By the end of 2025, a seemingly simple update to the payment feature has sparked enthusiastic discussions across the global tech and finance communities. The world's largest video platform, YouTube, announced that content creators in the United States will be allowed to receive their earnings using PYUSD, a USD stablecoin issued by PayPal. This is not just a new payment option for creators, but is seen as a watershed event—it marks the moment when top tech giants like Google, which have long maintained a wait-and-see stance, finally take concrete action and officially enter the cryptocurrency payment arena. This move raises a deeper question: does it mean the era of mass adoption of cryptocurrency payments is truly approaching?
"Firewall" Mode
What is most notable about this partnership is not its disruptive nature, but its extremely cautious and clever architectural design. According to May Za, head of PayPal's crypto business,

Against the backdrop of an increasingly clear global digital asset regulatory landscape, Hong Kong is taking a crucial step with its consistent prudence and foresight. Recently, the Hong Kong Special Administrative Region government officially announced a two-month public consultation on the introduction of the international Crypto-Asset Reporting Framework (CARF) and the revision of the existing Common Reporting Standard (CRS). This move not only signifies Hong Kong's determination to align with the highest international standards in cryptocurrency tax transparency but also starkly contrasts with the increasingly tightening regulatory policies in Mainland China under the "One Country, Two Systems" framework, highlighting its unique strategic positioning as a global virtual asset hub.
A New Chapter in Regulation
The core of this consultation is to adopt the framework developed by the Organisation for Economic Co-operation and Development (OECD).

At the intersection of technology and finance, a groundbreaking announcement that could reshape the digital lives of hundreds of millions has shaken the worlds of cryptocurrency and consumer electronics. High-performance public blockchain Sei Network announced a milestone strategic partnership with global smartphone giant Xiaomi. The core of this cooperation is that, starting in 2026, new Xiaomi smartphones sold in global markets (excluding Mainland China and the United States) will come pre-installed with a Web3 application powered by Sei.
This is not just about adding an app to a phone; it represents one of the most ambitious steps the crypto world has taken toward mainstream users to date. Will this crossover collaboration truly pave a “one-click direct access” highway to cryptocurrency for global users and ignite the next wave of large-scale applications?
Ecological Integration
According to both parties in December 2025

Amid Hong Kong’s proactive embrace and regulation of the cryptocurrency wave, a milestone event is about to make history. Hong Kong licensed cryptocurrency group HashKey Holdings Limited (hereinafter referred to as HashKey) has officially launched its initial public offering (IPO) on the Main Board of the Hong Kong Stock Exchange, aiming to become the city’s first publicly listed licensed cryptocurrency exchange. This listing is not only a critical step in HashKey’s own development, but is also seen as an important test of confidence in Hong Kong’s Web3 strategy and the global capital markets.
IPO Core Details
According to HashKey’s prospectus, its global offering aims to raise up to HK$1.67 billion (approximately US$215 million). The company plans to issue about 240.6 million shares, with the offer price set between HK$5.95 and HK$6.95 per share. At the highest pricing, H

The world's first blockchain business war movie, explaining what blockchain is.

The news disclosed by Reuters that "China may review the issuance of a stablecoin based on the Renminbi" has stirred up a wave in the global financial and crypto assets market. The fact that this long-considered policy "taboo" topic can surface is itself sufficient to be interpreted as a significant signal of a shift in direction.
This sudden discussion is not without basis. From the China National Petroleum Corporation (CNPC) researching the use of stablecoins for cross-border oil settlements, to Hong Kong actively promoting a regulatory sandbox for stablecoins, and the grassroots exploration of offshore RMB stablecoins, all indicate that the narrative around RMB stablecoins is entering a new and more complex stage. However, in the face of this potential initiative that could reshape the global financial landscape, the voices within China are not unified; instead, they present a complex picture of official caution, market enthusiasm, and public skepticism interwoven.
Optimism and Expectation
In the eyes of supporters, the RMB stablecoin carries great strategic significance.

Bitcoin explanation strongly recommended by President Trump

The digitalization of the Renminbi faces a dual situation of strict control in the mainland and active openness in Hong Kong. The mainland emphasizes financial sovereignty and capital control, promoting the development of the digital Renminbi (e-CNY), while Hong Kong attempts to build a regulated virtual asset center through stablecoin regulations. In this context, three parallel paths may emerge in the future, reflecting the complex interaction between regulation and innovation.

