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According to official news, Citibank announced that it has tokenized a bill of exchange and completed its entire lifecycle (from issuance to settlement) on the Solana blockchain.

According to Jinshi News, a research report from CITIC Securities indicates that no further rate cuts are expected during Powell's term. The institution believes that under Walsh's chairmanship at the Federal Reserve, the baseline scenario for the second half of the year will involve 1 to 2 rate cuts, each by 25 basis points.Walsh will not significantly cut rates in response to Trump's demands, still basing decisions primarily on economic fundamentals and paying attention to inflation risks, but he is not entirely hawkish.

According to Jinshi News, Citibank believes that the Federal Reserve will start cutting interest rates in May, previously expected in March.

Guotai Junan Securities released a research report stating that HashKey HLDGS (03887.HK), as a leading licensed digital asset company in Hong Kong, is initiating coverage with a "Buy" rating and a target price of HKD 10.14.The core logic is based on three points: first, the company holds a full license from the Hong Kong Securities and Futures Commission (SFC) under categories 1/7/9, with a market share exceeding 75% and significant compliance barriers; second, institutional business accounts for 85.5%, with Omnibus client trading volume increasing nearly fivefold, and the proportion of institutional revenue is expected to rise significantly to 68% in H1 2025; third, the development of digital asset ETFs is driving institutional demand, and the company's integrated ecosystem (trading + on-chain services + asset management) creates a competitive advantage.In terms of finance, it is estimated that revenue will reach HKD 782 million, HKD 1.211 billion, and HKD 2.338 billion in 2025-2027, with net profit losses gradually narrowing (HKD -1.084 billion, -0.717 billion, -0.047 billion). Using the PS valuation method and referencing comparable companies like Coinbase, a 12x PS is applied, corresponding to a market value of HKD 28.1 billion.

According to CoinDesk, Citibank has lowered the target price for cryptocurrency exchange Coinbase from $505 to $400, a decrease of about 20%, primarily due to weak trading volumes, slowing institutional activity, and uncertainty regarding the progress of U.S. cryptocurrency legislation.The bank also reduced its net revenue forecast for Coinbase's fourth quarter of 2025 by about 10% to $1.69 billion and expects a U.S. GAAP loss per share of $2.64 for that quarter, partly due to its cryptocurrency asset holdings and the impairment of its stake in Circle.Despite the lowered target price, Citibank maintains a "Buy/High Risk" rating on Coinbase, believing it to be an industry leader that will benefit from the eventual cryptocurrency regulatory reforms.The bank pointed out that legislative progress, such as the Clarity Act, remains a key catalyst for driving a stock price recovery, but currently expects Senate negotiations on the market structure bill to potentially extend into 2026 and beyond.Coinbase's stock price has fallen about 65% from its all-time high, rising 6% in pre-market trading on the 6th as the market slightly rebounded.

According to Jinshi reports, Citic Securities research pointed out that although Walsh mentioned the policy direction of interest rate cuts and balance sheet reduction multiple times in 2025, considering that the liquidity pressure in the U.S. money market eased in January, the current reserve ratio to GDP is still around 10%, and the Fed's assets account for about 20% of GDP, close to pre-pandemic levels.Therefore, overall, the current U.S. financial market environment does not have the conditions for balance sheet reduction.

According to CoinDesk, Citi's analysis indicates that Bitcoin is approaching a key price support level ahead of the U.S. elections.The report states that after several weeks of decline, the price of Bitcoin has fallen below the bank's estimated average entry cost of approximately $81,600 for the U.S. spot Bitcoin ETF and is nearing the critical level of about $70,000 prior to last year's election.The report points out that the main new source of demand supporting the market—ETF inflows—has significantly slowed, while the futures market continues to see long positions being liquidated. Analysts note that the cryptocurrency market exhibits volatility similar to that of precious metals but has failed to follow the recent safe-haven rally in gold, highlighting that its price is still primarily influenced by liquidity conditions and risk sentiment rather than safe-haven demand.The report believes that regulatory progress remains a key potential catalyst, but the advancement of the U.S. digital asset market structure bill has been slow and uneven, leading to diminished expectations. The report also mentions macro risks, including concerns about the Federal Reserve's balance sheet contraction, which historically puts pressure on crypto assets by reducing liquidity in the banking system.

Cryptocurrency custody service provider Copper is in preliminary talks for a potential public listing. According to insiders, Goldman Sachs, Citigroup, and Deutsche Bank may be involved in the listing process, with the final decision depending on the

According to a report by The Paper, it has recently been reported that Tencent has officially sent a complaint letter to GitHub (the world's largest code hosting and collaboration platform), requesting the removal of a batch of open-source projects that "allow users to export or analyze their WeChat chat records." Among them, some project leaders who are more concerned have publicly stated that, under legal pressure, the projects have been forced to cease maintenance.In response, Tencent stated that some open-source projects that read WeChat chat records have cracked the local database keys through reverse engineering of the WeChat client, bypassing the encryption measures of the WeChat client, which threatens the data privacy and client security of users and third parties, and can easily be exploited by black and gray industries.

