8月28日早间，EDA集团控股在港交所公告，于2025年8月27日，集团与UTCPAY Limited达成合伙协议 进行合作。双方将围绕数字资产交易、Web3技术及区块链应用领域展开深度合作。UTCPAY同意向集 团提供其数字资产支付解决方案技术的接入许可权，但不参与本集团客户的资金结算业务。集团同意运 用UTCPAY提供的技术支持其客户完成数字资产交易，并对使用UTCPAY数字资产支付解决方案技术的 集团客户的资金结算服务需求实施全权管控。 ...

智通财经APP讯，EDA集团控股(02505)发布公告，于2025年8月27日，本集团与UTCPAY Limited(UTCPAY)(统称"双方")达成合伙协议进行合作。双方将围绕数字资产交易、Web3技术及区块链 应用领域展开深度合作，充分发挥各自的专业能力与资源优势，旨在为本集团垮境电商客户提供先进、 专业的数字化资产支付服务解决方案。UTCPAY同意向本集团提供其数字资产支付解决方案技术的接入 许可权，但不参与本集团客户的资金结算业务。本集团同意运用UTCPAY提供的技术支持其客户完成数 字资产交易，并对使用UTCPAY数字资产支付解决方案技术的本集团客户的资金结算服务需求实施全权 管控。 自2022年10月以来，香港特别行政区政府(香港政府)颁布了一系列关于加密货币交易的监管政策，认为 Web3有可能成为未来金融和商业发展的趋势。2025 年6月6日，香港政府于宪报刊登了《稳定币条例(生 效日期)公告》，指定2025年 8月1日为《稳定币条例》(第656章)开始实施的日期，旨在监管涉及稳定币 的活动，并在香港就受规管稳定币活动设立发牌制度。 本集团认为，虚拟资产进入Web3领域将带来巨大机遇。加密货币 ...

行业变革：RWA崛起与美股链上化浪潮 首先，RWA的兴起，是数字资产细分市场的关键风口。随着传统资产证券化与区块链技术融合加速， 越来越多优质资产寻求链上流通与操作。链上优质资产长期稀缺，加之主流公链的安全与性能提升，为 RWA上链创造了技术和市场双重条件。特别是美股，作为全球资本市场的核心，数字化需求日益旺 盛，推动了包括MyStonks在内平台的快速崛起。MyStonks通过将标的资产高效映射上链，牢牢抓住数 字资产与传统金融融合的切入口，使月均新增资产和交易活跃度持续攀升。 而如何选择平台的RWA资产？依托专业资深投研团队，MyStonks结合多维度数据分析，严格精选优质 美股及现实资产进行数字化映射，确保资产质量和流动性。同时，平台创新引入社区投票机制，赋能用 户参与资产上新决策，实现真正的去中心化治理。用户不仅身份是交易者，更是生态建设者，积极参与 资产筛选，这大大提升了生态的黏性与活跃度。面对科技创新型IPO和龙头企业，MyStonks敏锐把握热 点资产，打造了差异化的竞争壁垒，吸引了大量机构与零售资金关注。 并且，结合热点资产，MyStonks推出了支持最高20倍杠杆的永续合约交易，让用户拥有更 ...

XBIT.Exchange去中心化交易平台凭借无需KYC认证、无资金封控风险、无交易审核限制的运营模式， 用户始终掌握私钥完全控制权，有效规避了传统中心化平台可能面临的监管风险。 BOSS Wallet 8月21日讯，美国金融监管史上出现里程碑式事件，美联储最新会议纪要中"稳定币"一词被 提及八次，创下历史纪录。与此同时，美国法官解冻5760万美元USDC稳定币资金，标志着监管层对数 字资产态度发生根本性转变。 美联储纪要创纪录提及稳定币，政策信号明显 BOSS Wallet报道，在美联储公布的最新会议纪要中，稳定币被提及频次达到八次，这一数字在美联储 历史文件中前所未见。与会者明确表示，随着《GENIUS法案》的正式通过，稳定币的市场应用将迎来 爆发式增长，对整个美国金融体系产生深远影响。 美国财政部长贝森特随即发声，强调稳定币将成为推动全球美元使用的重要工具，同时将显著增加对美 国国债的市场需求。这一表态被市场解读为美国政府对稳定币战略价值的高度认可。 在这一政策转折点上，XBIT去中心化交易所平台的技术优势愈发凸显。平台采用智能合约驱动的去中 心化架构，确保稳定币交易的透明性和安全性，为用户提供符合监管 ...

