Core Insights - The South Korean stablecoin trading market has experienced a significant decline, with the average daily trading amount dropping to approximately 200 billion KRW in June 2023, down 80% from the peak of 1 trillion KRW at the end of last year [1] Group 1: Market Trends - The average daily trading amount of stablecoins in South Korea was 1 trillion KRW at the end of 2022, but fell to 200 billion KRW by June 2023 [1] - The daily trading amount in July 2022 was 174.1 billion KRW, which saw substantial growth to reach a peak of 1.02 trillion KRW in December 2022 [1] - After reaching a peak, the trading volume began to decline in 2024, dropping to 923.8 billion KRW in January and further decreasing to the 300 billion KRW range from March to May, before hitting 200 billion KRW in June [1] Group 2: Future Projections - According to data from the Bank of Korea, the average daily trading amount of stablecoins in South Korea is projected to be 238 billion KRW by June 2025 [1] - The statistics are based on trading data from five major virtual asset exchanges in South Korea, focusing on USD-pegged stablecoins such as USDT, USDC, and USDS [1]

Core Insights - The U.S. government shutdown has entered its 11th day, causing significant disruptions to the global economic order and increasing volatility in traditional financial markets [1][3] - Stablecoins have emerged as a new safe haven for investors, with XBIT's decentralized trading platform effectively attracting risk-averse capital due to its technological advantages and compliance framework [1][3] Economic Impact - The shutdown is projected to reduce U.S. GDP by approximately 0.1 to 0.2 percentage points for each week it continues, with the European Commission estimating a loss of 4 billion euros to the EU GDP if the shutdown lasts two weeks [3] - The volatility index (VIX) has significantly increased, and major U.S. stock indices have faced downward pressure as key economic data releases have been halted [3] Stablecoin Market Dynamics - The total supply of stablecoins has surpassed $307 billion, reflecting a 4% increase from the week prior to the shutdown [3] - USDT's wallet-to-wallet transaction volume reached a historic high of $17.4 billion in a single day, indicating a strong demand for stablecoins [3] - XBIT's decentralized platform reported a 47% increase in liquidity depth for stablecoin trading pairs over the past three days, with the USDT/USDC trading pair achieving a daily transaction volume exceeding $1.2 billion [3] Security and Compliance - XBIT's decentralized exchange employs a non-custodial model and smart contracts for autonomous trade matching, ensuring user assets are stored directly on-chain, thus eliminating the risk of fund misappropriation [4] - The platform's unique "cold-hot wallet separation" mechanism keeps 90% of stablecoin assets in offline hardware, maintaining a zero-incident safety record during recent market fluctuations [4] - Compliance with emerging regulations, such as Hong Kong's Stablecoin Bill and the EU's MiCA framework, has led to increased transparency in stablecoin reserves, with XBIT providing 100% reserve proof and quarterly third-party audit reports [5] Decentralized Finance (DeFi) Growth - The government shutdown has highlighted the vulnerabilities of centralized credit systems, while decentralized trading ecosystems have continued to operate effectively [6] - During the shutdown, global decentralized trading platforms experienced a 62% increase in overall trading volume, with liquidity protection programs successfully attracting risk-averse capital [6] - XBIT plans to enhance cross-chain trading capabilities and explore compliance partnerships with traditional financial institutions to position stablecoins as a key link between fiat and crypto markets [6][8]

Core Insights - The report from ARK Invest highlights that the annual transaction volume of stablecoins reached $15.6 trillion in 2024, surpassing the total transaction volume of Visa and Mastercard, with a record daily transaction of $270 billion in December 2024 [2] - The stablecoin market is expanding, with Bitcoin prices exceeding $100,000 and the DeFi ecosystem becoming increasingly rich, indicating a new phase of regulatory innovation and rapid development in the global crypto asset market [2] - The integration of stablecoins with traditional payment systems is accelerating, as banks expand crypto asset-related services and the barriers between capital markets and crypto markets are gradually being dismantled [2] Group 1: Integration of Stablecoins and Payment Systems - Stablecoins offer significant advantages in payment time and cost, with cross-border payments using stablecoins completing in under one hour compared to five days for traditional bank transfers [4] - The average cost of cross-border remittances in traditional modes is 6.62%, while sending stablecoins via high-performance blockchains like Solana costs approximately $0.00025 [4] - The use of stablecoins