<div id="readability-page-1"><div><div><h2>Headline</h2><p><strong>▌NYSE Developing Tokenized Trading and Settlement Platform for US Stocks</strong></p><p>The New York Stock Exchange (NYSE), part of the Intercontinental Exchange (ICE) Group, announced today that it is developing a platform for trading tokenized securities and on-chain settlement, and will seek regulatory approval for it. The NYSE's new digital platform will support a tokenized trading experience, including 24/7 operation, instant settlement, USD-denominated orders, and stablecoin-based fund transfers. Upon regulatory approval, the platform will power a new NYSE trading venue, supporting tokenized stock trading that is interchangeable with traditionally issued securities, as well as natively issued digital security tokens. Tokenized shareholders will enjoy the same dividend and governance rights as traditional shareholders. The launch of the NYSE's tokenized securities platform is part of ICE's broader digital strategy, which includes preparing its clearing infrastructure to support 24/7 trading and exploring the integration of tokenized collateral.</p><p><strong>▌Bermuda Partners with Coinbase and Circle to Advance a Pilot Program for a Fully On-Chain National Economy</strong></p><p>The Bermuda government announced a partnership with cryptocurrency exchange Coinbase and stablecoin issuer Circle during the World Economic Forum in Davos, Switzerland, to create a fully on-chain national economic system. This collaboration will center on the USDC stablecoin and Coinbase's Base infrastructure, initially launching a stablecoin payment pilot program, promoting the adoption of tokenized tools by financial institutions, and implementing a nationwide digital financial literacy program.</p><p> ... As of press time, according to CoinGecko data: BTC price is $92,612.19, a 24-hour change of -2.1%; ETH price is $3,191.44, a 24-hour change of -3.6%; BNB price is $923.73, a 24-hour change of -1.8%. The price of SOL is $133.53, a 24-hour change of -4.6%; the price of DOGE is $0.1293, a 24-hour change of -3.5%; the price of XRP is $1.99, a 24-hour change of -1.4%; and the price of TRX is $0.3119, a 24-hour change of -2.4%. The price of WLFI is $0.1654, a 24-hour change of -1.9%; the price of HYPE is $23.74, a 24-hour change of -4.4%. **Policy:** The Supreme People's Procuratorate (SPP) has announced measures to strengthen anti-money laundering efforts, focusing on punishing crimes such as money laundering through underground banks and virtual currencies. At the National Procurators' Conference held in Beijing, the SPP made arrangements for fully utilizing the power of the rule of law to serve high-quality development. The SPP requires procuratorial organs to safeguard economic and financial security according to law, severely punish serious economic crimes, and promote the creation of a rule-of-law business environment. The Supreme People's Procuratorate (SPP) has demanded severe punishment for crimes such as smuggling and exporting strategic minerals to safeguard national strategic interests; it will work with the State Financial Regulatory Commission (SFC) to regulate illegal intermediaries in the financial sector, severely punish crimes such as illegal fundraising and financial fraud, crack down on the entire chain of financial &#34;black and gray industries,&#34; ensure the sound operation of the financial system, and protect the property safety of the people; it will also intensify anti-money laundering efforts, focusing on punishing crimes such as money laundering through underground banks and virtual currencies. The SPP also proposed working with the China Securities Regulatory Commission (CSRC) to deepen the rule of law in the capital market, improve the securities procuratorial system, and severely punish securities crimes such as financial fraud and market manipulation to safeguard the security of the capital market. (Xinhua News Agency) Vitalik Buterin points out that Ethereum's initial concept was heavily inspired by decentralized autonomous organizations (DAOs), but today DAOs are often simplified into &#34;treasuries controlled by token voting.&#34; While functional in form, they are inefficient, easily manipulated, and fail to truly alleviate the problems arising from human political games. Vitalik emphasizes that DAOs remain indispensable infrastructure, with applications including: improving oracle design, implementing on-chain dispute arbitration, maintaining various key lists, quickly launching short-term collaborative projects, and supporting long-term project maintenance after the original team leaves. He believes the current problem lies not in participant motivation, but in the inadequacy of system design itself, including governance and oracles. Regarding governance frameworks, Vitalik introduces the analytical perspective of &#34;concave and convex problems,&#34; arguing that different types of problems require different governance structures: scenarios leaning towards consensus and robustness should emphasize broad participation and resistance to manipulation; while scenarios requiring decisive decision-making should allow for leadership, while being checked and balanced through decentralized mechanisms. Vitalik further pointed out that for DAOs to truly function, they must address the two major challenges of privacy and decision fatigue. They can leverage privacy technologies