Core Insights - The A-share market in China is poised for unprecedented historical opportunities after a decade of deep adjustments, with a similar market environment to that before Bitcoin's breakthrough in 2023 [1] - The current macroeconomic landscape is undergoing profound changes, with China and the US entering the largest fiscal and monetary easing cycle since the 2008 financial crisis, which will enhance the strategic position of RMB assets, particularly A-shares [1][3] Market Dynamics - The A-share market is facing a triple impact of funding, policy, and fundamentals, with the Shanghai Composite Index fluctuating around 3400 points and key technical gaps identified between 2889-2863 points and 3017-3000 points [1] - China's fiscal deficit rate remains at a prudent level of 3%, significantly lower than the US's 7% and Japan's 6-8%, allowing for substantial future fiscal stimulus [3] - The potential for releasing 50-200 trillion RMB in liquidity support over the next decade has been indicated by recent statements from the Ministry of Finance [3] Fundamental Strengths - China possesses a complete industrial production system and a cost-effective power system, which are significant advantages for the A-share market [3] - The A-share market has undergone a thorough cleansing process, with the capital market's status being fundamentally elevated in national strategy as indicated by the Politburo meeting in September 2024 [3] Financial Technology Trends - The development of financial technology reflects the changing trends in the market, with increasing demand for trading autonomy among investors [5] - The XBIT decentralized trading platform operates on blockchain technology, allowing users complete control over their assets without KYC verification or account restrictions [5] Investment Opportunities - The expected market trend for A-shares will follow a rotation logic among sectors, with core investment targets projected to have a potential growth space of 3-5 times, and high-growth potential targets could reach up to 10 times [5] - The application of blockchain technology in financial services is transforming traditional models, providing new options for global investors in asset allocation [8] Geopolitical Context - The profound adjustments in the international political and economic landscape present strategic opportunities for RMB assets, as the US's influence is perceived to be declining [6] - The development of decentralized financial technologies aligns with the trend towards a multipolar international monetary system, with platforms like XBIT operating on a global node network [6]

Core Viewpoint - Bullish, a digital asset platform based in the Cayman Islands, is planning to issue 20.3 million shares priced between $28 and $31 per share, aiming to raise approximately $599 million [1] Company Overview - Bullish offers trading and information services, with brands including Bullish Exchange for trading and liquidity infrastructure, and CoinDesk for indices, data, and insights [1] - The company was founded in 2020 and reported revenue of $167 million for the 12 months ending March 31, 2025 [1] IPO Details - The planned IPO has secured commitments from some investors for $200 million worth of shares, representing 33% of the total offering [1] - Major institutions involved as joint bookrunners for the IPO include JPMorgan, Jefferies, and Citigroup [1]