in payment scenarios has rapidly increased, from $1.69 billion in January 2019 to $95.144 billion by July 2025, with a total transfer amount of approximately $27.16 trillion in 2024 [5] Group 2: Strategic Investments and Collaborations - Tether, the issuer of USDT, invested strategically in fintech company Fizen to enhance USDT's global application and payment infrastructure [6] - Circle, the issuer of USDC, partnered with GCash in the Philippines to allow users to receive, purchase, hold, or trade USDC [6] - Major payment companies like PayPal and Stripe are expanding their stablecoin payment capabilities, with PayPal launching its own stablecoin and Stripe acquiring a stablecoin platform [6][8] Group 3: Banking Institutions and Crypto Collaborations - Banks are increasingly exploring stablecoin issuance, with notable examples including JPMorgan's launch of its stablecoin and Standard Chartered's entry into stablecoin issuance testing [8] - The number of banks participating in stablecoin and crypto asset services has rapidly increased, with institutions like ZA Bank and Emirates NBD offering crypto asset trading services [8][9] - BNY Mellon has expanded its services to include transactions with stablecoin issuer Circle, enhancing the liquidity of crypto asset trading [9] Group 4: Capital Market and Crypto Market Integration - Tokenization via blockchain allows for instant buying, selling, and transferring of assets, significantly reducing transaction costs and risks [13] - The market for Real World Asset (RWA) tokenization has doubled in size, with over $22 billion in market size and nearly 190 issuers as of April 2025 [13] - Major financial institutions are accelerating their tokenization processes, with Fidelity and Franklin Templeton launching tokenized funds [13][14] Group 5: Regulatory Policies Supporting Crypto Innovation - The U.S. regulatory stance on stablecoins and crypto assets is shifting towards supporting innovation and regulatory development, with significant changes following Trump's re-election [23] - Multiple countries are accelerating their regulatory frameworks for stablecoins and crypto assets, influenced by the U.S. policy shift [24] - The establishment of strategic Bitcoin reserves by the U.S. government is prompting other nations to consider similar initiatives, enhancing the legitimacy of crypto assets [25][26]

Core Insights - The tokenization of Real World Assets (RWA) is rapidly transforming the investment landscape, with the market projected to reach $30 trillion by 2034, indicating a deepening intersection between traditional finance and the crypto world [1] - XBIT decentralized exchange is providing essential infrastructure support for the integration of stablecoins and RWA assets, facilitating this transformation [1] Group 1: Technological Advancements - A significant technological breakthrough has occurred with the integration of Chainlink CCIP into the Jovay protocol, enhancing cross-chain infrastructure for RWA [3] - The Jovay protocol aims to increase its throughput from 20,000 TPS to 100,000 TPS, which, combined with Chainlink's infrastructure, will greatly improve the operational efficiency of the institutional RWA market [3] - XBIT is integrating advanced cross-chain technology to provide users with easier access to the RWA market, promoting the fusion of traditional and digital assets [3] Group 2: Traditional Finance Engagement - Traditional financial institutions are actively exploring the tokenization of real assets, as evidenced by the recent $57 million private equity investment in Derin Holdings, which focuses on tokenizing stakes in notable tech companies [4] - XBIT is emerging as a crucial bridge between traditional finance and crypto assets, offering a reliable trading environment and innovative financial products to facilitate participation in the RWA market [4] Group 3: Role of Stablecoins - Stablecoins are showing remarkable growth potential, with USDT's market cap reaching $175 billion and USDC at $75 billion, increasingly replacing SWIFT for small to medium-sized transfers [6] - In the RWA ecosystem, stablecoins serve three key roles: as value anchoring tools, liquidity mediums for asset conversion, and settlement layer infrastructure to ensure transaction efficiency and security [6] - XBIT is optimizing trading pairs and liquidity pools for stablecoins, enhancing the pricing and circulation mechanisms for RWA assets [6] Group 4: Regulatory Environment - The healthy development of the RWA market requires supportive regulatory frameworks, with ongoing efforts in the U.S. to advance the "Clarity Act" for cryptocurrency market structure [8] - XBIT prioritizes compliance and actively aligns with regulatory requirements to provide secure trading services, while monitoring global policy developments, such as the digital yuan pilot in Hong Kong [8] - The evolving regulatory landscape, along with technological advancements and traditional finance's entry, presents unprecedented opportunities for the RWA market [8] Group 5: Future Outlook - XBIT will continue to deepen its focus on the integration of RWA and stablecoins, leveraging technological innovations to offer diverse asset allocation options [9] - Industry observers believe the next few years will be critical for the RWA market, with platforms effectively connecting traditional finance and the crypto world playing significant roles in this transformation [9]

