Table of Contents
1. Guangdong-Hong Kong Heavyweight丨HashKey Collaborates with Guangzhou Data Exchange for Major Initiative
On June 17, 2025, HashKey Group and the Guangzhou Data Exchange signed a memorandum of cooperation to jointly promote the construction of the innovative pilot zone for cross-border flow of digital assets in Nansha, Guangzhou, building a compliant digital asset service ecosystem and assisting in the development of the digital economy in the Guangdong-Hong Kong-Macao Greater Bay Area.
2. Alchemy Pay丨Central Exchange Hub for Stablecoins
On June 19, 2025, Alchemy Pay officially announced plans to launch Alchemy Chain and issue stablecoins in the fourth quarter of 2025, creating a central exchange hub for global and local stablecoins to address the high costs and low efficiency of cross-border payments.
3. Goldman Sachs Warning丨U.S. Debt Approaches World War II Peaks
On June 20, 2025, Goldman Sachs pointed out that U.S. national debt has reached an 'unsustainable' high (second only to World War II), and next year, $1 trillion will be needed to pay interest on $36 trillion in national debt (exceeding the total of healthcare and defense expenditures), warning that delaying deficit resolution will lead to severe fiscal tightening or economic crisis.
4. Payment Giant Visa丨New Breakthrough in Stablecoin Layout
On June 19, 2025, Visa announced the expansion of its stablecoin business to Central and Eastern Europe, the Middle East, and Africa, establishing a strategic partnership with the African cryptocurrency trading platform Yellow Card, and investing in the stablecoin payment company BVNK in May, gradually promoting the globalization of stablecoin payments.
5. Bitcoin Data丨New Capital Inflow Exhausted
Since May 27, 2025, CryptoQuant data shows that the holdings of short-term bitcoin holders have decreased from 5.3 million bitcoins to 4.5 million bitcoins (a reduction of about 800,000 coins), with the demand momentum indicator dropping to a historical low of -2 million coins, indicating that the market is facing short-term adjustment pressure at the $100,000 high.
Guangdong-Hong Kong Heavyweight丨HashKey Collaborates with Guangzhou Data Exchange for Major Initiative
🌟 Guangdong-Hong Kong Joint Breakthrough
HashKey Group and Guangzhou Data Exchange Sign Cooperation Memorandum
On June 17, 2025, Asia's leading digital asset financial services group HashKey Group officially signed a memorandum of cooperation with the Guangzhou Data Exchange, under the support of the governments of Guangdong and Hong Kong, to jointly promote the construction of the innovative pilot zone for cross-border flow of digital assets in Nansha, Guangzhou. This cooperation responds to the national opinion (on financial support for deepening the comprehensive cooperation of Guangdong-Hong Kong-Macao towards the world) and aims to establish a compliant investor mechanism, explore compliant issuance channels for data circulation transactions and innovative digital asset trading services in the Guangdong-Hong Kong-Macao Greater Bay Area, and promote the deep integration of Hong Kong's financial resources with mainland technology industry resources, forming an organic interaction and deep complementarity in the development pattern.
🚀 Compliance Ecosystem Construction
Jointly formulate standards to cultivate a digital asset service ecosystem
The two parties will jointly formulate relevant standards around data flow and innovative digital asset trading services, cultivating a compliant digital asset service ecosystem. Through cooperation, they will clarify the ecosystem of the digital asset industry, compliance, and trial-and-error iterative paths, promoting the full-chain development of digital asset projects. This initiative not only establishes a clearer regulatory framework for the digital asset industry but will also promote the cross-border accounting of data assets and the cross-border trading of ESG-related data, aiding the circulation of data elements and the development of the digital economy in the Guangdong-Hong Kong-Macao Greater Bay Area.
💎 Strong Alliance Advantages
Two major institutions join hands to unleash synergistic effects
Since 2018, HashKey Group has been building a global Web3 ecosystem, owning several institutions, including Hong Kong's largest licensed virtual asset exchange, HashKey Exchange, and has rich experience in promoting large-scale applications of blockchain technology and providing reliable digital asset services. Since its establishment in September 2022, the Guangzhou Data Exchange has built a full-chain data circulation trading ecosystem covering 25 industries. The cooperation between the two will integrate their respective advantages in digital asset services and data trading, injecting new momentum into industry development.
🌍 Bay Area Digital Economy
Enhance the global strategic position of the Greater Bay Area's digital economy
This cooperation enhances the strategic position of the Guangdong-Hong Kong-Macao Greater Bay Area in the global digital economy by building a digital asset innovation ecosystem with global resource allocation capabilities. By promoting cross-border flow of digital assets and circulation of data elements, Guangdong and Hong Kong will form stronger competitiveness in the digital economy, explore new paths for the development of China's digital economy, and provide important references for the compliant development of the global digital asset industry.
