旺道

Shanghai-Hong Kong Jointly Build Stablecoin Standards! Shanghai Tests Dual-Track Clearing, Central Bank's Global Center Settles in Shanghai

June 18 - At today's 2025 Lujiazui Forum, Pan Gongsheng, Governor of the People's Bank of China, announced the establishment of an international operating center for digital yuan. Meanwhile, the Shanghai Municipal Financial Office released favorable news pointing to more groundbreaking innovations in cross-border payments - piloting a 'digital yuan + stablecoin' dual-track clearing mechanism, directly addressing the cost challenges of cross-border payments for small and micro enterprises. Shanghai and Hong Kong will also collaborate to build standards for the issuance of offshore RMB stablecoins, promoting the tokenization of financial assets.

Cross-Border Payments Welcome 'Dual-Track' Breakthrough
Zhou Xiaoqian, Executive Deputy Director of the Shanghai Municipal Financial Office, revealed on the eve of this year's Lujiazui Forum that the upcoming major financial policy will focus on three main areas. The most eye-catching is the upgrade in the field of cross-border payments: Shanghai will pilot a 'digital yuan + stablecoin' dual-track clearing channel. This model aims to effectively reduce the high foreign exchange conversion costs faced by small and medium-sized enterprises in cross-border transactions through the collaborative application of emerging technologies.

Shanghai and Hong Kong Jointly Build Offshore RMB Stablecoin Standards
In terms of deepening regional financial collaboration, Shanghai will work with Hong Kong to jointly establish a system for the issuance of offshore RMB stablecoins. This move not only injects new vitality into the offshore RMB market but, more importantly, both parties will work together to promote the tokenization of traditional financial assets, including bonds and Real Estate Investment Trusts (REITs), exploring a new model for asset issuance, circulation, and settlement on the blockchain, significantly enhancing transaction efficiency and liquidity.

Pilot Expansion and Central Bank Support Digital Finance Accelerates
To match the innovative practices in cross-border payments, Zhou Xiaoqian pointed out that Shanghai's regulatory sandbox will also be expanded, with the current blockchain cross-border payment pilot range further extending to the Middle East and 16 ASEAN countries, opening up broader international trade settlement channels. At the same time, Governor Pan Gongsheng announced the establishment of the international operating center for digital yuan, providing strong national strategic support for the aforementioned innovations. This center will be dedicated to promoting the international operation of digital yuan, serving the development of financial market business and the overall innovation ecosystem of digital finance.

Zhou Xiaoqian, Executive Deputy Director of the Shanghai Municipal Financial Office, revealed that on June 18, the Lujiazui Forum will announce significant financial policies, focusing on three major directions:
Upgrading Cross-Border Payments: Pilot "Digital RMB + Stablecoin" dual-track clearing channels to reduce foreign exchange costs for small and medium-sized enterprises;
Shanghai-Hong Kong Financial Collaboration: Jointly establish offshore RMB stablecoin issuance standards, promote tokenization of assets such as bonds and REITs (RWA);
Expansion of Regulatory Sandboxes: Expand the scope of blockchain cross-border payment pilot projects to cover the Middle East and 16 ASEAN countries.

After 2024, except for children and the elderly, almost everyone will have to rely on deception to survive, because there are not many people who understand high technology and electronic intelligence. It is precisely because of the rapid development of high technology and the monopolistic nature of companies like Alibaba that most people have no space to survive, which leads them to choose deception. Success studies? Can you make someone successful just by talking?

Ordinary people can only see tangible things.
Experts can see intangible things.

Those who understand higher concepts see the formless.
Ordinary people see the form.

The true experts in success studies are those who understand the Book of Changes (I Ching)!

Why will tokenization of US stocks be the next wave of the bull market?

In 2004, Hong Kong stocks 'red-chipped' state-owned enterprises, opening a decade of bull market;

In 2024, US stock tokenization is fragmenting global blue chips, revealing another major tornado.

The opportunity has arrived; there is no lack of spectators, what is missing are those who dare to be the first to sail out.

Bybit Gold exchange has just launched US stocks.

Including $AAPL, $TSLA, $META, $NVDA, $AMZN and 78 other top stocks!

The first post-90s founder on the Sci-Tech Innovation Board has rung the bell, 70 billion

China's new generation rises.

The Sci-Tech Innovation Board welcomes its first post-90s founder.

