ECB to put its own money into tokenized securities via new Pontes DLT
Related
Europe’s Central Bank Prepares to Invest Own Funds in Tokenized Securities
The central bank plans to buy euro-denominated public-sector debt and settle the transactions through its new Pontes service.
ECB launches Pontes to settle tokenized assets without stablecoins
Pontes will expand its services and operating hours gradually, with full implementation expected by 2028 and more participants set to join.
Galaxy Securities: We recommend focusing on leading computing power leasing companies.
According to Mars Finance, Galaxy Securities points out that with the explosive growth in demand for AI inference computing power, the token factory business model is accelerating. Compared with traditional computing power leasing, token factories place greater emphasis on binding with downstream large-scale model inference needs. Pricing is gradually shifting from "computing power resources and duration" to "token output and unit cost." Upstream computing infrastructure can participate more in the value distribution of downstream model manufacturers, strengthening the bargaining power of the upstream computing infrastructure segment and sharing the dividends of the token economy era. Galaxy Securities believes that computing power leasing companies are currently exploring the "token factory" cooperation model with large model manufacturers, which will gradually evolve from the underlying "selling resources" model of computing power leasing to a "selling output" model. Computing power leasing companies will provide MaaS services and share the dividends of the token boom by adopting a token revenue-sharing profit model. This is expected to improve the profit margin of computing power leasing companies, and the valuation center is expected to further increase. It is recommended to pay attention to leading computing power leasing companies.
CITIC Securities: Significant fluctuations will not alter the AI supercycle; emphasize the importance of domestic computing power as a "Plan B".
According to Mars Finance, CITIC Securities points out that news of Meta's plan to lease out some of its computing power has once again triggered market concerns about computing power oversupply. This, coupled with concerns about cloud vendors' cash flow pressures, the continued rise in upstream prices, the slowdown in Capex growth, and overcrowding in AI transactions in recent months, is the main reason for the significant volatility in tech stocks. In the short term, Meta's move is primarily aimed at revitalizing its existing, outdated computing power assets. Considering its continued development of advanced models and investment in next-generation computing hardware, leasing out computing power is not contradictory to further increasing its investment in computing power. Furthermore, since computing power rental fees have continued to rise recently, concerns about computing power oversupply are unfounded. This round of tech stock adjustments is more of a deleveraging and rebalancing process in the recent global liquidity tightening environment, rather than a reversal of the AI industry trend. For the medium to long term, it is crucial to pay close attention to whether the next few months will see a similar breakthrough in AI capabilities as seen with OpenClaw and Coding Agent at the beginning of the year. In addition, it has been observed that after overseas AI assets entered a phase of high crowding, high correlation, and high volatility, international funds are beginning to seek differentiated sources of return. Domestic computing power with differentiated value, dubbed "Plan B," remains resilient and is expected to attract foreign investment. With the earnings season approaching, we recommend focusing on sub-sectors with high earnings certainty and reasonable valuations: In terms of growth prospects, we recommend domestic FAB (Featured Adhesives and Materials) and equipment sectors with positive narratives, as well as the optical communication sector with relatively low valuations; in the price increase chain, segments with high AI exposure and those that have already experienced price increases have a higher probability of realizing their earnings gains, such as memory and upstream PCB industries. (Cailian Press)
South Korean regulators introduce tokenized securities roadmap
South Korea’s financial regulator introduced a three-phase roadmap for the issuance of tokenized assets, as the country prepares to adopt its first tokenized securities framework in February 2027.
The U.S. SEC released a statement on its 2026 regulatory agenda: promoting the trading of tokenized securities and advancing the development of crypto rules.
According to Odaily Odaily, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins released a statement regarding the 2026 regulatory agenda, indicating that the SEC will continue to advance a series of regulatory reforms, including adapting the regulatory framework to the current market environment, actively embracing innovation and new technologies, implementing President Trump's goal of "making America the global crypto capital," promoting the launch of more crypto-related products in the U.S. market, establishing clear rules for crypto asset financing, and clarifying the on-chain custody of market participants and promoting on-chain tokenized securities trading. Regarding capital market reforms, the U.S. SEC will advance its "Make IPOs Great Again" initiative, which aims to encourage more companies to enter the public market by reforming information disclosure systems and reducing compliance costs for companies seeking to go public, while maintaining necessary investor protection measures.