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R25 Studio launches public testing: Fund establishment compressed from several months to 10 minutes, on-chain asset management enters the programmable era

R25 today announced that its core product R25 Studio, based on the 2 architecture, has officially launched public testing. R25 Studio is dedicated to realizing the vision of "everyone can become an asset manager," fully opening up the capabilities for the establishment, operation, and distribution of institutional-level funds. By abstracting cumbersome legal documents, backend systems, and compliance processes into configurable smart contracts, R25 Studio has successfully compressed the fund establishment cycle from several months to just 10 minutes.The platform revolves around Build, Manage, Earn, and Distribute, covering Vault creation, subscription and redemption, investment management, fee earning, and distribution; asset managers can autonomously set investment parameters, management fees, and performance fee rates on-chain without building complex fund structures from scratch, generate exclusive Vault Tokens/Shares, and list the Vault on channels such as Dapp and Topnod. The platform also provides performance data such as NAV, APY, cumulative returns, and maximum drawdown, helping asset managers monitor strategy performance in real-time.Previously, in Phase 1, Axil launched a private credit Vault on R25 and successfully surpassed $130 million in TVL, validating the reliability of this infrastructure. The registration channel for the first batch of managers is now open.

first_img XRP Ledger carries the Brazilian CSD BR fund records, involving approximately 4 trillion USD in assets

The regulated operator responsible for the registration, securities custody, and settlement system of the Brazilian financial market, CSD BR, has begun to record the ownership of shares in certain investment funds under BTG Pactual, mirroring them to the public XRP Ledger. CSD BR manages registered assets exceeding 22 trillion Brazilian Reais, approximately 4 trillion US dollars. Its existing database still serves as the official record for registration, custody, and settlement, and the relevant assets have not been transferred to the XRP Ledger; fund shares will be presented in token form on the XRPL.This blockchain copy aims to allow approved banks and institutions to verify ownership changes in real-time, replacing post-reconciliation, reducing the slow and costly verification process, while retaining identity checks and regulatory controls. Anyone can read the token circulation on the XRPL, but CSD BR still controls who has the right to hold and transfer these tokens. The tokens adopt the multi-purpose token standard of the XRP Ledger, allowing issuers to restrict participants and freeze assets or revoke transactions upon regulatory or court requests, while participants still need to pass identity and anti-money laundering checks.The project starts with real fund records, distinguishing it from previous pilots that used test assets or closed networks. CSD BR was established in 2018 and is authorized by the Central Bank of Brazil and the securities regulatory authority. After becoming familiar with the mirroring system, CSD BR and Ripple plan to test the direct issuance of assets on the XRP Ledger and allow approved participants to trade, with potential targets including Brazilian real estate receivables and agricultural receivables.

first_img Samsung Electronics executive: It is expected that HBM will account for nearly 30% of DRAM wafer production capacity next year

According to a report by the Financial Associated Press citing local media on September 29, Samsung Electronics Executive Vice President Kim Taewoo stated that HBM is expected to account for nearly 30% of the total wafer capacity of DRAM manufacturers next year, up from the current ratio of about 20%. He mentioned that HBM competes with traditional DRAM for the same batch of wafer capacity, and increasing HBM output may squeeze the supply of traditional DRAM.TrendForce previously predicted that by the end of 2027, the HBM wafer input from the three major global HBM suppliers will account for about 30% of the total DRAM wafer input, but in terms of storage capacity, it will only contribute about 13% of the total DRAM supply. Additionally, according to media reports on September 20, Samsung began mass production and shipment of HBM4 in February this year and provided 12-layer HBM4E samples to customers including NVIDIA in May; the industry expects Samsung's monthly wafer input for HBM to increase from about 180,000 wafers this year to about 250,000 wafers next year.On the same day, TrendForce stated that the demand for AI servers continues, and HBM and general DRAM will still share limited advanced process capacity. The storage supply will remain tight in 2027, and the price expectations for HBM in 2027 have been raised, with an expected year-on-year increase of 121% in the mixed average selling price. Due to limited supply and rising system costs, 8-layer HBM is expected to become a priority evaluation option for several manufacturers in 2027, with its price per Gb expected to be about 10% to 20% higher than that of 12-layer products.

Michael Saylor seeks to restart the Strategy financing engine: the proposal for daily dividends on preferred shares may pass

According to Bloomberg, Strategy's Executive Chairman Michael Saylor is seeking to adjust the dividend mechanism for the company's preferred shares, proposing to change the dividend payment from bi-monthly or quarterly to daily for billions of dollars in preferred stock. The annualized yield on the related securities can reach up to 12%, and Saylor stated that this move would help improve liquidity and market efficiency.Previously, Strategy primarily raised funds by selling common stock to purchase Bitcoin, but as the premium of common stock relative to its Bitcoin assets disappeared, the company shifted to issuing perpetual preferred shares that do not dilute the equity of common stock shareholders. Such securities have no fixed repayment date and can provide a new source of financing for Strategy. The company currently has over $14 billion in preferred shares outstanding. Although the company has repurchased over $1 billion of floating-rate preferred shares STRC, it has still been unable to issue new STRC since May.Analysts pointed out that increasing the frequency of dividend payments mainly reduces dividend-related volatility, cannot eliminate credit and Bitcoin price risks, and may not necessarily enhance market liquidity. The shareholder vote on the proposal will conclude on October 28. Given that Saylor is the main shareholder of Strategy, the proposal is expected to pass.

CryptoQuant: Short-term on-chain profit margins hit the highest since December 2024, Bitcoin may face a correction

According to a report by The Block, CryptoQuant's research director Julio Moreno pointed out that Bitcoin's closing price last week was above the 365-day moving average, confirming the start of a new bull market. However, Moreno stated that after Bitcoin reached an eight-month high of $87,400, several indicators show that upward momentum is weakening, and a market correction may follow.The report noted that the on-chain unrealized profit margin for short-term traders has risen to 33%, the highest level since December 2024. Historically, when profit margins are at similar levels, it often prompts traders to take profits. Data shows that on September 22, Bitcoin holders realized profits of 25,700 BTC in a single day, setting a record for the highest daily profit since 2026; the altcoin market also showed signs of selling pressure. The seven-day cumulative number of altcoin transactions rose to 76,000, the highest level since October 17, 2025. Meanwhile, spot demand continues to shrink, and the growth of futures demand has significantly slowed.After Bitcoin previously reached an eight-month high of around $87,400, the upward momentum has shown signs of fatigue. Julio Moreno indicated that if a correction occurs, the 365-day moving average (around $80,000) will serve as the primary support, followed by the 200-day moving average (around $71,000) and the on-chain realized price for traders (around $67,000). Provided that the support levels hold, this correction is more likely to be a healthy consolidation in a young bull market rather than a trend reversal.
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