In my impression, after 2020, various exchanges began to attach importance to reserve proof and regularly disclose their own assets, which gradually became a standard in the industry. I saw Gate release its new reserve report and also researched its recent financial activities. 1. The latest announced total reserve is 8.688 billion US dollars, with an overall reserve ratio of 118.49%, covering 500 currencies. Defillama data shows that the total reserve size ranks sixth in the world. 2. USD1 stablecoin wealth management, subsidies are still ongoing. Besides BTC ETH USDT, USD1 is the fourth largest asset holding, holding nearly $400 million in reserves. Its size is not small, having dropped from a high yield of 20% in the early days to 6.4% now, but it is still the preferred choice for many people. For most of the first half of the year, I also held it flat, after all, the promotion of USD1 has always been more willing to spend money. What I am more curious about is what the exchange will do in the future as subsidies gradually decrease. 3. The US stock tokens generate interest by holding them, and the seven supported assets mainly come from Ondo, including BlackRock's ETF related strategy (BLKHION) and the seven tech giants MAG7XON in the US stock market. In addition to the product's own ups and downs and profit sharing, there is an additional 8% estimated annualized return subsidy, and there is no need to lock up positions. Rewards are issued directly. 4. IPOs are attempting to introduce equity valuation transactions of unlisted companies into trading platforms. The latest target of the Pre IPO subscription platform, Anthropic, should be coming soon.