🔍 December 29, 2025 Daily Briefing 📊 I. Key Data Fear & Greed Index: 30 (Fear) US BTC Spot ETF: Net inflow last week -$782 million US ETH Spot ETF: Net inflow last week -$10,200 📰 II. Important News of the Day 1️⃣ Macroeconomics and Regulation 1) On December 29, according to Caixin, the digital yuan will undergo an upgrade. Starting January 1, 2026, wallet balances will accrue interest. Without changing the two-tier operating structure, digital yuan for banking institutions will move from off-balance-sheet to on-balance-sheet, changing from 100% reserves to partial reserves; non-bank payment institutions will implement 100% digital yuan margin. 2) On December 29th, California proposed adding a vote to a bill called the "Billionaire Tax Act of 2026," which would levy a 5% tax on individuals or entities with a net worth exceeding $1 billion, payable in a lump sum or over five years, to fund the healthcare system and state aid programs. Because part of this proposed wealth tax targets unrealized gains, some billionaires may need to sell stocks or parts of their businesses to raise funds to pay the tax. This proposal has been strongly opposed by cryptocurrency executives, including Bitwise CEO Hunter Horsley and Kraken co-founder Jesse Powell, who argue that it would trigger an outflow of entrepreneurs and capital flight. 2️⃣ Industry News 1) On December 29th, Standard Chartered Bank Limited (Hong Kong) and Ant International jointly launched a blockchain-based tokenized deposit solution supporting 24/7 real-time fund transfers. Developed jointly by the two companies, the solution enables seamless fund flows in Hong Kong dollars, offshore RMB, and US dollars, significantly improving fund management efficiency. 2) On December 29th, according to Artemis data, Solana DEX spot trading volume has surged to over $1.7 trillion year-to-date, surpassing Bybit to become second only to Binance. 3) On December 29th, according to Token Terminal data, the number of contracts deployed on Ethereum reached a record high of 8.7 million in the fourth quarter of 2025. 3️⃣ Focused Target Developments/AI-Related Progress 1) The "National Standards for Large-Scale Artificial Intelligence Models" was officially implemented recently. As the first national-level technical specification in China focusing on general-purpose large-scale models, this standard systematically clarifies performance requirements, security requirements, and service capabilities for the first time. This means that in the future, if enterprise large-scale model products are used in key areas such as government affairs, finance, and healthcare, they may need to pass this authoritative evaluation before being allowed entry, significantly raising the industry threshold and credibility. 2) On December 29th, users in Guangdong Province were the first to experience the newly launched "Task Reminder" function of Yuanbao AI. This feature allows users to set recurring scheduled tasks with a single sentence, which will proactively push reminders at the designated time. In some scenarios, it also provides extended services to improve daily scheduling efficiency. Practical applications include scenarios such as: "giving your pet cat a pedicure on the 15th of each month," "pushing bedtime stories to 4-5 year old children at 8:30 PM every night," and "pushing the previous day's AI industry news at 9:00 AM every day." 4️⃣ Further Reading 1) ByteDance won another bet: mp.weixin.qq.com/s/5s8k4p7i1D2...