DigitFT to Offer Tokenized Version of $6.3 Billion Invesco Fund
Institutional investors can use US dollars or stablecoins USDC and USDT to purchase tokenized shares in the underlying Invesco fund, according to a statement from DigitFT on Wednesday. The Invesco fund, which invests in senior secured loans to companies, has delivered an annual net yield of 4.5% since its inception in 2006, DigitFT Chief Executive Officer Henry Zhang said.
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Hong Kong's stablecoin law holds promise for e-CNY, cross-border flows: Morgan Stanley
Hong Kong dollar stablecoins could become a key link between China's digital yuan and top global digital assets, potentially transforming cross-border investment and accelerating yuan internationalisation, according to Morgan Stanley. Local currency-backed stablecoins could provide a pathway for mainland China's e-CNY - the country's only legal digital currency backed by the government - to gain a foothold globally while advancing Beijing's drive to internationalise its currency and counter US dollar dominance, Laura Wang, the bank's chief China equity strategist, said in a written interview last week. Hong Kong's stablecoin ordinance, which took effect at the beginning of the month, allows for real-time, low-cost transactions and is designed to support cross-border use. The e-CNY is backed by the People's Bank of China and is undergoing a pilot scheme for cross-border payments in Hong Kong. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. "In theory, HKD stablecoins could act as a bridge between e-CNY and global digital assets," said Wang. International investors could convert the world's largest stablecoins, USDT and USDC, into Hong Kong dollar stablecoins and then into e-CNY, and invest in Hong Kong-listed assets or tokenised securities, she added. Laura Wang, chief China equity strategist at Morgan Stanley. Photo: Handout alt=Laura Wang, chief China equity strategist at Morgan Stanley. Photo: Handout> "This creates a pathway for [yuan]-linked capital flows without violating mainland capital controls," she said. "It also supports [the yuan] internationalisation through offshore channels." Hong Kong-dollar stablecoins have emerged as a top candidate to integrate with e-CNY, as they provide a combination of regulatory compliance, technological infrastructure and alignment with China's monetary policy, Wang said. This was especially the case when the issuance of stablecoins pegged to offshore yuan, or CNH, remained uncertain due to "liquidity constraints, limited reserve asset options and policy ambiguity", she added. To be sure, the overall interoperability between the state-backed e-CNY and privately issued stablecoins remains uncertain, and it was too early to assume seamless conversion between stablecoins of different currencies, Wang said. The Morgan Stanley strategist said these assumptions hinged on the absence of additional regulatory restrictions. "Given the historically tight controls over capital flows into and out of onshore markets, and the mainland government's ongoing ban on cryptocurrencies, the regulatory outlook remains uncertain," she said. Still, Hong Kong's sandbox model and dual-track framework - allowing both the Chinese sovereign digital currency and CNH-pegged stablecoins issued by licensed firms - made it "one of the most promising venues" for exploring the convergence, Wang added. The world is rushing to take advantage of the capabilities of stablecoin, such as real-time settlement, lower transaction costs and 24/7 operability, to address pain points in financial market investment activities, particularly cross-border trades, which are often expensive and prolonged. With Hong Kong's new law paving the way for stablecoins, the city could strengthen its role as a global financial hub and a key intermediary in trade finance between China and international markets, Wang said. Stablecoins, combined with e-CNY and platforms like mBridge, a multi-country central bank digital currency project involving Hong Kong and mainland China, could form a decentralised, blockchain-based alternative for transactions that rely on traditional financial messaging systems like Swift, according to Wang. "This shift has major implications for financial sovereignty." The diversification away from US dollar assets and financial infrastructure comes amid the broader weakening of the US dollar this year, and the renewed discussion about how the US uses its currency dominance to impose sanctions. Meanwhile, Beijing has deepened regional cooperation that helps raise the yuan's share in foreign trade transactions while increasing the attractiveness of yuan-based payments. In Hong Kong's capital markets, stablecoins could help unlock new liquidity channels and facilitate cross-border investment flows. "As stablecoin adoption grows, we expect more international investors to engage with Hong Kong's capital markets, especially through tokenised securities and digital asset platforms," said Wang. A woman walks past a currency exchange shop in Causeway Bay, Hong Kong, on May 5, 2024. Photo: Jelly Tse alt=A woman walks past a currency exchange shop in Causeway Bay, Hong Kong, on May 5, 2024. Photo: Jelly Tse> Stablecoins would enable instant settlement rather than the usual two-day process, cutting counterparty risk and boosting efficiency - key benefits for high-frequency trading, structured products and margin management, she noted. They would also streamline fiat conversions and programmable payments, helping investors overcome foreign exchange and capital controls in emerging markets. Wang said fintech and brokerage platforms integrating stablecoin features were gaining momentum, offering new revenue streams, higher margins and growing investor appeal despite broader market volatility. The city's financial regulators have issued multiple warnings against speculative bets related to stablecoin activities as some listed companies' stock prices and trading volumes surged simply because they claimed an intention to develop stablecoin operations. Investors should focus on firms with strong blockchain expertise, regulatory participation and capabilities in stablecoin issuance, custody or tokenised asset trading, while remaining mindful of early-stage risks, Wang added. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved.
