well-known tech companies [1] Group 1 - The company is focusing on the tokenization of private equity from ByteDance, Payward, Inc. (Kraken), and E-Self.AI Ltd. (eSelf AI) [1] - Delin Holdings has recently acquired approximately 5.7 million USD in private equity investments through various investment funds or special purpose vehicles (SPVs) [1] - The private equity investments include indirect holdings in well-known tech companies such as ByteDance, Kraken, and eSelf AI [1]

Core Insights - Digital asset investment products recorded a net inflow of $5.95 billion last week, marking the highest weekly inflow on record [1] - Bitcoin saw a record weekly inflow of $3.55 billion [1] - Ethereum experienced a weekly inflow of $1.48 billion [1] - Solana also set a record with a weekly inflow of $707 million [1] - XRP recorded an inflow of $219 million [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之內容概不 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 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 FUTURE DATA GROUP LIMITED 未來數據集團有限公司 於 二 零 二 五 年 十 月 三 日，本 公 司 終 止 該 等 經 修 訂 服 務 協 議。該 等 經 修 訂 服 務 協 議 乃 為 了 實 行 該 項 目 而 根 據 無 法 律 約 束 力 之 意 向 書（「意向書」）訂 立，旨 在 推 動 數 字 收 藏 品 之 發 行。然 而，經 進 一 步 討 論 及 磋 商 後，訂 約 方 未 能 就 正 式 協 議 之 – 1 – （於開曼群島註冊成立的有限公司） （股份代號： 8229） 自願公告 終止與亞洲品牌集團之服務協議 茲 提 述 未 來 數 據 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）之 以 下 公 告： ...

Core Viewpoint - The "Hong Kong Stablecoin Regulation" is entering a rapid implementation phase, with strict regulations providing a trust endorsement that accelerates the aggregation of capital, technology, and scenarios, forming a new generation of "financial innovation testing ground" [2][22] Group 1: Market Demand and Regulatory Framework - Following the passage of the "Hong Kong Stablecoin Regulation" on May 21, 2025, the market is entering a rapid development phase, with a strong demand for stablecoin licenses from major financial and technology companies [3] - The regulatory framework emphasizes high standards and compliance, requiring applicants to have substantial capital, a robust risk management system, and clear application scenarios [3][9] - The regulation aims to establish a safe and innovative institutional paradigm, solidifying Hong Kong's position in the global stablecoin landscape [3] Group 2: Characteristics and Applications of Stablecoins - Stablecoins are digital assets anchored to fiat currencies, designed to maintain price stability, with USDT being a prominent example [4] - They have rapidly gained popularity due to their ability to serve as a foundational tool for crypto trading, payments, decentralized finance (DeFi), and tokenization of real-world assets (RWA) [5] Group 3: Strategic Significance and Global Regulatory Trends - The global regulatory landscape is shifting, with stablecoins gaining attention due to their value anchoring features and practical trading functions [7] - Stablecoins can promote the internationalization of the Renminbi and the evolution of the global trade system, particularly in high-frequency scenarios like cross-border e-commerce [7] - They are expected to enhance the resilience and modernization of financial infrastructure, serving as a "second clearing channel" [7] Group 4: Hong Kong's Role and Innovations - Hong Kong is positioned as a pioneer in stablecoin development, leveraging its "one country, two systems" advantage to attract global capital and projects [8] - Current explorations focus on expanding application scenarios, such as tokenizing assets like charging stations and trade receivables, and innovating cross-border payment and trade settlement processes [8] Group 5: Recommendations for Financial Institutions - Financial institutions in Hong Kong should establish a unified understanding of stablecoins, RWAs, and blockchain technology to navigate the evolving regulatory landscape [19] - They should prioritize standard financial RWAs due to their higher maturity and feasibility, which can help build trust and compliance advantages [20] - Institutions must enhance compliance capabilities and proactively build high-level trust with regulators, ensuring that RWA products genuinely serve the real economy [21]

（来源：吴说） 吴说获悉，纳斯达克上市的 XRP 财库公司 VivoPower 宣布，已通过额外普通股发行完成 1900 万美元股 权融资，每股发行价格为 6.05 美元，新资金拟支持该公司的数字资产财库战略转型，包括收购、管理 和长期持有 XRP。 来源：市场资讯 ...

