U.S. 4-Month Treasury Auction Bids-to-Cover Ratio as of July 23

Asset Tokenization: Underlying Logic and Pathways for Large-Scale Application The most eye-catching topic in the blockchain field in 2023 is undoubtedly the tokenization of real-world assets. This concept has not only sparked heated discussions in the Web3 world but has also attracted significant attention from traditional financial institutions and government regulatory agencies in many countries, being regarded as a strategic development direction. For example, several authoritative financial institutions have successively released their own research reports on tokenization and are actively promoting related pilot projects. At the same time, the Hong Kong Monetary Authority clearly stated in its 2023 annual report that tokenization will play a key role in Hong Kong's financial future. In addition, the Monetary Authority of Singapore, together with the Financial Services Agency of Japan and several financial giants, launched an initiative called the "Guardian Program" to deeply explore the enormous potential of asset tokenization. Although the topic of RWA is at its peak, there are disagreements in the industry regarding the understanding of RWA, particularly concerning its feasibility and prospects.

Stablecoins play an important role in the Crypto Assets market, with a market capitalization of approximately 165 billion USD, accounting for nearly 7% of the total market value. This article explores the definition, classification, and functions of stablecoins, analyzes the mechanism and risks of USDe, and emphasizes the importance of transparency and security in the development of stablecoins.

The stablecoin market is developing rapidly, and the global regulatory landscape is gradually taking shape. Whether people admit it or not, from an application perspective, the current crypto world is essentially no different from what it was 5 or even 10 years ago. Although the scale continues to expand and DeFi has become a major highlight, ultimately, the most mainstream applications in the crypto market still focus on the currency field, with stablecoin being the primary alternative to Bitcoin. Although both of these crypto assets have gained widespread recognition, their development paths are completely different. Bitcoin has earned global recognition with its astonishing price growth curve, becoming a representative of decentralized currency. However, from the perspective of practicality rather than value storage, stablecoins are the crypto assets that have truly achieved large-scale adoption worldwide. Currently, the global market value of stablecoins has reached $243.8 billion. According to data from a payment platform, the total transaction volume of stablecoins in the past 12 months has reached $33.4 trillion,

JUST IN: TREASURY SECRETARY BESSENT "US HAS ENTERED THE GOLDEN AGE OF CRYPTO."

Significant progress has been made in the global digital asset regulatory framework. Since the beginning of 2023, there have been significant changes in the global digital asset regulatory landscape. The European Union has launched a regulatory framework for crypto asset markets and a pilot program for distributed ledger technology, marking an important milestone in this field. British regulators have also put forth comprehensive proposals aimed at regulating fiat-backed stablecoins, issuers, custodians, and payment systems using stablecoins. The Middle East and Asia are also not falling behind. The United Arab Emirates and Hong Kong have launched innovative virtual asset licensing systems to attract regulated market participants. Hong Kong and Singapore have strengthened their regulatory frameworks, with a particular emphasis on customer and investor protection. These regions have also provided clear guidance on tokenized securities and digital currencies, demonstrating their commitment to building a secure and transparent digital asset ecosystem. Recently, industry insiders' attention has once again focused on the vibrant crypto city of the Middle East – Dubai.