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The central bank says data-analytics tools caught high-volume Tether transactions structured to dodge disclosure, and it has handed the cases to the securities regulator that oversees digital assets.

Posted July 13, 2026 at 1:14 pm EST.

Thailand’s central bank is targeting crypto transactions as part of a broader crackdown on illicit finance.

Bank of Thailand Governor Vitai Ratanakorn said over the weekend that the bank and the country’s Securities and Exchange Commission are using data-analytics tools to audit abnormally high-volume trades in stablecoins such as Tether’s USDT, according to local news outlet Thansettakij.

Early reviews have already flagged transactions that appear structured to conceal ownership or move money outside normal banking channels, Ratanakorn said, according to Thansettakij. The central bank has handed those findings to the SEC, which holds direct statutory authority over digital assets in Thailand, for possible enforcement.

“The measures we are implementing are not short-term fixes; they require the continuous deployment of multiple parallel strategies,” Ratanakorn was quoted as saying.

The stablecoin audit is one strand of a broad crackdown on what Thai officials call the grey economy, the flow of suspicious cash across the region. Since April, anyone withdrawing 5 million baht (about $150,000) or more in cash has had to give their bank a commercial reason for it, a step the BOT credits with reducing large withdrawals by about 35%. From the fourth quarter, depositors bringing in the same amount may have to declare where the money came from. Regulators have also tightened reporting on gold trading, where monthly withdrawals fell from about 4,000 kilograms to 700, and closed thousands of accounts used as “mules” for online-gambling flows.

Thai police in collaboration with Interpol recently identified a romance-scam laundering network in which a single wallet allegedly controlled by a suspect aged 20 moved more than $122.5 million in 10 months.

Related Listen: How Lighter Powers Robinhood Perps With USDG as the Quote Asset

AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.

In brief Bolivia is assessing the potential to include USDT alongside other forms of payment in the nation. The nation removed a block on crypto transactions in 2024 and is still working on a way to regulate crypto assets. From July 2024 to June 2025, it facilitated more than $14.8 billion in crypto transaction volumes. Bolivia’s economy is stabilizing, and now it is investigating the potential inclusion of Tether’s dollar-backed stablecoin USDT as a form of payment in the nation, according to a local news report from La Razón.

The report stems from a Friday briefing from Bolivia’s Minister of Economy, José Gabriel Espinoza Yáñez, who highlighted the care that must be taken as part of the assessment. 

“Remember that Bolivia is on the [Financial Action Task Force] gray list, yet another consequence of the problems they left us with in the past, and these crypto assets must be carefully evaluated,” he said in the press conference, per the publication.

“We are working on regulations to govern their use for those who have adopted them, in many cases out of necessity, and know how to use them properly,” he added. 

The FATF lists, black and grey, identify nations that have deficiencies in their ability to counter money laundering and terrorist financing. On the grey list, Bolivia is under increased monitoring by the FATF, but it is deemed to be “committed to resolving” the issues quickly. 

"The Bolivian economy today is considerably different from what we found eight months ago,” said Espinoza Yáñez in a statement. “The measures we implemented are part of a plan designed before we took office, and the results are beginning to validate that approach.”

The South American nation removed a block on crypto transactions in 2024, helping to fuel explosive crypto growth in Latin America, which recorded almost $1.5 trillion in transactions over a three-year stretch ending June 2025, according to data from Chainalysis. 

During the period from July 2024 to June 2025, the nation ranked eighth among its Latin American peers with $14.8 billion in transactions, outpacing others like Ecuador and Puerto Rico in the process. 

In October 2024, one of the nation’s biggest banks—Banco Bisa—kick-started its crypto custody services, allowing its members to store and transfer USDT, but no other crypto assets. 

“USDT is more and more used as a cornerstone within several emerging markets economies,” Tether CEO Paolo Ardoino posted on X following news reports about Bolivia’s consideration. 

The leading stablecoin by market cap, USDT ranks third among all crypto assets with a market capitalization of more than $184 billion. 

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Bolivia has moved closer to recognizing Tether’s USDT as an official payment option alongside the boliviano and the U.S. dollar as the country continues to grapple with a prolonged shortage of foreign currency.

Summary

Bolivia is considering recognizing USDT as an official payment option alongside the boliviano and U.S. dollar. Local banks already support USDT services as the country struggles with a prolonged dollar shortage. Tether is expanding institutional use of USDT while pursuing stronger reserve transparency through a KPMG audit. According to reports from Bolivia, government officials are weighing a proposal that would allow USDT to circulate as part of the national payment system, a step that would formalize a practice already taking shape across parts of the country’s financial sector.

If approved, the move would make Bolivia the first Latin American nation to officially recognize USDT as a payment option alongside its domestic currency and the U.S. dollar.

Years of declining natural gas production and exports have steadily reduced Bolivia’s dollar reserves, leaving businesses and importers struggling to secure foreign currency. The shortage has pushed authorities to explore alternative payment methods, with crypto gradually becoming part of that strategy instead of remaining a niche financial product.

Dollar shortages have accelerated USDT adoption The government’s first major crypto-related measure came in March 2025, when state-owned energy company YPFB received authorization to use cryptocurrency payments for fuel imports during the country’s worsening dollar shortage.

Retail adoption followed soon after. In June 2025, Tether chief executive Paolo Ardoino shared images on social media showing Bolivian stores listing everyday products, including dairy goods and chocolate, with prices displayed in USDT.

The posts suggested stablecoins were already being used for ordinary purchases rather than remaining limited to investment activity.

Crypto analyst CryptoPatel later argued on X that economic conditions, rather than regulation, were encouraging people to move toward stable assets, writing, “When your currency fails, bring in the stable one.”

His comments accompanied growing evidence that many consumers were choosing the dollar-pegged stablecoin as access to physical U.S. dollars became increasingly difficult.

Meanwhile, Bolivia’s banking sector has already begun supporting the ecosystem. Local lenders Banco Unión and Banco FIE currently provide services linked to USDT, indicating that much of the financial infrastructure needed for wider adoption is already in place.

Formal recognition would instead establish a regulatory framework around an existing trend, potentially making remittances faster, lowering transaction costs and offering an alternative to informal dollar markets.

Tether expands institutional use of USDT Outside Bolivia, Tether has continued promoting USDT for larger financial transactions. As previously reported by crypto.news, Hyundai Motor America and Hyundai Motor Mexico completed a pilot cross-border treasury payment using USDT on the Avalanche blockchain.

According to Tether, Hyundai Motor America converted U.S. dollars into USDT before transferring the stablecoin to its Mexican subsidiary, where it was exchanged back into U.S. dollars.

The company said the $20,000 transfer, including verification, was completed in about seven minutes, compared with three to four hours or longer for a conventional bank transfer.

Institutional credibility has also become a focus for the stablecoin issuer. In March 2026, Tether appointed KPMG to conduct a full audit of reserves backing roughly $185 billion worth of USDT. The company said the audit is intended to strengthen confidence in the token’s reserve backing following years of scrutiny over its transparency.

Operationally, Tether has concentrated its stablecoin strategy around USDT after discontinuing its aUSDT product, reinforcing the flagship token’s role in its international business.

