加密城市 Crypto City

Japanese investment bank Mizuho (Mizuho) fired the first shot, downgrading crypto stablecoin issuer Circle (stock ticker: CRCL). Mizuho cut Circle’s stock rating from “Neutral” to “Underperforming the market,” and slashed its target price from $85 to $50. The reason is that the business model of the emerging stablecoin Open USD (OUSD) may pose a threat to Circle’s profitability.
“Profit-sharing” model in full swing—OpenUSD directly targets Circle’s profit engine
The key issue raising Mizuho’s concerns is Open USD (OUSD), which was launched this June 30 by the Open Standard consortium. In a report on Tuesday, Mizuho analyst Dan Dolev said this dollar-pegged stablecoin could completely upend the profit foundation Circle relies on to survive.

Ripple (XRP) blockchain payments company CEO Brad Garlinghouse recently revealed that when the U.S. Securities and Exchange Commission (SEC) brought a lawsuit against the company in 2020, he and the co-founder Chris Larsen were at one point feeling utterly hopeless and near dissolution. They had seriously considered “giving all the XRP to shareholders,” and then simply shutting the company down.
Brad Garlinghouse recently said during a speech at the University of Kansas School of Business that the two had seriously considered liquidating Ripple at the time and distributing all the company’s holdings of XRP to its shareholders. He described that, when facing a state apparatus with “infinite power and resources,” turning off the lights directly was undoubtedly a relatively easy exit.

In South Korea, the five major commercial banks—KB Kookmin, Shinhan, Korean Air, Woori, and NH NongHyup—had already utilized more than 85% of their full-year household loan growth quotas by the end of June this year, raising market concerns about credit tightening in the second half. Once banks begin to “suck in” liquidity, the momentum of funds used to speculate in stocks could be hindered, and whether the upward momentum in the Korean stock market can continue will be the biggest uncertainty.
South Korea’s five major banks burn through 85% of their loan limits in half a year
According to a report by the Daily Economic News, by the end of June the combined household loan balance of the five major commercial banks (excluding policy loans) reached 647.58 trillion won, up 3.69 trillion won from 643.88 trillion won at the end of last year.

The UK releases a tokenisation roadmap; 54 institutions join the working group
The UK is positioning the tokenisation of assets as a core strategy to upgrade its financial markets. A new report led by Chris Woolard, head of the UK Wholesale Digital Markets Initiative, says that if the UK accelerates the rollout of tokenised financial markets, the UK could generate up to £33 billion of economic value each year by 2035—around $44 billion—and create approximately an additional £14 billion in tax revenue over the next 10 years.
This roadmap has support from 54 major financial and crypto firms. Members include BlackRock, Goldman Sachs, JPMorgan, Morgan Stanley, HSBC, Ripple, Coinbase, EY, and multiple market infrastructure providers.

Masayoshi Son of SoftBank predicts: By 2040, AI industry revenue will account for 20% of the world's GDP
Japanese financial conglomerate SoftBank Group CEO Masayoshi Son recently made predictions at the company’s annual event. He said that by 2040, the global GDP is expected to reach 3,700 trillion yen, of which the AI industry will account for about 20%. Its share of total market capitalization in the stock market will be as high as 80%. This wave will create annual revenues of up to 7,000 trillion yen, and there is even a chance of seeing companies with annual profits reaching 3,500 trillion yen emerge.
He further predicted that by then, as many as 100 trillion AI agent agents with autonomous capabilities will be operating online worldwide, and the core of intelligent communication will shift toward AI agents. In the physical world, there will be 1 billion humanoid robots operating routinely, handling work equivalent to 10 billion people—meaning that for the first time, physical labor will be replaced by robot labor.

Want your dog to run freely in the great outdoors, but worry it might get lost in the mountains or suburban areas and disappear without a trace? Fi, a pet-wearable brand from New York, has recently launched a new product to give both dogs and owners peace of mind!
Fi’s “Smart Collar” Fi Ultra is claimed to be the world’s first consumer wearable to use SpaceX’s Starlink low-Earth-orbit satellite technology. It allows pets—no matter where they are—to continuously send location information back to their owners.
However, what exactly makes this “space-class smart collar,” priced at $199 (about NT$6,400), so special? And here’s the question everyone is probably wondering: why not use an AirTag?

To crack down on illegal finance and the underground economy, the Thailand central bank (BOT) and the Thai Securities and Exchange Commission (SEC) have teamed up to conduct a comprehensive investigation into large-scale stablecoin transactions, signaling their determination to rectify financial chaos.
According to local Thai media (Thansettakij), Thailand’s central bank governor Vitai Ratanakorn revealed that the central bank and the SEC are rolling out advanced data analysis tools to comprehensively filter out abnormal stablecoin trading behavior. Among them, USDT—the leader in market share—is the key target of scrutiny.
The report said that the preliminary inspection has already identified multiple suspicious fund flows. The trading methods are clearly intended to evade the thresholds for mandatory fund reporting, or to deliberately bypass the traditional financial remittance systems. Currently, the Thailand central bank is closely coordinating with the SEC to prepare further penalties and regulatory actions.