Core Insights - The article explains the essence of blockchain technology in simple terms, focusing on its four main characteristics: decentralization, immutability, transparency, and traceability [1] Group 1: Blockchain Fundamentals - The discussion begins with the story of Bitcoin and its creator, Satoshi Nakamoto, to introduce the concept of blockchain [1] - Key features of blockchain include its decentralized nature, which eliminates the need for a central authority, and its immutability, ensuring that once data is recorded, it cannot be altered [1] - Transparency and traceability are highlighted as essential attributes, allowing all transactions to be publicly visible and verifiable [1] Group 2: Applications of Blockchain - The article outlines various applications of blockchain in finance, including Bitcoin, stablecoins (USDT, USDC), and decentralized finance (DeFi) platforms like Uniswap and Aave [1] - Real World Assets (RWA) are mentioned as another area where blockchain is being utilized, alongside supply chain traceability, anti-counterfeiting measures, charitable donations, NFT art, and copyright verification [1] - The content serves as an introductory guide for those looking to understand cryptocurrencies and digital currencies, providing a comprehensive overview of the blockchain landscape [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold has broken through and risen after a four - month consolidation, with a year - to - date increase of nearly 40%. Given the expected consecutive interest rate cuts in September, October, and December 2025, and macro - hedging against concerns about the Fed's independence and the US dollar credit system, there is still room for gold prices to rise [3]. - The "One Big Beautiful Bill Act", soaring tariff revenues, and the postponement of long - term Treasury bond issuance plans seem to improve the US fiscal outlook. However, due to rigid fiscal spending constraints, a 6% deficit rate has become the "new normal", which fundamentally supports the gold price [3]. - The weakening of the Fed's independence is another important factor driving up the gold price. Political intervention in monetary policy has increased, shaking market confidence in the traditional policy framework [3]. - Although global central bank gold purchases have decreased since the second quarter, central banks, especially those of Russia, Turkey, and China, will continue to diversify their reserve assets by reducing US Treasury holdings and increasing gold, and the "Gold is the new bond" logic persists, and the gold - silver ratio will not fall continuously [3]. - As the Fed returns to the interest - rate cut cycle, the inflow of net long positions in the gold ETF and futures markets will create additional demand [3]. - Stablecoins, as derivatives of the US dollar system, cannot alleviate the huge financing gap of US Treasury bonds and thus cannot shake the upward trend of gold prices in this cycle [3]. 3. Summary by Relevant Catalogs 3.1 Recent Market Review - The median projections for real GDP growth, unemployment rate, PCE inflation, core PCE inflation, and the federal funds rate from 2025 to the long - run are presented, showing changes compared to the June projections. For example, the projected real GDP growth in 2025 is 1.6% (June projection: 1.4%) [8]. - Powell's remarks at the press conference were neutral with a hawkish tilt. He did not hint at a series of future interest - rate cuts, and the SEP raised GDP projections for the next two years and the inflation rate for next year while lowering the unemployment rate, indicating that risk - management interest - rate cuts are expected to boost the economy [10]. 3.2 Fiscal Track Seemingly Shows Signs of Recovery - The "One Big Beautiful Bill Act" was signed into law on July 4. It includes tax cuts and spending adjustments. The CBO predicts it will increase the basic deficit by about $3.4 trillion in the next decade, and with additional interest costs, the deficit increase could reach $4.1 trillion. If tariff revenues are lower than expected, the deficit improvement goal will be harder to achieve [15]. - US tariff revenues are rising at an unprecedented slope. In April, the monthly revenue was $17.4 billion, and in August, it soared to $31.4 billion. If the third - quarter momentum continues, the 2026 fiscal - year tariff revenue could approach $380 billion, which may offset most of the costs of the "One Big Beautiful Bill Act" in an optimistic scenario. The average effective tariff rate faced by US consumers has reached 17.4%, the highest since 1935 [18]. - From April to June, the term premium soared nearly 60 bps due to factors such as the deterioration of the fiscal path. In July, the Treasury Department will keep the auction scale of nominal notes and bonds unchanged in the next few quarters and expand the long - term Treasury bond buyback program, relying more on short - term bonds to finance the deficit [22]. 