👨🎓 Extended Thought: What specific impacts might the construction of the innovation pilot zone for cross-border flow of digital assets in Guangdong-Hong Kong have on the domestic compliance process of digital assets?
Alchemy Pay丨Central Exchange Hub for Stablecoins
🚀 Major Moves in Q4 2025
Officially announcing the launch of Alchemy Chain and the issuance of stablecoins
On June 19, Alchemy Pay announced plans to officially launch Alchemy Chain in the fourth quarter of 2025, followed by the issuance of its own stablecoin. This strategy aims to create a central exchange hub for global and local stablecoins, addressing the high costs and low efficiency in existing cross-border payments through compliant and efficient cross-border value flow. This plan not only showcases Alchemy Pay's further layout in the blockchain field but also brings new imaginative space for the development of the global stablecoin market.
🌐 Cross-Chain Liquidity Revolution
Support seamless conversion between global and local stablecoins
Alchemy Chain will support seamless conversions between global stablecoins (like USDT, USDC) and local stablecoins (like EURC, MBRL), providing users with a more convenient digital asset trading experience by aggregating cross-chain and cross-jurisdiction liquidity. This design not only lowers the threshold for cross-chain transactions but also effectively integrates scattered liquidity resources, allowing different regions and types of stablecoins to achieve efficient interoperability on one platform.
💎 New Positioning of Stablecoins
Aiming to be a central exchange hub
The stablecoin issued by Alchemy Pay is not just a payment tool, but is positioned as a central exchange hub for global and local stablecoins. This means it will act as a 'bridge' between different stablecoins, enabling fast exchanges between them through standardized interfaces and processes, while ensuring compliance and security of transactions. This positioning is expected to reshape the role of stablecoins in cross-border payments and value circulation, providing more efficient infrastructure support for the global financial market.
🌟 Industry Impact Outlook
Significance for Cross-Border Payments and Stablecoin Market
The strategy of Alchemy Pay launching Alchemy Chain and issuing stablecoins has significant implications for cross-border payments and the stablecoin market. On one hand, it promotes the digitization and efficiency of cross-border payments, providing enterprises and individuals with more convenient cross-border settlement methods; on the other hand, by establishing a stablecoin exchange hub, it is expected to facilitate the standardization and scaling development of the stablecoin market, enhancing the recognition and application scenarios of stablecoins in the global financial system. This strategy also provides new ideas and practical directions for the deep application of blockchain technology in the financial sector.
👨🎓 Extended Thought: How does Alchemy Chain ensure the safety and efficiency of cross-chain stablecoin conversions?
Goldman Sachs Warning丨U.S. Debt Approaches World War II Peaks
💥 U.S. Debt Approaches World War II Levels
Goldman Sachs points out that U.S. debt has reached an 'unsustainable' high
On June 20, BlockBeats reported that Goldman Sachs indicated that U.S. national debt has climbed to an 'unsustainable' high, with current debt levels only second to those during World War II. Next year, the U.S. will need to pay $1 trillion in interest on $36 trillion in national debt, an amount that exceeds the total of healthcare and defense expenditures. Such a massive debt burden not only reflects the severity of the U.S. fiscal situation but also poses potential risks to global financial markets, raising concerns among investors about the stability of the U.S. economy.
🚨 Delaying Deficit Resolution May Lead to Severe Tightening
Goldman Sachs economists issue a serious warning
Goldman Sachs economists warn that if U.S. legislators delay resolving the deficit issue, the country may need to resort to unprecedented fiscal tightening to avoid a crisis. Extensive fiscal rectification could lead to a decline in GDP, failing to lower the debt-to-GDP ratio and potentially triggering a more severe economic recession. More dangerously, if the option of printing money to pay off debts is chosen, it could lead to hyperinflation and social unrest, similar to the Weimar Republic in the 1920s, undoubtedly casting a shadow over the U.S. economic outlook.
💰 Huge Interest Expense Pressure
Trillion-dollar interest exceeds the sum of healthcare and defense expenditures
Next year, the U.S. will need to pay $1 trillion in interest on $36 trillion in national debt, an amount exceeding the total of healthcare and defense expenditures. Such massive interest expenditures will severely squeeze the U.S. government's financial input in other key areas, affecting the quality of public services and national security, and may lead the government to further increase debt or raise taxes, placing a greater burden on the public and businesses and exacerbating the imbalance in economic development.
🌟 Spending Bill Sparks Controversy
Discrepancies in Estimates of Deficit Increase and Policy Costs
The nonpartisan Congressional Budget Office estimates that the Republican spending bill will increase the deficit by $2.8 trillion over the next decade. The White House and some Republican lawmakers hold differing views, arguing that forecasts should not include the costs of extending Trump's 2017 tax cuts, which are set to expire this year if not extended. This divergence reflects the complex game of U.S. fiscal policy-making, with differing positions behind various considerations of economic stimulus, tax burdens, and government functions.