such as zero-knowledge proofs (ZK) and multi-party computation, as well as AI and consensus-based communication tools, to alleviate the governance burden. According to its official blog, YZi Labs announced an investment in Genius, a professional on-chain trading terminal, aiming to accelerate the construction of a private, high-speed on-chain trading platform. This investment aims to support infrastructure that can provide centralized exchange-level speed, liquidity, and privacy while maintaining complete user ownership of their assets. Cryptocurrency ▌CoinShares: $2.17 Billion Inflow into Digital Asset Investment Products Last Week According to CoinShares monitoring, digital asset investment products recorded $2.17 billion in inflows last week, marking the highest weekly inflow since October 10, 2025 (the eve of the market crash). Inflows were stronger earlier this week, but market sentiment turned negative on Friday, with $378 million flowing out due to escalating diplomatic tensions in Greenland and renewed threats of tariffs. Furthermore, market sentiment was also dampened by reports that Kevin Hassett, a leading candidate for Federal Reserve Chair and a well-known dove, is likely to remain in office. Bitcoin led the inflows with $1.55 billion. Despite the potential restrictions on stablecoin yields imposed by the Senate Banking Committee's Claritical Act, Ethereum and Solana still saw inflows of $496 million and $45.5 million, respectively. Several altcoins also saw inflows, most notably XRP ($69.5 million), Sui ($5.7 million), LIDO ($3.7 million), and Hedera ($2.6 million). Blockchain stocks performed strongly this week, with total inflows reaching $72.6 million. BlackRock iShares Preferred Stock &amp; Income Securities ETF Holds $471 Million in Strategy Stocks According to market news, the BlackRock iShares Preferred Stock &amp; Income Securities ETF disclosed holdings of Strategy's STRC, STRF, STRK, and STRD shares, totaling $471 million, representing 3.3% of the ETF's total size. </p><p><strong>▌Matrixport: Crypto Traders Shift to Range-Fishing Rather Than Breakout Chasing</strong></p><p>Matrixport released a daily chart analysis stating that despite Trump's renewed tariff threats, the implied volatility of Bitcoin and Ethereum only rose slightly. In fact, since mid-November, cryptocurrency market volatility has fallen significantly, with volatility points dropping by approximately 18 to 25 over the past two months, showing a significant volatility compression trend. This decline indicates that traders are neither chasing upside gains through options nor heavily hedging downside risks. Instead, from a funding position perspective, the market is adopting a more sophisticated operating strategy: in the Ethereum market, experienced investors appear to be continuously increasing their spot holdings while systematically selling call options. While this strategy limits potential upside potential, it allows traders to achieve volatility arbitrage in the current low-leverage, range-bound market environment—a highly suitable operating method for the current market conditions.</p><p> ... Analysts point out that rising Bitcoin futures open interest (OI) – a key indicator of participation in the derivatives market – has increased by nearly 13% since the beginning of the year, potentially reflecting a recovery in market risk appetite for crypto assets. CryptoQuant analyst Darkfost stated on Monday that Bitcoin futures OI has fallen from 381,000 BTC to 314,000 BTC over the past three months, a cumulative decline of 17.5%. This change occurred after a roughly 36% price correction in early October, “reflecting a market entering a de-risking phase and a concentrated liquidation of leveraged positions.” However, Darkfost believes that Bitcoin futures OI may be in the early stages of a recovery. According to Coinglass data, OI has rebounded from $54 billion (an eight-month low) on January 1st to over $61 billion on January 19th. Furthermore, OI also hit an eight-week high of $66 billion on January 15th. The analyst stated, &#34;Currently, open interest is showing signs of a gradual recovery, indicating that market risk appetite is slowly returning.&#34; According to Equation News, Aster has launched the ASTER automatic buyback mechanism, using 20%–40% of its daily platform fee revenue from its strategic buyback reserves for buybacks. The first batch of buyback records is already available on-chain. </p><p><strong>▌CertiK: Hacker who stole $282 million from a whale bridged approximately $63 million across chains to a new address</strong></p><p>According to CertiK Alert monitoring, the hacker who stole $282 million from a whale bridged some of the funds (approximately $63 million) across chains to an address starting with 0xF73, and then carried out further money laundering operations. Previously reported, on-chain detective ZachXBT posted on social media that around 11 PM UTC on January 10, 2026, a whale victim lost over $282 million worth of Litecoin (LTC) and Bitcoin (BTC) due to a social engineering scam involving their hardware wallet.