Author: 行政

Tokenized sovereign debt spent years sounding like a conference phrase in search of a market. But now, the category has enough working components to deserve serious attention: tokenized government money funds, onchain ownership records, programmable transfer rails, and a growing effort to turn government paper into collateral that digital markets can actually use.While this might sound like a futuristic asset class, the live products on the market today aren’t that hard to understand. Most of them aren’t sovereign bonds issued directly on public blockchains; they’re tokenized claims on short-duration government exposure, usually through money funds or Treasury-heavy structures.The tokenized bond…

There’s a contradiction at the heart of American Bitcoin’s treasury strategy: its Bitcoin pile is growing while its share price moves in the opposite direction.The Eric Trump-linked company recently announced that its holdings reached 8,000 BTC, up from more than 7,000 BTC at the end of the first quarter.Separately, the company announced a 1-for-15 reverse stock split, which combines every 15 shares into one. It’s used to raise the price of each remaining share, but it doesn’t increase the company’s value or change the value of an investor’s position at the time of the split.The split took effect after the…

The ETF became one of Wall Street’s most powerful distribution tools because it turned market exposure into an easy-to-use and easy-to-understand retail product.Investors could buy an index, a basket of bonds, a commodity thesis, or a tightly packaged theme from the same account they use for blue-chip stocks. This was so convenient that it changed both investor behavior and issuer incentives at the same time.Once the ETF wrapper became the default way for millions of buyers to gain exposure, issuers had every reason to keep stretching it into new territory. Related ReadingCrypto wanted to replace Wall Street – Instead, Wall…

Donald Trump’s latest financial disclosure showed how closely digital-asset policy, personal financial interests, branded tokens, and presidential power now sit together.His highly scrutinized recent filing points to a governance problem that extends well beyond any one politician, because crypto can convert access, symbolism, and regulatory attitudes into value faster than older business interests ever could.Presidential financial disclosures usually draw attention because of the total. However, the more important issues concern how the income was generated, which entities carried it, what products sat behind it, and how sensitive those products are to decisions made by the same federal government linked to…

Stablecoins won over users by making money easier to move, long before the financial world agreed on what they meant. That helps explain the scale of USDT and USDC: they never had to replace the global reserve system to become powerful.They simply made dollars easier to move online, and crypto markets made the network effect impossible to ignore.On July 7, 2026, Beijing and Hong Kong unveiled a group of measures designed to strengthen Hong Kong’s role in offshore yuan finance.Hong Kong began trial operations of a central gold clearing and settlement system, revived US dollar-denominated gold futures, and said it was exploring yuan-denominated…

AI cloud infrastructure provider, CoreWeave, has secured more than $20 billion in debt and equity financing this year, including a recently closed $3.1 billion loan backed by graphics processing units.The oversubscribed facility shows the scale of institutional demand for companies and infrastructure tied to the AI buildout. Investors have aggressively poured money into the sector throughout 2026, with CryptoRank data ranking AI as the year’s most popular funding category.In stark contrast, Bitcoin has moved in the opposite direction. The largest digital asset has fallen more than 50% from its previous peak near $126,000, even as the global money supply has…

Circle received approval from the OCC on July 10 to establish a bank called Circle National Trust. That does not give the USDC issuer the powers most people associate with a commercial bank.The national trust bank cannot accept ordinary deposits, make loans, offer checking or savings accounts, or provide FDIC-insured retail banking services. The decision is final, unlike the OCC’s preliminary conditional approval from December 2025, but its approved business remains centered on fiduciary custody. Related ReadingCircle targets federally regulated trust status to manage stablecoin reserves, offer custody servicesCircle aims to streamline compliance ahead of the potential passage of the…

Bitcoin traded near $64,100 on Saturday as the clock ticked toward a key test for its rebound. June’s US consumer price index is due at 8:30 a.m. ET on July 14, leaving the market with about three days before the next major macro catalyst.The largest crypto asset had gained about 2.6% over seven days, according to CryptoSlate market data, but 24-hour volume was running 21% below its recent average. Bitcoin has rebounded, but buyers have yet to fully commit.The scheduled inflation report will hit a rates market that makes that gap harder to ignore.Futures-derived probabilities using CME FedWatch methodology put…

Bitcoin’s more than $10 billion corporate credit market is still attracting new entrants after a June selloff triggered margin calls and drove its leading preferred shares far below par.A new report from BitcoinTreasuries.net described the downturn as the sector’s first meaningful stress test, offering an early measure of whether companies can reliably build financing structures around their cryptocurrency reserves.The selloff showed how quickly supposedly stable products can buckle when too much leverage piles in. Yet the market emerged bruised but operational. Dividend payments continued, secondary-market volumes reached record levels, and corporate treasuries kept adding Bitcoin to their balance sheets.That resilience…

AscendEX shut down on July 1, leaving some customers unsure whether they will recover their funds.The exchange said in a July 6 notice that it does not hold authorization under the European Union’s Markets in Crypto-Assets framework. It also cited financial and operational pressures, including a failed strategic transaction expected to provide liquidity.Customers can no longer use AscendEX to open accounts, deposit funds, trade, swap, stake or lend. They should retain access only to withdraw assets and complete other exit steps, provided the platform remains available, and no legal or insolvency restrictions intervene. Related ReadingMillions of EU crypto users face…