Investors are grappling with mixed signals from the United States economy, where durable goods orders have shown resilience despite a decline. At the same time, President Donald Trump’s bold move against a Federal Reserve governor underscores the fragility of institutional independence. Meanwhile, equity markets exhibit regional disparities, foreign exchange rates fluctuate ahead of key data releases, and commodities reflect broader risk appetites.

In the realm of digital assets, where intriguing narratives unfold, particularly around Bitcoin Asia 2025 in Hong Kong, political sensitivities have led to notable withdrawals, even as corporations like Japan’s Metaplanet and the US-based KindlyMD double down on Bitcoin as a strategic reserve. From my perspective as a journalist who has covered financial markets and geopolitical intersections for over a decade, these events highlight a pivotal tension.

While political pressures threaten to stifle innovation in hubs like Hong Kong, the inexorable march of corporate adoption of Bitcoin suggests that decentralised finance may ultimately transcend national rivalries, offering a hedge against traditional economic uncertainties.

US economic data: Resilience amid slowdowns

Starting with the macroeconomic backdrop, US durable goods orders for July 2025 decreased by 2.8 per cent to US$302.8 billion, marking a continuation of the downward trend from June’s revised 9.4 per cent decline. This figure, however, beat economists’ expectations of a four per cent decline, providing a sliver of relief amid concerns over manufacturing slowdowns. The Commerce Department attributes part of the earlier volatility to firms front-loading imports in May to sidestep impending tariffs, a strategy that now appears to be unwinding.

Complementing this, the Dallas Federal Reserve’s business activity index rose 4.8 points to 6.8 in August, its highest level since January, with revenue indices increasing to 8.6 and employment remaining steady at 1.2. These metrics indicate a stabilising labor market and improving business sentiment, as evidenced by the outlook index turning positive at 4.3 for the first time in six months.

On the housing front, the S&P CoreLogic Case-Shiller 20-City Home Price Index rose 2.1 per cent year-on-year in June, decelerating from May’s 2.8 per cent and aligning with forecasts, the slowest growth since July 2023. High mortgage rates and an abundance of inventory have curbed buyer enthusiasm, yet this moderation could help ease inflationary pressures.

Also Read: Crypto-AI startups making waves in Asia: The future is here

In my view, these data points collectively suggest an economy in transition, resilient enough to avoid recession but vulnerable to policy shocks, which brings us to the escalating drama at the Federal Reserve.

Political turbulence at the Federal Reserve

President Trump’s attempt to oust Governor Lisa Cook has injected unprecedented political turbulence into monetary policy. Trump announced her removal effective immediately, citing allegations of mortgage document falsification from her pre-Fed days, framing it as sufficient “cause” under the Federal Reserve Act.

Cook, the first Black woman on the Fed Board and a vocal advocate for economic equity, has vowed to challenge this decision legally, with her attorney, Abbe Lowell, asserting that the president lacks the authority to fire her without due process. The Fed itself has reaffirmed that governors can only be removed for cause, not at will, and Cook plans to seek a court injunction to retain her position until her term ends in 2038.

This confrontation, the first of its kind in the Fed’s 111-year history, has markets on edge, with some analysts fearing it could erode the central bank’s independence, reminiscent of the pressures of the 1930s era. Trump’s economic adviser, Kevin Hassett, has even suggested that Cook take a leave of absence during the litigation, while Democrats downplay the fraud claims as minor.

From where I stand, this episode exemplifies Trump’s aggressive approach to reshaping institutions, potentially destabilising rate-cut expectations just as the Fed eyes Nvidia earnings, GDP revisions, and PCE inflation data. It risks politicising monetary decisions at a time when the economy needs steady hands, and if successful, it could set a precedent that undermines global confidence in US financial governance.

Equity markets: Diverging trends across regions

Shifting to equities, the US markets demonstrated buoyancy despite the Fed turmoil. The S&P 500 advanced 0.4 per cent on Tuesday, buoyed by Nvidia’s 1.1 per cent gain ahead of its earnings and Eli Lilly’s 5.8 per cent surge on promising diabetes drug results. The Dow Jones rose 135 points, and the Nasdaq matched the S&P’s climb, with industrials outperforming amid declines in energy and consumer staples.

Post-market, MongoDB jumped 30 per cent on beating revenue estimates. In contrast, European stocks faltered, with the Stoxx 50 down 1.1 per cent and France’s CAC 40 plunging 1.6 per cent amid deepening political instability. Prime Minister Francois Bayrou’s call for a September 8 confidence vote has heightened jitters, as opposition parties pledge to topple his government, exacerbating concerns over weak growth and geopolitical risks.

