Zann Kwan, 关旨斌, CFA

🚀 Animoca’s Yat Siu on CNBC: The Next Phase of Web3 Adoption In his recent CNBC interview, Yat Siu, Chairman of Animoca Brands, shared powerful insights on the evolving crypto ecosystem and what it means for businesses and investors: 🔹 Bitcoin vs. Ethereum ·       Bitcoin = Digital Gold: A store of value, rarely spent. ·       Ethereum = Utility: With ~$100B in total value locked, it powers stablecoins, NFTs, and L2s. Because ETH is used and spent, its rise fuels broader ecosystem growth. 🔹 The Coming Altcoin Wave As ETH strengthens (with predictions of $6K–$10K ahead), capital will cascade into altcoins and Web3 ecosystems. Corporates moving treasury allocations from BTC → ETH → other tokens show how adoption will spread across the industry. 🔹 Internet Money → Internet Customers Accepting tokens isn’t only a payment play. It’s access to a loyal, liquid, and growing community. Just like selling in different fiat currencies, offering goods in ETH, SAND, or other tokens lowers friction and builds deeper engagement. 🔹 A New Global Wealth Class and 🌍 The Big Picture Over 500 million people worldwide now own crypto and digital assets. This isn’t just about asset prices – it’s a massive new customer base. Luxury brands were early movers, integrating NFTs and Web3 strategies to reach this audience. The token economy already represents $4T+ in market cap. Every cycle of adoption redistributes value across projects, creating new opportunities for builders, brands, and investors alike. 🙌 At True Global Ventures, we share Yat’s conviction: the real story isn’t just crypto prices, but the transformation of money into a new internet-native customer economy. 👀 Watch the interview: https://lnkd.in/grXu26Em

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In our July article ( https://lnkd.in/ggtFGQV6 ) we discussed, how regulated, rupee-pegged stablecoins can facilitate faster, cheaper, and more transparent cross-border payments. That argument is even more relevant amid the global volatility of 2025. For India—the world’s largest remittance recipient—this is a moment to build trusted, efficient digital rails for resilience. Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have both underscored the importance of trusted digital frameworks in shaping the future of money. Stablecoins are no longer just about remittances—they’re becoming a bridge to next-generation fintech innovation. They can anchor a programmable, interoperable layer of digital money linking the digital rupee, UPI, and tokenised ecosystems. The latest article in Livemint talks about the same. Do read. https://lnkd.in/g-VQH9mJ Digital India Foundation Aakash Guglani

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LAST 2 WEEKS IN THE STABLECOIN SPACE: key events in September so far + top 5 highlights here below ↓ ↓ > Stripe and Paradigm Launch Tempo Blockchain Stripe, partnering with Paradigm, introduced Tempo, a blockchain designed for stablecoin-based cross-border payments. This move integrates stablecoins into mainstream fintech, targeting global remittances and signaling institutional adoption of stablecoin infrastructure. > Tether.io Explores Gold Mining Investments Tether (USDT, ~$169B market cap) pursued investments in gold mining and expanded its stake in a Canadian gold royalty firm. This diversifies its reserves beyond U.S. Treasuries, strengthening USDT’s backing and reflecting stablecoins’ growing link to tangible assets. > Tether.io Launches USAT Stablecoin Tether unveiled USAT, a USD-pegged stablecoin compliant with the U.S. GENIUS Act, and appointed Bo Hines as CEO of Tether USA₮. This positions Tether to expand its dominance in the U.S. market, leveraging regulatory clarity and a $277.8B stablecoin market. > Hyperliquid Launched USDH Stablecoin Bidding Hyperliquid initiated a governance vote for its native USDH stablecoin, attracting bids from Paxos, Frax, Sky Protocol, Agora, Native Markets, OpenEden, and BitGo. Voting ended September 14, with a winning from Native Markets. > MetaMask Launches mUSD Stablecoin MetaMask launched mUSD, a USD-pegged stablecoin integrated into its wallet via Transak, enabling low-fee in-app purchases and transfers for DeFi and retail users. This enhances accessibility and capitalizes on the GENIUS Act’s regulatory framework. Full breakdown in the report here below. As always, LOTS happened, LOTS coming - I'll do my best to keep you posted. — ❇️ Share it if you find it valuable, comment with your thoughts and follow to keep learning about stablecoins and the future of e-money.