Volvo tests a proprietary token, targeting supplier payment workflows
Volvo Group has recently confirmed that it has tested a proprietary cryptocurrency in an internal blockchain project, aiming to streamline transaction processes between the company and its suppliers. The test was disclosed in an interview with the Cardano Foundation by Volvo Group’s Chief Information Management, AI, and Analytics Officer, Ivan Branco. The experimental scenario focuses on a permissioned blockchain environment, with participants including Volvo, material suppliers, and logistics suppliers.
Volvo’s test this time is part of internal exploration. It has not launched a publicly tradable token or announced entry into the public cryptocurrency market. The proprietary digital asset is mainly used within a closed network to help different supply-chain participants complete transactions and synchronize records. The company has not yet disclosed the token’s technical design, the blockchain network being used, whether it involves real economic value transfer, or a comprehensive deployment timeline.

NVIDIA CEO Jensen Huang visited Tokyo, met with the leaders of four major Japanese companies—Fujitsu, FANUC, Kawasaki Heavy Industries, and Yaskawa Electric—to discuss plans for an alliance to develop robots and AI and to seize opportunities in the physical AI market. During this trip, he also met Sega’s former president, Shuji Uchikaku, who had expressed gratitude to NVIDIA 30 years ago, as well as creators Yumi Suzuki, sparking a Japan-sized “Jensen Huang frenzy.”
Led by Fujitsu, four major players join the NVIDIA alliance to compete with China in the robotics market
NVIDIA announced that Fujitsu (Fujitsu), FANUC (FANUC), Kawasaki Heavy Industries (Kawasaki Heavy Industries), and Yaskawa Electric (Yaskawa Electric) will join the NVIDIA-led Cosmos Coalition to accelerate the adoption of physical AI across industries, ranging from humanoid robots and factory automation to self-driving vehicles, smart buildings, and rail systems.

On-chain data shows that an “ancient whale” that has been dormant for as long as 8 years suddenly woke up a little earlier today (the 16th) and moved 5,908 bitcoins, worth up to $382.7 million. Since large fund movements are often viewed by the market as potential sell-pressure signals, this transfer quickly drew investors’ attention.
According to Lookonchain citing Arkham data, this veteran-level wallet starting with “138EM…ReyiT” transferred all 5,908 bitcoins to a brand-new address at around 8:15 this morning. As of now, these bitcoins remain in the receiving address, with no further transfer activity observed.

TSMC (Taiwan Semiconductor Manufacturing Company) demonstrated strong profitability in the second quarter of 2026. Its quarterly gross margin rose to 67.7%, mainly driven by a notable increase in demand for high-performance computing (HPC). In response to strong customer-driven expansion, TSMC announced an upward adjustment to its 2026 capital expenditure budget to between $60 billion and $64 billion, and plans to add a further $100 billion investment in the U.S. state of Arizona to expand capacity.
This expansion decision not only aligns with the U.S. government’s policy of bringing advanced manufacturing back to the homeland, but also demonstrates TSMC’s strategic layout at the intersection of global geopolitics and market demand. CFO Huang Ren-zhao expressed optimism about the year-over-year growth rate of annual revenue denominated in U.S. dollars, expecting the increase to be slightly higher than 40%, and also revealed that future plans include increasing dividend payouts. Despite a significant expansion in overseas investment, Chairman and CEO Wei Zhejia emphasized that TSMC’s investments and R&D within Taiwan will continue to expand, maintaining its leading position in the domestic supply chain.

Uber plans to acquire foodpanda’s parent company, Delivery Hero.
Delivery giants are consolidating! Yesterday (7/16), Uber announced that it has reached an acquisition and merger agreement with foodpanda’s parent company, Delivery Hero. Uber will make a cash offer of €41.50 per share, equivalent to a diluted equity value of €13 billion—roughly US$14.8 billion. The deal is expected to be completed in the second half of 2027.
After the transaction is completed, the merged Uber and foodpanda will build the world’s largest delivery empire in regions outside China. The merger will expand the platform’s services to 99 countries; based on 2025 data, the combined pro forma gross merchandise value (GMV) is estimated to reach US$236 billion.