As the global Crypto Assets market surges, especially with the United States accelerating its embrace of this emerging field under the Trump administration, the Eastern giant China, however, has chosen a completely different path. An invisible "high wall" is being continuously reinforced and raised.
Recently, the People's Bank of China (PBOC) led a high-profile closed-door meeting in conjunction with twelve key national ministries and judicial institutions, including the Ministry of Public Security, the Central Cyberspace Administration, the Central Financial Office, the Supreme People's Court, the Supreme People's Procuratorate, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Justice, the State Administration for Market Regulation, the National Financial Regulatory Administration, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange. The signals released from the meeting are clear and strong: China will not only continue its strict prohibition on Crypto Assets that has been in place since 2021 but will also launch a new round of crackdown and blocking against virtual coin trading speculation activities with unprecedented intensity.
This event officially named "Crackdown on Virtual Currency"

The mayor of Vancouver, Canada bought a bottle of Coca-Cola with Bitcoin, claiming it to be the best-tasting Coca-Cola in history.

In the torrent of history, some chapters seem to be predetermined, yet they always reappear in unexpected ways. In 2021, the Chinese government, with a thunderous momentum and out of dual considerations for financial stability and energy security, comprehensively banned cryptocurrency mining activities. This ban caused China's mining industry, which once held half of the global Bitcoin computing power, to fall silent in an instant, with millions of mining rigs extinguishing their indicator lights overnight, resulting in an epic "great migration of computing power." However, four years later, a surprising reality is quietly emerging: not only has Bitcoin mining activity in China not disappeared, but it has also revived in a secretive and resilient manner, with its computing power share climbing to the third place globally.
This is not only a test of the policy red line, but also a complex game woven together by economic incentives, local tacit agreements, and technological realities.
Computing Power Landscape Reversion
According to the professional analysis agency Hashrate In

As Binance founder Zhao Changpeng (CZ) receives a presidential pardon, gradually fading from the public eye and enjoying a moment of tranquility, a new legal storm once again thrusts him and his encryption empire into the spotlight. Just as one wave subsides, another rises; this time the allegations are even more shocking, directly linking Binance to international terrorist activities, with claims amounting to a staggering one billion dollars.
The latest class action lawsuit was officially filed this Monday in the federal court of North Dakota, USA. The plaintiff lineup is large and special—over 300 American families who were killed or injured in the Hamas attack on October 7, 2023. They are suing Binance, founder Zhao Changpeng, and another executive, "Chief Financial Officer" Chen Guangying, under the Justice Against Sponsors of Terrorism Act.

In the wave of the global digital economy, Bitcoin mining has evolved into a massive industry that impacts geopolitics, energy consumption, and national security. Recently, a federal investigation codenamed "Operation Red Sunset" has put the world's largest Bitcoin mining rig manufacturer—Bitmain Technologies Ltd. from Beijing, China—under the spotlight. The U.S. government is conducting an in-depth review of the mining equipment (ASIC mining rigs) it produces, citing national security concerns that these devices, scattered throughout the U.S., could potentially become tools for espionage and even pose a threat to critical national infrastructure.
Red Sunset Operation
According to anonymous U.S. officials and informed sources, this investigation led by the Department of Homeland Security (DHS) has been ongoing for several months. The core objective of the investigation is to determine Bitmain.

The cryptocurrency market experienced severe fluctuations in November, with Bitcoin's price dropping sharply by 36% from its peak, leading to panic selling by retail investors. However, institutional investors increased their positions, demonstrating confidence in long-term value. The market faces a complex situation of macroeconomic changes and institutional capital inflows, and future trends depend on multiple factors.

Recently, the crypto assets market has been bleak, with Bitcoin (BTC), which once surged ahead, experiencing a tumultuous decline after reaching a historical high of $126,000. It even briefly fell below the important psychological level of $86,000, with a monthly decline exceeding 20%. Alts are in even worse condition, as the market's fear and greed index has dropped to an extreme fear low. Faced with this seemingly endless downward movement, investors are filled with immense questions: is this a severe yet healthy whipsaw in the middle of a bull run, or does it signal a fundamental reversal of the long-term trend, or even the beginning of a new bear market?
Comprehensive analysis from multiple sources indicates that the current market weakness is not caused by a single factor, but rather a "perfect storm" woven together by internal structural damage and external macroeconomic pressures.
flash crash aftereffects
Among many analyses, the "market maker liquidity crisis" proposed by BitMine Chairman Tom Lee.

In today's rapidly changing world of Crypto Assets, Ethereum co-founder Vitalik Buterin, known in the community as "V神", has once again made waves with his forward-thinking insights, dropping a bombshell for the entire industry. He not only expressed confidence in the security of Decentralized Finance (DeFi) in public, believing it can compete with traditional banking systems in certain aspects, but also took concrete actions by collaborating with the Ethereum Foundation to release the "Trustless Manifesto", aimed at recalibrating the direction for Ethereum's future development and ensuring that its core essence of "Decentralization" and "Anti-censorship" is not eroded. This series of actions is not only an affirmation of the current state of DeFi development but also a profound prophecy for the future financial paradigm.
Decentralized Finance and Banks
For a long time, traditional banks have relied on their large systems, strict regulations, and