Organizer: Nona
This Week's Focus
After MicroStrategy toppled the first domino in August 2020, a "cryptocurrency reserve revolution" has swept the globe. Behind this trend, a key question awaits an answer: is this a forward-looking asset allocation innovation, or a brewing financial crisis?
“The Ambitions of Giants like Robinhood: The Outbreak of the Stock Tokenization Revolution”
At the intersection of traditional finance and the crypto world, a fierce competition over stock tokenization is underway. However, financial innovation always comes with both risks and opportunities…
“Stablecoins and the Reconstruction of Hong Kong as an International Financial Center”
As an international financial center with both a US dollar peg and offshore RMB advantages, Hong Kong can leverage stablecoins to build a "dual-engine drive" — HKD stablecoins strengthen the Asian dollar clearing position, while RMB stablecoins open up new avenues for cross-border payments.
“Revisiting Dollar Hegemony and Stablecoins: Dollar Hegemony is Not Defeated, but Circumvented”
Today, let’s delve into the core channel of dollar hegemony, CHIPS, and why stablecoins can bypass this channel, undermining dollar hegemony.
“Storm Clouds Gathering: Market Forces Will Drive ETH to Realize Value Discovery”
Recently, with the strong performance of cryptocurrencies like CRCL and HOOD, many investors have raised several valuable questions. In response to different queries, we have provided fragmented answers; this article will systematically organize them, offering a summary from a foundational logic and a longer-term perspective, while also serving as a supplement to previous reports.
Featured Recommendations
“Visa's Understanding of the Next Phase for Stablecoins”
Visa's perspective is crucial, as it is one of the direct rulers of value transfer in the traditional fiat currency world. Therefore, we have extracted Visa's viewpoints and combined them with some of my own thoughts to explore the next phase of stablecoins together.
When national debt is high, governments often choose to lower interest rates and currency exchange rates to alleviate pressure — stimulating the economy in the short term but planting long-term risks. The current US faces debt expansion and uncontrolled deficits, and historical experience shows that this path will lead to reduced real returns, increased inflation, and a vicious cycle of debt.
“What Lies Behind Trump's Obsession with Interest Rate Cuts: What is He Really Worried About?”
Trump has recently made an unusual call for the Federal Reserve to abruptly cut interest rates from 4.25% to 1%, a radical measure typically employed only during economic crises, causing market turbulence. What is Trump really concerned about?
“US Stocks Donning the 'Token' Vest: Good or Bad?”
The rise of the private equity market has allowed star companies like SpaceX to avoid public listing regulations, leaving retail investors out. Now, "tokenized stocks" are attempting to break this barrier — platforms like Robinhood are using blockchain technology to allow the public to buy and sell private company equity, effectively circumventing traditional disclosure rules. Is this financial innovation a step forward or a step back?
“Global Stablecoin Payment Research: Which Companies Have Taken the Lead?”
From China's small commodity market to the gold trading hub of Shenzhen Shuibei, we have communicated with online and frontline traders in Africa to discuss — how far have stablecoins really progressed in cross-border settlement in the real world?
Ten News Items Not to Miss This Week
Reuters: JD.com and Ant Group are lobbying the People's Bank of China to approve the issuance of offshore RMB stablecoins.
The US House of Representatives passed the "Too Big to Fail" tax and spending bill.
UniCredit in Italy will offer BlackRock Bitcoin ETF-linked products to its professional clients.
Bloomberg: Deutsche Bank plans to launch digital asset custody services next year.
Eleanor Terrett: The US SEC is developing universal listing standards for token ETFs.
Arizona Governor vetoed the "Bitcoin Reserve" bill HB 2324.
Pakistan plans to deploy Bitcoin reserves into DeFi protocols for yield.
The US Senate voted to remove the AI regulatory ban from Trump's tax reform bill.
Guoxiong Capital: Investing 200 million to layout in the Web3 and cryptocurrency asset field.
Kazakhstan will establish a national cryptocurrency reserve.
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