Despite growing momentum, Bolivia has not yet finalized the legal framework for integrating USDT into its payment system. Neither the Central Bank of Bolivia nor lawmakers have published formal implementation rules.

Still, reports indicate the proposal has advanced further than previous crypto initiatives in the country, while other emerging economies facing persistent dollar shortages are expected by analysts to watch Bolivia’s experience closely.

Table of contents

Bolivia’s government has begun exploring the possibility of integrating Tether’s USDT stablecoin into the national payments system, a move that would have been unimaginable just two years ago when the country maintained one of the strictest total bans on cryptocurrency activity in the hemisphere. According to the original report, this policy shift comes after crypto transaction volumes jumped to $430 million in the year following the central bank’s decision to remove restrictions in mid-2024. The figure signals a rapid reorientation of everyday financial behavior in a country where traditional banking access remains uneven and confidence in local monetary instruments is fragile.

The number isn’t just a headline—it reflects actual settlement flows in a dollarized informal economy that has long relied on physical cash and unregulated exchange houses. Stablecoins like USDT already function as de facto digital dollars across many emerging markets, but Bolivia’s consideration of a formal government-endorsed integration would be a first. It would place a sovereign payments apparatus squarely on top of a privately issued stablecoin, a concept that blurs the line between state-sanctioned rails and permissionless digital currency protocols.

The Road from Ban to Boom Bolivia’s relationship with crypto was aggressively hostile for nearly a decade. In 2014, the financial regulator issued a blanket prohibition on any cryptocurrency use, citing risks to monetary sovereignty and consumer protection. Banks were forbidden from facilitating crypto transactions, and even private peer-to-peer trading operated in a legal gray zone that exposed users to enforcement risk. That stance held firm even as neighbors like Argentina and Brazil saw explosive stablecoin adoption.

Then, in mid-2024, the central bank abruptly lifted the restrictions. The reversal wasn’t accompanied by a lengthy public debate or a major legislative overhaul—it was an administrative policy update. But the effects were immediate. Within twelve months, $430 million in crypto volumes moved through the economy, much of it channeled through USDT on low-cost layer-1 networks. The demand wasn’t speculative. It was transactional. People were paying for services, settling invoices, and moving remittance money across borders without using the conventional banking corridor.

The government’s current exploration of USDT integration is being treated as a natural next step. It mirrors other recent crypto payment integrations in emerging markets, such as Sui’s partnership with Nigerian fintech Paga, which aims to bring digital assets into everyday transactions for a population familiar with mobile money but excluded from dollar-denominated banking. Bolivia’s path is less about technology hype and more about practical necessity: the boliviano’s long-term depreciation has made foreign currency a household survival tool, and USDT offers a digital bypass.

Why Tether’s USDT Specifically? Tether dominates the stablecoin market in Latin America not because of marketing campaigns but because it’s already the preferred dollar substitute in informal economies. In Bolivia, users aren’t trading exotic derivative products; they’re using USDT on mobile wallets and peer-to-peer platforms to store value and move money. The coin’s liquidity depth and wide exchange support mean a street-level vendor in La Paz can accept a USDT payment and convert it locally with minimal friction. No central bank digital currency prototype has achieved that kind of organic penetration in the region.

The proposal being studied would elevate USDT from a parallel tool to a recognized component of the national payments system. That would mean payment processors, utility companies, and possibly tax collection systems could be wired to accept or settle in USDT. For a government that still struggles to maintain a unified exchange rate and grapples with dollar scarcity, this could stabilize daily commerce. But the legal architecture is untested. Tether is a private issuer domiciled outside Bolivia, and its reserves—while transparent—are not subject to local monetary authority oversight.

While Bolivia’s pivot toward stablecoins remains a domestic experiment, it contrasts sharply with the ongoing regulatory battles in the United States, where banks are fighting to kill a landmark crypto bill just days before a Senate vote. The difference in approaches reveals how advanced economies and developing nations are moving in opposite directions on stablecoin regulation. In Washington, the focus is on containing perceived systemic risk. In La Paz, the calculus is simpler: millions of people are already using USDT, and the state can either ignore it or build a bridge.

What This Signals for Stablecoin Adoption The real significance of Bolivia’s USDT exploration isn’t the $430 million figure—it’s the precedent of a government actively building infrastructure around a private stablecoin instead of fighting it. This hasn’t happened even in El Salvador, where Bitcoin is legal tender but not widely used for daily payments. If Bolivia moves forward, it would create a template for other dollarized economies: integrate what citizens already trust, and accept the trade-offs.

The broader tokenization of real-world assets, now exceeding $20 billion on-chain, has shown that stablecoins like USDT are foundational to the digital dollar ecosystem. But a national payments integration would move the asset class from a trading settlement layer into the real economy at scale. That brings new questions: what happens during a network congestion event? Who handles dispute resolution? And how does the government enforce anti-money laundering rules when value moves on public blockchains?

These are not insurmountable problems, but they require a regulatory posture that Bolivia hasn’t built yet. The central bank’s initial ban was a blunt instrument; the post-2024 openness has been driven largely by market reality. Now the hard institutional work begins. Treasury officials will need to decide whether USDT is treated like foreign currency, a payment instrument, or something entirely new. The answer will shape tax treatment, reporting requirements, and consumer protection frameworks—and it could influence how other Latin American regulators approach stablecoin policy in the next cycle.

What remains uncertain is whether Tether itself will need to register locally or provide real-time reserve attestation specific to Bolivia’s requirements. The company has navigated similar demands in other jurisdictions, but a national payments role would expose USDT’s operational infrastructure to direct government scrutiny in a way that peer-to-peer trading never did. How that negotiation unfolds will tell market participants whether Bolivia’s experiment becomes a model or a cautionary tale.

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Bolivia’s government is considering new regulations that would grant Tether‘s USDT stablecoin official status as an accepted payment method, placing it alongside the national currency, the boliviano, and the US dollar within the nation’s payment ecosystem.

Government evaluates integration of USDTSpeaking at a press conference, Economy and Public Finance Minister Jose Gabriel Espinoza announced that authorities are conducting a technical review of whether USDT can be adopted into the national payment system. Espinoza stated that USDT could function similarly to existing currencies, facilitating everyday transactions, commercial payments, and savings accounts.

Espinoza noted that the government is technically evaluating how USDT could be incorporated into the country’s payment system, allowing for its use in a range of financial activities.

The proposal is currently under internal review. No legislation or Central Bank of Bolivia approval has been finalized or made public regarding this initiative.

Currency crisis drives demand for stablecoinsBolivia continues to struggle with a shortage of US dollars, following years of declining natural gas exports and economic uncertainty. The country recently ended its long-held fixed exchange rate of 6.86 bolivianos per dollar, leading to the emergence of an unofficial market with significantly higher dollar prices than official rates.

As the gap between official and street exchange rates widened, residents increasingly turned to dollar-pegged alternatives such as USDT. In recent months, merchants in Bolivia have begun accepting USDT for routine purchases including groceries and confectionery items. Tether CEO Paolo Ardoino observed this trend in June 2025.

Earlier in March 2025, YPFB, Bolivia’s state-owned petroleum company, received government approval to accept cryptocurrency payments for fuel shipments, marking the administration’s first move to formally recognize digital assets.