According to investment industry news, today (June 11), Yingshi Innovation officially debuted on the A-share market, becoming the 'first stock in smart imaging.' The IPO issuance price was 47.27 yuan/share, raising 1.938 billion yuan, and it surged 285% at the opening, with a total market value exceeding 70 billion yuan.

An impressive scene at the event — 34-year-old founder Liu Jingkang (JK) rang the listing bell while holding the Insta360 panoramic camera X5. 'Ten years ago, we walked out of the student dormitories of Nanjing University.' At that time, Liu Jingkang teamed up with classmates to enter the domestic panoramic camera industry, which was still a blank slate, and now the Insta360 cameras are sold worldwide.

A post-90s individual stands on the stage of the Sci-Tech Innovation Board, a moment of great historical significance. Currently, the wave of technological innovation in China is surging, with countless post-90s and post-00s figures emerging, as they take the torch from their predecessors and begin to become the mainstay of China's technology.

The SEC's cryptocurrency working group held a roundtable today themed 'DeFi and the American Spirit'.

SEC Chair Paul Atkins stated that the committee is formulating relevant policies to exempt DeFi platforms from certain regulatory restrictions.

Today, the leading tokens in the DeFi sector, comp, aave, mkr, and uni, surged.

In the altcoin market, making money on-chain is becoming increasingly difficult, especially on the Solana chain, where many traders are turning to the Base or BSC chains. The DeFAI + InfoFi project TAGGER(TAG) in the BSC ecosystem has risen by 166% in 24 hours, and the US Eagle EGL1 has risen for 5 consecutive days, becoming an emerging strong MEME coin on the BSC chain, consistently ranking first in the USD1 trading competition with a 24-hour increase of 66.68%, and a market cap surpassing 72 million USD; in addition, the little monk $Janitor, the AI + on-chain data analysis project $CXZI, the letter concept coin $Z, and $E have also become relatively popular Meme coins in the USD1 trading. There are also several standout projects in the Base ecosystem, such as the AI token $LAY, which has nearly tripled in 24 hours, reaching a market cap of over 35 million USD, TORUS has risen by 88.1% in 24 hours, and MAMO's market cap is close to 90 million USD, with a 24-hour increase of 16%; the algorithmic innovation project (OPoW) $TIG has doubled in 24 hours, with a market cap exceeding 76 million USD.

The personal split between two heavyweight figures in the US political and business circles is seen as a concentrated reflection of the deep-seated differences within Trump's camp regarding green energy policies, financial strategies, and ideological orientations, which may have significant implications for America's future climate policy and industrial structure.

It is the division between technological capitalism vs. populism.

Elon Musk represents a form of technological utopian green capitalism, believing in solving climate change issues through technological innovation (electric vehicles, solar energy, carbon capture, etc.). He emphasizes the role of market mechanisms and the private sector and is an advocate for carbon markets and green technology investment.

In contrast, Trump represents a coalition of traditional energy interests and anti-establishment populism, denying the urgency of climate change and leaning towards revitalizing the coal and fossil fuel industries.

The split between the two reflects the deep contradictions within the American right regarding climate issues:

Trump's approach: emphasizes energy independence, opposes the "Green New Deal," and views climate policy as a tool of globalism and big government intervention;

Musk's approach: emphasizes clean energy technology and market innovation, offering a type of "elitist" climate solution, such as Musk Foundation's recent actions at COP29: the global carbon removal leaderboard and the announcement of Musk's $100 million XPRIZE carbon removal winners! This split undermines the conservative camp's united front on climate issues and may redefine the path dependence of right-wing climate policy.

Carbon Neutrality Goals Require Enterprises to Transform Completely

As the glaciers of the Arctic collapse and disappear at an unprecedented rate, as cities along the Mediterranean coast become paralyzed in a 50°C heatwave, and as the smoke from North American wildfires obscures the entire continent... the harsh realities of human existence need no further elaboration.

In the eye of this climate crisis storm, a global consensus is reshaping the economic order: data from the United Nations Environment Programme shows that over 130 countries and regions have committed to achieving carbon neutrality between 2050 and 2060. China has also set clear targets of peaking carbon emissions before 2030 and achieving carbon neutrality before 2060.

Enterprises, as the core cells of economic activity, find themselves at a crossroads of profound transformation. Data from the Ministry of Ecology and Environment of China sends a clear signal: the paid allocation of carbon emission quotas has covered eight high-emission industries, including petrochemicals and steel, involving a total annual emission of over 6 billion tons. The European Union's Carbon Border Adjustment Mechanism (CBAM) will be fully implemented in 2026, and the green barriers faced by Chinese export enterprises have already emerged.