Core Insights - Sky Quarry (NASDAQ: SKYQ) has announced the launch of its Digital Asset Treasury (DAT) strategy, aiming to raise up to $100 million in phases to promote the tokenization of real assets and enhance balance sheet stability [1] - The company emphasizes the integration of digital assets with its core business, exploring the use of tokens for supply chain collateral and on-chain accounting to improve operational efficiency and transparency [1] Summary by Categories - **Funding Strategy** - Sky Quarry plans to raise up to $100 million through a phased approach to support its DAT strategy [1] - **Business Integration** - The company aims to combine digital assets with its main operations, focusing on the tokenization of real assets [1] - **Operational Efficiency** - Sky Quarry is exploring the use of tokens in supply chain collateral and on-chain accounting to enhance operational efficiency and transparency [1]

Core Viewpoint - The global digital economy is rapidly evolving, with digital technologies reshaping various industries, and Hong Kong's regulatory framework for digital assets is attracting significant institutional investment. The technology sector in Hong Kong, particularly in the digital economy, is poised to produce promising investment opportunities, exemplified by the strategic transformation of Ruihe Smart (3680.HK) from a traditional fintech service provider to a comprehensive digital service provider, achieving profitability in the first half of 2025 [1][2]. Group 1: Foundation Building - Ruihe Smart has solidified its fintech foundation, which serves as a stable support for its strategic transformation, enhancing investor confidence [4]. - The company has shifted from scale expansion to quality improvement, gaining recognition from major clients and enhancing its market influence through strategic adjustments and refined operations [4][5]. - The implementation of AI large model technology has become a breakthrough point for business upgrades, aiding banks in achieving deeper customer insights and precise outreach [5][6]. Group 2: Market Expansion - The global digital asset market has seen explosive growth, with the total market value of crypto assets reaching $3.92 trillion, positioning Hong Kong as a potential global innovation center for digital assets [8][9]. - Ruihe Smart plans to invest HKD 80 million in the Web3.0 and cryptocurrency asset sectors, leveraging a favorable regulatory environment to capture new investment opportunities [9]. - The company is developing a virtual cryptocurrency trading system in collaboration with leading fintech firms, establishing a competitive edge in the digital asset space [10]. Group 3: Ecosystem Collaboration - Ruihe Smart is deepening its digital asset ecosystem through strategic partnerships, including a $3 million investment in Bitmain for virtual asset cloud mining [13]. - The collaboration with JiaJia Technology aims to create a comprehensive digital solution centered around domestic GPU technology, enhancing the company's service capabilities in the digital asset sector [14]. - The company is also engaging in renewable energy projects, such as a 60MW power station, which is expected to generate significant annual revenue, showcasing its ability to integrate digital technology with physical assets [11][12]. Group 4: Evolution to a Comprehensive Digital Service Provider - Ruihe Smart is transitioning into a full-chain digital service provider, integrating blockchain, AI, and big data technologies across various industry scenarios [18]. - The management team plays a crucial role in this evolution, with new board members bringing expertise in digital assets and traditional investment banking [17]. - The company is expected to unlock significant value by enhancing operational efficiency for clients and contributing to the digital transformation of various industries [19][20]. Group 5: Growth through External Expansion - Ruihe Smart's investment strategy includes acquiring stakes in other companies, such as the recent acquisition of shares in Tokyo Central Auction, which has already yielded substantial returns [21]. - The company’s clear operational model around digital assets is likely to attract higher valuation premiums from the capital market, reflecting its growth potential [21][22]. - The diversified revenue structure and strategic positioning in the digital asset space suggest that Ruihe Smart is well-positioned for long-term growth and value creation [22].

