Headline

▌Securitize Announces Listing on the New York Stock Exchange

On July 2nd, Securitize announced its official listing on the New York Stock Exchange (NYSE) under the ticker symbol "SECZ" on the X platform. The company's primary business is providing tokenization infrastructure services to the capital markets, supporting the tokenization issuance and trading of various real-world assets. As a tokenization platform achieving a public listing in a compliant financial market, Securitize's listing represents a significant step forward for the industry in traditional financial markets. The funds raised are expected to be used to further optimize its compliance infrastructure and expand its tokenization business.

▌US Non-Farm Payrolls Increase by 57,000 in June, Far Below Market Expectations

July 2nd news: US non-farm payrolls increased by 57,000 in June, compared to an estimated increase of 113,000 and a previous increase of 172,000.

... As of press time, according to CoinGecko data: BTC price is $61,506.21, a 24-hour change of +1.7%; ETH price is $1,698.15, a 24-hour change of +4.7%; BNB price is $558.73, a 24-hour change of +0.7%. SOL price is $80.63, up 3.7% in the last 24 hours; DOGE price is $0.07422, up 1.4% in the last 24 hours; XRP price is $1.09, up 2.2% in the last 24 hours; TRX price is $0.3173, up 0.2% in the last 24 hours. The price of WLFI is $0.05829, a 24-hour change of +0.5%; the price of HYPE is $66.61, a 24-hour change of +4.4%.

Policy

▌US SEC Investigation Involving Alleged Insider Trading at Futu and Tiger Brokers

On July 2, according to sources, US regulators are investigating allegations by Susquehanna International Group that unidentified insider traders profited $100 million (approximately S$130 million) through options trading before Chinese regulators launched a crackdown on cross-border brokerages Futu and Tiger Brokers. Susquehanna Group made its claims public in a lawsuit filed in Manhattan federal court on June 29. The source indicated that the US Securities and Exchange Commission (SEC) is reviewing the transactions mentioned in the market maker's complaint. As of press time, neither of the two leading online brokerages has issued an official response to the investigation.

▌Sources say the next round of US-Iran talks will be held on July 18

According to Saudi Arabia's Al Arabiya TV: Sources say the next round of US-Iran talks will be held on July 18. (Jinshi)

Blockchain Applications

▌Anthropic in talks with Samsung about custom AI chip

According to three people with direct knowledge of the project, Anthropic has begun developing its own AI chip and has been in talks with Samsung Electronics as a potential manufacturing partner, following in the footsteps of its competitor OpenAI in an attempt to gain more control over the expensive computing systems behind its models. If the Claude manufacturer continues to move forward with the chip, it will be relatively new compared to other companies in developing its own AI server chip.