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Mark Cuban has a blunt take on rallying crypto IPOs
Mark Cuban has a blunt take on rallying crypto IPOs originally appeared on TheStreet. Billionaire entrepreneur Mark Cuban has always been vocal about weighing in on financial markets, whether it's Silicon Valley, Wall Street, or the crypto space. He's long been known for spotting shifts in business before they hit the mainstream. Cuban, who made his fortune during the dot-com boom and owns the Dallas Mavericks, has been both a supporter and skeptic of digital assets. He's invested in projects like Polygon, OpenSea, and Aave, and even allowed Mavericks fans to purchase tickets using Dogecoin. This week, he turned his sights on token-forward IPOs, a newer frontier in crypto-finance. Mark Cuban asks will crypto IPOs be treated like a meme coin now?' That was Cuban's exact tweet, posted to X (formerly Twitter), just as shares of Bullish (BLSH) — a digital asset exchange that completed a historic IPO last week — slid more than 6% in a broad crypto selloff. 'Is every IPO going to be treated like a meme coin from now on?'This one-liner comes after several high-profile IPOs have experienced extreme volatility, with prices surging on day one only to fade quickly. Despite Bullish's innovation in structuring its IPO settlement entirely in stablecoins — including USDC, EURC, and PayPal USD — investors dumped the stock days after the deal closed. This pattern looks similar to how meme coins like Shiba Inu or Dogecoin behave, rising on hype and social momentum rather than fundamentals. Crypto stock tanks after IPO hype fades Just six days after its debut, Bullish shares fell to $59.51, a 6% drop from its IPO price of $61.56. Intraday, it dipped as low as $57.92 before recovering slightly. Other crypto-related names weren't spared. Coinbase and eToro fell over 5%, Galaxy Digital tumbled 10%, and even well-known names like Circle and Robinhood saw red. Meanwhile, Bitcoin dropped 2.4% to $113,511, and Ethereum shed over 5%. Cuban's perspective on IPOs also comes informed by his history with meme coins. He was one of the first high-profile figures to embrace Dogecoin, and in 2021 he even allowed fans to use DOGE to buy Mavericks tickets and merchandise. At the same time, he has cautioned investors against chasing speculative assets, having once lost money himself in a DeFi project tied to an obscure token. Mark Cuban's complex relationship with crypto In 2021, he famously lost money in a DeFi project called Titan that collapsed in hours. He called for more regulation after the loss, stating that 'there should be some level of regulation to define what a stablecoin is and what collateralization is acceptable.' Yet that didn't stop him from remaining active in crypto. He's since invested in layer-2 protocols, decentralized exchanges, and blockchain games — and continues to publicly support the long-term vision of decentralized finance. Mark Cuban has a blunt take on rallying crypto IPOs first appeared on TheStreet on Aug 20, 2025 This story was originally reported by TheStreet on Aug 20, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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If You'd Invested $1,000 in Bitcoin (BTC) 5 Years Ago, Here's How Much You'd Have Today
Key Points A $1,000 Bitcoin purchase on Aug. 20, 2020, would be worth roughly $9,784 five years later. The bull run included a roughly 75% drawdown by the end of 2022 -- followed by another strong rebound. Bitcoin may trend higher from here, but risks remain, and there may be sharp price corrections. 10 stocks we like better than Bitcoin › Let's say you had $1,000 of spare cash to invest on Aug. 20, 2020. If you had invested that money in the popular Vanguard 500 Index Fund (NYSEMKT: VOO) and enabled dividend reinvestments, that investment would be worth $2,038 today. A double in five years? That's a compound annual growth rate (CAGR) of 15.3%. Not too shabby! The tech-heavy Invesco QQQ Trust (NASDAQ: QQQ) would have served you slightly better. The index fund, which tracks the performance of the Nasdaq-100 market index, showed a total return of $2,097 over the same period. However, both wealth-building stock market trackers look sleepy next to the skyrocketing cryptocurrency Bitcoin (CRYPTO: BTC). A $1,000 Bitcoin investment in the summer of coronavirus lockdowns would be worth $9,784 today: How Bitcoin earned its returns Bitcoin's path to these market-crushing returns wasn't smooth. The digital currency soared in 2020 and 2021, fell back a hair-raising 75% by the end of 2022, and found a second wind after that trough. These days, Bitcoin is exploring fresh all-time highs on a weekly basis, but in a nerve-wrackingly volatile way. Last year's halving event almost disappears in the ruckus of market-moving Bitcoin news. The introduction of spot Bitcoin exchange-traded funds (ETFs) had a calming effect on the underlying cryptocurrency, and recent support from the U.S. government also helped. All told, Bitcoin ETFs sport a beta value of 2.8. That makes Bitcoin about three times as volatile as the S&P 500 (SNPINDEX: ^GSPC) stock market index, which underpins Vanguard's VOO fund. Can Bitcoin keep beating Wall Street? My time machine is in for repairs, so I can only speculate about the next five years. However, Bitcoin's anti-inflationary design should combine with rising cryptocurrency usage, adding bullish weight to the supply and-demand balance. So the next half-decade probably won't see another ninefold price gain, but Bitcoin's squiggly chart should generally trend higher again. Should you invest $1,000 in Bitcoin right now? Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Bitcoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $654,624!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,075,117!* Now, it's worth noting Stock Advisor's total average return is 1,052% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 18, 2025 Anders Bylund has positions in Bitcoin and Vanguard S&P 500 ETF. The Motley Fool has positions in and recommends Bitcoin and Vanguard S&P 500 ETF. The Motley Fool has a disclosure policy. If You'd Invested $1,000 in Bitcoin (BTC) 5 Years Ago, Here's How Much You'd Have Today was originally published by The Motley Fool