</p><p>... PancakeSwap: CAKE Token Maximum Supply Now Adjusted to 400 Million Tokens PancakeSwap announced on its X platform that the proposal to reduce the maximum supply of CAKE tokens has been approved, and the maximum supply has now been adjusted to 400 million CAKE tokens. Acurast Announces Token Economics: ACU Token Supply 1 Billion, 24% to be Used for Community Activation Decentralized confidential computing project Acurast announced the ACU token economics. The total supply of ACU tokens is 1 billion, of which 24% will be used for community activation (early computing providers, Cloud Rebellion airdrop, listing incentives, CoinList token issuance), 11.5% will be used for operating funds, 24% will be used for the community treasury, 24% will be allocated to the team and advisors, 10% will be used for liquidity, and 6.5% will be allocated to early supporters. **Important Economic Developments** **▌Federal Reserve Independence Faces Challenges; Powell Reportedly to Appear in Court to Support Cook** **According to the Associated Press, Federal Reserve Chairman Jerome Powell will appear before the U.S. Supreme Court on Wednesday for oral arguments regarding Federal Reserve Governor Tim Cook. This is an unusual public statement and show of support from the head of the U.S. central bank. The Supreme Court is hearing whether President Trump has the right to dismiss Cook, appointed by former President Biden. Sources familiar with the matter revealed that Powell plans to attend Wednesday's hearing. This is Powell's most public and direct support for Cook to date; Trump had attempted to remove Cook from office as early as the end of August last year. Previously, Powell revealed that the Trump administration had subpoenaed the Federal Reserve and threatened to bring unprecedented criminal charges against him. In a video statement released on January 11, Powell condemned these subpoenas as mere &#34;pretexts,&#34; with the real aim of forcing him to significantly lower the Federal Reserve's benchmark interest rate. According to CME's &#34;FedWatch,&#34; the probability of the Fed cutting interest rates by 25 basis points in January is 5%, while the probability of keeping rates unchanged is 95%. By March, the probability of a cumulative 25 basis point rate cut is 20.7%, the probability of keeping rates unchanged is 78.4%, and the probability of a cumulative 50 basis point rate cut is 0.9%. The crypto industry is keen to debate the valuation logic of public blockchains, and there are good reasons for this. In the $3 trillion total market capitalization of cryptocurrencies, public blockchain tokens still account for approximately 84%, making their valuation crucial. Despite the industry's claim to have entered the &#34;mainstream&#34; stage, even the industry's top investors have consistently failed to reach a consensus on public blockchain valuations. One group adheres to fundamental investing principles, emphasizing the importance of tangible cash flow metrics and price-to-earnings ratios (P/E). The other group consists of staunch supporters of Bitcoin and Ethereum, who subscribe to the &#34;currency premium&#34; theory. Is there a valuation model that satisfies both sides? Can we incorporate rational economic analysis while avoiding vague conceptual debates like &#34;currency premium&#34;? A valuation model proposed by Jon Ma, CEO of Artemis, seems to achieve this goal. This model is essentially a fusion of two classic valuation methods: 1. A hybrid valuation framework used by venture capital firms to evaluate early-stage technology network platforms (such as Uber and Amazon); 2. The quantity theory of money (MV = PQ). Jon Ma's model seems to have found a reasonable balance between the two groups of investors, but they will likely still find many points of disagreement. If you are a value investor, this model provides the dual assurance of a price-to-earnings ratio framework and balance sheet discipline, giving you more confidence when investing. If you don't agree with real economic value indicators, believe in the theory of currency premiums, or think that BlackRock's BUIDL tokenized fund will greatly benefit your crypto assets, then this model also fully respects the structural value inherent in tokenization and network effects. If you are a long-term cryptocurrency investor and agree with Haseeb's belief in &#34;power-law growth,&#34; this model also leaves ample room for exponential growth. But most importantly, this is a valuation model that can be understood and accepted by Wall Street.</p></div></div></div>

<p>The NYSE is developing a tokenized trading and settlement platform for US stocks, aiming for regulatory approval to support 24/7 trading and instant settlement. Meanwhile, Bermuda has partnered with Coinbase and Circle to create a fully on-chain national economy, focusing on a stablecoin payment pilot program. Additionally, the Supreme People's Procuratorate in China is enhancing anti-money laundering efforts, particularly against crimes involving virtual currencies. Vitalik Buterin discusses the inefficiencies of current DAOs and suggests improvements in governance and privacy technologies to enhance their functionality.</p>

- The NYSE is developing a tokenized trading and settlement platform for US stocks, seeking regulatory approval for 24/7 trading and instant settlement.  
- Bermuda has partnered with Coinbase and Circle to create a fully on-chain national economy with a stablecoin payment pilot.  
- The Federal Reserve faces challenges to its independence, with Chairman Powell set to support Governor Tim Cook in a court hearing regarding potential dismissal by President Trump.

NYSE develops tokenization platform; Bermuda partners with Coinbase and USDC