👨🎓 Extended Thought: With U.S. debt levels approaching World War II peaks, what chain reactions might this have on the long-term stability of global financial markets?
Payment Giant Visa丨New Breakthrough in Stablecoin Layout
💥 Expansion of Stablecoin Business Landscape
Business expansion to Central and Eastern Europe, the Middle East, and Africa
Reports indicate that payment card giant Visa has expanded its stablecoin business to Central and Eastern Europe, the Middle East, and Africa. This move marks Visa's further deepening in the global stablecoin market, leveraging its strong brand influence and extensive payment network to promote the adoption and application of stablecoins in these regions, providing local users with more diverse digital payment options and bringing new opportunities for stablecoin development in emerging markets.
🚀 Strategic Partnership Established
Cooperation with African cryptocurrency trading platform Yellow Card
Visa has established a strategic partnership with the African cryptocurrency trading platform Yellow Card. Yellow Card has a certain market base and user resources in the African cryptocurrency sector, and Visa's collaboration with it can better understand the demand characteristics of the African market and accurately implement its stablecoin business. The cooperation may cover aspects such as payment solution integration and user education promotion, jointly exploring the cryptocurrency payment market in Africa and facilitating the integration of digital assets with traditional payment systems.
💎 Investment Layout Continues to Deepen
In May, invested in the stablecoin-based payment company BVNK
As early as May, Visa invested in the stablecoin-based payment company BVNK. This investment demonstrates Visa's long-term optimism for the stablecoin payment sector. By supporting innovative companies like BVNK, Visa can gain more experience in stablecoin payment technology and business models, providing technical support and innovative ideas for its own stablecoin business expansion and strengthening its competitiveness in the global stablecoin payment field.
📈 Strategic Step-by-Step Advancement
From America pilot to globalization expansion in Europe, Africa, and the Middle East
Visa's entry into EMEA is a crucial part of its 'step-by-step' strategy. In 2024, it will pilot stablecoin payments in the Americas (in cooperation with Coinbase) to verify feasibility; in 2025, it will enter the growth-potential-rich EMEA region, strengthening its technical capabilities through investment in BVNK. The logic is clear: first pilot in regions with high crypto adoption, then enter markets with growth potential, refining the ecosystem through cooperation and investment, ultimately realizing the globalization of stablecoin payments.
👨🎓 Extended Thought: What efficiency advantages does BVNK's 'stablecoin cross-border payment API' bring to Visa's global network compared to traditional SWIFT?
Bitcoin丨New Capital Inflow Exhausted
⚠️ Bitcoin New Capital Inflow Urgency
The market faces a funding gap
CryptoQuant data shows that the bitcoin market is experiencing a severe exhaustion of new capital inflows. Holdings by short-term holders have decreased from 5.3 million bitcoins on May 27 to the current 4.5 million bitcoins, a reduction of approximately 800,000 coins; at the same time, the demand momentum indicator has dropped to a historical low of -2 million coins, indicating a significant decline in interest from new investors. This data stands in contrast to the current high price of around $100,000, suggesting that the market may face short-term adjustment pressure.
📉 Major Withdrawal of Short-term Holders
Short-term holdings decreased by 800,000 coins since May
Short-term holders typically represent new or short-term participating investors, with their holdings decreasing from 5.3 million bitcoins on May 27 to the current 4.5 million bitcoins, a reduction of around 800,000 coins. This change indicates that the number of new investors willing to enter the market has significantly decreased recently, and short-term participants are withdrawing, reflecting a cautious attitude towards the current high prices.
📊 Demand Momentum Hits Historical Low
-2 million coin signal suggests market sentiment is cooling
The Demand Momentum Indicator is a key metric for assessing new buying pressure in the market. Its drop to a historical low of -2 million coins indicates that the buying power in the market is significantly weaker than the selling power. This data directly reflects a sharp decline in the interest of new investors, shifting market sentiment from optimism to cooling, which may impact short-term price trends.
⚖️ Divergence Between High Prices and Data
Short-term adjustment pressure below $100,000
The current bitcoin price remains at around $100,000, but CryptoQuant data indicates an exhaustion of new capital inflows and a new low in demand momentum. This divergence between price and fundamentals may bring short-term adjustment pressure. The lack of new capital support at high levels could lead to price corrections if selling increases, and investors need to be cautious in managing risks.
👨🎓 Extended Thought: Does the decrease of 800,000 in short-term holder holdings indicate that the 'retail participation' in bitcoin is declining? What impact does this have on market stability?