Carbon neutrality is not just an environmental pledge; it is also a transformative test for enterprises—related to survival and leading towards future blue oceans.

The killer application of blockchain Web3 will be in new energy and carbon trading, green electricity, green certificates, and carbon credit tokens, rather than Bitcoin (BTC).

The era of integration between Bitcoin and the green economy of carbon credits is about to arrive.

​

Issuing stablecoins is a battle for monetary sovereignty in the digital world, with the US stablecoins USDT and USDC, and the digital RMB. Two superpowers backing them globally. Who will emerge victorious in the future?

Additionally, the RWA startup board will replace air coins and become a wealth haven.

The threat of quantum computing to Bitcoin private keys is an important issue in the cryptocurrency field, but there is currently no clear timeline.

Here are the key points of analysis:

1. Current Progress in Quantum Computing
- Difficulty of breaking ECDSA: Bitcoin uses the Elliptic Curve Digital Signature Algorithm (ECDSA), with a private key length of 256 bits. Theoretically, a quantum computer could break this using Shor's algorithm in polynomial time, but it would require millions of physical qubits (the most advanced IBM quantum processor today has only a little over a thousand qubits, and has a high error rate).
- Actual requirements: Breaking 256-bit ECDSA would require about 500-3000 logical qubits (after error correction), and one logical qubit may need thousands of physical qubits to support it. Optimistically, it is estimated that it will take at least 10-20 years to reach this level.

2. Transition to Quantum-Resistant Algorithms
Challenges of upgrading Bitcoin: Even if quantum computing matures, Bitcoin will need to upgrade to quantum-resistant signature algorithms (such as Lamport signatures, XMSS, or SPHINCS+). Community consensus and miner support are key, and this may lead to controversy or delays.
- Proactive defense: Some projects (like QRL, IOTA) have already deployed quantum-resistant solutions, but Bitcoin's large ecosystem makes its upgrade more complex.
3. Time Estimates
Conservative estimate: Without significant technological breakthroughs, the threat of quantum computers to Bitcoin will take at least 15-30 years.
- Risk window: If quantum computing suddenly advances, unused old addresses (with exposed public keys) may be the first to be attacked, while new transactions (using new algorithms) may be safer.

4. Other Influencing Factors
- Error correction and stability: Current qubits are easily affected by noise, and error correction technology is still immature.
Cost-effectiveness: Attacking Bitcoin may not be as attractive as breaking military or financial encryption systems, and the actual threat may lag behind technological capabilities.

In the short term (within 10 years), the possibility of Bitcoin private keys being broken by quantum computing is extremely low, but in the medium to long term, attention should be paid to quantum advancements and community responses. It is recommended that holders focus on quantum-resistant upgrades in the future and avoid reusing addresses to reduce risk.

The global financial situation has changed dramatically

Are you still stuck in the past world?

The imitation season has arrived, but it hasn't happened in cryptocurrency; it's happening in stocks.

After SharpLink, a listed company in the US stock market, announced financing to purchase ETH, its stock rose tenfold within a week, leading to such jokes in the crypto community.

MicroStrategy's successful transformation has shown listed companies the benefits of incorporating crypto assets into their financial strategies, actively adding crypto assets like Bitcoin, Ethereum, SOL, and XRP to their treasury. For example, Hong Kong's Boya Interactive and LanKong Interactive have assets in Bitcoin, leading to stock market gains of over ten times in a year.

The deep integration and bundling of cryptocurrency and traditional finance have thrown the unambitious firmly onto the beach.

Metaverse Asset Capital: From Finance to Mathematics

In the 18th century, Rousseau wrote "The Social Contract."

In the 21st century, humanity uses mathematics to create smart contracts, reconstructing agreements.

Humanity is transitioning from the "social contract" to the "mathematical contract."

"The Social Contract" ultimately gave rise to modern finance, where contracts maintain trust between people and civilizations.

Meanwhile, "The Mathematical Contract" will give rise to universe-level "metaverse assets," where mathematics maintains trust between people and machines.

In building the "Metaverse Asset Capital," we may soon witness a scene where:

A company can simultaneously issue assets in both the atomic world and the bit world.

On one side are real assets, and on the other side are crypto assets.

In the end, they can all unify into "metaverse assets."

Which has greater potential, Bitcoin or carbon credit tokens?

What are their core differences and future value comparisons?

