[Citibank and Swift Complete Fiat and Digital Currency PvP Settlement Pilot] Citibank and Swift have announced the completion of a Payment-versus-Payment (PvP) settlement process pilot between fiat and digital currencies, validating the interoperability between traditional financial systems and distributed ledger networks. The pilot was based on the existing Swift infrastructure, integrating institutional-grade blockchain connectors, business process coordinators, and smart contracts. In the pilot, Citibank used the test version of USDC on the Ethereum Sepolia testnet to simulate scenarios close to a production environment.

[Lü Zhihong: Hong Kong's Stablecoin Regulatory Framework Covers the Entire Process to Mitigate Risks] Lü Zhihong, a member of the Hong Kong Stablecoin Review Tribunal and the Web3 Development Task Force, stated that stablecoins may face potential risks such as asset allocation, cybersecurity, and smart contracts. However, Hong Kong's regulatory framework already covers the entire process from entry, operation, to exit, aiming to minimize risks as much as possible. The core objective is to ensure the asset security of stablecoin holders. He pointed out that stablecoin prices are relatively stable and are more inclined to be used as payment tools rather than investment products, with the regulatory focus on safeguarding the security of stablecoin holders' assets.

[U.S. Prosecutor Denies Pressuring FTX Executive to Plead Guilty] U.S. prosecutor Danielle Sassoon testified on Thursday at the Federal District Court for the Southern District of New York, denying allegations that she pressured former FTX Digital Markets co-CEO Ryan Salame to plead guilty. Salame had previously admitted to campaign finance violations and operating an unlicensed money transmission business, resulting in a sentence of over seven years in prison. His guilty plea is believed to have impacted the criminal case against his former partner Michelle Bond. Bond's legal team accused the prosecution of 'coercing' Salame into cooperating with the investigation. In her testimony, Sassoon stated that if Salame pleaded guilty, the prosecution 'might not continue investigating his actions,' but she emphasized that the government had neither misled nor coerced Salame into pleading guilty, asserting that her role was not to 'trap or trick others into pleading guilty.'

[Mike Alfred claims institutions are using derivatives to manipulate Bitcoin's decline, Tom Lee agrees] Mike Alfred, founder and managing partner of Alpine Fox LP, tweeted that institutions are suppressing Bitcoin prices by manipulating perpetual contracts, futures, and other derivatives, attempting to scare the public into selling Bitcoin. He stated that this is one of the biggest scams in the market. BitMine Chairman Tom Lee retweeted the post and expressed agreement.

[The Ministry of Finance and the State Taxation Administration Announce the Resumption of VAT on Certain Bond Interest Income] The Ministry of Finance and the State Taxation Administration have announced that, starting from August 8, 2025, value-added tax (VAT) will be resumed on interest income from treasury bonds, local government bonds, and financial bonds issued on or after this date (including the date itself). For interest income from treasury bonds, local government bonds, and financial bonds issued before August 8, 2025 (including subsequent additional issuances), VAT exemption will continue until the bonds mature.