Microsoft announced it will invest $2.5 billion in its newly established Applied AI Consulting and Solutions division to help businesses deploy and customize AI software more efficiently. The market believes this move further indicates that AI competition is expanding from model capabilities to a new stage of "implementation and monetization capabilities." CoreWeave's junk bonds fell as investors questioned the AI ​​boom. On July 2nd, CoreWeave Inc.'s bonds fell for the second consecutive day, influenced by Meta Platforms Inc.'s plan to launch a competing cloud business. Over the past two days, CoreWeave's euro bonds fell nearly 2 cents to 96.8 cents; its $1.25 billion dollar bonds fell about 1.3 cents to 97.3 cents. Meta is developing a cloud infrastructure business that will sell access to AI computing power and models, which will compete with companies like CoreWeave and threaten their future. Cryptocurrency ▌Trump Responds to Huge Gains: Unaware On July 3, in an interview with CNBC on Thursday, local time, US President Trump dodged questions about his gains during his presidency, saying that his business affairs were handled by his sons and that he was unaware of the cryptocurrency investments that netted him over $1 billion. "I've always been making money," he said. "I'm a businessman, and a very good businessman. I've made money, a considerable amount." He pointed out that others were responsible for investing his wealth, and he didn't know who those people were. “I let other people manage that money. I haven’t even spoken to them—I don’t even know who they are,” he said. “My son Eric is in charge of that. I haven’t discussed these things with him.” Trump’s latest financial disclosure report shows that he earned approximately $1.2 billion last year from various cryptocurrency holdings. He stated that he was unaware of these investments. “I didn’t know. But that’s not illegal. I could have known,” he said, noting that there is no law requiring “you to recuse yourself from every decision that might affect you when governing the country. That’s simply unrealistic.” Ondo Finance Launches Ethereum-Based Custody Tokenized Securities Solution in the US Ondo Finance announced that it has launched a third-party custody tokenized securities solution operating within the existing regulatory framework in the United States and has partnered with Broadridge Financial Solutions to provide tokenized stock holders with full shareholder governance and voting rights support. According to the mechanism design, the underlying shares remain within the traditional regulated custody system in the United States. Tokens are minted at a 1:1 ratio by Ondo-registered transfer agents and issued on the Ethereum blockchain, while assets are backed by a compliant custodian. Standard Chartered Bank Launches USDC Minting and Redemption Services for Institutional Clients According to official news, Standard Chartered Bank has launched USDC minting and redemption services for institutional clients through the Dubai International Financial Centre (DIFC). The bank has become the first Global Systemically Important Bank (G-SIB) to open USDC deposit, withdrawal, and clearing services to institutions through a compliant banking channel.

▌Securitize Tokenizes $295 Million Worth of Stock on First Day of IPO, Listing on Solana and Avalanche Networks

On July 3, Securitize (SECZ), a tokenization service provider backed by BlackRock and ARK Invest, debuted on the NYSE on Thursday and announced on the same day that it would tokenize its common stock on the Solana and Avalanche networks, with a tokenization scale of approximately $295 million. Securitize stated that the on-chain stock represents the same class of common stock traded on the NYSE, rather than a separate security class. Qualified U.S. investors can purchase it after completing identity verification through its platform. The company claims to be the first newly listed company to tokenize its own stock on its first day of listing. Unlike most tokenized stock products issued by third parties, Securitize emphasizes that this is "issuer-initiated tokenization," intended to showcase its own business capabilities.

Founded in 2017, the company provides tokenization infrastructure services to institutions such as BlackRock, Apollo, and KKR. Earlier this year, ICE, the parent company of the NYSE, partnered with Securitize to develop tokenized stock infrastructure. According to Onchain Lens, BlackRock's ETF address deposited 4,917 BTC into Coinbase, worth over $301 million. In four days, BlackRock has cumulatively deposited 20,359 BTC into Coinbase, worth approximately $1.22 billion. MetaPlanet Adds 2,823 BTC, Total Holdings Rise to 43,000 BTC On July 2nd, according to official disclosures, MetaPlanet announced a further increase of 2,823 BTC, bringing its total Bitcoin holdings to 43,000 BTC. Grayscale Deposit 11,421 ETH and 814.341 BTC into Coinbase Prime According to Arkham monitoring, in the past 15 minutes, Grayscale deposited a total of 11,421 ETH (approximately $18.97 million) and 814.341 BTC (approximately $50.08 million) into Coinbase Prime.

▌Crypto-friendly bank Erebor Bank seeks funding talks at a valuation of at least $8 billion

On July 2nd, Erebor Bank, a crypto-friendly bank backed by Peter Thiel, is seeking funding talks at a valuation of at least $8 billion, nearly double its $4.35 billion valuation at the end of last year, just five months after obtaining its banking license. Its founder is Palmer Luckey. The bank's deposits have nearly quadrupled in the past three months, reaching $4.05 billion, and it has added nearly 400 new customers, with a projected profitability by the end of this year. Previous investors in Erebor Bank include Lux Capital, 8VC, Andreessen Horowitz, and Founders Fund. It focuses on clients in sectors such as defense technology and cryptocurrencies, aiming to fill the market gap left by the collapse of Silicon Valley banks.