3.3 Structural Problems of Fiscal Deficit Remain Severe - In the 2024 fiscal year, total fiscal expenditure was $6.8 trillion (23.7% of GDP), with mandatory expenditures accounting for a large proportion. By the 2035 fiscal year, the fiscal deficit is expected to surge to $2.7 trillion, mainly driven by increased social security, medical insurance, and net interest expenditures. Any attempt to cut social welfare or net interest expenditures has significant negative impacts [29]. - As of August 2025, the federal fiscal deficit reached $1.97 trillion, a 4% year - on - year increase. Although tariff revenue increases and the "DOGE plan" can partially offset the deficit pressure, they are insignificant compared to the large debt stock. Federal fiscal revenue has returned to the pre - pandemic long - term equilibrium level, but fiscal expenditure far exceeds it, making a 6% deficit rate the new normal [34]. - According to CRFB's prediction, under Trump's leadership, the federal deficit from 2025 - 2035 is expected to be between 5.6% - 6.5% of GDP, much higher than previous levels. This may lead to an increase in the term premium of US Treasury bonds, a sell - off of bonds, and an increase in the demand for gold as a hedging asset [39]. 3.4 Central Bank Gold - Buying Behavior in 2025 Has Not Weakened - High - quality research infers that China's official gold purchases may be completed through the London LBMA. From January to July 2025, UK customs records showed that China imported over 137 tons of gold, much higher than the official figure of 20.8 tons. The scale of China's central bank gold purchases decreased after April, with a 46% quarter - on - quarter reduction in Q2 compared to Q1 [44]. - The research report of the European Central Bank shows that by the end of 2024, the proportion of gold in official foreign exchange reserves reached 20%, exceeding the euro. Central banks such as those of Russia, Turkey, and China are increasing gold holdings while reducing US dollar assets, especially US Treasury bonds [50]. - Since 2022, the gold - silver ratio has broken through the 50 - 80 range of the past 30 years. After April, the slowdown of central bank gold - buying led to a temporary decline in the gold - silver ratio. However, if central bank gold - buying continues and silver performs unstably during the Fed's interest - rate cut cycle, the gold - silver ratio is unlikely to fall in the long term [55]. 3.5 Decline in US Government Agency Credibility: A Strong Catalyst for Gold Prices - Although the personnel structure of the Fed's FOMC has not changed substantially, political intervention has increased significantly. If Cook is removed, there is a risk of replacing the 12 regional Fed presidents. Also, if Powell continues to serve as a Fed governor after his term as chairman ends, it may limit the government's influence on the composition of the monetary policy committee [58][61]. - The Fed's independence is crucial for maintaining the credibility of monetary policy. When the market fears political intervention in monetary policy, investors tend to buy gold as a hedge, driving up the gold price [61]. 3.6 Fed Interest - Rate Cuts: Another Driver of Gold Price Increase - Since April, new non - farm payrolls have declined, and the ratio of job vacancies to the unemployed has reached a new low since the pandemic. In August, core CPI showed resilience, but there was no widespread and continuous price pressure. As a result, the Fed cut the benchmark interest rate by 25 bps on September 18 [66]. - In the four weeks leading up to September 17, global gold ETF holdings increased by 74 tons, and COMEX gold futures non - commercial net long positions increased by about 49,000 contracts. With the Fed's interest - rate cut cycle starting, the decline in yields will drive up gold demand [67]. 3.7 Stablecoins Are Essentially an Extension of the US Dollar System - The "GENIUS Act" aims to establish a regulatory framework for stablecoins, requiring issuers to hold high - liquidity reserve assets. The total market value of USDT and USDC, which account for over 90% of the stablecoin market, is about $250 billion, while the public's US Treasury bond holdings exceed $29 trillion. Currently, stablecoins are not significant enough to impact the US Treasury bond market [78]. - Stablecoins can only absorb part of short - term US Treasury bonds and cannot fill the trillion - level fiscal financing gap. For example, Tether (USDT)'s reserve assets are mainly short - term Treasury bonds, but its overall scale is limited compared to the US Treasury bond market [79].

