Techub News Evening Report: Shanghai State-owned Assets Supervision and Administration Commission discusses trends in encryption coins and stablecoins, GMX stolen funds are expected to be recovered.

Organizer: Nona

Fear and Greed Index: 67 (Greed) Bitcoin price: $118,004 BTC/ETH Spot ETF Fund Flow (7.10) BTC net inflow: $1.18 B ETH net inflow: $383.10 M

Regulation/Macro

China and Egypt signed a memorandum of understanding to promote local currency settlement and cooperation in areas such as central bank digital currencies.

On July 10, in the presence of Chinese Premier Li Qiang and Egyptian Prime Minister Mostafa Madbouly, Pan Gongsheng, Governor of the People's Bank of China, and Hassan Abdullah, Governor of the Central Bank of Egypt, signed a "Memorandum of Understanding between the People's Bank of China and the Central Bank of Egypt on Bilateral Financial Cooperation, Promoting Local Currency Settlement, and Cooperation in Central Bank Digital Currency and Digital Innovation Areas." The purpose of this memorandum is to strengthen bilateral financial cooperation, including business exchanges and information sharing in areas such as monetary policy frameworks, financial markets, and payment systems; to enhance local currency settlement cooperation and promote the use of local currencies in the current account transactions and direct investments between the two countries; and to strengthen cooperation on central bank digital currencies and digital innovation, including information exchange and project cooperation. This arrangement helps to enhance communication and cooperation in the respective fields of both parties and policy coordination, creating a better environment for further releasing the potential of financial cooperation between the two countries.

The central bank of Pakistan is preparing to launch a pilot for digital currency and finalize regulations for virtual assets.

The Governor of the State Bank of Pakistan, Jameel Ahmad, stated that the State Bank of Pakistan is preparing to launch a digital currency pilot and is finalizing legislation to regulate virtual assets. Previously, the Pakistani government established the Pakistan Virtual Assets Regulatory Authority (PVARA), which will act as an independent regulatory body for virtual asset service providers (VASP), responsible for licensing, monitoring, and supervision to ensure compliance with the Financial Action Task Force (FATF) guidelines and international best practices.

Former Chinese Vice Finance Minister Zhu Guangyao: The United States is attempting to initiate the third phase of the Bretton Woods system with stablecoins.

Regarding the impact of digital currencies, especially stablecoins, on the global monetary system, former Vice Minister of Finance Zhu Guangyao stated at the 2025 China International Issues Forum "World Order and China's Foreign Strategy in a Turbulent Transformation Period" held on June 26 that the United States is attempting to initiate the "third phase" of the Bretton Woods system by promoting stablecoins in order to maintain and consolidate the status of the US dollar as the international reserve currency.

The Shanghai Municipal State-owned Assets Supervision and Administration Commission held a central group study meeting focusing on the development trends and response strategies of cryptocurrencies and stablecoins.

The Party Committee of the Shanghai Municipal State-owned Assets Supervision and Administration Commission held a central group study meeting on July 10, focusing on the development trends and response strategies of cryptocurrencies and stablecoins. He Qing, Secretary and Director of the Municipal State-owned Assets Supervision and Administration Commission, pointed out the need to fully implement the spirit of the 12th Municipal Party Committee's 7th Plenary Session, adhere to innovation-driven development, maintain a keen awareness of emerging technologies, and strengthen research and exploration of digital currencies. We must adhere to the integration of production and data, exploring the application of blockchain technology in areas such as cross-border trade, supply chain finance, and asset digitization. We must remain proactive and industrious, enhance our strategic agility and initiative, further promote the deep integration of technology, finance, and industry, and better leverage the important role of state-owned assets and enterprises in technological innovation, industrial control, and security support, making new and greater contributions to the construction of Shanghai's "Five Centers."

Trump: Cryptocurrency "is skyrocketing", the US is imposing hundreds of billions of dollars in tariffs.

Former U.S. President Trump stated on social media: Tech stocks, industrial stocks, and the Nasdaq index have reached all-time highs! Cryptocurrency "has skyrocketed." Since Trump imposed tariffs, Nvidia's stock price has risen by 47%. The U.S. is imposing hundreds of billions of dollars in tariffs. The country has "made a strong comeback." The Federal Reserve should quickly lower interest rates to reflect this strength. America should be the "top choice." There is no inflation!

Project/Company News

GameSquare, a publicly listed company in the US, has purchased its first $5 million worth of Ethereum.

U.S. listed company GameSquare (NASDAQ:GAME) has completed its first purchase of 5 million USD in Ethereum, with an average purchase price of 2749 USD, totaling approximately 1818.84 Ethereum. This move is part of its 100 million USD ETH treasury strategy. Previously, GameSquare raised approximately 8 million USD to initiate its Ethereum fund management strategy.

A hacker of GMX left a message on-chain stating that they will return the stolen funds.

The GMX hacker sent a message to the GMX deployer's address on-chain stating, "Funds will be refunded later." Previously, GMX had left a message for the hacker's address acknowledging the GMXVl vulnerability and expressing willingness to offer a 10% white hat bounty, with a promise not to take further legal action if the remaining 90% of the funds are returned within 48 hours.

Ark Invest reduced its holdings of $6.5 million in Coinbase stock and $5.8 million in Robinhood stock.

Cathie Wood's Ark Invest reduced its holdings of Coinbase stock worth $6.5 million and Robinhood stock worth $5.8 million on July 10. Additionally, the fund sold 24,780 shares of Block Inc. stock, valued at approximately $1.7 million based on the stock's closing price.

Cryptocurrency mining company BIT Mining plans to raise $200 million to $300 million for Solana strategy.

Cryptocurrency mining company BIT Mining will convert its cryptocurrency holdings to Solana and will raise between $200 million and $300 million for its Solana strategy in stages.

Robinhood launches ETH and SOL staking services in the United States.

Robinhood officially launched ETH and SOL staking services in the United States.

Depth & Foresight

CGV: MicroStrategy's success drives corporate balance sheets into the programmable era.

This article systematically sorts the global landscape of corporate crypto reserves, deeply analyzes the capital operation model centered around MicroStrategy, and explores the differentiated paths and potential risks of altcoin reserve companies — this "digital assetization" experiment led by traditional enterprises is reshaping the future paradigm of corporate financial management.

ETH breaks through the 3000 mark, BTC reaches a new high, will the altcoin season come this time?

Since the market low in April of this year, no one expected that ETH, which had the most pessimistic sentiment at the time, would outperform BTC and SOL, and it has now completed a doubling rebound.

Viewpoint

Shanghai Signal: Interpreting the New Chess Game of Chinese Cryptocurrency under 'One Country, Two Systems'

This raises a core question: why can an internal learning session of a local state-owned asset management department trigger such violent price fluctuations in top global crypto assets? What hidden meanings did the "smart money" in the market read from this brief announcement?

Tokenized stock market is put on "brake": SEC commissioner clarifies that tokenized securities still fall under the category of securities.

Hester Peirce emphasized in her statement that tokenized stocks, notes, or interests "are still securities," requiring issuers, intermediaries, and traders to comply with existing federal laws when creating, selling, or transferring these securities.