Banks and infrastructure supporting USDT adoptionBolivia’s banking sector is already adapting to the growing use of stablecoins. Banco Unión and Banco FIE, two leading domestic banks, have launched USDT-related services, providing an established foundation for wider stablecoin adoption in the financial system.

Granting USDT official payment status could legitimize widespread stablecoin use, reduce transaction fees, and improve transparency in exchange markets, particularly when compared to informal dollar trading in the shadow economy.

The Bolivian government reversed a nationwide ban on crypto assets in 2024. Following President Rodrigo Paz Pereira’s inauguration at the end of 2025, the administration committed to integrating digital assets into regulated financial channels by permitting banks to offer crypto-based products.

To ensure security, authorities would need to enforce strict measures to prevent money laundering and terrorism financing. Bolivia remains under Financial Action Task Force enhanced monitoring for gaps in its anti-financial crime regime.

Tether, the issuer of USDT, appointed KPMG in March 2026 to conduct a reserve audit covering over $184 billion in assets. Industry analysts view this as a move to prepare Tether for compatibility with formal government regulations.

Bolivia’s place in Latin America’s crypto landscapeChainalysis, a blockchain analytics firm, reported that Bolivia recorded $14.8 billion in cryptocurrency transactions over a 12-month period in its 2025 Latin America overview. This positions Bolivia among the region’s most significant crypto markets.

If Bolivia finalizes official approval for USDT, it would become the first country in Latin America to formally add the stablecoin to its payment system, allowing transactions alongside traditional government-issued money.

Mini dictionary: Tether (USDT) is a blockchain-based stablecoin whose value is pegged to the US dollar. It is widely used globally to provide a digital equivalent of cash, often serving as an alternative in countries facing local currency instability.

CountryOfficial Status of USDTAnnual Crypto Volume (12 months, 2025)BoliviaUnder consideration$14.8 billionOther Latin American countriesNo official recognitionVariesDisclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

14.7.2026 09:49, SSUN

Jihokorejský technologický gigant Samsung Electronics údajně zvažuje emisi amerických depozitních certifikátů (ADR), která by mu otevřela cestu na americký akciový trh. Podle zdrojů obeznámených se situací vedla společnost předběžné rozhovory s bankami, rozhodnutí však zatím nepadlo.

Samsung o americkém listingu uvažoval již v minulosti, vždy od něj ale upustil. Novým impulsem se stal nedávný masivní úspěch konkurenční společnosti SK Hynix. Ta minulý týden získala na americké burze rekordních 26,5 mld. USD, což představuje vůbec největší vstup zahraniční firmy na trh v USA. Transakce ukázala silný zájem investorů o společnosti stojící v centru globální výstavby infrastruktury pro umělou inteligenci, a to navzdory obavám z přemrštěného ocenění firem v AI sektoru.

Případnou transakci by mohlo komplikovat rozsáhlé podnikatelské portfolio firmy i opakující se pracovněprávní spory.

Akcie Samsung Electronics Akcie Samsung Electronics se obchodují primárně na korejské burze, kde kmenové akcie (005930) dnes posílily o 3,34 % na 263 000 KRW a prioritní akcie (005935) o 3 % na 182 200 KRW. Na frankfurtské burze se pak obchodují globální depozitní certifikáty (GDR), přičemž jeden certifikát reprezentuje 25 akcií Samsungu. Certifikáty na prioritní akcie (SSUN) aktuálně rostou o 3,22 % na 2 725 EUR.

Zdroj: Bloomberg

Michal Bárta
Fio banka, a.s.
Prohlášení

Související odkazy Asijsko-pacifický region posílil i přes pokles u výrobců paměťových čipů Asijsko-pacifický region posiluje, v popředí jsou technologie po silných výsledcích Micronu Asijsko-pacifický region se obchoduje smíšeně Asijsko-pacifický region znatelně oslabuje, jihokorejský Kospi -8,29 % Asijsko-pacifický region oslabuje

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Ripple (XRP) and Stellar (XLM) remain under pressure, extending their correction on Tuesday amid broader risk-off conditions following US-Iran tensions. XRP slips below $1.070, while XLM hovers near the critical support at $0.177; both altcoins suggest deeper correction amid geopolitical risks and a deteriorating technical outlook.

Risk-off sentiment weighs on XRP and XLMThe United States Central Command (CENTCOM) said on Tuesday that US forces completed new strikes on Iranian military targets, adding that more than 50,000 US service members are currently deployed across the Middle East, Reuters reported.

The source said that it struck military targets across Iran, including Bushehr, Chabahar, Jask, Konarak, Abu Musa, and Bandar Abbas.

Meanwhile, Iran's Nournews confirmed that areas of southern Iran's Bushehr were hit in a renewed US attack.

In addition, the Iranian Islamic Revolutionary Guards Corps (IRGC) said on the same day that two "offending supertankers" were hit and disabled in the Strait of Hormuz. IRGC said that the tankers ignored warnings, turned off their navigation systems, and tried to pass through a 'mined route.’

The Iranian military said that cooperation with the 'aggressor enemy' in the critical waterway will delay reopening of the waterway and create a global energy crisis.

Global markets continued the week on a risk-off footing as renewed tensions between the US and Iran dampened investor sentiment. Rising geopolitical uncertainty pushed West Texas Intermediate (WTI) crude oil prices above $80 per barrel, while risk assets such as XRP and XLM came under pressure, slipping below $1.070 and $0.180, respectively, on Tuesday.

Derivatives data shows a bearish biasDerivatives metrics show a bearish bias for Ripple and Stellar. XRP’s futures Open Interest (OI) dips to $2.35 billion on Tuesday, having fallen steadily since a mild rise in early July and now remaining in a broader downward trend. 

During the same period, XLM’s OI drops to $180.95 million, having fallen steadily since a sharp rise in June. These declines in OI alongside falling prices suggest a bearish outlook.

XRP open interest chart. Source: Coinglass

XLM open interest chart. Source: CoinglassIn addition, XRP and XLM funding rates flipped negative on Monday, reading -0.0031% and -0.0021%, respectively, and remained negative on Tuesday, indicating bearish sentiment.

XRP funding rates chart. Source: Coinglass

XLM funding rates chart. Source: CoinglassXRP technical outlook: Bears aiming for the $1 psychological supportXRP trades at $1.065 on Tuesday, extending its decline below all key Exponential Moving Averages (EMAs) and retaining a bearish near-term bias. The 50-day EMA at $1.157, together with the 100-day EMA at $1.257 and the more distant 200-day EMA at $1.463, sit overhead as successive trend resistances that cap the upside.

Momentum is mixed but tilted lower, as the Relative Strength Index (RSI) at 39 remains in bearish territory, while the Moving Average Convergence Divergence (MACD) indicator hovers just above zero with a marginally positive line, suggesting only tentative stabilization rather than a clear recovery.

On the topside, initial resistance is seen at the 50-day EMA near $1.157, followed by the 100-day EMA at $1.257 and the horizontal barrier at $1.300; beyond that, the 200-day EMA at $1.463 and the major resistance zone around the $1.900 mark are deeper recovery targets. 

On the downside, immediate support emerges around the current trading area, with the parallel channel level clustered near $1.050. At the same time, a break lower would expose the psychological and structural floor at $1.000, where buyers are likely to attempt to reassert demand.

