金色财经_

The "Renmin University of China Shenzhen Social Science Salon (Session 62) and the Great Financial Thought Salon (Session 256)" held on June 21 was hosted by the Shenzhen Research Institute of Renmin University of China and the Institute of Advanced Social Science Research (Shenzhen) at Renmin University of China, with co-hosting by the International Monetary Institute (IMI) of Renmin University of China and the Shenzhen Finance Institute of Renmin University of China. Experts and scholars from various fields conducted in-depth discussions on the theme of "Trends in Global Stablecoin Development and Policy Evolution." The Renmin University of China Institute of Financial Technology organized the core content.
In the current flourishing digital economy, stablecoins, as an important innovation in the field of digital currencies, are profoundly reshaping the global financial landscape. Since their initial launch in 2014, the stablecoin market has rapidly expanded, with the issuance mechanisms and application scenarios continuously evolving. On May 21, the Legislative Council of the Hong Kong Special Administrative Region passed the "Stablecoin Regulation Draft" in its third reading, marking the formal inclusion of stablecoins as a virtual asset.

1. The Hong Kong government released the "Hong Kong Digital Asset Development Policy Declaration 2.0" (full text attached)
On June 26, 2025, the Hong Kong SAR Government issued the "Hong Kong Digital Asset Development Policy Declaration 2.0" ("Policy Declaration 2.0"), reaffirming the government's commitment to making Hong Kong a global innovation center in the digital asset sector. The new policy declaration builds on the initiatives proposed in the first policy declaration issued in October 2022. Click to read.
2. Bit Digital transitions to Ethereum staking, transforming from a "extensive" mining company to a crypto financial firm.
On June 26, news came that Bit Digital, a publicly listed company in the US (stock code: BTBT), announced a strategic transformation, planning to gradually stop its Bitcoin mining business and progressively convert its held BTC into ETH, focusing on Ethereum staking and asset allocation, becoming a "pure Ethereum staking and treasury company." Click to read.
3. The Wind of Cryptocurrency Assets

This week, we analyze the cost basis distribution of Metaverse Tokens (CBD) data. Despite the price fall, major investors continue to steadily accumulate, showing long-term confidence in the project. For example, The Sandbox holders are consistently increasing their positions, Decentraland investors are buying in at low prices, and the confidence in Axie Infinity remains strong. On-chain activity indicates that investors view the current price as an undervalued opportunity, suggesting a potential recovery in the future.

Deng Tong, Golden Finance
On Wednesday local time, the Director of the Federal Housing Finance Agency (FHFA), Pulte, posted on social media: "After thorough research and following President Trump's vision of making America the 'crypto capital', today I have instructed Fannie Mae and Freddie Mac to begin preparations to classify cryptocurrency as an eligible asset for mortgage applications." This directive marks a significant potential shift in the U.S. government's support for businesses in assessing asset review standards for mortgage qualification, and it is also in line with the Trump administration's established goal of promoting cryptocurrency in the United States.
Finally, the wind of crypto assets has reached the U.S. real estate industry.
1. Why should cryptocurrencies be classified as recognized assets for collateral loan applications?
The core reason is the sluggish real estate market in the United States. Over the past 50 years, the homeownership rate in the U.S. has remained relatively stable, with about 62% of the population owning homes. However, in recent years, new applications...

Author: David C, Source: Bankless, Translated by: Shaw Jinse Caijing
As concerns about surveillance and data development intensify, the cryptocurrency sector has recently accelerated the integration of privacy-enhancing technologies (PET) into its core infrastructure.
Blockchain is designed to be completely transparent. While the crypto industry has long emphasized privacy methods (such as token mixers or privacy-based tokens), it has also been working to expand the scope of privacy (beyond simple DeFi and payments) without restricting privacy to specialized networks.
As blockchain is increasingly applied in artificial intelligence training and institutional financing, the adoption of alternative cryptographic technologies is also becoming more popular. Among them, four technologies are particularly hot: Multi-Party Computation ( MPC ), Fully Homomorphic Encryption ( FHE ), Trusted Execution Environment ( TEE ), and Zero-Knowledge Transmission Security Layer ( z.

Author: Yang Jiyun
This is a scene we haven't seen in a long time.
Today (June 26), the Hong Kong Stock Exchange welcomed three companies ringing the bell together - Chow Tai Fook, Saint Bella, and Ying Tong Holdings, creating one of the most lively scenes in the Hong Kong stock market in recent years.
Among them, Chow Tai Fook's Hong Kong IPO was oversubscribed by more than 700 times, with an issuance market value exceeding HKD 10.1 billion, opening up more than 18%; Yingtong Holdings' issuance market value is approximately HKD 3.7 billion; Saint Bella's issuance market value is nearly HKD 4 billion, with a surge of more than 44% shortly after opening.
"The gong at the Hong Kong Stock Exchange is not enough." This scene is a perfect depiction of the booming IPO market in Hong Kong this year.
Three IPOs a day, the Hong Kong Stock Exchange's popularity is back.
Zhou Liufu successfully went public in Hong Kong first.
Founded in 2002, in Shuibei Village, Luohu District, Shenzhen, Li Weizhu from Shantou, Guangdong resigned from the bank and opened a jewelry setting factory, earning his first pot of gold. Subsequently, "Shenzhen Zhou Tianfu Jewelry Co., Ltd."

Author: Marvin Barth Source: Coindesk Translation: Shaw Jinse Finance
We may be on the verge of a revolution in the field of currency finance, which has been the dream of many renowned economists for centuries. Financial innovation is laying the groundwork for this dream, and at the same time, the political and economic environment in the United States is changing, providing support for this revolution. If this revolution proceeds smoothly, it will have a significant impact on global finance, economic development, and geopolitics, creating numerous winners and losers. The transformation I am referring to is the "narrow banking" built on the foundation of stablecoins.
The origin of the fractional reserve banking system
Our current financial system is built on the concept of fractional reserve banking. In the 13th and 14th centuries, Italian moneylenders and bankers began to realize that since depositors (rarely) demanded withdrawals simultaneously, they only needed to hold deposits.