Institutional-Grade Analysis, In-depth Insights, Animoca Brands Research

Animoca Brands Research

Institutional-Grade Analysis, In-depth Insights

Animoca Brands Corporation Ltd. is a Hong Kong-based game software company and venture capital company

Crypto

<ul><li>The recent turbulence in the crypto-native stablecoins, marked by de-pegging and liquidations, exposes vulnerabilities in reserve management and a lack of capacity to handle "bank runs".</li><li>These vulnerabilities are a replica of the "wildcat banking" that occurred during the "free banking era" in the US.</li><li>This era was characterized by state-chartered banks issuing notes with diverse and inconsistent practices, leading to discounts on notes circulated outside the issuing state, and instability from fraudulent or under-reserved banks.</li></ul>

The recent turbulence in the crypto-native stablecoins, marked by de-pegging and liquidations, exposes vulnerabilities in reserve management and a lack of capacity to handle "bank runs".These vulnerabilities are a replica of the "wildcat banking" that occurred during the "free banking era" in the US.This era was characterized by state-chartered banks issuing notes with diverse and inconsistent practices, leading to discounts on notes circulated outside the issuing state, and instability from fraudulent or under-reserved banks.

From Free Banking to Stablecoins: A Historical Parallel for the US Dollar

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

<ul>
<li>Hong Kong's Stablecoins Ordinance issued by the Hong Kong Monetary Authority on the 1st August 2025, is the world’s first dedicated legislation targeting stablecoins. </li>
<li>Stablecoins, like <a href="https://www.smartkarma.com/entities/tether" target="_blank" data-smartkarma-citation="entities:35208:1" rel="noopener">Tether (USDT CURNCY)</a>, are considered a less volatile type of cryptocurrency as they are pegged to fiat currencies (like the US$/euro), short-term treasuries, and commodities (such as gold).</li>
<li>Proponents of stablecoins, backed by real currency, just need to espouse how they can be a surrogate/improvement on just using ... the real currency. </li>
</ul>


Hong Kong's Stablecoins Ordinance issued by the Hong Kong Monetary Authority on the 1st August 2025, is the world’s first dedicated legislation targeting stablecoins. 
Stablecoins, like Tether (USDT CURNCY), are considered a less volatile type of cryptocurrency as they are pegged to fiat currencies (like the US$/euro), short-term treasuries, and commodities (such as gold).
Proponents of stablecoins, backed by real currency, just need to espouse how they can be a surrogate/improvement on just using ... the real currency. 


Hong Kong Ratifies Stablecoin Legislation

Specialising in Fintech - Research and Development, Kiitot

Tatja Karkkainen

Specialising in Fintech - Research and Development

Kiitot

Tatja specialises in digital assets and machine learning. She has authored a number of academic papers relating to network effects, financial inclusion, crypto futures and FOMO. Her interest lies especially in predicting long term value. She has had a long and successful track record in institutional investor relationship management, IT and alternative investments. PhD in (Finance) Fintech, MA in Politics, BA in International Relations and Politics. CAIA, IMC, Series 3.

<ul>
<li>With an IPO valuation of roughly $8.2 billion and current forward P/E of ~32 ×, Circle still looks poised for multiple expansion as regulatory clarity and stable-coin adoption gather pace.</li>
<li>Deal upsized from 32 m to 34 m shares, and priced $3 above the top of the original range, boosting total proceeds by &gt;20 %</li>
<li>Public float increases to ~13 % of the company, modestly improving trading liquidity while founders retain long-term control via Class B shares</li>
</ul>


With an IPO valuation of roughly $8.2 billion and current forward P/E of ~32 ×, Circle still looks poised for multiple expansion as regulatory clarity and stable-coin adoption gather pace.
Deal upsized from 32 m to 34 m shares, and priced $3 above the top of the original range, boosting total proceeds by &gt;20 %
Public float increases to ~13 % of the company, modestly improving trading liquidity while founders retain long-term control via Class B shares


Circle IPO: Wall Street’s New Fintech Darling Prices Above Range

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>AI / In Depth: AI video is becoming a sector to watch in China, but don’t get out the popcorn yet Video generation tools powered by artificial intelligence (AI) have become one of the hottest investments for China’s big tech companies as they look to broaden their revenue streams.</li><li>Since ChatGPT developer OpenAI surprised the world with its text-to-video model Sora in February 2024, Chinese companies have rapidly rolled out similar tools that have been used to make short films and video series.</li><li>Law / China bolsters graft watchdog with new powers China is set to grant its powerful anti-corruption watchdog new investigative powers and significantly extend detention limits for suspects, signaling a further toughening of President Xi Jinping’s signature anti-graft campaign.</li></ul>

AI / In Depth: AI video is becoming a sector to watch in China, but don’t get out the popcorn yet Video generation tools powered by artificial intelligence (AI) have become one of the hottest investments for China’s big tech companies as they look to broaden their revenue streams.Since ChatGPT developer OpenAI surprised the world with its text-to-video model Sora in February 2024, Chinese companies have rapidly rolled out similar tools that have been used to make short films and video series.Law / China bolsters graft watchdog with new powers China is set to grant its powerful anti-corruption watchdog new investigative powers and significantly extend detention limits for suspects, signaling a further toughening of President Xi Jinping’s signature anti-graft campaign.

CX Daily: AI Video Is Becoming a Sector to Watch in China, but Don’t Get Out the Popcorn Yet 

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>A stablecoin is a crucial class of cryptocurrency designed to offer a safe harbor within the often- volatile digital asset market.</li><li>Unlike popular cryptocurrencies, such as Bitcoin or Ethereum, whose prices can swing dramatically, stablecoins aim to maintain a consistent value.</li><li>The stablecoin market is a significant and rapidly growing segment of the broader cryptocurrency ecosystem. </li></ul>

A stablecoin is a crucial class of cryptocurrency designed to offer a safe harbor within the often- volatile digital asset market.Unlike popular cryptocurrencies, such as Bitcoin or Ethereum, whose prices can swing dramatically, stablecoins aim to maintain a consistent value.The stablecoin market is a significant and rapidly growing segment of the broader cryptocurrency ecosystem. 

Tech Talk: Stablecoin and US Legislation Is US Congress Finally Stepping Up to Crypto?

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From Free Banking to Stablecoins: A Historical Parallel for the US Dollar

The recent turbulence in the crypto-native stablecoins, marked by de-pegging and liquidations, exposes vulnerabilities in reserve management and a...

Animoca Brands Research

Hong Kong Ratifies Stablecoin Legislation

It's easy to be dismissive. But IF regulated well, stablecoins hold the potential for much-needed innovations in the world’s payment systems.

David Blennerhassett

Circle IPO: Wall Street’s New Fintech Darling Prices Above Range

At a forward P/E of 32×, Circle’s valuation remains modest for a regulated stablecoin frontrunner: propelled by enterprise payment pilots, a robust...

Tatja Karkkainen

CX Daily: AI Video Is Becoming a Sector to Watch in China, but Don’t Get Out the Popcorn Yet

AI / In Depth: AI video is becoming a sector to watch in China, but don’t get out the popcorn yet Video generation tools powered by...

Caixin Global

Tech Talk: Stablecoin and US Legislation Is US Congress Finally Stepping Up to Crypto?

A stablecoin is a crucial class of cryptocurrency designed to offer a safe harbor within the often- volatile digital asset market.

Water Tower Research

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