XLM technical outlook: Momentum indicators turn bearishXLM trades at $0.179 on Tuesday, holding below the 50-day, 100-day and 200-day EMAs at $0.190, $0.186 and $0.196, respectively, which keeps the near-term bias bearish. 

The RSI at 41 suggests weak momentum, while the MACD remains in negative territory, hinting that rallies are likely to be capped by the clustered EMAs and Fibonacci resistance overhead.

On the downside, initial support appears at the horizontal level around $0.177, followed by the 78.6% Fibonacci retracement at $0.173, with a deeper floor near $0.142. 

On the topside, a first hurdle is the 100-day EMA at $0.186, ahead of the 50-day EMA at $0.190 and the 200-day EMA at $0.196; above these, the 61.8% Fibonacci retracement at $0.200 and the mid-range 50% retracement level at $0.218 define subsequent resistance, before $0.237 and $0.260 come into play as higher Fibonacci barriers.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Food and snack companies are facing headwinds that could result in dividend cuts.

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JCB has partnered with Circle to test USDC for internal treasury transfers and merchant payments in Japan, extending stablecoin use into cross-border corporate settlement and retail transactions.

Summary

JCB and Circle will test USDC for cross border treasury transfers and merchant payments in Japan. The first pilot will focus on JCB’s internal fund transfers before expanding to retail payment use. The agreement extends Circle’s institutional payments push following its U.S. trust bank approval and expansion across Asia. A July 14 statement from JCB said the Japanese payments company has signed a memorandum of understanding with a Circle affiliate to develop payment services using USD Coin (USDC), Circle’s dollar-backed stablecoin.

The first phase of the partnership will focus on a proof of concept for JCB’s internal cross-border treasury operations. The companies also plan to evaluate stablecoin payments at physical stores for merchants and international visitors travelling in Japan.

Alongside the pilot, the two firms said they will assess other payment services that combine Circle’s stablecoin infrastructure with JCB’s merchant network to support cross-border transactions and new payment options for businesses and consumers.

Coming days after Circle secured a key U.S. banking approval, the agreement adds another institutional payments partnership to the stablecoin issuer’s recent expansion efforts.

Earlier this month, the U.S. Office of the Comptroller of the Currency granted final approval for Circle National Trust, placing the company’s national trust bank under federal supervision. Circle said the institution will initially provide fiduciary digital asset custody services for the company and its affiliates, while future plans could include managing reserves backing USDC, although no timeline has been announced.

Outside the United States, Circle has also continued building relationships with regulated financial institutions. Standard Chartered recently introduced a service through its Dubai International Financial Centre operations that allows eligible institutional clients to mint and redeem USDC directly through the bank’s platform. BNY has also added USDC to its digital asset custody platform, enabling institutional clients to mint and redeem the stablecoin through its infrastructure.

Japan agreement follows Asia expansion The JCB partnership comes as Circle continues pursuing new institutional relationships across Asia.

Later this month, the company will host its invitation-only Current Seoul event, bringing together executives from banks, crypto exchanges, payment companies and technology firms to discuss digital asset regulation, cross-border payments and industry partnerships.

During an April visit to South Korea, Circle co-founder and CEO Jeremy Allaire met executives from KB Kookmin Bank, Shinhan Bank, Hana Bank, Upbit, Bithumb, and several payment companies to discuss potential cooperation through the Circle Payments Network for international payments.

Competition in the stablecoin sector has also intensified in recent weeks. Open USD, a competing dollar-backed stablecoin model, launched with a revenue-sharing structure that distributes reserve income among participating members. 

However, several South Korean companies, including Samsung Electronics, Dunamu, Shinhan Financial Group, and K Bank, later told local media they had not formally agreed to join the consortium despite being listed as participants.

Key Takeaways Circle secured final OCC clearance to launch First National Digital Currency Bank as a federally chartered trust bank Shares climbed 5% Friday on the regulatory approval but retreated 4.7% to $63.03 by Monday’s close Mizuho maintained its Neutral stance, citing concerns that the charter won’t address fundamental USDC challenges USDC’s circulating supply has contracted approximately $7 billion since March, dropping to roughly $74 billion Baird reduced its CRCL price target from $138 down to $100 while maintaining an Outperform rating Circle Internet Group (CRCL) achieved a significant regulatory milestone last week. However, investor enthusiasm proved short-lived.

The company secured final authorization from the Office of the Comptroller of the Currency to launch First National Digital Currency Bank. Shares surged 5% Friday when the news broke. That optimism evaporated quickly—by Monday’s session, the stock had surrendered nearly the entire rally, closing down 4.7% at $63.03.

Circle Internet Group, CRCL

The weak follow-through signals growing doubt among institutional investors about whether the banking charter addresses the company’s core challenges.

Mizuho maintained its Neutral rating with an $85 price objective, stating bluntly: “While a positive development, we believe the market reaction is likely overly optimistic, as this does not resolve fundamental issues that have been hurting the stock of recent.”

The federal charter grants Circle the authority to operate under direct national banking supervision, concentrating on digital asset custody, reserve operations, and fiduciary activities. That regulatory achievement is clear-cut. The more pressing concern centers on USDC’s underlying performance.

USDC Circulation Contracts Significantly USDC’s total supply in circulation has declined by approximately $7 billion from its March 2026 high to around $74 billion by July. This represents the most substantial monthly decline since 2022, with redemptions consistently exceeding new token creation.

The broader stablecoin sector experienced its steepest monthly contraction in years during June, coinciding with cryptocurrency markets hovering near 2026 lows. While blockchain transaction activity remains robust, the shrinking supply threatens Circle’s revenue from both transactions and reserve interest income.

Mizuho specifically highlighted this trend, noting that USDC’s market capitalization decline since March creates legitimate concerns regarding the stablecoin’s expansion potential.

Emerging Rivals Intensify Market Dynamics The competitive landscape has evolved considerably. Open USD, a recently introduced stablecoin that complies with GENIUS Act requirements, emerged from a consortium exceeding 140 financial services and technology firms, including Mastercard, Stripe, and Coinbase.

Mizuho cautioned this development increases the likelihood that stablecoins become increasingly commoditized products, complicating Circle’s efforts to maintain market dominance despite possessing a national trust bank charter.

“We remain on the sidelines,” the research team concluded.

Baird adopted a more constructive long-term perspective but still lowered its price objective from $138 to $100. The firm retained its Outperform rating, highlighting Circle’s pioneering position as a GENIUS Act-compliant stablecoin provider and expanding stablecoin adoption as positive factors.

Baird anticipates Q2 revenue will fall marginally short of Wall Street projections, though EBITDA should align with consensus expectations. The firm kept its 2027 earnings estimates intact, noting that reduced USDC circulation levels are balanced by elevated reserve interest rates.

Wolfe Research continues to rate the stock Underperform with a $65 price target.

CRCL shares have declined 65% over the trailing twelve months. The stock was last quoted at $63.00 according to recent market data.

United Overseas Bank’s Quek Ser Leang and Lee Sue Ann highlight that GBP/USD gapped lower, dropping to 1.3343 and closing at 1.3346 as the Dollar firmed. Short‑term momentum has cooled, but they still see scope for a dip toward 1.3320, while the broader view has turned neutral, with Sterling expected to trade between 1.3320 and 1.3445 in coming sessions.

