Pan Gongsheng: In the future, the issuance of SDRs can be increased on a regular basis and the scale of issuance can be expanded

Author: Heechang Compiled by: TechFlow xStocks offers a tokenized stock service, allowing investors to trade tokenized versions of popular US stocks like Tesla in real time. While still in its early stages, it’s already showing some interesting signs of growth. Observation 1: Trading is concentrated in Tesla (TSLA) As in many emerging markets, trading activity has quickly concentrated on a handful of stocks. Data shows a high concentration of trading volume in the most well-known and volatile stocks, with Tesla being the most prominent example. This concentration is not surprising: liquidity tends to accumulate in assets that retail investors already favor, and early adopters often use familiar high-beta stocks to test new infrastructure. Observation 2: Liquidity decreases on weekends Data shows that on-chain equity trading volume drops to 30% or less of weekday levels over the weekend. Unlike crypto-native assets, which trade seamlessly around the clock, tokenized stocks still inherit the behavioral inertia of traditional market trading hours. Traders appear less willing to trade when reference markets (such as Nasdaq and the New York Stock Exchange) are closed, likely due to concerns about arbitrage, price gaps, and the inability to hedge positions off-chain. Observation 3: Prices move in line with the Nasdaq Another key signal comes from pricing behavior during the initial launch period. Initially, xStocks tokens traded at a significant premium to their Nasdaq counterparts, reflecting market enthusiasm and potential friction in bridging fiat liquidity. However, these premiums gradually diminished over time. Current trading patterns show that the token price is at the upper limit of Tesla's intraday price range and is highly consistent with the Nasdaq reference price. Arbitrageurs appear to be maintaining this price discipline, but there are still small deviations from the intraday highs, indicating some market inefficiencies that may present opportunities and risks for active traders. New opportunities for Korean stock investors? South Korean investors currently hold over $100 billion in US stocks, with trading volume increasing 17-fold since January 2020. Existing infrastructure for South Korean investors to trade US stocks is limited by high fees, long settlement times, and slow cash-out processes, creating opportunities for tokenized or on-chain mirror stocks. As the infrastructure and platforms supporting on-chain US stock markets continue to improve, a new group of South Korean traders will enter the crypto market, which is undoubtedly a huge opportunity.

PANews reported on October 22nd that Hong Kong Financial Secretary Paul Chan Mo-po stated at the APEC Finance Ministers' Meeting on October 21st that blockchain technology and artificial intelligence are driving the rapid development of digital financial services, which not only improves efficiency and reduces costs, but also helps promote inclusive finance. Financial innovation should serve the real economy, and through public-private partnerships, more inclusive financial services can be promoted. In addition to fulfilling their supervisory responsibilities, regulators should also encourage innovation and promote market development. Against the backdrop of the increasingly widespread application of digital assets and artificial intelligence in financial services, economies should pay attention to whether such innovations are responsible and sustainable, including taking into account investor interests and financial stability. Chan Mo-po stated that Hong Kong actively participates in cross-border cooperation and policy dialogue on digital finance and is willing to deepen cooperation with partners in the region in related areas.

PANews reported on October 22nd that according to Lookonchain, Tether issued an additional $1 billion in USDT six hours ago. Since the market crash on October 11th of this month, Tether and Circle, two stablecoin issuers, have cumulatively issued approximately $7 billion in stablecoins.