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Vietnam just launched a national blockchain platform. And it's not just for crypto. It’s for nationwide data infrastructure. 👉 Digital identity 👉 Product traceability 👉 Government records 👉 Smart contracts 👉 Scalable public-private validation Meet NDAChain, a Layer 1 permissioned blockchain, built with 49 validator nodes from both government and private sector giants like Zalo, Masan, MISA, and the Ministry of Public Security. This isn’t a test. It’s the backbone for Vietnam’s digital economy. They’re blending: ✅ Centralized control  ✅ Decentralized trust  ✅ Real-world integration Why it matters: ↳ Verifies citizen identities across 100M+ people ↳ Secures real-time data for public services ↳ Complies with GDPR & W3C DID ↳ Uses ZKP, PoA consensus & supports 3,600 TPS ↳Already integrates with EU’s EBSI system ↳Open for Layer 2 innovation & startup ecosystem Vietnam’s strategy is clear: Blend decentralization + governance. Build digital trust at scale. And open doors for global trade & innovation. This is what forward-thinking national digital infrastructure looks like. Next two weeks in Vietnam is going to be big . GM Vietnam and ETH Vietnam are two largest events in Hanoi and Ho Chi Minh City. We will host Web3preneur Vietnam edition Let's explore Vietnam Ecosystem together . Let's Connect #Blockchain #DigitalIdentity #Vietnam #NDAChain

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TOKEN2049 in Singapore impacted some reflections about the market. #Altcoins and #ICOs came and went — then #NFTs, #memecoins, tap-to-earn, and #perps. The durable use case is clearer: #stablecoin #payments (main in use #USDT Circle, #USDC Tether.io) plus yield-bearing models and savings (as Ethena Labs, Aegis.im) that are secure, instant, and inexpensive. Cointelegraph stablewatch Bitcoin Ethereum

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Why 15% APY Exists (And Real) in Crypto I recently met up with a really smart trader friend to grab some smoked duck noodles (delicious btw) in Hong Kong, who works at one of the largest trading firms in the world, and we got to talking about the risk free rate in crypto. On the surface, it's easy to dismiss yields like 15% on USD stablecoins in crypto for retail as a ponzi, as most hedge funds underperform this rate after fees, so if hedge fund managers being paid millions in fees can't even earn 15%, then crypto yields can't be real! Here's the catch. It's real, and it’s based on pure market mechanics. Here’s an overly simplified version of what happens. During volatile moments, crypto prices across exchanges can dislocate by 10–30%, for example Oct 10, prices were dislocated by up to 80%! That’s a massive arbitrage spread waiting to be captured. If you’re a market maker with $10M in capital and see a $100M arbitrage opportunity to capture, you want to take it. But you're bottlenecked by capital, because you can’t instantly access another $90M in capital. Banks aren't going to lend you $90M to trade magic internet money on a Friday night (all the bankers are at Cassio). And even if they would, it takes 48-72hrs to wire the cash, convert it to USDC/T, and move it to the exchange. By then, the opportunity is gone and you're stuck with a bag of cold pizza. So what do market makers do? They borrow from on-chain lenders like Aave, Maple, or Morpho. They’re willing to pay 30–40% interest because their expected profit is far higher. So you borrow a couple million @ 40% APY for a week (pay ~0.8% interest) and capture a 40% return, pocketing at cool 39.2% return for a couple hours of work. Sounds like a pretty good deal! That’s why lending platforms can offer 15% APY to depositors. The yield flows downstream from market makers and arbitrageurs who are happy paying 40% APY to capture inefficiencies -> to the passive lenders providing the liquidity (and capture a juicy spread in between). So really, that 15% yield you're getting is the time premium on the slowness of the traditional banking system. Crypto markets are 24/7, and need instant liquidity. Banks can only offer 24hr-72hr settlement. That inefficiency is rewarding people up to 15% (or more) a year that are willing to provide that ready-to-use liquidity in the markets. Time inefficiency is the yield.

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