1. Technology Headlines

1.1The concentrated outbreak of US stock tokenization is expected to accelerate the release of brokerage IT transformation needs

CICC Securities research report pointed out that the tokenization of U.S. stocks has exploded, with Bybit, Robinhood, and Kraken announcing the launch of U.S. stock tokenization services on the same day; XBIT and xStocks, the "buy coins directly to U.S. stocks" model that does not require KYC, is expected to subvert the industry model and intensify competition in the virtual asset trading service market.Hong Kong is striving to build a global digital asset innovation center. Financial institutions in Hong Kong are actively deploying virtual asset trading services, and more than 41 securities firms have completed the No. 1 license upgrade. As an incremental business, virtual asset trading services will be deployed in Hong Kong securities firms in the future, which is expected to bring more than 10 billion IT transformation needs. At the same time, as the pioneer of RWA, the exploration and practice of U.S. stock tokenization in compliance supervision, market expansion, infrastructure construction, etc. provide key reference and driving force for the continuous deepening of the entire RWA ecosystem.

hhttps://www.panewslab.com/zh/articles/1yxtral4

1.2PayPal co-founder plans to establish Erebor Bank to serve crypto and AI startups

According to the Financial Times, PayPal co-founder Peter Thiel and other tech billionaires plan to set up a bank called Erebor, focusing on serving startups in the fields of cryptocurrency, artificial intelligence, manufacturing and defense technology. Erebor has applied for a national banking license from the U.S. Office of the Comptroller of the Currency. The bank aims to fill the market gap left by the collapse of Silicon Valley Bank (SVB). It is reported that SVB has provided services to cryptocurrency companies and other venture-backed startups including BlockFi, Circle and Avalanche, but went bankrupt in 2023 due to financial investment mistakes. Erebor was led by Palmer Luckey, co-founder of defense technology company Anduril, and supported by Palantir co-founder Joe Lonsdale and Founder Fund founded by Thiel. The two co-CEOs are Owen Rapaport, co-founder of software company Argus, and Jacob Hirshman, former Circle consultant. Erebor plans to include stablecoins on its balance sheet, but has not yet specified the specific currency.

https://decrypt.co/328292/silicon-valley-billionaires-form-svb-like-bank-crypto-ai-startups-ft

1.3Ripple applies for US banking license after Circle

Ripple submitted an application for a federal banking license to the U.S. Office of the Comptroller of the Currency (OCC) on July 2. If approved, Ripple will be regulated by the OCC, and its stablecoin RLUSD will also be included in the regulatory scope. In addition, Ripple plans to provide more crypto services through the banking license. Ripple CEO Brad Garlinghouse said that this move is part of the company's long-term compliance strategy. If successfully approved, Ripple will achieve dual supervision at the state level (through NYDFS) and the federal level, and establish a new trust benchmark for the stablecoin market. At the same time, Ripple's subsidiary Standard Custody & Trust Company also applied for a Federal Reserve master account this week, which will enable Ripple to deposit RLUSD reserves directly with the Federal Reserve.

https://www.theblock.co/post/360817/ripple-applies-for-us-banking-license-following-circle

2. Industry News

2.1Shanghai: Using blockchain technology to enable international logistics and multimodal transport collaboration

The Shanghai Municipal Commission of Commerce and ten other departments and units issued the "Several Measures for the Special Action to Promote Cross-border Trade Facilitation at Shanghai Port in 2025". Shanghai Port is scheduled to carry out this year's special action to promote cross-border trade facilitation at Shanghai Port from now until the end of August 2025, and continue to promote the reform of the business environment in the field of international trade. It is proposed to optimize the logistics and transportation network of Shanghai Port. Relying on systems such as the International Container Transport Service Platform (MaaS), blockchain technology is used to enable international logistics and multimodal transport collaboration. Accelerate the development of the "one order system" and "one box system" for multimodal transport. Promote the construction of the inland waterway transport system and accelerate the creation of direct river-sea channels. Continue to promote regulatory models such as "linked loading and unloading" and "departure confirmation" to improve regional logistics efficiency.

https://flash.jin10.com/detail/20250627180636986800

2.2Hong Kong Treasury Secretary: Aim to issue stablecoin licenses this year

The Stablecoin Ordinance of Hong Kong, China will come into effect in August. The Director of the Hong Kong Treasury Bureau, Paul Hui, said that the HKMA is currently consulting the market on the implementation of the guidelines for the regulations. The guidelines will be announced this month, and the specific content will involve anti-money laundering and other related requirements. He also stated that the number of stablecoin licenses issued will be in the single digits, and he hopes to receive applications after the regulations come into effect, with the goal of issuing licenses within this year. As for whether financial institutions can issue stablecoins pegged to the RMB after obtaining a license, he said that if it involves currencies in other jurisdictions, it will be discussed with relevant institutions. (Ming Pao)

https://www.yicai.com/brief/102708210.html

2.3The Governor of the National Bank of Kazakhstan: A national crypto asset reserve will be established

Timur Suleimenov, Chairman of the National Bank of Kazakhstan, said that Kazakhstan will establish a national crypto asset reserve. The National Bank is conducting in-depth research on the concept of formation and management of the national crypto reserve, including the development of a crypto reserve on the basis of a subsidiary of the National Bank. Kazakhstan plans to follow international best practices in sovereign fund management, ensure transparent accounting and storage of crypto assets, and transparency and security of crypto reserve management. It is reported that confiscated crypto assets and proceeds from crypto mining with state participation will become the source of the reserve. Considering the volatility and risks of crypto asset storage, a centralized management agency will become the main guarantee for ensuring the security of national crypto assets. The specific mechanism for the construction of the national crypto reserve will be further developed with law enforcement and relevant state agencies.

https://x.com/BitcoinMagazine/status/1939599284837494917

3. In-depth analysis

3.1The next stop for stablecoins: international payments, US stock tokenization, and AI Agents

At present, the tokenization of U.S. stocks and AI Agent are important tracks for application advancement, which will have a siphon effect on the liquidity of global financial markets.

https://www.panewslab.com/zh/articles/h9j7rl1u