Also Read: Crypto bleeds and Wall Street collapses as 0.9 PPI shock triggers Fed panic right now

Commerzbank tumbled over six per cent following a downgrade from Bank of America, though Orsted rebounded by two per cent. In Asia, Hong Kong’s Hang Seng index slipped 1.2 per cent to 25,525, reversing a two-day streak, influenced by US futures dips and Trump’s threats of 200 per cent tariffs on China over rare-earth magnets, alongside retaliation against nations that regulate US Big Tech.

Haidilao fell 2.8 per cent on missed earnings, with broader losses in biopharma and semiconductors. Singapore’s Straits Times edged up 0.1 per cent to 4,256.49, led by Mapletree Logistics Trust’s 3.4 per cent rise, though DBS Bank declined one per cent. Thomson Medical Group soared nearly 40 per cent on news of a massive Johor project.

Overall, these movements reflect a bifurcated global sentiment: US optimism driven by tech, countered by European and Asian caution amid trade wars and domestic politics.

Currencies, commodities, and fixed income signals

In the foreign exchange market, the US dollar softened as markets anticipated Nvidia’s results and upcoming data, with firmer-than-expected durable goods and consumer confidence providing some support. G10 currencies strengthened against the US dollar, with GBP/USD at 1.3480, bolstered by Bank of England hawk Catherine Mann’s stance on holding rates, and EUR/USD steady at 1.1640 despite French fiscal risks arising from Bayrou’s vote.

AUD and NZD gained modestly but were capped by risk aversion, as Reserve Bank of Australia minutes hinted at a 25-basis-point cut and further easing. USD/JPY briefly touched 147.00 on the Cook news before retreating. Looking ahead, economic calendars feature Australia’s CPI, Germany’s GfK consumer confidence, France’s unemployment claims, US mortgage rates, and a speech by Raphael Bostic of the Fed.

Commodities mirrored this caution: oil plummeted sharply, its worst drop since early August, while gold rallied as a safe haven. The fixed income market saw the 5-year to 30-year Treasury yield spread widen to its steepest level since 2021, signaling expectations of long-term growth amid short-term uncertainties. These dynamics underscore a market poised for volatility, where political noise amplifies economic signals.

Bitcoin Asia 2025: Political shadows in Hong Kong

Turning to cryptocurrencies, the spotlight falls on Bitcoin Asia 2025, scheduled for August 28-29 in Hong Kong, one of the world’s premier crypto gatherings. Withdrawals from key figures have overshadowed the event: Eric Yip Chee-hang, director of Hong Kong’s Securities and Futures Commission, and legislator Johnny Ng Kit-chong, both initially slated to speak but now absent from the agenda.

Sources indicate an informal directive to avoid the conference due to Eric Trump’s confirmed appearance as a keynote speaker, aiming to prevent any perception of aligning with or flattering the Trump administration amid escalating US-China tensions. This move, as analyst Lau Siu-kai noted, reflects Beijing’s caution in a city caught between superpowers, especially after US tariffs up to 145 per cent on Hong Kong exports.

Also Read: Bitcoin’s big moment: Can crypto shine as stocks stumble before Jackson Hole?

Eric Trump, executive vice president of the Trump Organisation and a self-proclaimed “Bitcoin maxi,” is set to discuss Bitcoin’s global potential and Asia’s role, fresh from visits to Japan and predictions of BTC reaching US$175,000 this year. The Trump family’s crypto ties, including ventures in mining and advocacy for US-friendly regulations, have fuelled past criticisms of conflict of interest.

In my opinion, these withdrawals are symptomatic of Hong Kong’s precarious position: aspiring to be a crypto hub with new stablecoin regulations and fintech initiatives, yet constrained by Beijing’s oversight and US antagonism. I will still be speaking at this event. I do not find the atmosphere charged, but it also presents an opportunity to emphasise crypto’s borderless nature, potentially bridging divides.

Corporate Bitcoin treasuries on the rise

Amid this, corporate Bitcoin adoption surges. Japan’s Metaplanet Inc., rebranded as a “Bitcoin treasury company,” plans to raise US$1.2 billion through an overseas share issuance, allocating US$835 million for BTC purchases between September and October, targeting 210,000 BTC (approximately one per cent of the total supply) by 2027.

Currently holding 18,991 BTC worth US$2.1 billion, the firm, led by ex-Goldman Sachs executive Simon Gerovich, uses BTC to hedge yen weakness and inflation, with additional funds for its “Bitcoin Income Business” via covered calls. Similarly, US healthcare firm KindlyMD (ticker: NAKA) filed a US$5 billion at-the-market equity offering to bolster its Bitcoin treasury, following an initial purchase of 5,744 BTC valued at US$635 million.

