Draft Financial Law of the People's Republic of China submitted for initial review by the Standing Committee of the National People's Congress

Japanese financial group SBI has partnered with Startale to issue the Japanese yen stablecoin JPYSC as a trust structure, with reserve assets managed by SBI Shinsei Trust Bank and issuance and circulation by SBI VC Trade. JPYSC is Japan's first Japanese yen stablecoin that is managed by a trust bank and classified as an electronic payment method under the Payment Services Act. It is not subject to a single transaction or balance limit of 1 million yen. JPYSC can serve as a yen based asset for on chain foreign exchange, institutional lending, and RWA settlement. Currently, it is only open to SBI VC Trade account users, and the exchange plans to launch JPYSC lending business in the future.

[Xu Zhengyu: Hong Kong to Implement Strict Regulation on Stablecoin Issuers, Purchasing Unregulated Stablecoins Requires Bearing Risks] According to a press release from the Hong Kong government, Xu Zhengyu, Secretary for Financial Services and the Treasury Bureau, stated in the Legislative Council that Hong Kong will require licensed stablecoin issuers to invest reserve assets in eligible assets such as bank deposits, high-quality, and highly liquid bonds, and to store them in Hong Kong banks. The Hong Kong Monetary Authority (HKMA) may impose additional regulatory requirements as necessary. The HKMA will promote the integration and interoperability of compliant stablecoins with other new payment tools. Only stablecoins purchased from designated regulated institutions are protected under the Stablecoin Ordinance, while purchasing unregulated stablecoins through unregulated channels requires bearing the associated risks.

DWS expects the US economy to grow by 3.2% this year and 2.3% next year, with AI being a significant contributing factor to the economy. DWS Asia Pacific Chief Investment Officer Wu Shuangrong predicts that the Federal Reserve will cut interest rates twice before May next year, with the target range for the federal funds rate lowered to 3% to 3.25%. Wu Shuangrong explained that the Federal Reserve mainly focuses on inflation expectations and unemployment rates, oil prices have slowed down economic growth but the situation is controllable, and the market is concerned that AI will replace labor and reduce job vacancies. For the development of AI shares, Wu Shuangrong believes that the foam will not burst in the next 12 months, and will observe the valuation multiples, corporate earnings and balance sheet.

According to the popularity ranking, HYPE ranks first in popularity, while ARX has the largest decline. The popularity ranking is as follows: ① HYPE （$62.31，-0.73%） ② SPCX （$157.26，4.35%） ③ LAB （$16.21，1.38%） ④ ARX （$0.3037，-20.16%） ⑤ SYN （$0.2769，11.07%） ARX's main funds have strong buying power, with a net inflow of $3.372 million in 24 hours and a transaction volume of $262 million in 24 hours, of which the main funds have a net outflow of $44700.

The daily active addresses on the TRON network reached 3.93 million, surpassing BNB Chain's 2.27 million, Solana's 1.92 million, and Ethereum's 566000. （CoinDesk）