Sterling shifts to neutral range view"24-HOUR VIEW: GBP closed at 1.3402 last Friday, but it gapped lower on the open yesterday. When it was at 1.3375, we indicated that “the rapid increase in momentum suggests GBP could break below 1.3360.” We also indicated that “the next support at 1.3340 is likely out of reach.” We were not wrong, as GBP broke below 1.3360 and dropped to a low of 1.3343. Despite the decline, downward momentum has not increased significantly. However, there is scope for GBP to dip below 1.3340 and test 1.3320. Based on the prevailing momentum, a clear break below 1.3320 appears unlikely. To keep the momentum going, GBP must hold below 1.3390, with minor resistance at 1.3375"

"1-3 WEEKS VIEW: Yesterday (13 Jul, spot at 1.3375), we revised our view from positive to neutral. We highlighted that “the GBP advance from late last month has ended.” We added, “for the time being, we expect GBP to trade in a range between 1.3320 and 1.3445.” While we did not quite expect the subsequent sharp decline to 1.3343, we will continue to hold the same view for now. Looking ahead, should GBP break below 1.3320, it could trigger a deeper pullback."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

Regions Financial Corporation (NYSE:RF) will release its second quarter earnings report before the opening bell on Friday, July 17.

Analysts expect the Birmingham, Alabama-based company to report quarterly earnings of 63 cents per share, up from 60 cents per share in the year-ago period. The consensus estimate for Regions Financial’s quarterly revenue is $1.95 billion. It reported $1.92 billion last year, according to Benzinga Pro.

On July 2, Regions Financial announced it has closed on the acquisition of The Frazer Lanier Company, Incorporated.

Regions Financial shares gained 0.2% to close at $31.07 on Monday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Considering buying RF stock? Here’s what analysts think:

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14.7.2026 09:10, SKHY

Námi sledované indexy v asijsko-pacifickém regionu nakonec posilují, přestože během obchodního dne ztrácely. Akcie výrobce paměťových čipů SK hynix během dne odepisovaly dokonce přes 8 %, aby nakonec po divokém obratu uzavřely se ziskem 3,69 %. Extrémní volatilita tak speciálně na jihokorejském trhu pokračuje po nedávném výrazném růstu, když aktuálně panují výrazné obavy ohledně toho, že tento růst byl příliš prudký a rychlý. Nenapomáhá tomu ani nadále nevyzpytatelná geopolitická situace na Blízkém východě.

Průmyslová produkce v Japonsku v květnu podle konečných dat nakonec klesla o 2,1 % meziročně. Z dalších makroekonomických údajů stojí za zmínku vývoj spotřebitelské důvěry Westpac v Austrálii, která v červenci zaznamenala růst o 4,1 % na 83,9 b. Australské podnikatelské podmínky dle NAB v červnu stagnovaly na 3 b. a podnikatelská důvěra vzrostla na -5 b. (z předchozích -14 b.).

Japonský Nikkei 225 +0,74 % na 67743,5 b.
Hongkongský Hang Seng +0,66 % na 24374,38 b.
Čínský Shanghai Composite +1,28 % na 3963,8471 b.
Jihokorejský Kospi +0,73 % na 6856,83 b.
Australský S&P/ASX 200 +0 % na 8808,5 b.

Zdroj: Bloomberg

Michal Bárta
Fio banka, a.s.
Prohlášení

Silver price (XAG/USD) is up 0.75% to near $58 during the European trading session on Tuesday. The white metal holds recovery move seen from below $57.00, earlier in the day, with investors awaiting the United States (US) Consumer Price Index (CPI) data for June, which will be published at 12:30 GMT.

Investors will closely track the US inflation data as the Federal Open Market Committee (FOMC) minutes of the June policy meeting, released last week, showed that policymakers see high inflation as “dominant risk”.

On Monday, Fed Governor Christopher Waller also said that another hot inflation figure would be “signal”, not a noise, about the need to tighten monetary conditions further.

According to estimates, the US headline CPI growth cooled down to 3.8% Year-on-Year (YoY) in June from 4.2% in May, with core figures rising steadily by 2.9%.

Signs of price pressure accelerating further would boost hawkish Federal Reserve (Fed) interest rate expectations, a scenario that bodes poorly for non-yielding assets, such as Silver.

Later in the day, investors will also pay close attention to comments from Federal Reserve (Fed) Chair Kevin Warsh’s first testimony before the US House Financial Services Committee.

On the geopolitical front, surging oil prices due to escalating aggression between the US and Iran, and Washington’s claim for toll fee from ships passing through the Strait of Hormuz would limit the Silver price’s upside.

Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.

Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.

Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.

Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.

GUADALAJARA, Mexico, July 14, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reports its consolidated results for the second quarter ended June 30, 2026 (2Q26). The results presented in this report include the effects of the business combination effective May 1, 2026. The figures are unaudited and have been prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Summary of Results 2Q26 vs. 2Q25

The sum of aeronautical and non-aeronautical services revenues increased by Ps. 399.0 million, or 4.9%. Total revenues increased by Ps. 407.7 million, or 3.7%.Cost of services increased by Ps. 360.7 million, or 23.2%.Income from operations increased by Ps. 407.6 million, or 8.9%.EBITDA increased by Ps. 462.0 million, or 8.4%, an increase from Ps. 5,503.3 million in 2Q25 to Ps. 5,965.3 million in 2Q26. EBITDA margin (excluding the effects of IFRIC-12) went from 67.1% in 2Q25 to 69.3% in 2Q26. Comprehensive income increased by Ps. 215.4 million, or 9.6%, from an income of Ps. 2,234.9 million in 2Q25 to an income of Ps. 2,450.3 million in 2Q26.
Business Combination:

Effective May 1, 2026, the Company began recognizing the effects of the business combination involving the Cross Border Xpress (“CBX”) operations and the internalization of technical assistance and technology transfer services approved by the Extraordinary General Shareholders’ Meeting held on December 11, 2025, following the execution of the merger agreement on April 30, 2026. As a result of the merger, GAP issued 89,740,731 new net shares and currently has 595,018,195 shares outstanding, consisting of 519,226,576 Series B shares and 75,791,619 Series BB shares. In addition, the equity purchase agreement for the acquisition of the remaining 25% equity interest in CBX was completed, resulting in GAP consolidating 100% ownership of this business. Following the effectiveness of the merger, GAP assumed control of the merged entities to ensure the continuity of service provision, as well as the operation and management of CBX.

The business combination resulted in an increase in cash and cash equivalents of Ps. 5,427.1 million, accounts receivable of Ps. 86.7 million, intangible assets of Ps. 6,899.8 million, goodwill of Ps. 30,803.3 million, and machinery, equipment and improvements to leased buildings of Ps. 2,325.1 million, and the acquisition of OTV land for US$50.0 million (equivalent to Ps. 935.0 million). It also resulted in the recognition of liabilities, primarily comprising bank loans of Ps. 1,305.4 million, unrealized revenue of Ps. 337.7 million, accounts payable of Ps. 234.4 million, and deferred income tax of Ps. 216.9 million.

