In May 2025, the People's Bank of China announced a reduction in the reserve requirement ratio and policy interest rate, and promoted high-level economic and trade talks between China and the United States, bringing optimism to the global economy.

As a key protocol for the deep integration of AI and blockchain, the MCP (Model Context Protocol) is providing a new solution for the decentralized assetization of AI models with its decentralized, transparent and traceable characteristics.

Since the first half of 2025, the crypto market has entered the "post-bull market" stage, showing the characteristics of high-level fluctuations and structural differentiation. Although Bitcoin successfully hit a new high driven by the halving cycle, it immediately entered the correction channel. Coupled with the fact that the Federal Reserve's monetary policy did not turn to easing as expected and the intensification of Sino-US trade tensions, the crypto market was once again shrouded in the shadow of macro uncertainty.

"Tokenized Gold" has become a new trend in financial innovation. It not only retains the value-preserving properties of gold, but also has the liquidity, composability and smart contract interaction capabilities of on-chain assets.

U.S. President Donald Trump recently signed an executive order to formally implement the "reciprocal tariff" policy, imposing a minimum base tariff of 10% on all trading partners and additional higher tariffs on more than 60 countries and regions.

This report will conduct an in-depth discussion on the development status, technical architecture, compliance challenges, impact on the payment system, and future trends of stablecoins, analyze how they drive changes in the payment industry, and evaluate the strategies of major market participants.

This Federal Reserve meeting not only revealed the Fed’s latest judgment on the current economic environment, but also affected the market’s expectations for future liquidity conditions, thereby directly affecting global asset markets including cryptocurrencies.

The Prague upgrade is another important technological iteration of Ethereum, following the Cancun upgrade in March 2024, continuing to optimize network performance, reduce transaction costs, and enhance the programmability of smart contracts.

The Prague upgrade is another important technical iteration of Ethereum. Following the Cancun upgrade in March 2024, it continues to optimize network performance, reduce transaction costs, and enhance the programmability of smart contracts. Compared with previous upgrades, the Prague upgrade not only involves adjustments to the underlying protocol, but also includes a series of far-reaching EIPs (Ethereum Improvement Proposals), including optimizing the Ethereum Virtual Machine (EVM), optimizing Ethereum staking, optimizing Rollup performance, reducing interaction costs, and strengthening storage management.

In 2025, the global financial market ushered in new changes. Trump returned to the White House and continued his consistent economic nationalism policy, with policies such as imposing tariffs, reshaping supply chains, and strengthening the hegemony of the US dollar being introduced one after another.

Since 2024, the successful approval of the Bitcoin spot ETF marks that the crypto asset market has entered a new stage of development. With the continuous inflow of institutional funds, market liquidity has significantly increased, pushing the prices of Bitcoin and other crypto assets to new highs. Looking ahead to 2025, with the potential interest rate cuts by the Federal Reserve, the increase in the allocation ratio of institutional investors, and the continuous improvement of Web3 infrastructure, the crypto industry is expected to usher in a new round of large-scale bull market.

In the Web3 era, TEE (Trusted Execution Environment) is becoming a key cornerstone for data security and privacy computing. From MEV protection to AI computing, from decentralized finance to DePIN ecology, TEE is building a safer and more efficient encryption world. This report will take you to explore this cutting-edge technology in depth and reveal how it will reshape the future of Web3.