Shares dipped 12 per cent to US$8.07 post-announcement, amid BTC’s 10 per cent fall from mid-August highs to US$111,250. This echoes MicroStrategy’s playbook, popularised by Michael Saylor, where firms view BTC as an inflation hedge despite the risks associated with volatility.

Bitcoin price trends and the road ahead

Bitcoin itself declined 0.5 per cent to US$111,219 over 24 hours, extending a seven day 2.7 per cent drop, driven by technical breakdowns below key moving averages, US$131 million in ETF outflows, and weak buying momentum. Yet, advocates argue its long-term value persists.

In my opinion, these corporate pivots amid political headwinds demonstrate Bitcoin’s maturation from a speculative asset to a corporate staple, potentially insulating it from events like the Hong Kong withdrawals. For Asia, particularly Hong Kong, navigating US-China frictions will be key; the conference could catalyse discussions on regulatory harmony, but only if participants prioritise innovation over ideology.

As global tensions rise, crypto’s decentralised ethos offers a compelling alternative, one that might ultimately redefine treasury management and cross-border finance. This evolving story, blending economics, politics, and technology, reminds us that in an interconnected world, no market operates in isolation.

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A new global survey from cybersecurity firm Kaspersky reveals a surprising disconnect in AI travel adoption: only 28 per cent of travellers currently use the tech to plan their journeys, but a staggering 96 per cent of those who do report high satisfaction. With 84 per cent planning to use it again, the results suggest a powerful undercurrent of trust once AI is adopted, hinting at a future tipping point for AI-based travel services.

The research, conducted in partnership with Toluna and based on responses from 3,000 individuals across 15 countries including Indonesia, Malaysia, and China, found that while AI tools are widely used for general research (72 per cent) and work (45 per cent), their application in travel planning remains limited.

Among those who do turn to AI for trip preparation, satisfaction is nearly universal. Of those surveyed, 44 per cent rated the AI-assisted experience as “perfect,” and 52 per cent called it “good.” Despite low adoption, these high approval ratings may signal AI’s latent potential to reshape how consumers research and book travel experiences.

Kaspersky’s findings show that research remains the most trusted function for AI in travel. Among AI-travel users, 70 per cent employed it to discover events, excursions, and sightseeing routes.

Also Read: Agentic AI, urban mobility & smart tourism: 2025’s travel investment hotspots

Others used it to find accommodations (66 per cent), restaurants (60 per cent), and flights (58 per cent). Families with children were more likely to lean on AI for help across all these categories, highlighting AI’s time-saving benefits for more complex travel logistics.

However, when it comes to bookings, the numbers dip: 45 per cent booked hotels via AI, 43 per cent booked tickets, and only 38 per cent booked restaurants. Visa advice from AI saw notable use (45 per cent) though Kaspersky cautions against relying solely on AI for critical, legally sensitive matters such as immigration, citing real-world mishaps such as incorrect visa advice from AI chatbots.

Kaspersky advises travellers to double-check AI-sourced information, avoid booking on unverified sites, and maintain cybersecurity hygiene, especially when using public Wi-Fi or mobile data abroad.

“Respondents all value their time and prefer the personalised outputs that AI provides,” said Vladislav Tushkanov, Group Manager at Kaspersky AI Technology Research Centre.

“AI is maturing and rapidly delivering on its promise of better research and creative ideas, but we must remember that the decision is still ours to make”.

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The rapid rise of artificial intelligence (AI) has transformed the mobile apps landscape, taking it from niche utility to mainstream essential. According to the State of AI Apps Report 2025 by Sensor Tower, the reach of generative AI (GenAI) has widened considerably, reshaping user demographics, engagement patterns and global market trends.

AI is no longer confined to experimental chatbots or specialist tools. It has spread across verticals, powering everything from calorie counters and editing software to lifestyle guidance platforms. This expansion is reflected in app store metadata, where the term “AI” appears more than 100,000 times in app descriptions.

The scale of adoption is striking. In the first half of 2025, global downloads of GenAI apps reached nearly 1.7 billion, with in-app purchase revenue hitting nearly US$1.9 billion. Usage growth shows little sign of slowing: downloads rose 67 per cent half-over-half, while revenues doubled compared to late 2024. Consumers spent a collective 15.6 billion hours in such apps, equating to 86 million hours daily across 426 billion sessions, an intensity that underscores their stickiness.