Based on the Company’s assessment, the merger qualifies as a business combination. Accordingly, the excess of the consideration transferred over the book value of the net assets acquired was recognized as non-current assets in the form of goodwill and identifiable intangible assets.

The Company is currently in the process of determining the fair values arising from the business combination. Accordingly, the amounts presented in the consolidated financial statements included in this report are preliminary and remain subject to change.

Passenger Traffic

During 2Q26, the 14 airports operated by GAP recorded a decrease of 891.6 thousand total passengers, representing a 5.6% decrease compared to 2Q25.

During this period, the following new routes were inaugurated:

Domestic

AirlineDepartureArrivalOpening dateFrequenciesVolarisGuadalajaraQueretaroJune 1, 20264 weeklyVolarisGuadalajaraReynosaJune 1, 20261 dailyVolarisGuadalajaraSan Luis PotosiJune 1, 20263 weeklyVolarisLos CabosPueblaJune 1, 20264 weeklyVolarisGuanajuatoPueblaJune 1, 20264 weeklyVolarisTijuanaMeridaJune 1, 20264 weeklyAerusAguascalientesMonterreyJune 1, 20266 weeklyVolarisGuadalajaraZacatecasJune 2, 20263 weeklyVolarisPuerto VallartaPueblaJune 2, 20263 weeklyVolarisPuerto VallartaAguascalientesJune 2, 20263 weeklyVolarisPuerto VallartaSan Luis PotosiJune 2, 20264 weeklyVolarisTijuanaPuerto EscondidoJune 2, 20263 weeklyVolarisAguascalientesPueblaJune 2, 20263 weeklyVolarisAguascalientesPuerto VallartaJune 2, 20263 weeklyVivaAguascalientesSanta LuciaJune 15, 20261 dailyNote: Frequencies can vary without prior notice.  International         AirlineDepartureArrivalOpening dateFrequenciesVolarisGuadalajaraSalt Lake CityJune 1, 20263 weeklyVolarisGuadalajaraDetroitJune 1, 20263 weeklySouthwestLos CabosLas VegasJune 4, 20261 dailyWingoMontego BayMedellinJune 23, 20263 weeklyNote: Frequencies can vary without prior notice.   Domestic Terminal Passengers – 14 airports (in thousands): 

Airport2Q252Q26Change6M256M26ChangeGuadalajara3,090.93,186.03.1%6,112.16,221.61.8%Tijuana *2,139.21,973.6(7.7%)4,196.73,942.2(6.1%)Los Cabos739.7723.3(2.2%)1,408.61,351.6(4.0%)Puerto Vallarta830.4779.2(6.2%)1,484.01,424.0(4.0%)Montego Bay0.00.00.0%0.00.00.0%Guanajuato576.8533.8(7.4%)1,092.31,044.7(4.4%)Hermosillo545.5497.2(8.9%)1,054.2977.8(7.3%)Kingston0.10.152.4%0.20.8417.5%Morelia173.1171.9(0.7%)359.2364.71.5%Mexicali305.7266.5(12.8%)598.8524.3(12.4%)La Paz328.1357.79.0%608.7671.510.3%Aguascalientes167.4160.8(3.9%)319.2299.7(6.1%)Los Mochis179.4175.5(2.1%)344.4338.8(1.6%)Manzanillo31.428.6(8.7%)66.161.3(7.3%)Total9,107.68,854.3(2.8%)17,644.517,222.8(2.4%)       International Terminal Passengers – 14 airports (in thousands):     Airport2Q252Q26Change6M256M26ChangeGuadalajara1,387.21,498.98.1%2,894.22,991.13.3%Tijuana *1,051.8950.1(9.7%)2,066.71,847.7(10.6%)Los Cabos1,224.41,084.3(11.4%)2,607.32,457.0(5.8%)Puerto Vallarta849.1619.0(27.1%)2,321.61,897.9(18.2%)Montego Bay1,264.7991.9(21.6%)2,603.61,909.3(26.7%)Guanajuato252.7222.1(12.1%)515.7480.0(6.9%)Hermosillo19.221.311.2%40.143.37.9%Kingston453.5435.4(4.0%)881.5850.2(3.6%)Morelia155.9191.823.1%330.1407.423.4%Mexicali1.81.92.1%3.63.72.7%La Paz8.912.743.7%17.625.344.1%Aguascalientes82.585.03.0%156.2162.23.9%Los Mochis2.02.28.1%3.94.02.7%Manzanillo18.316.8(8.2%)62.253.0(14.7%)Total6,771.86,133.4(9.4%)14,504.213,132.1(9.5%) *CBX users are classified as international passengers.        Total Terminal Passengers – 14 airports (in thousands): Airport2Q252Q26Change6M256M26ChangeGuadalajara4,478.14,684.94.6%9,006.39,212.72.3%Tijuana *3,191.02,923.7(8.4%)6,263.35,789.8(7.6%)Los Cabos1,964.01,807.6(8.0%)4,015.93,808.6(5.2%)Puerto Vallarta1,679.51,398.2(16.7%)3,805.63,321.9(12.7%)Montego Bay1,264.7991.9(21.6%)2,603.61,909.3(26.7%)Guanajuato829.4756.0(8.9%)1,608.11,524.6(5.2%)Hermosillo564.7518.5(8.2%)1,094.31,021.1(6.7%)Kingston453.5435.5(4.0%)881.7851.0(3.5%)Morelia329.0363.710.6%689.3772.112.0%Mexicali307.5268.4(12.7%)602.4528.0(12.4%)La Paz337.0370.49.9%626.3696.811.3%Aguascalientes249.8245.8(1.6%)475.3461.9(2.8%)Los Mochis181.4177.7(2.0%)348.3342.8(1.6%)Manzanillo49.745.4(8.5%)128.3114.4(10.9%)Total15,879.414,987.7(5.6%)32,148.730,354.9(5.6%) *CBX users are classified as international passengers. 
        CBX Users (in thousands):      Airport2Q252Q26Change6M256M26ChangeTijuana1,031.4935.9(9.3%)2,029.61,822.2(10.2%) Consolidated Results for the Second Quarter (in thousands of pesos):      2Q252Q26ChangeRevenues   Aeronautical services5,763,188 5,578,099 (3.2%)Non-aeronautical services2,442,659 3,026,714 23.9%Improvements to concession assets (IFRIC-12)2,676,149 2,684,897 0.3%Total revenues10,881,996 11,289,710 3.7%    Operating costs   Costs of services:1,556,035 1,916,778 23.2%Employee costs638,722 769,895 20.5%Maintenance256,830 316,554 23.3%Safety, security & insurance232,516 260,363 12.0%Utilities148,732 149,214 0.3%Professional services58,332 84,772 45.3%Business operated directly by us86,632 99,427 14.8%Other operating expenses134,271 166,061 23.7%CBX operating expenses- 70,492 100.0%    Technical assistance fees221,680 (264,685)(219.4%)Concession taxes935,280 915,543 (2.1%)Depreciation and amortization924,959 979,420 5.9%Cost of improvements to concession assets (IFRIC-12)2,676,149 2,684,897 0.3%Other (income)(10,461)71,837 (786.7%)Total operating costs6,303,642 6,303,790 0.0%Income from operations4,578,354 4,985,920 8.9%Financial Result(733,545)(946,284)29.0%Income before income taxes 3,844,809 4,039,636 5.1%Income taxes(1,189,674)(1,146,127)(3.7%)Net income 2,655,135 2,893,509 9.0%Currency translation effect(423,527)(443,277)4.7% Cash flow hedges, net of income tax2,668 - (100.0%)Remeasurements of employee benefit – net income tax667 69 (89.7%)Comprehensive income 2,234,943 2,450,301 9.6%Non-controlling interest(90,951)(102,859)13.1%Comprehensive income attributable to controlling interest2,143,992 2,347,442 9.5%         2Q252Q26ChangeEBITDA5,503,313 5,965,340 8.4%Comprehensive income2,234,943 2,450,301 9.6%Comprehensive income per share (pesos)4.4232 4.1180 (6.9%)Comprehensive income per ADS (US dollars)2.5349 2.3600 (6.9%)    Operating income margin42.1%44.2%5.0%Operating income margin (excluding IFRIC-12)55.8%57.9%3.9%EBITDA margin50.6%52.8%4.5%EBITDA margin (excluding IFRIC-12)67.1%69.3%3.4%Costs of services and improvements / total revenues38.6%40.8%5.6%Cost of services / total revenues (excluding IFRIC-12)18.6%22.3%20.1%         - Net income and comprehensive income per share for 2Q26 and 2Q25 were calculated based on 595,018,195 shares outstanding as of June 30, 2026, and 505,277,464 as of June 30, 2025, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of Ps. 17.4490 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on June 30, 2026.

