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CZ: Hong Kong and Web3 are a powerful combination, RWA will become a major direction

CZ stated at the offline "Binance Life" book club meeting in Hong Kong that Hong Kong, as a financial center, has unique advantages in the flow of fintech talent, mainland talent, and institutional connections. Although it is not outstanding in infrastructure such as electricity and data centers, its competitiveness in the Web3 financial sector is evident. He believes that the current AI hype will not hinder the long-term development of Web3, and individuals should choose directions that interest them, that they are capable of, and that hold value; Hong Kong and Web3 are indeed a strong combination. Besides Hong Kong, he is also optimistic about Dubai and Abu Dhabi in the UAE, as well as the United States after its policy shift to support the crypto industry.CZ mentioned that the development speed of RWA has significantly exceeded his previous expectations, especially in terms of securities on-chain. Traditional stocks are limited by account opening thresholds, trading hours, and geographical restrictions. Once assets are on-chain, they can be directly accessible to global investors, significantly enhancing accessibility and liquidity, making them more attractive to countries and companies with smaller securities market sizes. RWA will be an important development direction moving forward, and stablecoins are essentially a type of RWA that brings fiat currency onto the chain. Currently, the market is mainly dominated by USD stablecoins, and in the future, more countries may promote their national currencies to be on-chain to expand their global circulation.He also stated that DEX has gradually evolved over the past eight years from products like Uniswap and PancakeSwap to Hyperliquid, with both infrastructure and user awareness significantly maturing. According to his current understanding, the regulatory pressure from the U.S. on decentralized products has eased compared to the past, and clearer separation models are beginning to appear between international platforms and those targeting U.S. users, with some international platforms not necessarily requiring comprehensive KYC. If the policy environment continues to relax, the development speed of DEX and the entire crypto industry may significantly accelerate in the coming years.

Bloomberg: Bitcoin briefly breaks through $70,000, triggering an epic short squeeze, as the crypto market sees its biggest rebound since March

On August 20, the Bitcoin market suddenly rebounded, with prices rising nearly 8% at one point, briefly breaking through $70,000, reaching a new high since early June, and triggering the largest short liquidation wave since 2021. Over $1 billion in Bitcoin short positions were liquidated within about an hour, as months of bearish trades concentrated on closing positions, driving a rapid rebound in BTC. Analysts pointed out that this increase reflects an overly crowded short position in the market, and as prices turned upward, forced buying to cover further amplified the rally.This rebound was driven by multiple factors. U.S. President Trump met with executives from crypto companies such as Coinbase, Kraken, and Blockchain.com at the White House, and the market expects the U.S. government to continue promoting a more friendly regulatory framework for digital assets. The U.S. Securities and Exchange Commission (SEC) proposed new rules for crypto asset issuance this week, intending to exempt certain digital asset issuance from registration requirements. On the macro front, the U.S. Treasury announced an expansion of long-term Treasury bond repurchase operations, at least doubling the scale of repurchase operations for 10 to 30-year Treasury bonds to enhance market liquidity and alleviate pressure on long-term U.S. Treasury yields, further boosting sentiment for risk assets.The rebound spread throughout the entire crypto market, with Ethereum rising 19% at one point, marking the largest single-day increase since March. Crypto-related stocks also surged, with Coinbase rising about 10%, Bitcoin reserve company Strategy increasing about 13%, and stablecoin issuer Circle rising nearly 10%. Analysts stated that Bitcoin's next key step lies in whether it can convert this short squeeze into real buying pressure and break through the resistance area above $70,000.

hot_img Bloomberg: TikTok is developing a P2P transfer feature, and the official says it has not been tested yet

According to Bloomberg, TikTok is developing a "peer-to-peer" payment feature that allows users to transfer money to each other via private messages, with evidence coming from the code of the U.S. version of the TikTok App. The interactive design of this feature is quite complete, allowing the recipient to "click to accept" to complete the payment, while the sender can attach a text message. Changes in transaction status will be communicated to the sender in real-time via push notifications, providing an experience similar to PayPal's Venmo.TikTok responded that this feature "is not currently in testing in any market," and the report also noted that there are no signs guaranteeing that TikTok will definitely launch this feature. However, the existence of the code, combined with TikTok hiring for financial services positions in multiple markets including the U.S., indicates that the company is exploring this direction.TikTok has accumulated payment experience in Southeast Asia, with its payment product TikTok Pay operating in Vietnam, Malaysia, and Thailand, primarily used for shopping payments on TikTok Shop. In the first half of 2025, Thailand's TikTok Shop GMV reached $5.419 billion, a year-on-year increase of 162%. TikTok has over 1 billion monthly active users globally, with about 170 million users in the U.S. Following the news, stocks of companies like PayPal saw a significant drop that day. Analysts believe that if this feature is implemented, it will have a direct impact on Venmo's position in the peer-to-peer transfer market in the U.S., where Venmo has about 67 million monthly active users. However, regulatory factors remain the main challenge for TikTok in expanding its payment business in the U.S.
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