An epic stock-market disaster in Taiwan stocks, with the biggest intraday decline in history
Taiwan stocks today (7/17) suffered an epic stock-market disaster. According to a report by (Economic Daily News), driven by the U.S. market closing lower and the Philadelphia Semiconductor Index plunging 4.29%, the Taiwan market saw a furious intraday drop of more than 2,800 points. It repeatedly broke below the 44,000 and 43,000-point thresholds, rewriting the record for the largest intraday decline in Taiwan stock market history.
The selloff extended into the closing session. At the close, the index fell 2,953.71 points to finish at 42,671.27, setting a record for the largest single-day decline in closing history.
Panic-driven selling spread across the entire semiconductor supply chain. In the early session, the memory sector faced massive sell pressure and saw numerous stocks lock limit-down. The foundry, packaging and testing, and printed circuit board sectors also entered a wave of limit-downs. United Microelectronics (UMC), World Advanced, and Powertech all hit the limit-down.

The latest U.S. inflation data cooled, driving a rapid decline in market expectations for Federal Reserve (Fed) rate hikes. Bitcoin briefly edged close to the $65,000 mark. However, on-chain data shows that when favorable news lifted prices, two groups of investors simultaneously “sold into strength.” The amount of sell pressure above the market has clearly increased, adding uncertainty to whether this rebound can continue.
According to on-chain data analysis platform Glassnode, long-term and short-term holders are synchronously selling off their Bitcoin. The former are taking losses and exiting, while the latter are locking in profits, forming a rare “dual sell pressure.”

Korean stock volatility is intense; Korea halts the issuance of leveraged ETFs for individual stocks
In recent days, sharp swings in Korean stocks have hit many retail investors. Experts attribute the cause to single-stock leveraged ETFs approved for listing recently, namely Samsung and SK Hynix. After an emergency directive from President Yoon Suk Yeol to address the issue, the Financial Services Commission (FSC) of South Korea announced yesterday (7/16) that it would suspend approval for new listings of leveraged products related to individual stocks.
For leveraged products of individual stocks that are already listed and traded, securities firms and asset management companies must also immediately ban related advertisements and marketing activities.
Raise the threshold for leveraged products of individual stocks

SBI and Ondo officially partner, and Japanese stock tokenization takes a key step forward
Japanese financial giant SBI Holdings announced yesterday (7/16) that it has reached a strategic partnership with U.S. RWA tokenization platform Ondo Finance. The two sides plan to tokenize assets such as Japanese stocks, integrate Ondo’s on-chain platform, and distribute Ondo’s tokenized products within SBI’s ecosystem.
Ondo Finance said the purpose of this collaboration is to connect one of the world’s most mature capital markets with the tokenization economy. Newly appointed CEO Ian De Bode noted that Japan has a large-scale and mature capital market, and that the SBI Group is positioned at its core; this partnership will open a pathway to move Japanese assets on-chain.

The Senate unanimously voiced opposition to SBF receiving a pardon
The U.S. Senate passed a simple resolution on July 16 by unanimous consent, formally opposing former FTX CEO Sam Bankman-Fried from receiving a presidential pardon or commutation. The resolution is numbered S. Res. 772. It was introduced by Democratic Sen. Ruben Gallego on June 17, co-sponsored by Republican Sen. Cynthia Lummis. It was later joined by Republican Sen. Bernie Moreno of Ohio, forming a bipartisan position.

E*TRADE opens spot trading, with the first wave supporting 3 major assets
Morgan Stanley’s online brokerage platform E*TRADE has officially launched spot cryptocurrency trading. Eligible retail customers can now buy, sell, and hold Bitcoin ($BTC), Ether ($ETH), and Solana ($SOL). The service is supported by crypto infrastructure provider Zero Hash, providing trading, custody, and settlement support—signaling that major Wall Street brokerage firms are further integrating crypto asset trading into traditional investment platforms.
E*TRADE customers can view their stock, ETF, fund, and crypto holdings all on the same platform, reducing the friction of previously having to switch between crypto exchanges and brokerage accounts.

Visa launches VSP, allowing banks to directly connect to stablecoins
According to a (Fortune) report, global payments giant Visa announced on July 16 the launch of its Visa Stablecoin Platform (VSP), integrating stablecoin minting, custody, transfers, and redemptions into a single enterprise-grade platform. The target customers include financial institutions, fintech companies, payment providers, and crypto-native businesses. The service’s first wave supports Open USD issued under Open Standard, enabling institutional clients to use a Visa-managed environment to move fiat funds onto the blockchain and incorporate stablecoins into payment, settlement, and treasury management processes.

Vitalik calls out X, hoping to become an AI governance coordination platform
Ethereum co-founder Vitalik Buterin posted on X on July 11, publicly offering suggestions to Elon Musk. He hopes X can be revamped into a global AI governance coordination platform, so ordinary users can also participate in AI development directions, risk boundaries, and public decision-making discussions. The remarks quickly sparked debate within the crypto and AI communities. A key reason is that Vitalik did not focus on a single regulatory body; instead, he argues for enabling open platforms, public discussion, and verifiable tools so more people can influence major decisions about AI’s future.