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first_img Central Bank: 149.789 billion non-cash payments in the second quarter

The Payment and Settlement Department of the People's Bank of China released the overall situation of the payment system operation for the second quarter of 2025. By the end of the second quarter, a total of 15.238 billion bank accounts had been opened nationwide, including 116 million corporate bank accounts and 15.122 billion personal bank accounts; a total of 10.068 billion bank cards had been issued nationwide, including 9.354 billion debit cards and 715 million credit cards and loan cards, with 775,700 ATMs.In the second quarter, banks nationwide processed 149.789 billion non-cash payment transactions, amounting to 136.536 trillion yuan. Bank card transactions totaled 146.662 billion, amounting to 22.670 trillion yuan, of which consumer transactions accounted for 93.371 billion, amounting to 3.157 trillion yuan. Banks processed 80.053 billion electronic payment transactions, amounting to 85.816 trillion yuan, including 18.217 billion online payments, amounting to 70.785 trillion yuan, and 58.386 billion mobile payments, amounting to 13.606 trillion yuan. Non-bank payment institutions processed 333.845 billion online payment transactions, amounting to 8.211 trillion yuan.In the second quarter, the payment system processed a total of 392.751 billion payment transactions, amounting to 308.483 trillion yuan. The People's Bank of China Clearing Center system processed 5.543 billion transactions, amounting to 22.957 trillion yuan; the UnionPay interbank payment system processed 97.641 billion transactions, amounting to 6.671 trillion yuan; the NetUnion clearing platform processed 283.180 billion transactions, amounting to 14.558 trillion yuan; and the RMB cross-border payment system processed 2.121 million transactions, amounting to 4.594 trillion yuan.

first_img Ethena launches Ethena Pay based on Avalanche, offering up to 6% yield and 10% cashback

According to The Block, Ethena Labs announced the launch of the beta version of its self-custody payment application Ethena Pay on Avalanche, covering 48 countries.The application integrates Ethena's synthetic dollar USDe, allowing users to earn rewards on their account balance, including up to 6% annual yield and up to 10% cash back when using designated merchants.The founder of Ethena stated that this is the first bank-like application to integrate the issuer's own stablecoin products with banking applications. Users can hold USDe, receive fiat currency through international bank accounts or directly deposit in cryptocurrency, and can also send funds to others and settle in the recipient's local currency.The application supports "instant" global transfers, with free transfers for USD, EUR, and other currencies, while other bank transfers incur certain fees. The application offers three membership tiers: standard users can enjoy a 5% annual yield, and by depositing 2000 USD in USDe or inviting 10 users, they can upgrade to VIP status, enjoying a 6% yield; depositing 10,000 USD or inviting 50 people allows for further upgrades. Cash back is paid in AVAX.The beta version of Ethena Pay is now available on iOS and Android, initially covering countries such as Brazil, Mexico, South Africa, the Philippines, Singapore, the UAE, and Australia, with the US, EU, Canada, and South Korea to follow. Currently, the circulating supply of USDe is approximately 4 billion USD.

first_img Strategy net leverage ratio has dropped to nearly zero, and cash reserves are close to the scale of convertible bonds

The dollar assets of Bitcoin Treasury Company Strategy have reached $6.69 billion, nearly equivalent to its $6.75 billion outstanding convertible bonds, with the net leverage ratio dropping to nearly zero. Driven by ongoing buybacks and the rebound of Bitcoin prices to around $80,000, its preferred stock STRC has rebounded over 35% since the low in June, currently reported at $97.23, still below the $100 par value.Executive Chairman Michael Saylor stated that USD Cash has enhanced the company's digital credit capital framework, specifically for the general purposes of Bitcoin Treasury Company, including increasing BTC holdings, paying preferred stock dividends and interest, repurchasing MSTR/preferred stock, repaying convertible bonds, and increasing dollar reserves. In May, Strategy repurchased $1.5 billion of convertible bonds maturing in 2029 to alleviate its debt burden.Competitor Strive Asset Management eliminated all debt earlier this year, and its preferred stock SATA has rebounded to the $100 par value, with shares issued last week through an ATM program. Analysts pointed out that eliminating debt will strengthen STRC's position in the capital structure, but ongoing buybacks, ample dollar liquidity, and the rebound in Bitcoin prices may provide more direct support for the preferred stock to return to par value.