Core Viewpoint - The global stablecoin landscape is undergoing significant transformation, with the U.S. Stablecoin Act accelerating the tokenization process dominated by the dollar, while adjustments in Singapore's crypto ecosystem create development opportunities for Hong Kong [2][3]. Group 1: Hong Kong's Regulatory Framework - Hong Kong's Stablecoin Regulation came into effect on August 1, with the Hong Kong Monetary Authority (HKMA) indicating that institutions wishing to apply for licenses must express their intent by the end of August and submit applications by September 30 [2]. - The HKMA plans to issue the first phase of licenses by early 2026, with the initial number expected to be in single digits [2]. - HKMA's President emphasized the positive implications of stablecoins as emerging payment tools but cautioned against excessive market speculation, advocating for a prudent and sustainable approach to implementing the Stablecoin Regulation [2]. Group 2: HashKey Exchange's Position - HashKey Exchange, as Hong Kong's largest licensed virtual asset exchange, aims to avoid excessive speculation on stablecoins, focusing instead on sustainable innovation within a compliant framework [3][4]. - The exchange has established partnerships with traditional financial institutions, simplifying fiat-to-crypto processes and facilitating the tokenization of money market fund ETFs [4]. - HashKey's CEO noted a significant increase in stablecoin usage for cross-border payments, particularly in large trade settlements, highlighting the exchange's plans to collaborate with stablecoin license applicants to list HKD stablecoins [5]. Group 3: Market Dynamics and Opportunities - Stablecoins have emerged as a crucial alternative for cross-border payment settlements, especially in countries with unstable local currencies, where they serve as a financial substitute [5][12]. - The U.S. Treasury estimates that the stablecoin market could grow from approximately $250 billion to $2 trillion, creating a substantial buyer market for U.S. Treasury bonds [13]. - The potential for RMB internationalization could be enhanced through stablecoins, particularly with the introduction of offshore RMB stablecoins, which may improve payment efficiency and coverage [14][15]. Group 4: Competitive Landscape - Hong Kong's rapid advancement in stablecoin regulation positions it favorably against Singapore, which has tightened regulations on non-compliant entities, inadvertently benefiting Hong Kong's digital asset ecosystem [17]. - The Middle East, particularly Dubai, poses a competitive challenge to Hong Kong, with its more flexible regulatory environment and aggressive push for blockchain integration in financial services [18]. - HashKey's diverse ecosystem includes digital asset trading, asset management, and on-chain services, which distinguishes it from other exchanges and enhances its competitive edge [10][21]. Group 5: Compliance and Innovation - HashKey emphasizes compliance as a competitive advantage, implementing stringent KYC and anti-money laundering measures that exceed traditional banking standards [6][20]. - The exchange's commitment to compliance has fostered trust among institutional clients, enabling it to navigate regulatory challenges while pursuing innovative solutions [20]. - The company actively engages with regulators to optimize operational costs and enhance service offerings, ensuring that innovation aligns with compliance requirements [20].

Investment Rating - The report upgrades the investment rating of OSL Group to "Buy" [6] Core Views - The report highlights that while there may be short-term dilution effects, the long-term growth prospects are accelerating due to strategic acquisitions and compliance advantages [1][2][4] Summary by Sections Event Highlights - The total fundraising amount is HK$23.55 billion, completed through three agreements, including a placement of 101 million shares at HK$14.9 per share, representing a 15.34% discount to the previous closing price [1] - Post-placement, the total share capital increases by 13.9%, with the major shareholder maintaining a 29.95% stake, reinforcing control [1] - Fund allocation includes 50% for strategic acquisitions, 30% for global business initiatives, and 20% for working capital [1] Short-term and Long-term Impacts - Short-term market sentiment is affected by the placement discount, leading to a drop in stock price, but high participation from major shareholders and institutions indicates long-term confidence [2] - Long-term growth is driven by acquisitions targeting Southeast Asia and the establishment of a stablecoin business in line with upcoming regulations [2] Compliance and Global Expansion - OSL Group aims to establish itself as the Asia-Pacific equivalent of Coinbase, leveraging its strong compliance background to facilitate global expansion [3] - The management team, including experienced individuals from the cryptocurrency sector, is expected to enhance the company's ability to acquire quality compliant assets globally [3] Profit Forecast and Investment Recommendations - The report anticipates a 12% short-term EPS reduction due to share dilution, but improved cash flow and reduced debt ratios are expected to optimize financial structure [4] - Revenue projections for 2025-2027 are HK$750 million, HK$1.51 billion, and HK$2.36 billion, with year-on-year growth rates of 100%, 101%, and 56% respectively [4] - A price-to-sales (P/S) valuation method is applied, with a target price of HK$24.11 for 2025, indicating a 33% upside potential [4]