Core Insights - The Hong Kong Stablecoin Regulation, passed on May 21, 2025, has led to a rapid development phase in the market, with major financial and tech firms expressing intentions to apply for stablecoin licenses, indicating strong demand for such licenses in Hong Kong [2] - The regulatory framework emphasizes high standards and compliance, requiring applicants to have substantial capital, robust risk management systems, and clear application scenarios, aiming to balance safety and innovation [2][6] - Stablecoins, which are digital assets pegged to fiat currencies, are gaining traction as they provide a more stable alternative to volatile cryptocurrencies like Bitcoin, making them suitable for daily transactions and cross-border settlements [3][4] Industry Trends - The global regulatory landscape for stablecoins is shifting, with increasing recognition of their potential to enhance financial stability and facilitate cross-border transactions, particularly in the context of China's strategic push for compliance-driven stablecoin development through Hong Kong [4][5] - Stablecoins are seen as a tool for promoting the internationalization of the Renminbi and enhancing the resilience of financial infrastructure, offering faster and more transparent cross-border settlement solutions compared to traditional banking networks [5][6] - The interaction between stablecoins and Real World Assets (RWA) is expected to create a new financial model in Hong Kong, where stablecoins serve as a monetary layer and RWAs represent the asset layer, enhancing liquidity and investment opportunities [8][10] Regulatory Developments - Hong Kong's regulatory approach aims to create a sustainable and replicable ecosystem for digital assets, with a focus on compliance and risk management, while also attracting global capital and projects [6][7] - The U.S. government is also advancing stablecoin regulation, recognizing their commercial potential and the need to maintain the dollar's dominance in the digital finance landscape [7][8] - The establishment of a clear regulatory framework is crucial for the successful integration of stablecoins and RWAs into the financial system, ensuring that innovation does not compromise financial stability [12][13] Recommendations for Financial Institutions - Financial institutions in Hong Kong should develop a systematic understanding of stablecoins and RWAs, focusing on their impact on traditional financial logic and risk management [15][16] - Institutions are advised to prioritize standard financial RWAs due to their higher maturity and compliance advantages, which can help build trust and reduce costs [16] - Strengthening compliance capabilities and establishing high-level trust with regulators is essential for navigating the evolving landscape of stablecoins and RWAs [17][18]

Core Insights - Moody's warns that the rise of "cryptoization" driven by stablecoins poses significant challenges to monetary sovereignty and financial stability in emerging markets [1][2] - The report highlights that the increasing adoption of stablecoins, particularly those pegged to fiat currencies like the US dollar, undermines central banks' control over interest rates and exchange rates [1][2] Group 1: Risks to Monetary Policy and Financial Stability - The core risk of "cryptoization" is its erosion of a country's monetary policy independence and the stability of its financial system [2] - When a significant portion of economic activity is conducted through stablecoins, central banks' ability to manage the economy via interest rate adjustments is weakened [2] - The potential dominance of dollar-pegged stablecoins as a medium of exchange could directly impact the stability of local currencies' exchange rates [2] Group 2: Systemic Risks of Stablecoins - Moody's warns that stablecoins themselves carry systemic risks despite being perceived as relatively safe [3] - The rapid growth of stablecoins introduces systemic vulnerabilities, with insufficient regulation potentially leading to runs on reserves [3] - A de-pegging event could force governments to undertake costly rescue measures [3] Group 3: Imbalance in Growth and Regulatory Gaps - The global adoption of crypto assets shows significant regional imbalances, with emerging markets facing heightened risks due to regulatory lag [4] - Currently, less than one-third of countries have implemented comprehensive digital asset regulations, exposing many economies to market volatility and systemic shocks [4] - The disparity in regulatory frameworks contrasts with the differing growth patterns, where developed markets focus on investment while emerging markets prioritize practical needs like cross-border remittances and inflation hedging [4] - This divergence highlights both the potential of digital assets in promoting financial inclusion and the accumulating risks of financial instability in the absence of adequate regulation [4]