币界网报道：This week's news Top 101. Hong Kong publishes OTC consultation documents Hong Kong Securities and Futures Commission and Treasury Bureau published consultation documents showing that no matter it is as small as virtual currency trading, withdrawal, and exchange of legal currency, or as complex as brokerage activities and large transactions, it is necessary to apply for a license from the Securities and Futures Commission, which is equivalent to bringing virtual asset over-the-counter (OTC) platforms under supervision, and the requirements are much stricter than the requirements for OTC platforms to apply for a license from the customs during the consultation last year. Including the minimum paid-up equity of trading service providers of 5 million yuan for trading service providers and 10 million yuan for custodians, and two responsible persons approved by the Securities and Futures Commission. 2. RMB stablecoin triggers discussion In an exclusive interview with Caixin, Huang Yiping, Dean of the National School of Development at Peking University and member of the Monetary Policy Committee of the People's Bank of China, said that virtual assets, digital assets, and traditional financial assets will coexist and merge with each other for a long time, and digital assets are a major trend; it is difficult to promote stablecoins in China because capital projects are not fully liberalized. It is a possibility to make stablecoins pegged to offshore RMB in Hong Kong. Xiao Feng, chairman of HashKey Group, said that it is possible to consider connecting the RMB stablecoin with the central bank digital currency (CBDC) issued by the People's Bank of China to form a two-tier architecture, allowing licensed stablecoin issuers to open CBDC accounts. This architecture can combine the central bank's experience in CBDC research and development with technological achievements, while mobilizing market forces. Moreover, making the central bank digital currency a digital currency at the wholesale level and the RMB stablecoin playing a role in the retail and cross-border payment fields will greatly accelerate the internationalization of the RMB. JD.com and Alibaba's Ant Group are suggesting that the People's Bank of China approve the issuance of RMB-based stablecoins. Sources said that JD.com and Ant Group suggested that China allow the launch of stablecoins pegged to offshore RMB in Hong Kong. 3. FTX applied to the court for the implementation of restricted processing procedures in 49 jurisdictions, which may affect the creditors' compensation rights. Sunil, a representative of FTX creditors, tweeted that FTX applied for court approval to allow the implementation of a new "restricted processing procedure" in 49 jurisdictions with restricted distribution. FTX will seek legal advice and issue compensation normally if it can be distributed to potential restricted jurisdictions. Otherwise, the restricted processing procedure will be initiated and the creditors will lose their distribution rights. These jurisdictions with restricted distribution account for about 5% of the total claims, of which the value of Chinese claims accounts for 82%. 4. Chairman of the National Bank of Kazakhstan: A national crypto reserve will be established. Timur Suleimenov, Chairman of the National Bank of Kazakhstan, said that Kazakhstan will establish a national crypto reserve and is studying the construction and management functions of the National Bank's subsidiaries. The national crypto reserve will refer to the international experience of sovereign fund management, emphasize transparent asset accounting and management, and safe and sustainable reserves. Its sources may include confiscated crypto assets and cryptocurrencies mined by the state. The relevant mechanism will be further formulated with law enforcement agencies and state agencies. 5. Goldman Sachs expects the Federal Reserve to start cutting interest rates in September, with a cumulative rate cut of 75 basis points throughout the year. Wall Street Journal reporter Nick Timiraos wrote that Goldman Sachs has brought forward the Fed's first rate cut expectations from December to September, and expects three rate cuts throughout the year, totaling 75 basis points. Goldman Sachs pointed out that initial signs show that the impact of tariffs is lower than expected, and other downward inflation factors are stronger. It believes that the top Fed officials are likely to believe that tariffs will only bring a one-time increase in price levels. 6. The first day of trading of the first spot Solana pledged ETF in the United States reached $33 million. Eric Balchunas, senior ETF analyst at Bloomberg, tweeted that the first approved spot pledged crypto ETF in the United States, "REX-Osprey Solana + Staking ETF", went online on Wednesday, with a trading volume of approximately $33 million. Its performance far exceeded the Solana futures ETF and XRP futures ETF, and was also better than the average level of ordinary ETFs, but it was still significantly lower than the first-day trading performance of Bitcoin and Ethereum spot ETFs. 7. In the first half of 2025, listed companies purchased a total of 245,510 Bitcoins, about twice the amount of ETFs in the same period. Data shows that in the first half of 2025, listed companies purchased a total of 245,510 Bitcoins, about twice the amount of ETFs absorbed in the same period, an increase of 375% over the same period in 2024, highlighting the significant increase in the acceptance of Bitcoin in corporate financial strategies. Among them, the strategy purchase volume was 135,600, and the proportion dropped to 55%, a significant drop from 72% in the same period last year. Market analysis pointed out that the motivations for corporate currency purchases include hedging inflation, optimizing cross-border liquidity and brand strategy synergy, and have tax and accounting advantages. 8. Circle applies to establish a national trust bank, intends to self-trust USDC reserves and expand custody services. Stablecoin company Circle has applied to the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank "First National Digital Currency Bank, N.A." as part of its expansion of financial services after listing. If approved, the license will allow Circle to custody its own USDC reserves and provide digital asset custody services to institutional clients, but will not include the authority to accept deposits or issue loans. Circle said that in the future, the custody focus will be on assets such as tokenized stocks and bonds, rather than traditional cryptocurrencies. 9. Binance avoids tightening regulation and retains hundreds of remote employees in Singapore Despite Singapore's tightening supervision of unlicensed crypto companies, Binance still plans to retain hundreds of employees working remotely in Singapore. These employees are mainly engaged in back-end compliance, human resources, data analysis and technical support.It does not provide services directly to Singaporean customers, so it is not subject to the new regulations. According to the latest requirements of the Monetary Authority of Singapore, from June 30, any company registered or with a place of business in Singapore that provides digital asset services to overseas customers must obtain a license or stop related business. 10. Ethereum has reached a crossroads, and Vitalik warned that decentralization cannot be reduced to empty talk. At the Ethereum Community Conference held in France, Vitalik Buterin said that Ethereum is at a critical turning point. If decentralization remains at the slogan level, it may become an empty promise and eventually be eliminated by the times. He proposed three test standards: the first is the "walk-away test", that is, whether the user can still control the assets after the project party disappears; the second is the "insider attack test", which measures the damage that may be caused by the malicious behavior of insiders or the front-end being breached; the third is the "trusted computing base", which is the minimum amount of code that needs to be trusted to ensure the security of user funds and data. Key Financing EventsYZi Labs announced its participation in Digital Asset's latest $135 million Series E financingBoba Network received $70 million in funding and reached a BOBA token agreement with FTX Recovery TrustParadigm exclusively led the $15 million Series A financing of decentralized exchange startup GTEUK cloud mining platform TWL Miner completed a $95 million Series B financingTON's main application developer The Open Platform announced the completion of a $28.5 million Series A financingAmber International announced the completion of a $25.5 million private placement financingAI model market platform OpenRouter announced the completion of a $40 million seed round and Series A financingThe Smarter Web completed a £41.2 million financingCrypto startup Zama announced the completion of a $5