- For consolidating the Jamaican airports, an average exchange rate of Ps. 17.4052 per U.S. dollar was used, corresponding to the three-month period ended June 30, 2026.

Revenues (2Q26 vs. 2Q25)

Aeronautical services revenues decreased by Ps. 185.1 million, or 3.2%.Non-aeronautical services revenues increased by Ps. 584.1 million, or 23.9%.Revenues from improvements to concession assets increased by Ps. 8.7 million, or 0.3%.Total revenues increased by Ps. 407.7 million, or 3.7%. The change in aeronautical services revenues was primarily due to the following factors:

Revenues from the Mexican airports decreased by Ps. 32.2 million, or 0.7%, compared to 2Q25. This decrease was mainly due to a 4.2% decline in passenger traffic and a 10.9% appreciation of the Mexican peso, which directly affected revenues generated from international passenger charges. This effect was partially offset by the gradual implementation of the maximum tariffs approved for the 2025–2029 regulatory period. Revenues from the Jamaican airports decreased by Ps. 152.9 million, or 18.3%, compared to 2Q25, mainly due to a 16.9% decrease in passenger traffic during the quarter, resulting from the impact of Hurricane Melissa. In addition, the 10.9% appreciation of the Mexican peso against the U.S. dollar negatively affected the translation of revenues. The change in non-aeronautical services revenues was primarily driven by the following factors:

Revenues from the Mexican airports increased by Ps. 164.8 million, or 7.7%, compared to 2Q25. Revenues from businesses operated directly by us increased by Ps. 190.1 million, or 17.0%, while revenues from businesses operated by third parties decreased by Ps. 25.3 million, or 2.7%. Revenues from the Jamaican airports decreased by Ps. 48.9 million, or 54.4%, compared to 2Q25, primarily due to the decline in passenger traffic and the peso appreciation in the 2Q26. Total revenues generated by CBX during May and June amounted to Ps. 468.1 million, equivalent to US$26.8 million. During this period, a total of 626,424 passengers used the facility in both directions, generating an average revenue of US$42.8 per passenger. Non-aeronautical revenues for the Second Quarter (in thousands of pesos):

 2Q252Q26ChangeBusinesses operated by third parties:   Food and beverage342,679327,724(4.4%)Car rental211,128213,1721.0%Duty-free208,160170,593(18.0%)Retail191,431184,517(3.6%)Leasing of space112,970106,839(5.4%)Timeshares67,81862,489(7.9%)Ground transportation51,19646,881(8.4%)Other commercial revenues59,01061,3984.0%Communications and financial services28,83827,285(5.4%)Total1,273,2291,200,897(5.7%)    Businesses operated directly by us:   Cargo operation and bonded warehouse514,113627,03922.0%CBX revenues-468,099100.0%Car parking177,872194,0919.1%Convenience stores161,588179,86011.3%VIP Lounges168,321156,011(7.3%)Advertising43,36668,54658.1%Hotel operation36,88246,74526.7%Other businesses operated directly by us-16,931100.0%Total1,102,1411,757,32259.4%Recovery of costs67,28968,4931.8%Total Non-aeronautical Revenues 2,442,6593,026,71223.9% Figures expressed in thousands of Mexican pesos.         ‐                Revenues from improvements to concession assets 1

Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 8.7 million, or 0.3%, compared to 2Q25. The change was composed of:

Improvements to concession assets at the Company’s Mexican airports, decreased by Ps.171.8 million, or 6.6%, in line with the investments committed under the Master Development Program for the 2025–2029 period. Improvements to concession assets at the Company’s Jamaican airports, which increased by Ps. 180.5 million, or 220.4%, primarily due to investments at Kingston Airport. 1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company’s Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.

Total operating costs remained flat compared to 2Q25, mainly due to the decrease in technical assistance fees of Ps. 486.4 million, or 219.4%, and concession fees of Ps. 19.7 million, or 2.1%. These decreases were offset by higher cost of services of Ps. 195.1 million, CBX operating expenses of Ps. 177.4 million, and non-recurring merger-related expenses of Ps. 118.4 million. Excluding the reversal of the technical assistance provision, the consolidation of CBX, and the non-recurring merger-related expenses, operating expenses increased by Ps. 190.7 million, or 3.0%, compared to 2Q25.

The changes in total operating costs were primarily due to the following factors:

Mexican airports: 

Operating costs decreased by Ps. 260.4 million, or 4.8%, compared to 2Q25, mainly due to the reversal of the technical assistance fee provision of Ps. 486.4 million and a decrease in the cost of improvements to the concession assets (IFRIC-12) of Ps. 171.8 million. This effect was partially offset by an increase in cost of services of Ps. 242.0 million, non-recurring merger-related expenses of Ps. 118.4 million, and depreciation and amortization of Ps. 37.2 million. The change in the cost of services at our Mexican airports during 2Q26 was mainly due to:

Employee costs increased by Ps. 128.5 million, or 22.5%, mainly due to an increase in personnel providing technical assistance services, operational personnel at the airports, salary adjustments, and higher employee benefits resulting from amendments to the Federal Labor Law.Maintenance increased by Ps. 38.1 million, or 17.4%, mainly due to the opening of new operational areas, and airfield maintenance. Other operating expenses increased by Ps. 31.8 million, or 23.7%, mainly due to the recognition of the expected credit loss provision. Safety, security, and insurance increased by Ps. 27.3 million, or 16.1%, mainly due to an increase in security personnel headcount, significant increases in the minimum wage, and higher insurance costs related to goods safeguarded within the bonded warehouse. Jamaican Airports:

Operating expenses increased by Ps. 83.7 million, or 9.4%, compared to 2Q25, mainly due to an increase of Ps. 180.5 million, or 220.4%, in cost of improvements to concession assets (IFRIC-12). This effect was partially offset by a reduction in concession fees of Ps. 88.4 million, or 20.8%, resulting from lower revenues at Montego Bay airport, as well as decreases in depreciation and amortization of Ps. 7.5 million, or 5.1%, and cost of services of Ps. 2.3 million, or 1.0%. Cross Border Xpress:

Beginning May 1, CBX operating expenses of Ps. 177.4 million were consolidated, consisting of cost of services of Ps. 152.3 million, and depreciation and amortization of Ps. 25.1 million, corresponding to two months of operations. Operating income margin increased from 42.1% in 2Q25 to 44.2% in 2Q26. Excluding the effects of IFRIC-12, the operating income margin increased from 55.8% in 2Q25 to 57.9% in 2Q26. Income from operations increased by Ps. 407.6 million, or 8.9%, compared to 2Q25, with CBX contributing Ps. 291.1 million.

