Core Insights - The article emphasizes the importance of building a next-generation financial infrastructure based on blockchain technology to enhance the efficiency and international competitiveness of financial services in the real economy [1][2]. Group 1: Digital Asset Market Expansion - The total market capitalization of crypto assets reached approximately $3.92 trillion as of July 19, 2023, a 42% increase from $2.76 trillion at the end of Q1 2025. Bitcoin accounted for 59.85% of this market [3]. - Bitcoin's price surged to a closing price of $117,900 on July 19, 2023, marking a 42.89% increase from $82,500 at the end of Q1 2025 [3]. Group 2: Stablecoin Market Growth - As of July 20, 2023, the total market capitalization of stablecoins reached $26.77 billion, a 14% increase from the end of Q1 2025. USD-denominated stablecoins made up 98.4% of this market [4]. - Tether's USDT accounted for approximately $16.17 billion, representing 60.4% of the stablecoin market, while Circle's USDC had a market cap of $6.46 billion, or 24.1% [4]. Group 3: Real World Assets (RWA) Market Growth - The RWA market saw significant growth, with a total market capitalization of $25.56 billion as of July 18, 2023, reflecting a 26.85% increase from $20.15 billion at the end of Q1 2025 [5]. - Private credit and U.S. Treasury securities accounted for the largest shares of RWA, at 59.21% and 27.35%, respectively [5]. Group 4: Regulatory Framework for Digital Assets - The U.S. House of Representatives passed three key bills related to digital assets during the week of July 14-18, 2023, including the GENIUS Act for stablecoin regulation and the CLARITY Act for broader crypto asset regulation [6][7]. - The GENIUS Act has been signed into law, establishing a clearer regulatory framework for digital assets in the U.S. [7]. Group 5: International Regulatory Comparisons - The regulatory approaches to stablecoins in the U.S., Hong Kong, and the EU show similarities, focusing on fully collateralized stablecoins while excluding algorithmic and over-collateralized stablecoins [8]. - The U.S. regulatory framework aims to attract more issuers into its system, while the EU and Hong Kong focus on protecting monetary sovereignty and preventing systemic financial risks [8]. Group 6: Characteristics of Crypto Assets - Bitcoin has shown a significant correlation with U.S. stock markets, maintaining a correlation coefficient between 40% and 60% with major indices, indicating its status as a risk asset [13]. - Bitcoin generally exhibits a negative correlation with the U.S. dollar index and U.S. Treasury bonds, reinforcing its classification as a risk asset rather than a traditional safe haven [14].

Group 1: Core Insights - The core focus of policy design and regulatory practice in relevant fields should be on building a next-generation financial infrastructure based on blockchain to enhance the quality and efficiency of financial services for the real economy and international competitiveness [1][2] Group 2: Digital Asset Market Expansion - The total market capitalization of crypto assets reached approximately $3.92 trillion as of July 19, 2023, a 42% increase from $2.76 trillion at the end of Q1 2025 [3] - Bitcoin's market capitalization is 59.85%, with a closing price of $117,900 on July 19, 2023, up 42.89% from $82,500 at the end of Q1 2025 [3] Group 3: Stablecoin Market Growth - The total market capitalization of stablecoins reached $267.7 billion as of July 20, 2023, a 14% increase from the end of Q1 2025 [6] - USD stablecoins account for $263.4 billion, representing 98.4% of the market, while the market for RMB stablecoins is only $2.65 million [6] Group 4: Real World Assets (RWA) Market Growth - The RWA market reached a total market capitalization of $25.56 billion as of July 18, 2023, a 26.85% increase from $20.15 billion at the end of Q1 2025 [7] Group 5: Regulatory Framework Developments - The U.S. House of Representatives passed three key bills related to digital assets during the week of July 14-18, 2023, including the "GENIUS Act" for stablecoin regulation and the "CLARITY Act" for other crypto assets [11] - The "GENIUS Act" has been signed into law, clarifying the regulatory framework for digital assets in the U.S. [11] Group 6: International Regulatory Comparisons - The regulatory approaches to stablecoins in the U.S., EU, and Hong Kong show similarities, focusing on full reserve backing and issuer qualifications [12] - The U.S. "GENIUS Act" aims to strengthen the dominance of the U.S. dollar, while the EU and Hong Kong regulations prioritize monetary sovereignty and systemic risk prevention [13] Group 7: Risk and Volatility Characteristics of Crypto Assets - Bitcoin exhibits significant correlation with U.S. stock markets, maintaining a correlation coefficient between 40% and 60%, indicating its risk asset characteristics [22] - The relationship between Bitcoin and Ethereum shows low correlation with traditional commodities, suggesting unique volatility traits in the crypto market [24][28]

Core Viewpoint - SenseTime Technology announced a new fundraising initiative through the issuance of approximately 1.67 billion B-class shares at HKD 1.50 per share, aiming to raise around HKD 2.5 billion, with a net amount of approximately HKD 2.498 billion after expenses [1] Group 1: Fundraising Details - The fundraising will be fully subscribed by Wujie Capital, an international long-term fund focused on emerging technologies and other sectors [1] - This marks the third fundraising effort since SenseTime's IPO, with previous rounds raising approximately HKD 2 billion in June 2024 and HKD 2.8 billion in December 2024 [2] Group 2: Use of Proceeds - The funds will primarily support the development of core business areas, including AI cloud services, generative AI research, and the development of multimodal large model derivative products [1] - The company aims to explore technology integration in innovative verticals, including embodied intelligence robots and digital finance applications [1] Group 3: Business Strategy and Financial Performance - SenseTime is restructuring its organization to promote independent financing for various sectors, including smart vehicles and healthcare [3] - Although the company has not yet achieved profitability, its losses have been narrowing, with revenue projections of approximately HKD 3.809 billion, HKD 3.406 billion, and HKD 3.772 billion from 2022 to 2024, and net losses decreasing from HKD -6.045 billion to HKD -4.278 billion during the same period [3]