1. Comparison of Underlying Logic
1. Credit Endorsement System
- Bitcoin: Completely detached from the sovereign credit system, relying on blockchain technology to achieve a decentralized trust mechanism
- Carbon Credit Tokens: Rooted in the framework of the Paris Agreement, supported by the carbon emission regulatory systems of various governments, possessing national credit endorsement

2. Value Generation Mechanism
- Bitcoin: Generated through energy consumption via the POW (Proof of Work) mechanism, each BTC produced is accompanied by significant electricity consumption
- Carbon Credit Tokens: Generated based on physical emission reduction projects, each token corresponds to the carbon reduction equivalent of 1 ton of CO2

2. Comparison of Technical Characteristics
1. System Architecture
- Bitcoin: Completely decentralized network, anonymous transaction mechanism ensures privacy
- Carbon Credit Tokens: Utilize a permissioned blockchain architecture, transaction data is transparent and traceable, compliant with international carbon market MRV standards (Measurable, Reportable, Verifiable)

2. Application Direction
- Bitcoin: Established the value transfer foundation for Web 3.0 as digital gold, promoting the evolution of AI computing power networks
- Carbon Credit Tokens: Construct a global carbon asset circulation infrastructure, supporting the operation of a carbon-neutral economic system

3. Future Value Outlook
Against the backdrop of carbon neutrality goals becoming a global consensus, carbon credit tokens are ushering in a historic opportunity:
1. Market Scale Explosion: According to Bloomberg New Energy forecasts, the global carbon trading market size will exceed $5 trillion by 2030
2. Policy Dividend Release: 136 countries have legislated clear carbon neutrality goals, with mandatory emission reduction industries growing at an average annual rate of 12%
3. Strengthening Financial Attributes: The securitization rate of carbon assets will increase from the current 18% to 65%, becoming a mainstream investment target

(Conclusion) As Bitcoin completes its mission of enlightening digital assets, carbon credit tokens are constructing the green financial infrastructure of the real economy. In the next twenty years, holding certified carbon credit assets will not only be an investment choice but also a passport to participate in global climate governance. The value accumulation period for carbon credit tokens has already begun, and their compound growth rate is expected to surpass that of early Bitcoin, becoming the core value carrier of the new era.

Zhong'an Bank has become the first Hong Kong bank in China to provide reserve services for stablecoin issuers, and its stock has already doubled.

Haha!

The Bitcoin conference in the United States is in full swing.

You dominate Bitcoin in the U.S.

Chinese culture has a 5000-year history of integration, melting you away.

Blockchain 1.0, represented by Bitcoin.

Bitcoin = Green Electricity + Computing Power

RWA = Blockchain + Internet of Things + Real Value Assets

Blockchain 2.0 RWA Green Bitcoin as Carbon Credit Tokens.

RWA Green Bitcoin = Green Electricity + Computing Power + Green Carbon.

RWA Carbon Credit Tokens = Blockchain + Artificial Intelligence + Green Carbon.

The era of the integration of Bitcoin and carbon credit green economy is about to arrive.

In the West, the U.S. is based on blockchain and Bitcoin digital dollarization of U.S. debt.

In the East, China is based on the digitization of physical assets through blockchain RWA, with green energy finance RWA at its core.

The application of blockchain in new energy and carbon trading may follow a path of "first local trials, then global expansion."

If we can break through technological integration and regulatory bottlenecks in the next 5-10 years, blockchain is expected to become the core technological pillar of global energy and climate governance, its influence may far exceed that of the cryptocurrency field.

U.S. dollars, U.S. debt, USDT, USDC are so-called air.

Digital Renminbi, the world's sunlight, green air.

The future confrontation between Eastern air and Western air.

What do you say about the layout?

The new narrative space for Bitcoin has opened

Looking back at the previous bull markets of Bitcoin, almost without exception, they were accompanied by changes in macro structures or institutional narratives:

2013 Bull Market: Cyprus banking crisis, Bitcoin gained attention as a 'de-banked' asset;

2017 Bull Market: ICOs and smart contracts catalyzed, capital influx;

2021 Bull Market: Federal Reserve's massive liquidity injections combined with the NFT and DeFi innovation wave;

2024-2025 Bull Market: The systemic trust fracture surrounding 'Bitcoin vs US Treasury credit' is unfolding.

This round of Bitcoin's rise is not solely based on technological innovation, but stems from a systemic distrust: a continuous decline in demand for US Treasury duration, expanding fiscal deficits, manipulation of short-term interest rates, involuntary selling of long-term interest rates, and pessimism towards institutional solutions.

