1. Infrastructure Deepening of Payment Giants: PayPal's "PYUSD Automatic Treasury"

Yesterday, PayPal (NASDAQ: $PYPL) launched a groundbreaking feature for its enterprise accounts: Automatic Treasury Conversion from PYUSD to BTC.

Previously, merchants receiving stablecoins on PayPal typically chose to convert them into fiat currency. The new feature allows over 30 million global merchants to set a threshold (for example, 10%) to automatically convert stablecoins from their daily revenue into Bitcoin and deposit them into the compliant enterprise custody vaults provided by PayPal. This signifies that PayPal is not only functioning as a channel but also leveraging its vast network to widely promote the practice of "Bitcoin Vaults" among traditional small and medium-sized retail entities.

2. The "Fuelization" of Digital Assets: Reddit's ETH Consumption Model

In the financial supplementary disclosure for the first quarter, Reddit (NYSE: $RDDT) showcased the whereabouts of ETH and MATIC (now POL) in its treasury.

Unlike the "hoarding" of miners, Reddit explicitly stated that its held crypto assets are directly used to pay for its decentralized community points (Community Points) and digital avatars (Avatars) operating on the public chain's Gas fees (network fuel costs). Yesterday's analysis reported that Reddit is the first Web2 giant to prove to Wall Street that "crypto treasuries are essential operating expenses for modern internet companies and not mere speculation."

3. The "Tokenization Agency" on Wall Street: Fidelity Tests On-chain Shareholder Voting

Another subtle yet profound action yesterday came from traditional asset management. Fidelity (NYSE: $FNF) announced the successful testing of blockchain-based shareholder identity verification and voting tracking in a proxy vote for a small public company.

This aligns with the "stock tokenization" initiative that Nasdaq is advancing. Once the shares of a listed company are effectively validated on-chain, the use of digital assets from corporate treasuries (such as holding public chain tokens for network processing priority) for real-time dividend distribution and equity governance will completely eliminate the currently cumbersome T+2 settlement and offshore agency systems.

First Quarter Review Summary: From "Asset Defense" to "Native Applications"

Based on yesterday's closing and the trends over the entire first quarter, the core moat of the coin-stock market has evolved. The era relying solely on bond issuance to buy coins for profit is nearing its peak; entering the second quarter, the market will grant higher valuation premiums to companies that can truly integrate crypto assets (such as PayPal's channel empowerment and Reddit's ecosystem consumption) into the very essence of their business.

Data Source:https://bbx.com/ Crypto Concept Stock Information Database, organized based on global public company announcements and SEC/TSE disclosure documents from yesterday.

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