金色财经_

Author: @BlazingKevin\_ , the Researcher at Movemaker
Storage was once one of the top narratives in the industry. Filecoin, as the leading project in the last bull market, had a market cap that exceeded 10 billion USD. Arweave, as a comparable storage protocol, markets itself with the point of permanent storage, reaching a market cap of up to 3.5 billion USD. However, as the availability of cold data storage has been debunked, the necessity of permanent storage has come into question, leading to a big question mark over whether the decentralized storage narrative can succeed. The emergence of Walrus has stirred the long-silent storage narrative, and now Aptos has partnered with Jump.

Author: Yue Xiaoyu Source: X, @yuexiaoyu111
First of all, the stablecoin sector will see a "Battle of the Hundreds of Coins" in the future. After fierce competition, USDT will still be the leader among offshore stablecoins, and USDC will remain the leader among compliant stablecoins, but it will leave behind a large wave of mid-range stablecoins.
These stablecoins at the waist and tail mainly fall into two categories: compliant stablecoins created by Web2 companies and decentralized stablecoins created by Web3 companies.
1. Still optimistic about stablecoins created by Web2 companies.
In different countries and regions, as well as in different business scenarios, there will also be many local leaders similar to "local tyrants", such as the Hong Kong dollar stablecoin and the JD stablecoin in the e-commerce field.
These are areas that USDC and USDT may not reach, and stablecoins in these segmented scenarios can integrate more deeply with local businesses or their own operations.
Of course, from a political perspective

The current AI + Crypto ecosystem on the BASE chain is attracting more and more follow, with major platforms including Creator.bid and Virtual. Although Creator.bid relies on Bittensor and focuses on a transparent points mechanism, long-term success still requires nurturing valuable AI Agents. In contrast, Virtual places more emphasis on independent development. The revival of these platforms brings hope to the encryption ecosystem, but they also face risks, and their success or failure will impact the future of the entire ecosystem.

First of all, the stablecoin sector will see a "battle of hundreds of coins" in the future. After fierce competition, USDT will still be the leader of offshore stablecoins, while USDC will remain the leader of compliant stablecoins, but there will be a wave of mid-tier stablecoins left behind.
These waist and tail stablecoins mainly fall into two categories: compliance stablecoins made by Web2 companies and decentralized stablecoins made by Web3 companies.
1. Still optimistic about the stablecoins made by Web2 companies.
In different countries and regions, as well as in different business scenarios, there will also be many local leaders like "local tyrants", such as the Hong Kong dollar stablecoin and the JD stablecoin in the e-commerce sector.
These are the places that USDC and USDT may not reach, and these segmented scenarios of stablecoins can integrate more deeply with local businesses or their own operations.
Of course, from a political perspective, various countries and regions actually implement local measures to prevent capital outflow and to avoid being siphoned off by the US dollar.

Author: Fu Qisen
While Goldman Sachs is busy reducing its Asian team, DBS Bank has set up a billboard in Hong Kong advertising 'Urgently Hiring Wealth Advisors with Million Dollar Salaries'—in just three months, an 86% growth in performance has led this Singapore bank to sense something?
In June 2025, DBS Bank announced that it will add 100 wealth management advisors in Hong Kong over the next three years and plans to establish a brand new flagship wealth center.
This is not a routine expansion of an ordinary bank. DBS is the largest bank in Southeast Asia and the top among the three local banks in Singapore, managing assets exceeding $730 billion by the end of 2024. This move seems ill-timed — the wave of layoffs at international investment banks continues to spread, geopolitical risks are becoming increasingly prominent, and the discourse around "talent loss and capital flight" from Hong Kong has yet to dissipate.
However, it is precisely at a time when market sentiment remains cautious that DBS chooses to go against the trend, taking decisive actions with high standards.

On August 1, 2025, Hong Kong's "Stablecoin Ordinance" officially comes into effect, marking the implementation of the world's first comprehensive regulatory framework for fiat stablecoins. This article interprets the regulatory policies of the Hong Kong Monetary Authority (HKMA), guiding retail investors on how to hold stablecoins in compliance, and compares the regulatory differences between Hong Kong, Singapore, and the United States, revealing market opportunities and challenges.
Key Points of Hong Kong's Stablecoin Regulation
The Hong Kong Monetary Authority has established a licensing system for fiat stablecoins through the "Stablecoin Ordinance" to balance innovation and risk. Any institution issuing fiat stablecoins in Hong Kong or claiming to be pegged to the value of the Hong Kong dollar must apply for a license from the Monetary Authority and meet strict entry requirements, such as comprehensive risk management, anti-money laundering (AML) and counter-terrorist financing (CFT) measures, as well as technical security capabilities. Initially, it is expected that only a few banks or fintech companies will be able to obtain licenses. The Monetary Authority's "Stablecoin Sandbox" program supports testing cross-border trade and Web3 applications, with the first batch of participants including