Core Insights - The report focuses on the rise of Real-World Assets (RWA) tokenization, analyzing its concept, value, regulation, practice, and trends, highlighting its role in bridging traditional finance and the Web3.0 ecosystem [1][11][13]. Group 1: RWA Concept and Background - RWA refers to the tokenization of physical assets like real estate, bonds, and commodities using blockchain technology, enhancing asset liquidity, transparency, and accessibility [1][18]. - The emergence of RWA addresses traditional financial pain points such as low liquidity, high entry barriers, and lack of transparency, leveraging blockchain's immutable nature and smart contracts for automation [1][23][25]. - The global RWA market has surpassed hundreds of billions of dollars, with expectations for explosive growth in the coming years [13][24]. Group 2: Investment Value and Advantages - RWA significantly enhances asset liquidity and market efficiency, with tokenized real estate trading cycles averaging 47 days compared to traditional commercial real estate's 6-9 months [2][39]. - RWA improves investment accessibility and promotes financial inclusion by lowering entry barriers, allowing broader participation in high-value assets [2][39]. - The tokenization process increases transparency and security, although challenges regarding the credibility of off-chain data remain [2][39]. Group 3: RWA Asset Categories and Examples - RWA encompasses diverse asset categories, including stablecoins (e.g., USDT, USDC), private credit, U.S. Treasury bonds, real estate, commodities, intellectual property, and emerging sectors like renewable energy and agriculture [2][29][30]. - Stablecoins serve as foundational RWA, providing a stable value anchor and facilitating the integration of Web3.0 with the real economy [2][34][37]. - The tokenization of real estate allows fractional ownership, significantly reducing investment thresholds and enhancing liquidity [2][30]. Group 4: Global Regulatory Landscape - The global regulatory framework for RWA is evolving, with a focus on compliance and risk management, as seen in the U.S. GENIUS Act and the EU MiCA regulation [3][4]. - Different jurisdictions are adopting varied approaches to RWA regulation, with the U.S. and EU leading in establishing comprehensive frameworks [3][4]. - In China, RWA is in a regulatory gray area, with initiatives focusing on private chains and sectors like renewable energy and agriculture [3][4]. Group 5: Future Trends and Challenges - The RWA market is expected to grow significantly, driven by institutional participation and the increasing importance of stablecoins as a liquidity infrastructure [3][6][12]. - Emerging asset categories like computing power are gaining traction, presenting new opportunities and legal challenges [3][6][12]. - The report emphasizes the need for ongoing research into the intersection of law and technology to support the healthy development of RWA [3][6].

Core Insights - The report titled "Stablecoin Payments: Global Waves and New Financial Cornerstones" reveals a significant shift of stablecoins from niche tools to mainstream payment infrastructure, with a total settlement amount exceeding $94.2 billion from January 2023 to February 2025 [1][2][18] - The annualized run rate for stablecoin payments reached $72.3 billion by February 2025, with B2B payments being the most active segment at $36 billion [1][2][18] - USDT dominates the stablecoin market with approximately 90% market share, followed by USDC, while Tron is the most popular blockchain for stablecoin transactions [1][2][18] Summary by Category Overall Trends - Stablecoin payments are becoming a crucial part of global payment systems, with a notable increase in B2B and card payment sectors [2][19] - The total stablecoin supply has grown to approximately $239 billion, up from less than $10 billion five years ago, indicating a rapid adoption [19] Payment Types - B2B payments account for the largest share at an annualized rate of $36 billion, followed by P2P payments at $18 billion, card payments at $13.2 billion, B2C payments at $3.3 billion, and pre-funding at $2.5 billion [1][2][18][28] Blockchain Preferences - Tron is the leading blockchain for stablecoin transactions, followed by Ethereum, Binance Smart Chain (BSC), and Polygon, with varying average transaction values depending on the blockchain used [1][2][18][31] Regional Insights - In Latin America, Tron is the dominant blockchain, particularly in Colombia, Ecuador, and Brazil, while Ethereum leads in Argentina and Peru [2][49] - In Africa, Tron and Ethereum are the primary blockchains, with USDT being the most widely used stablecoin, although USDC shows significant adoption in countries like Nigeria and Uganda [2][61][68] - North America and the Caribbean also follow global trends, with Tron and Ethereum leading, and USDT consistently dominating transaction volumes across markets [2][71][74] Use Cases and Applications - Companies like Binance Pay and BVNK are integrating stablecoin payments into their platforms, facilitating cross-border transactions and improving payment efficiency [2][46][47] - Yellow Card is addressing forex shortages in Africa by enabling stablecoin transactions, having facilitated over 5 billion transactions [2][70]