The report highlights Asia as the most dynamic market for AI-powered mobile apps. Downloads surged 80 per cent between late 2024 and early 2025, well ahead of Europe (51 per cent) and North America (39 per cent). India and Mainland China have been pivotal in this expansion, establishing Asia as the global epicentre of AI adoption.

This regional dominance signals the availability of low-cost smartphones and internet access and a demographic tilt towards younger populations, who are more willing to experiment with emerging technologies.

Also Read: AI remains a travel underdog, but satisfaction soars among early adopters: Kaspersky

Demographics: young, male-leaning but diversifying

Despite broad uptake, audience profiles reveal distinct patterns. GenAI apps still skew towards younger men: in the US, nearly 70 per cent of ChatGPT users are male and 64 per cent are under 35. However, a more balanced audience is emerging. Flagship apps such as ChatGPT, Microsoft Copilot and Google Gemini now attract at least 30 per cent women users. In contrast, entertainment-driven platforms such as PolyBuzz and Character AI are especially popular with young women.

AI Assistants also attract tech-savvy groups. There is substantial overlap with communities such as cryptocurrency traders and peer-to-peer payment adopters, reflecting both early adopters and digitally confident users.

One of the most revealing insights is how usage rhythms resemble those of established search engines. AI assistants are increasingly treated as information gateways, with daily peaks between 7 PM and 10 PM.

ChatGPT also demonstrates a spike in weekend usage, suggesting it has become a go-to tool for broader lifestyle and entertainment needs. On average, ChatGPT users engage with the app 13 times per month, similar to X (formerly Twitter) and Reddit, highlighting its growing integration into everyday routines.

The scope of AI apps is diversifying. ChatGPT, once regarded primarily as a technical aid, is now seeing more prompts related to lifestyle and entertainment, which grew from 22 per cent in mid-2024 to 35 per cent a year later. Health and wellness, government and politics, and shopping are also expanding rapidly.

Still, work and education remain the dominant categories, accounting for nearly 60 per cent of use cases.

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Image Credit: Rob Hampson on Unsplash

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ZUZU Hospitality, a Singapore-headquartered platform focused on revenue management and distribution for independent hotels across Southeast Asia and India, has secured US$5.9 million in Series B extension funding.

Wavemaker Growth, the growth fund of long-time backer Wavemaker Partners, led the round. Existing investors Velocity Ventures and Vulpes Ventures and new investor Latin Leap participated.

Also Read: The days of the ZIRP raise-cash-burn-cash model are gone: ZUZU Hospitality CEO

This money will accelerate the deployment and scaling of ZUZU’s AI-powered revenue management platform RevMate, expand data capabilities, and scale its go-to-market efforts.

The hospitality sector is entering a new phase of digital transformation driven by AI. Independent hotels, which constitute the vast majority of the market, face the significant risk of being left behind. Unlike their larger counterparts with dedicated revenue management teams, these properties often lack the necessary expertise and tools to harness AI’s full potential.

ZUZU Hospitality provides a proprietary all-in-one hotel operating system ( including RevMate and a payments platform) to allow hotels to manage guest and channel partner payments seamlessly.

The core of ZUZU’s RevMate AI platform lies in its proprietary dataset, a collection of booking patterns, pricing decisions, and market performance from its 3,000 hotel partners in India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.

According to the firm, the hotel partners report an average 8x return on investment.

Vikram Malhi, founder and CEO of ZUZU Hospitality, commented, “We’re witnessing the most significant transformation in hospitality since the internet. AI is reshaping how demand is predicted and revenue is optimised. Our mission has always been to empower independent hoteliers–the heart of this industry–who lack the resources of large chains.”

“The foundation of this mission is our unique data advantage. We’ve built a proprietary dataset from over 3,000 hotels in a market segment that historically lacks good benchmarking. This data is the fuel for RevMate, our AI revenue management platform, allowing us to fine-tune algorithms specifically for the nuances of the APAC hospitality industry.”

Also Read: The invisible problem in hospitality that’s costing billions in lost revenue

In May 2023, ZUZU announced an oversubscribed US$9 million Series B funding round led by SoftBank Ventures Asia, with participation from Atinum Partners and existing investors Wooshin Venture Investment, Visor Ventures and JG Digital Equity Ventures.

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In the world of finance, access is often mistaken for inclusion. But as tokenised real-world assets (“RWAs”) move from concept to adoption, we must ask: Is access alone enough?

Tokenisation promises to open capital markets to broader global participation. It aims to make exposure to US equities, government bonds, and yield-bearing products as easy as owning stablecoins. But this transformation is not just about making old products faster or cheaper – it’s about rebuilding financial systems in ways that are more transparent, programmable, and equitable. 

