整理：Nona
Regulation/Macro
Jin Min, head of the Research Bureau of the People's Bank of China, stated at a regular press briefing by the State Council on July 4 that the next step for the People's Bank will be to work with relevant departments and other financial regulatory bodies to continue supporting the deepening of international high-standard economic and trade rules in free trade pilot zones and promote a higher level of institutional opening based on effective risk prevention. On one hand, further deepen financial opening and innovation in the Shanghai Free Trade Pilot Zone. On the other hand, increase efforts to replicate and promote the "Shanghai experience," supporting the promotion of digital RMB innovation applications and other measures to relevant free trade pilot zones, optimizing electronic payment services nationwide, exploring practical paths for the open and innovative development of China's financial sector, and accumulating more replicable and promotable experiences.
He will begin sending letters to trade partners on Friday, setting unilateral tariff rates that countries must start paying from August 1. About "10 to 12 letters" will be sent out on Friday, with more letters to follow in the coming days. "I believe all countries will receive letters by the 9th. The tariff range is as high as 60% or 70%, and as low as 10% and 20%." He referred to the July 9 deadline for countries to reach agreements with the U.S. If confirmed, the highest tariffs in this range will exceed any tariffs outlined by Trump during the "Liberation Day" announcement in early April (a baseline tariff of 10%, with reciprocal tariffs up to 50%).
JD.com and Ant Group are lobbying the People's Bank of China for approval to issue stablecoins pegged to the offshore RMB in Hong Kong to promote the global use of the RMB and counter the expanding influence of the digital dollar. Sources revealed that JD.com mentioned in discussions with the PBOC that due to the HKD being pegged to the USD, it cannot effectively promote the use of the RMB in trade, thus necessitating the launch of RMB-pegged stablecoins. JD.com suggested that the PBOC allow the issuance of RMB stablecoins in Hong Kong, then expand to offshore markets in China's free trade zones, and a company insider stated that this suggestion has received a positive response from regulators. Previously, Ant Group planned to apply for stablecoin licenses in Hong Kong and Singapore and has begun planning for offshore RMB stablecoins. JD.com Chairman Liu Qiangdong also publicly stated plans to apply for such licenses in major currency countries worldwide to promote foreign exchange and cross-border payments.
The U.S. House of Representatives passed the "Big and Beautiful" tax and spending bill with a vote of 218 in favor and 214 against. The bill has been controversial due to cuts in federal aid, increases in long-term debt, and tax cuts for the wealthy and large corporations. The bill was passed by the Senate on the 1st of this month. The White House stated that Trump is scheduled to sign the bill into law on July 4, coinciding with America's "Independence Day" (5 AM Hong Kong time on the 5th).
Project/Company Updates
Jingbeifang stated in its investor relations activity record that the company recently signed a strategic cooperation agreement with Guofu Quantum Innovation Co., Ltd., focusing on virtual assets and digital currency business, and will engage in deep cooperation in three areas: IT technology innovation, cooperation innovation in the virtual asset and stablecoin ecosystem, and financial business innovation. The company will use this cooperation as an opportunity to fully launch its overseas strategy and gradually expand its overseas fintech and digital transformation business. Guofu Quantum has early investments in the stablecoin ecosystem and became a founding shareholder of Yuan Coin Technology, one of the first participants in Hong Kong's stablecoin issuance "sandbox" program.
Two large Russian insurance companies, Renaissance Life and BCS Life Insurance, have launched investment life insurance policies (ILIP) linked to Bitcoin. These innovative policies allow investors to invest in BlackRock's iShares Bitcoin Trust (IBIT), which is the largest Bitcoin ETF by assets under management. These ILIPs are designed for high-net-worth individuals who wish to profit from Bitcoin price fluctuations without directly holding Bitcoin.
FTX creditor representative Sunil posted on platform X that users from 49 countries and regions may not receive any compensation, as these countries and regions are listed as "potentially restricted jurisdictions." FTX is seeking legal advice for distribution to restricted foreign jurisdictions. However, if it is determined that users belong to restricted foreign jurisdictions, claims will be disputed, and if the issue is not resolved, (users) will lose their distribution rights. Sunil stated that 5% of claims involve restricted countries, with 82% of the claim funds belonging to Chinese users.
Important Data
The Bitcoin OG address starting with 1HqXB9 transferred a total of 20,000 Bitcoins after being dormant for 14 years, worth about $2.18 billion. Fourteen years ago, the price of Bitcoin was only $0.78, which means a return of 140,000 times.
Yesterday (Eastern Time, July 3), the total net inflow of U.S. Ethereum spot ETFs was about $149 million. BlackRock's ETF ETHA had a net inflow of about $85.38 million in a single day; Grayscale's ETF ETHE had a net outflow of about $5.35 million; Grayscale's micro ETF ETH had a net inflow of about $3.9 million; Fidelity's ETF FETH had a net inflow of about $64.65 million; Bitwise ETF ETHW, VanEck ETF ETHV, Franklin ETF EZET, 21 Shares ETF CETH, and Invesco ETF QETH had no net inflow or outflow.
Yesterday (Eastern Time, July 3), the total net inflow of U.S. Bitcoin spot ETFs was about $602 million. BlackRock's ETF IBIT had a net inflow of about $224.5 million in a single day; Fidelity's ETF FBTC had a net inflow of about $237 million; Ark & 21 Shares ETF ARKB had a net inflow of about $114 million; Bitwise ETF BITB had a net inflow of about $15.53 million; Grayscale's micro ETF BTC had a net inflow of about $584,000; VanEck ETF HODL had a net inflow of about $466,000; Grayscale ETF GBTC, Valkyrie ETF BRRR, Franklin ETF EZBC, Invesco Galaxy ETF BTCO, WisdomTree ETF BTCW, and Hashdex ETF DEFI had no net inflow or outflow.
June Ethereum on-chain NFT sales were only about $100 million, setting a record for the lowest monthly sales since February 2021, with approximately 549,000 transactions of Ethereum on-chain NFTs that month.
The U.S. listed company "SOL version of MicroStrategy" DeFi Development Corp has increased its holdings of 17,760 SOL, worth about $2.72 million. As of July 3, it holds 640,585 SOL and equivalent assets, with a total value of $98.1 million.
Tether issued an additional 1 billion USDT on the Ethereum network this morning.
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