Weekend Recommended Reading: "The Big and Beautiful Act" Passes Vote, Robinhood Leads the Stock Tokenization Revolution

Organizer: Nona

Focus of the Week

“Public Companies Making Big Bets on Cryptocurrency: A Forward-Looking Asset Allocation or a Brewing Financial Crisis”

After MicroStrategy knocked over the first domino in August 2020, a “cryptocurrency reserve revolution” is sweeping across the globe. Behind this wave, a key question needs to be answered: is this a forward-looking asset allocation innovation, or a brewing financial crisis?

The Ambition 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 Rebuilding of Hong Kong as an International Financial Center”

As an international financial center that possesses both the advantages of a US dollar peg and offshore renminbi, Hong Kong can build a “dual-engine drive” with stablecoins—HKD stablecoin strengthens its position as an Asian dollar clearing hub, while RMB stablecoin opens 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 the operation mechanism of US dollar hegemony, CHIPS, and why stablecoins can bypass this channel and weaken dollar hegemony.

“The storm is approaching, and the collective force of the market will drive ETH to realize its value discovery.”

Recently, with the good performance of cryptocurrencies like CRCL and HOOD, many investors have raised several valuable questions. In response to these different questions, we have provided fragmented answers. This article will systematically organize and summarize from a fundamental logic and a longer-term perspective, while also serving as supplementary content to previous reports.

Selected Recommendations

“Visa’s Understanding of the Next Phase for Stablecoins”

Visa’s perspective is very important, as it is one of the direct rulers of value transfer in the traditional fiat currency world. Therefore, we have extracted Visa’s viewpoint and combined it with some of my own thoughts to jointly explore the next stage of stablecoins.

“Bridgewater Founder: The Most Important Principles When Thinking About Huge Government Debt and Deficits”

When national debt is high, governments often choose to lower interest rates and currency exchange rates to relieve pressure—stimulating the economy in the short term but laying the groundwork for long-term risks. Currently, the United States is facing debt expansion and uncontrolled deficits, and historical experience shows that this path will lead to a shrinkage of real returns, intensified inflation, and a vicious cycle of debt.

“What Is Behind Trump’s Obsession with Interest Rate Cuts: What Is He Really Worried About?”

Recently, Trump made an unusual call for the Federal Reserve to sharply lower interest rates from 4.25% to 1%, a radical measure typically adopted only in times of economic crisis, which has caused market turbulence. What exactly is Trump worried about?

“US Stocks Dressed in ‘Token’ Vests, Is it Good or Bad?”

The rise of the private equity market has allowed star companies like SpaceX to avoid the scrutiny of public listings, leaving retail investors unable to participate. Now, “tokenized stocks” are attempting to break this barrier—platforms like Robinhood use blockchain technology to enable the public to buy and sell private company shares, effectively circumventing traditional information disclosure rules. Is this financial innovation a step forward or a step back?

“Global Stablecoin Payment Research: Which Companies Have Taken the Lead?”

From the small commodity market in China to the gold trading hub of Shui Bei in Shenzhen, we have communicated with frontline traders in Africa, and I would like to talk about—how far have stablecoins come in cross-border settlement in the real world?

Ten news stories not to be missed this week

Reuters: JD.com and Ant Group are lobbying the People’s Bank of China, requesting approval to issue offshore RMB stablecoins.

The U.S. House of Representatives passed the “Big and Beautiful” tax and spending bill.

UniCredit Bank 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 vetoes ‘Bitcoin Reserve’ bill HB 2324

Pakistan plans to deploy its Bitcoin reserves into DeFi protocols to earn returns.

The U.S. Senate voted to remove the artificial intelligence regulation ban from the Trump tax reform bill.

Guoxiong Capital: Invests 200 million yuan to布局 Web3 and cryptocurrency asset领域

Kazakhstan will establish a national cryptocurrency reserve.