Thomas Sy, the head of New York Life Investment Management, stated that the core application of tokenization in the next stage is to achieve personalized investment portfolio construction, rather than just improving settlement efficiency. The management scale of New York Life Investment Management Company is approximately $807 billion, of which approximately $11 billion is managed by Thomas Sy's team. Thomas Sy pointed out that blockchain technology is expected to enable asset management institutions to customize complex portfolio strategies for different investors at a large scale, and embed customized logic into the assets themselves. In addition, Thomas Sy stated that the scale of stablecoins has exceeded $300 billion and is being used for cross-border payments and fund management, driving the growth of demand for on chain income assets among institutions. In terms of DeFi, New York Life Investment Management is still researching related applications, and institutional level participation requires more mature infrastructure.

The size of the US treasury bond rose to about 39 trillion US dollars, and the annual interest expenditure reached about 1 trillion US dollars, exceeding the defense budget. The U.S. national debt system was established by Alexander Hamilton in 1790 to support the reserve currency status of the United States dollar. The Wharton Budget Model PWBM at the University of Pennsylvania shows that when the debt to GDP ratio exceeds about 210%, the fiscal system faces unsustainable risks. At present, the proportion in the United States is about 100%, and the Congressional Budget Office expects it to rise to 175% by 2056.

Coinbase has released its first half review, promoting the "Every Asset, Every Market, One Platform" strategy, covering tokenized stocks, pre IPO perpetual contracts, AI tools, and on chain infrastructure. Coinbase tokenized stocks support US company stocks and are not open to US individuals. The perpetual contract before going public will start with SpaceX, expand to OpenAI and Anthropic, and provide encrypted options through Deribit integration. Brian Armstrong stated that Coinbase is one of the companies with the highest level of AI application in the world. Coinbase has launched a direct INR channel in India, becoming the official deployment party for Hyperliquid's USDC treasury wallet. It has partnered with Ethena in a range of over $5 billion in assets and transferred approximately $4.4 billion in USDC to Hyperliquid deployment parties.

Ethereum currently accounts for 87% of the stablecoin supply. （Cointelegraph）

BTSE Group launched BTSE Indonesia through a joint venture with PT Aset Kripto Internal in Jakarta and upgraded the NVX brand. BTSE provides trading infrastructure and liquidity support, while the local Indonesian team is responsible for market promotion, business cooperation, sales, and user growth. BTSE Indonesia has been approved by the Indonesian Financial Services Authority (OJK) to operate as a regulated digital financial asset trading platform. From January to November 2024, the cryptocurrency trading volume in Indonesia reached 556.5 trillion Indonesian rupiah (approximately 31.2 billion US dollars), with 22.11 million registered cryptocurrency users as of November 2024.