According to market news, the Philippine police recently successfully rescued a Chinese citizen who was illegally detained by Chinese kidnappers in an apartment in Pasay City. Two individuals were arrested on the scene, while two other suspects are still at large. The victim reported being threatened for a demand of 1 million dollars and had already transferred over 400,000 dollars in cryptocurrency; the suspects also threatened to sell organs.The police seized items such as tape, knives, and handcuffs at the scene and will file charges related to kidnapping and extortion.

According to Jinshi reports, a research report from CITIC Securities pointed out that in December 2025, the seasonally adjusted non-farm payrolls in the United States increased by 50,000, lower than the expected 65,000. The structure of non-farm employment growth in December remains poor, mainly concentrated in the healthcare, education, and leisure hotel industries.Overall, the employment market data for December in the United States indicates that employment remains weak, and it is expected that the Federal Reserve may cut interest rates by about 50 basis points in 2026.

According to Jinshi reports, Citigroup expects the Federal Reserve to cut interest rates by 25 basis points in March, July, and September, whereas the previous forecast was for rate cuts in January, March, and September this year.

According to Jinshi News, a research report from CITIC Securities indicates that the digital renminbi is upgrading from the "central bank liability type" 1.0, which replaces cash, to the "deposit currency type" 2.0, which is incorporated into the commercial bank liability system. Its accounts can earn interest and require reserves, effectively becoming general deposits. This institutional adjustment helps solidify the stability of bank liabilities and enhances the efficiency of monetary policy transmission under the reserve and interest rate framework, while significantly increasing the intrinsic incentives for commercial banks to promote the digital renminbi.From an industry perspective, the digital renminbi is expected to become an important tool for linking corporate and retail sectors, and to form a certain replacement for third-party platforms in the payment process. It is anticipated that the focus of banks' digital renminbi business development will shift from qualification to capability, and banks need to accelerate the transition from account operations to scenario-based specialized services, seizing the opportunity to increase the penetration rate of the digital renminbi.

According to Jinshi reports, the People's Bank of China held a press conference to interpret the "Opinions on Financial Support for Accelerating the Construction of the New Land-Sea Corridor in the West." At the meeting, Wang Xin, Director of the Research Bureau of the People's Bank of China, stated that the "Opinions" grasp new trends in international cooperation such as digital finance and green finance, and innovate to promote high-level financial openness in the central and western regions.For example, support provinces and cities along the corridor to participate in the multilateral central bank digital currency bridge project, and promote the use of central bank digital currency in cross-border payments; support strengthening cooperation in areas such as the formulation and application of green finance standards, green financial products, and financial support for green technology, relying on the China-Singapore Green Finance Working Group mechanism.

The Marshall Islands distributes a national basic income (ENRA) through Stellar. The government of the Marshall Islands launched the first round of ENRA distribution on November 26, 2025, covering all citizens of the Marshall Islands, with funding sourced from the investment returns of the Compact Trust Fund (capped at 4%). The distribution methods include checks, bank transfers, and blockchain channels (Lomalo digital wallet, supported by Stellar). Additionally, the Stellar Foundation has also led the development of the digital sovereign bond USDM1. USDM1 is pegged 1:1 to short-term U.S. Treasury bonds, denominated in U.S. dollars and redeemable at face value.The national basic income is a mechanism through which the Marshall Islands ensures that national wealth is regularly shared among all citizens via this fund. The program aims to implement universal nationwide distribution for all resident citizens, with no income or employment thresholds, and maintains regular disbursements.

According to Coindesk, in the context of the recent decline in Bitcoin prices, Citigroup's forecast for Bitcoin's price over the next 12 months is $143,000, an increase of about 62% from the current price of $88,000. Citigroup analysts Alex Saunders, Dirk Willer, and Vinh Vo stated in a joint report: "We predict that the adoption of digital assets will increase, driven by potential legislation related to digital assets in the U.S. in the second quarter, and the active user value of Bitcoin in the new year may be around $80,000 to $90,000."Analysts pointed out that $70,000 is a key support level, and due to the resurgence of ETF demand and optimistic market expectations, prices could rise significantly. However, there is also a pessimistic side; against the backdrop of a global economic recession, Bitcoin prices could drop to $78,500. In an optimistic scenario, due to increased investor demand, Bitcoin prices could rise to $189,000.

According to Jinshi News, a research report from CITIC Securities states that the U.S. November CPI was significantly lower than expected, with core services inflation showing a notable cooling, but the data has considerable noise and questionable quality. Analysts believe that the U.S. inflation outlook is tending to ease, and the disturbance from tariffs on prices will gradually weaken, with rent inflation and super core inflation likely to maintain moderate growth rates next year.Although this CPI report provides short-term benefits for U.S. dollar liquidity, the data quality issues and the calm state of the labor market make the interest rate cut expectations insufficient to significantly boost sentiment. It is expected that the Federal Reserve will cut rates twice next year, each by 25 basis points.

According to Jinshi News, Citigroup expects the Federal Reserve to cut interest rates by 25 basis points again in September 2026, while maintaining its previous forecast of a 25 basis point cut in January and March.