Grayscale Zcash spot ETF lands on the New York Stock Exchange Arca, tZERO partners with Sui to access U.S. compliant securities clearing

According to BBX data, yesterday global digital asset funds, compliant financial infrastructure, and institutional merger and acquisition transactions disclosed the latest official ledgers and capital flows. The core dynamics are as follows:Grayscale Zcash spot ETF officially listed on the NYSE Arca: Grayscale's Grayscale Zcash Trust has officially completed its conversion and is now trading as a spot ETF on the New York Stock Exchange Arca, with the stock code "ZCSH". A Grayscale spokesperson stated that the management fee for this ETF is 2.5%, and all income generated will be reinvested into the Zcash ecosystem to promote and enhance the infrastructure and broader development of this privacy network.tZERO and Sui reach strategic cooperation to connect compliant securities infrastructure in the US stock market: Leading blockchain financial infrastructure platform tZERO announced a strategic partnership with the public chain Sui. tZERO will provide full-process support for regulated digital asset securities trading within the Sui ecosystem, covering asset issuance, transfer agent, asset custody, secondary matching transactions, compliance review, and clearing and settlement, significantly expanding Sui's ability to access US domestic financial infrastructure that meets institutional standards.Crypto custodian Copper receives a $200 million potential acquisition offer, valuation down over 90% from peak: The UK-based veteran crypto custodian Copper, once valued at $2.5 billion, has recently attracted interest from new potential buyers, but the acquisition offers received so far are only about $200 million. This valuation not only has significantly decreased but is also far below the $500 million acquisition intention proposed by Cantor Fitzgerald a few months ago, reflecting the valuation pressure in the institutional custody sector amid the transition between bull and bear markets and regulatory reshuffling.RockawayX plans to raise $150 million for a new liquidity fund: Digital asset investment firm RockawayX, which manages approximately $2 billion in assets, announced that it is currently seeking to raise $150 million for its new "Liquidity Opportunity Fund." Previously, RockawayX successfully completed the full acquisition of the crypto hedge fund Relayer Capital, continuously expanding its layout in the secondary market and liquidity strategies.

Grayscale launches Zcash spot ETF: ZCSH officially listed on NYSE Arca

According to Decrypt, Grayscale's Zcash spot ETF has officially been listed on the NYSE Arca, with the stock ticker ZCSH, becoming the world's first exchange-traded product providing exposure to Zcash (ZEC).The product is a successor to the Grayscale Zcash Trust, which was established in October 2017 as a private placement. Grayscale stated that ZCSH aims to meet the demand from investors for exposure to cryptocurrency assets beyond Bitcoin and Ethereum through traditional brokerage accounts.Steve Vanourny, head of Grayscale's index business, stated that Zcash has nearly a decade of network history, a fixed supply cap of 21 million coins, and a PoW mechanism, while also offering optional privacy features that Bitcoin does not have. The company positions ZCSH as a high-risk satellite position in a digital asset portfolio. It is worth noting that at the time of ZCSH's listing, the serious privacy system vulnerabilities previously disclosed by Zcash are still a concern in the market.In May of this year, researchers discovered exploitable vulnerabilities in the Zcash Orchard privacy pool, which theoretically could allow attackers to forge ZEC. Zcash subsequently deployed an emergency patch in June and activated the Ironwood upgrade in July to replace the vulnerable Orchard privacy pool and limit the potential forged ZEC from entering circulation through new supply accounting rules. Grayscale stated that it will focus on the adoption of the Ironwood upgrade, network security, exchange support, and regulatory policies for privacy assets in the future.
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