For stock tokenisation to succeed, it must go beyond idealism and confront operational, legal, and educational challenges head-on.

Stock tokenisation isn’t new

The idea of putting stocks on the blockchain isn’t some futuristic concept. In fact, it’s been tried before. During the 2020–2021 crypto boom, exchanges like FTX and Binance experimented with tokenised equities, hoping to give global users easier access to US markets.

In 2020, FTX partnered with German firm CM Equity to offer tokens backed 1:1 by shares of companies like Tesla and Apple. These ERC20 tokens gave global users, especially those in emerging markets, an easy way to gain exposure to US stocks. However, regulatory warnings from BaFin and the SEC deemed the products unlicensed securities, forcing FTX to shut them down. 

Binance launched a similar offering in 2021 using the same model but also faced mounting regulatory pressure in several jurisdictions. The service was eventually discontinued.

These cases underscored a critical truth. The core barrier to tokenised stocks is not the technology but regulatory compliance. While demand and infrastructure exist, navigating the complex landscape of securities regulation remains the key challenge for widespread adoption.

A fragmented but evolving regulatory landscape

Today, regulatory approaches to tokenised stocks vary widely. In the US, the SEC maintains that tokenisation does not alter the underlying asset’s status as a security. Any tokenised equity offering to US users must comply with strict requirements, including broker-dealer and ATS licenses, qualified custody, and full disclosure. 

Also Read: The future of investing isn’t TradFi or DeFi: It’s tokenised, transparent, and built for the next billion

In Europe, tokenised stocks fall under both MiFID II and the new MiCA regulation. While MiFID II governs all securities regardless of form, MiCA expands oversight to include certain asset-backed tokens. Pilot programs, such as those by Robinhood Europe, require careful structuring and regulatory exemptions.

In Asia and the Middle East, regulators like MAS, FINMA, and ADGM have created sandboxes for limited RWA tokenisation, primarily for qualified investors. As stock tokenisation is still a new financial instrument, regulators are open to market experimentation and are expected to adapt their frameworks as more real-world data emerges from ongoing pilots.

Not all tokenised assets are created equal

One of the challenges in today’s market is that the term “tokenised stock” can refer to vastly different mechanisms, each with unique trade-offs:

• Custodial-backed models (e.g., Backed Finance) offer tokens fully collateralised by real-world equities held in regulated custodians. These may provide some degree of economic exposure but often lack shareholder rights or dividend claims.
• Contract-for-difference (“CFD”) models, tokenised stocks provide synthetic price exposure without actual asset ownership. These instruments are typically used for short-term trading and represent a zero-sum game between the trader and the platform acting as the counterparty.
• DeFi synthetic models, powered by oracles and overcollateralised derivatives, enable permissionless and fully on-chain exposure to real world asset prices. However, they carry inherent risks, including oracle failures, collateral volatility, smart contract vulnerabilities, and the absence of backing by real-world assets.

For all the current mechanisms above, owning a piece of tokenised Tesla stock does not necessarily mean owning part of Tesla Company. In most cases, end users do not receive voting rights, dividends, or guaranteed redemption mechanisms.

As infrastructure continues to mature, this issue is expected to be mitigated over time. In the meantime, greater emphasis must be placed on educating retail users to ensure they fully understand the risks associated with the assets they are purchasing. 

Building with accountability, not hype

As tokenised finance grows beyond early experimentation, industry stakeholders – including exchanges, infrastructure providers, and ecosystem enablers – must take collective responsibility for shaping its trajectory. The focus can no longer rest solely on narratives or trading momentum. What matters now is building infrastructure that balances openness with integrity.

Also Read: The 3 ways younger generations are boosting financial inclusion

This includes auditability, clear asset linkages, permission-aware token standards, and regulatory-aligned stablecoin frameworks. Exchanges and infrastructure providers can play a pivotal role here – not only by offering global liquidity but by promoting responsible asset design, transparent disclosures, and risk-managed user access.

A more honest financial future

The future of RWA like tokenised stock is not just about faster rails or fractional access. It’s about making finance more understandable, more interoperable, and more resilient to abuse.

Yes, tokenisation expands who can participate. But participation must come with clarity. We must tell users not only what they own, but what they don’t. We must distinguish between exposure and entitlement, between liquidity and redemption, between freedom and fragility.

If we do this right, tokenised finance won’t just mirror traditional markets – it will complement and improve them. But to get there, we need more than momentum. We need standards, transparency, and a willingness to confront complexity.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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