Blockchain 1.0 represented by Bitcoin

Bitcoin = Green Electricity + Computing Power

Blockchain 2.0 Green Bitcoin, referred to as Carbon Credit Token

Green Bitcoin = Green Electricity + Computing Power + Green Carbon

Carbon Credit Token = Blockchain + Artificial Intelligence + Green Carbon

The era of the fusion of Bitcoin and carbon credit green economy is approaching.

The application of blockchain in new energy and carbon trading may follow the path of 'first local experimentation, then global expansion.'

If the stablecoin bill promotes the expansion of stablecoin scale, it will only deepen the market's structural anxiety about the 'inevitable implosion of the dollar system.' And this anxiety, when it cannot find an outlet in the capital markets, will naturally flow towards Bitcoin and gold.

David Sacks: Blockchain, Bitcoin, and cryptocurrency are the future financial system

According to Cointelegraph, David Sacks, the White House's cryptocurrency and AI director and 'crypto czar,' stated at the Bitcoin 2025 conference: 'We believe that blockchain, Bitcoin, and cryptocurrency are the future financial system.'

Future Outlook on Carbon Financial Tokenization:
RWA may become the 'nuclear weapon' of the carbon market.

The market size may reach $16 trillion by 2030 (according to Standard Chartered Bank).

China may become the leader, potentially allowing China to overtake others in the carbon finance sector.

In a $10 trillion market, how can ordinary people participate?

Investing in carbon asset funds: Tokenized carbon funds may be launched in the future, lowering investment thresholds.

On-chain carbon assets for enterprises: SMEs can finance through RWA, such as photovoltaic and wind power projects.

Personal carbon credits monetization: In the future, individual carbon reduction actions may be tokenized and traded directly.

‌"A World Without Banks" is a subversive financial concept proposed by Simon Dixon, a British financial reformer. Its core proposition is to deconstruct the traditional banking system through crowdfunding, digital currency and other technologies to establish a decentralized financial free economy. ‌‌1‌‌2

Core Concept and Background
In "A World Without Banks" published in 2015, Simon Dixon compared traditional banks to "dinosaurs that are about to become extinct in the 21st century" and believed that the existing financial system has three major flaws:

‌Banks control user funds‌: depositors have no right to know or make decisions on the use of funds; ‌‌1
‌Debt trap cycle‌: banks expand debt by creating money, resulting in unsustainable economic fluctuations; ‌‌3‌‌4
‌Inefficient intermediaries‌: Internet technology can replace the information intermediary function of banks, such as crowdfunding, P2P and other models can more efficiently match capital needs. ‌‌
Alternatives: Crowdfunding and Free Economy
Dixon proposed "Crowdfunding" as the core solution, which has the following features:

‌Disintermediation‌: directly connect the supply and demand sides of funds to reduce the intermediary costs of banks; ‌‌1
‌Transparency‌: require the use of funds to be public and require depositors' permission to break the information asymmetry; ‌‌
‌Technology-driven‌: rely on seven disruptive technologies such as the World Wide Web, digital currency, and social networks to reconstruct the financial ecology. ‌‌2
Controversy and Challenges
Although the book predicts that traditional banks will decline, the actual development shows:

‌Complementary rather than replacement‌: Although Internet finance (such as Yu'ebao and P2P) has diverted some banking business, banks still dominate large-scale credit and systemic financial stability; ‌‌
‌Regulatory risks‌: Decentralized finance (DeFi) faces compliance challenges, such as China's rectification of the P2P industry after 2017; ‌‌5
‌Economic paradox‌: Complete liberalization may exacerbate financial volatility, such as the high speculation in the cryptocurrency market

China's Carbon Footprint Management Legalization: The Ecological Environment Code (Draft) Leads a New Trend in Global Green Transformation.

As the world's largest developing country, China actively participates in and promotes the legalization process of carbon footprint management, providing new ideas and references for global climate governance.

Therefore, China's RWA policy direction for 2026-2028 will focus on breakthroughs in green financial asset RWA.

So, what are green financial asset tokens?

They are the process of converting green bonds, carbon credits, renewable energy revenue rights, etc., into digital tokens through blockchain technology. Carbon + blockchain makes the world's carbon footprint more transparent and publicly available.

Green Financial Asset RWA Tokens - this innovation combines the dual advantages of sustainable finance and blockchain technology, providing new possibilities for global low-carbon transformation and improving financial market efficiency, presenting a significant wealth opportunity for those with foresight.