... **Important Economic Developments** **▌Market Has Fully Paid Down Expectations of a December Fed Rate Hike** **US short-term interest rate futures surged after the release of non-farm payroll data, as the market reduced its bets on a Fed rate hike.** The market has fully priced in a December rate hike by the Fed, previously expected in October. **▌US Bureau of Labor Statistics: April-May Non-Farm Payrolls Revised Down by 74,000** **July 2nd:** The US Bureau of Labor Statistics revised April's non-farm payrolls increase down to 148,000 from 179,000; May's non-farm payrolls increase down to 129,000 from 172,000. The revised figures show that the combined increase in April and May was 74,000 lower than before the revision.

▌Non-farm payrolls disappoint, market bets on rate hikes delayed until end of year

July 2nd news: US June non-farm payroll data showed that despite a decline in the unemployment rate, hiring activity slowed significantly in June, dampening the initial momentum of job growth this year. According to data released by the US Bureau of Labor Statistics on Thursday, non-farm payrolls increased by 57,000 in June (market expectation was 110,000), after a downward revision of 74,000 to the previous two months' data last month. The decline in the unemployment rate is due to a significant drop in the labor force participation rate—when the labor force participation rate declines, it means that some people have left the labor market (such as giving up job hunting, early retirement, returning to school, etc.). These people are no longer counted in the "unemployed" and no longer belong to the "labor force," thus leading to a decline in the unemployment rate. After the data was released, spot gold rose briefly, and the market also reduced its bets on a Fed rate hike. The market has fully priced in a Fed rate hike in December, previously expecting a rate hike in October.

(Jinshi) ▌Hassett Says Employment Data Consistent with Strong Economy On July 2nd, White House National Economic Council Director Kevin Hassett stated that June's employment data was consistent with a strong economy. However, he expressed confusion regarding the decline in employment in the leisure and hospitality industry. "We know this World Cup is the most successful World Cup in history, and somehow the employment of those who provide tourism and leisure support for all these fans at home has declined," he said. "It doesn't make sense to us." ▌Trump: Will Continue to Push for the Removal of Fed Governor Cook by "Winning the Lawsuit" On July 3rd, according to CNBC, despite the US Supreme Court ruling that the president currently lacks the authority to fire Federal Reserve Governor Lisa Cook, Trump still intends to continue trying to remove Cook from the central bank's board of directors. When asked how he would "get rid of" Cook, Trump replied, "By winning this case." Trump said, "The Supreme Court sent the case back not based on the substance of the case, but on 'procedure and process.'" The opinion issued by the U.S. Supreme Court on Monday did indeed leave open the possibility that Cook could be dismissed in the future.

▌The probability of the Fed keeping interest rates unchanged in July is 82.4%

According to CME's "FedWatch" on July 3: The probability of the Fed keeping interest rates unchanged in July is 82.4%, and the probability of a cumulative rate hike of 25 basis points is 17.6%. The probability of the Fed keeping interest rates unchanged by September is 46.8%, the probability of a cumulative rate hike of 25 basis points is 45.6%, and the probability of a cumulative rate hike of 50 basis points is 7.6%.

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Golden Encyclopedia

▌Can Bitcoin Still Be Called "Digital Gold" During Geopolitical Crises?

Every geopolitical crisis causes gold prices to rise while Bitcoin prices plummet. After six tests, the claim of "digital gold" has never been supported by data. Countries hoard gold but exclude Bitcoin from their reserves. For investors, Bitcoin exhibits asymmetry: it falls with stocks but does not rise with them. Three structural asymmetries prevent Bitcoin from achieving safe-haven status: an oversupply of derivatives (market structure), the dominance of leveraged traders (participant composition), and a lack of repeatable behavioral records (behavioral accumulation).

Bitcoin is not a safe-haven asset, but it is a "crisis-useful asset," which can indeed function when borders are closed and banks fail. If these three asymmetries are reduced, Bitcoin may no longer be a replica of gold but a completely new "next-generation gold."

Generational shifts and the widespread application of algorithms are key factors that could accelerate this process.