Core Insights - A significant capital migration is occurring globally, with funds leaving the previously dominant tech sector and moving towards new value opportunities [1][3] - This shift is characterized by a broader sector rotation, with capital flowing into defensive sectors like healthcare and utilities, as well as international markets with more attractive valuations [3][4] Group 1: Market Trends - The Nasdaq index's momentum has halted, indicating a major change in investment themes [1] - Bitcoin trading volume has surged over 200% in just one month, while stablecoin liquidity has also reached new highs [4] - The demand for decentralized and censorship-resistant value storage methods is increasing, as investors seek alternatives to traditional safe-haven assets [4][6] Group 2: Political and Economic Influences - Political attacks on the independence of the Federal Reserve have undermined trust in fiat currency, leading to a shift in market perception of Bitcoin as a hedge against broader political and institutional risks [6][7] - The phenomenon of "fiscal dominance" is emerging, where monetary policy is increasingly influenced by government debt and fiscal needs [6][9] Group 3: Investment Strategies - Traditional assets are being tokenized through RWA (Real World Asset) methods, allowing for fractional ownership and attracting significant investment from traditional financial institutions [4][6] - The narrative around Bitcoin is evolving from being merely a "digital gold" to a "systemic insurance" against financial instability [7][9] - The XBIT decentralized exchange is positioned to facilitate this capital flow, offering features like instant trading and compliance access for traditional financial participants [9]

Investment Rating - The report maintains an "Outperform" rating for the environmental and public utility sector [7]. Core Insights - The report emphasizes the potential of Real World Assets (RWA) in conjunction with renewable energy companies, highlighting that RWA could become a significant development direction for stablecoins, with a projected market size of $16 trillion by 2030 [24][39]. - The report discusses the recent advancements in RWA, particularly in Hong Kong, where the Ensemble project has initiated themes related to green and sustainable finance, indicating a shift towards tokenizing assets like carbon credits and renewable energy charging stations [39][40]. Summary by Sections 1. RWA and Renewable Energy - RWA connects real-world assets with digital finance, providing unique value in bridging virtual and real economies [27]. - The Ensemble project in Hong Kong includes green finance as a key theme, with the first project involving the tokenization of electric vehicle charging stations [39][40]. - RWA technology can lower investment thresholds and attract more investors, offering new financing channels for renewable energy companies [42]. 2. Market Review - From July 5 to July 18, the Shanghai Composite Index rose by 1.79%, while the environmental index increased by 2.66%, outperforming the composite index [43]. - The public utility index decreased by 0.27%, underperforming the Shanghai Composite Index by 2.06 percentage points [43]. 3. Market Information Tracking - In July 2025, the average transaction price for electricity in Jiangsu was 395.6 RMB/MWh, up 26.47% month-on-month [55]. - The price of thermal coal at Qinhuangdao Port was reported at 642 RMB/ton, reflecting a 19 RMB/ton increase from the previous week [58]. 4. Industry Dynamics - The report notes that the garbage incineration sector is seeing improved cash flow due to debt reduction policies, while companies are exploring new trends such as high-energy direct power supply [13]. - The water service sector is expected to enhance profitability as residential water prices gradually adjust [13]. 5. Investment Portfolio and Recommendations - For public utilities, the report suggests focusing on thermal power companies that are expected to perform well due to proximity to coal production areas and cost reductions [12]. - In the green energy sector, companies that integrate power generation, sales, and consumption are recommended for their resilience against market disruptions [12].