The first trading platforms for tokenized stocks under the US SEC's "Innovation Exemption" will launch as early as next quarter.

Beating AI News Flash: Goldman Sachs’ latest research report points out that AI is reshaping China’s cultural and entertainment industry value chain. With content supply approaching infinity while user time and attention remain limited, this contradiction will drive industry profits to further concentrate on top IPs and distribution platforms. The report shows multimodal AI has cut production costs for animation, music, ad videos, short dramas and other content by 80% to 95%, lifting production efficiency by 5 to 10 times. In the first 8 months of 2026, the output of short dramas and miniseries grew 13 times compared to the full year of 2025, while new game releases increased by over 8 times. At leading short drama platform Hongguo, over 90% of episodes now use AI-generated content. Goldman Sachs notes that the boom in content supply brought by AI does not mean all segments of the industry chain will benefit. The value of traditional production and execution links will be compressed, while the scarcity of top IPs and creative assets will become more prominent. Content distribution platforms are expected to benefit from increased supply, but their competitive barriers built on copyrighted content libraries may be impacted by the flood of AI-generated content. In terms of specific sectors, Goldman Sachs believes online gaming is relatively more resilient, with leading players like Tencent and NetEase expected to leverage AI to extend the lifecycle of mature IPs. Long video platforms may see short-term benefits from lower costs, but face long-term pressures including declining user time and AI content eroding their advantages in copyrighted content. Additionally, AI-driven cultural entertainment still faces two major risks: monetization challenges and stricter regulation.

Coinbase CEO Brian Armstrong recently appeared on the Money Rehab podcast to address the difference between USDC holder rewards and bank interest, as well as whether Coinbase should adhere to bank capital and liquidity regulatory requirements. Armstrong clarified that the "rewards" users receive for holding USDC on Coinbase are not interest. The underlying USD is allocated to short-term U.S. Treasuries (yielding approximately 3.5%-4%), with a portion of the returns passed back to users—similar to a loyalty program. Bank interest, by contrast, derives from the fractional reserve system, where banks lend out customer funds and assume corresponding risks. To explicitly distinguish the two, Coinbase intentionally uses the term "rewards". In response to calls for crypto platforms to be held to the same capital, liquidity, and FDIC insurance standards as banks, Armstrong emphasized that stablecoins must maintain 100% reserves under the GENIUS Act, with funds held in short-term U.S. Treasuries. This structure eliminates fractional reserve risks and the potential for bank-style runs. Banks face strict regulation due to their higher operational risk, while stablecoins have an inherently different framework. He criticized large banks for lobbying to limit competition, stating this harms consumer interests. Meanwhile, Armstrong noted that Coinbase is assisting both community banks and large banks in integrating stablecoin technology, with the goal of mutual benefits for all parties. These remarks come as the Clarity Act encounters obstacles in the Senate. Armstrong believes U.S. crypto regulatory clarity will eventually be achieved, whether through legislation or regulatory agency rules.

According to SlowMist, North Korea-linked threat actor TraderTraitor (also known as UNC4899 and Jade Sleet) has launched a new attack, recently infiltrating an Indian IT services firm with no ties to the crypto industry. The attacker posted fake job listings on GitHub, using "technical interview assignments" as bait to phish DevOps and crypto engineers. After victims download the project, a malicious .terraform.lock.hcl file points to a Terraform Provider domain controlled by the attacker. Running `terraform init` triggers the download and execution of the malicious Provider module. The attack deploys Rust/ARM64 backdoors FLATROOF and ROOFDECK on victims’ macOS devices; these two malware families were previously used in LayerZero attacks. They can steal credentials and sensitive data, execute shell commands, collect and exfiltrate files, and gain access to cloud services and code repositories. SlowMist warns that TraderTraitor’s latest targets are no longer limited to the crypto sector—the attacker may now be focusing on developers’ access to cloud and API services including AWS, GCP, OVH, and OpenStack. Enterprises should exercise caution when handling unfamiliar Terraform Providers and code repositories from recruiters, and avoid using personal or work devices to run unvetted interview projects.

Beating AI Express (Insight): Luo Fuli, head of Xiaomi’s MiMo project, further explained the current round of reinforcement learning after the release of MiMo-V2.6. She noted that she previously worked on DeepSeek R1, and in her view, the research innovations and engineering challenges behind MiMo-V2.6 exceed those of R1. She also clarified why MiMo uses both MixRL and MOPD: MixRL trains verifiable tasks such as code, general agents, vision, and cybersecurity all within a single round of reinforcement learning. MOPD, meanwhile, handles long, hard-to-verify, or subjectively rewarded tasks by training them separately first, then integrating their capabilities back into the main model. Tasks like games and 3D take too long to run at once and are difficult to auto-assess for correctness. If grouped with code and other tasks in the same RL round, they would significantly slow down training. As a result, MiMo trains these tasks separately and integrates their capabilities into the main model via MOPD.

Uniswap team member niko published a post stating that after Robinhood Chain’s recent large-scale innovation boosted market performance, other blockchains started replicating its ecosystem projects. Meanwhile, some KOLs and venture capital institutions have repeatedly claimed Robinhood Chain is declining, directing users to similar projects on other chains. Niko pointed out that contrary to these claims, Robinhood Chain’s daily trading volume still exceeds $1 billion, and its stock token trading scale is growing rapidly. He believes the bearish narrative surrounding Robinhood Chain’s ecosystem is clearly at odds with actual on-chain data.

Insight Beating AI News Flash: An exclusive report from *Investment Journal* reveals that Yan Wentao officially joined DeepSeek on Monday and reported for duty, becoming the firm’s first Chief Financial Officer (CFO). Born in 1991, Yan graduated from Fudan University and joined Hillhouse Venture Capital in 2020. He has previously been involved in projects including MiniMax, Zhipu AI, and ByteDance. His appointment comes as DeepSeek intensively advances capital operations: the company is finalizing its Series B financing, planning to raise 50 billion yuan at a pre-money valuation of 500 billion yuan. Meanwhile, DeepSeek has hired CITIC Securities to prepare for a potential IPO on the STAR Market.