Core Insights - Nansha, located at the geometric center of the Guangdong-Hong Kong-Macao Greater Bay Area, is set to undergo significant changes due to new supportive policies aimed at enhancing financial innovation and cooperation [1][2][6] Financial Market Connectivity - The Greater Bay Area is recognized as one of the most open and economically vibrant regions in China, with Nansha being a key area for financial reform and innovation, having implemented various policies such as QFLP pilot programs and integrated currency pools [1][2] - Nansha has established itself as a unique zone receiving national-level financial opening policies three times, fostering eight distinctive financial sectors including cross-border finance and shipping finance [1][2] Cross-Border RMB Business - The "Nansha Financial 30 Measures" emphasizes the promotion of cross-border RMB business innovation, with a reported RMB 2.49 trillion in cross-border RMB settlement in the Greater Bay Area from January to April 2025, marking a 28.8% year-on-year increase [2][3] - Nansha aims to leverage its position to enhance the effectiveness of cross-border RMB services for the real economy, supporting new trade settlement models and facilitating international shipping fee settlements in RMB [2][3] Technological and Digital Financial Innovation - The policy encourages the development of diversified intellectual property financial services, with a focus on technology and digital finance, as evidenced by the rapid credit assessment capabilities provided by the "Suiqi Cloud" platform [4][5] - Financial institutions are actively launching combined financial services such as "technology special loans + external direct investment" to address short-term funding needs while supporting long-term development [5][6] Market Response to Policy - The introduction of the "Nansha Financial 30 Measures" is seen as a critical step in deepening financial reform and supporting the Greater Bay Area's development as a high-level open portal [6][7] - Various financial institutions, including the Guangzhou Data Exchange, are quickly adapting to the new policies, forming international ecosystems for digital asset transactions and enhancing cross-border cooperation in futures and insurance [6][7] Nationwide Implications - The financial innovations and practices in Nansha are expected to serve as a reference for other regions in addressing financing challenges for technology innovation and enhancing financial market connectivity with overseas markets [7][8] - The ongoing reforms in Nansha are anticipated to accelerate the multiplier effect of financial reforms across the country, with a focus on improving regulatory frameworks and operational processes to facilitate cross-border investments [8]

Core Viewpoint - The U.S. stock market has reached new highs, with the S&P 500 index rising by 1.2%, the Nasdaq by 0.8%, and the Dow Jones by 1.5%, while market volatility has decreased as the VIX index fell below 15, marking a five-month low. In this context, the XBIT decentralized exchange platform is emerging as a new choice for investors to manage uncertainty [1][2]. Market Overview - The Federal Reserve decided to maintain interest rates, but market focus has shifted to a nearly 70% probability of a rate cut in September, an increase of 15 percentage points from the previous month. The Fed remains data-dependent, with no immediate action expected unless there is a significant drop in employment or inflation data [2]. - The earnings season for tech stocks is a key short-term variable, with major companies like Apple and Microsoft set to report. The top 10 tech stocks in the S&P 500 account for 37% of its market capitalization, and disappointing earnings could trigger a sell-off [5]. XBIT Platform Advantages - XBIT offers three core advantages for investors seeking to mitigate risks in a volatile market: 1. Military-grade security architecture that includes cold wallet technology and a dynamic clearing engine, which successfully avoided 93% of chain risks during a simulated LUNA crash [6]. 2. Cross-chain protocols and stablecoin settlements that facilitate real-time exchanges with low fees, significantly reducing transaction times and costs in cross-border trade [6]. 3. A regulatory-friendly structure that balances compliance with efficiency, allowing traditional financial institutions to simulate stablecoin issuance on the platform [6]. Market Potential - The global stablecoin market is projected to exceed $2.3 trillion by 2026, with XBIT already positioned to capitalize on this growth. The platform's daily trading volume for its supported stablecoin system has surpassed $800 million [9]. - XBIT's innovative approach includes tokenizing real assets like real estate and art, providing high-net-worth investors with new inflation-hedging options [9]. Investment Logic Reconstruction - XBIT is redefining investment strategies through various scenarios: 1. It serves as a hedging tool during tech stock volatility, allowing investors to profit from shorting tech indices [10]. 2. The platform's event-driven trading module enables rapid execution of trades in response to Federal Reserve announcements, significantly reducing slippage losses [10]. 3. XBIT facilitates direct currency settlements for cross-border e-commerce, drastically lowering transaction fees compared to traditional methods [10]. Conclusion - As the U.S. stock market navigates between policy changes and earnings expectations, XBIT's decentralized exchange platform is gaining attention for its technological advancements and potential to reshape the global trading landscape [12].