EBITDA margin increased from 50.6% in 2Q25 to 52.8% in 2Q26. Excluding the effects of IFRIC-12, EBITDA margin increased from 67.1% in 2Q25 to 69.3% in 2Q26. EBITDA increased by Ps. 462.0 million, or 8.4%, compared to 2Q25. EBITDA margin growth was partially offset by the impact on the Jamaican airports from the appreciation of the Mexican peso and lower passenger traffic. CBX contributed Ps. 315.8 million, with an EBITDA margin of 67.5%.

Financial results increased expenses by Ps. 212.7 million, or 29.0%, going from a net expense of Ps. 733.5 million in 2Q25 to a net expense of Ps. 946.3 million in 2Q26. This change was mainly the result of:

Foreign exchange losses decreased from Ps. 40.3 million in 2Q25 to Ps. 17.3 million in 2Q26, resulting in a favorable variance of Ps. 23.0 million due to the appreciation of the Mexican peso. Additionally, the foreign currency translation effect resulted in a net loss of Ps. 19.8 million. Interest expense increased by Ps. 343.8 million, or 37.6%, compared to 2Q25, mainly due to higher debt incurred to finance airport CAPEX and the acquisition of the remaining 25% interest in CBX, as well as Ps. 13.9 million in financing costs related to the bank loan contracted by CBX and assumed through the business combination. Interest income increased by Ps. 108.1 million, or 53.8%, compared to 2Q25, mainly due to the increase in cash and cash equivalents. In 2Q26, net and comprehensive income increased by Ps. 215.4 million, or 9.6%, compared to 2Q25, mainly driven by income before taxes, which increased by Ps. 194.8 million or 5.1%.

Net income increased by Ps. 238.4 million, or 9.0%, compared to 2Q25. Income tax for the period decreased by Ps. 43.5 million, or 3.7%, comprised of a decrease in current income tax of Ps. 137.7 million and a decrease in the deferred tax benefit of Ps. 94.2 million.

Consolidated Results for the Second Quarter (thousands)
 6M256M26ChangeRevenues   Aeronautical services11,762,321 11,812,569 0.4%Non-aeronautical services4,836,535 5,566,191 15.1%Improvements to concession assets (IFRIC-12)5,338,324 5,280,576 (1.1%)Total revenues21,937,180 22,659,337 3.3%    Operating costs   Costs of services:3,020,338 3,468,349 14.8%Employee costs1,252,084 1,454,119 16.1%Maintenance513,733 577,317 12.4%Safety, security & insurance447,723 493,768 10.3%Utilities273,963 274,227 0.1%Professional services106,063 141,887 33.8%Business operated directly by us173,968 188,956 8.6%Other operating expenses252,803 267,584 5.8%CBX operating expenses- 70,492 100.0%    Technical assistance fees505,580 34,857 (93.1%)Concession taxes1,976,982 1,862,621 (5.8%)Depreciation and amortization1,857,534 1,912,376 3.0%Cost of improvements to concession assets (IFRIC-12)5,338,324 5,280,576 (1.1%)Other (income)(36,145)58,765 (262.6%)Total operating costs12,662,613 12,617,545 (0.4%)Income from operations9,274,567 10,041,792 8.3%Financial Result(1,663,035)(1,669,542)0.4%Income before income taxes 7,611,532 8,372,250 10.0%Income taxes(2,098,280)(2,166,733)3.3%Net income 5,513,252 6,205,518 12.6%Currency translation effect(498,585)(408,156)(18.1%) Cash flow hedges, net of income tax1,892 - (100.0%)Remeasurements of employee benefit – net income tax32,766 18,711 (42.9%)Comprehensive income 5,049,325 5,816,073 15.2%Non-controlling interest(205,878)(241,374)17.2%Comprehensive income attributable to controlling interest4,843,447 5,574,699 15.1%         2Q252Q26ChangeEBITDA11,132,101 11,954,169 7.4%Comprehensive income5,049,325 5,816,073 15.2%Comprehensive income per share (pesos)9.9932 9.7746 (2.2%)Comprehensive income per ADS (US dollars)5.7271 6.5967 15.2%    Operating income margin42.3%44.3%4.8%Operating income margin (excluding IFRIC-12)55.9%57.8%3.4%EBITDA margin50.7%52.8%4.0%EBITDA margin (excluding IFRIC-12)67.1%68.8%2.6%Costs of services and improvements / total revenues38.0%38.6%1.5%Cost of services / total revenues (excluding IFRIC-12)18.1%20.0%10.2%        - Net income and comprehensive income per share for 6M26 and 6M25 were calculated based on 595,018,195 and 505,277,464 shares outstanding, respectively. U.S. dollar figures were converted from pesos using an exchange rate of Ps. 17.4490 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on June 30, 2026.- For the purpose of consolidating Jamaican airports, an average exchange rate of Ps. 17.4815 per U.S. dollar was used, corresponding to the six months ended June 30, 2026.

  Revenues (6M26 vs. 6M25)

Aeronautical services revenues increased by Ps. 50.2 million, or 0.4%.Non-aeronautical services revenues increased by Ps. 729.7 million, or 15.1%.Revenues from improvements to concession assets decreased by Ps. 57.7 million, or 1.1%.Total revenues increased by Ps. 722.2 million, or 3.3%. The change in aeronautical services revenues comprised primarily of the following factors:

Revenues from the Mexican airports increased by Ps. 440.2 million, or 4.4%, compared to 6M25, primarily due to the gradual implementation of the maximum tariffs approved for the 2025–2029 regulatory period. This effect was partially offset by the 12.5% appreciation of the Mexican peso against the U.S. dollar and a 3.7% decline in passenger traffic. Revenues from the Jamaican airports decreased by Ps. 390.0 million, or 22.4%, compared to 6M25, mainly due to a 20.8% decline in passenger traffic, as well as the 12.5% appreciation of the Mexican peso against the U.S. dollar, with the average exchange rate changing from Ps. 19.9844 in 6M25 to Ps. 17.4815 in 6M26. The change in non-aeronautical services revenues comprised primarily of the following factors:

Revenues from the Mexican airports increased by Ps. 387.4 million, or 9.2%, compared to 6M25, primarily driven by a Ps. 389.9 million, or 18.7%, increase in revenues from businesses operated directly by us. Revenues from the Jamaican airports decreased by Ps. 125.8 million, or 20.8%, compared to 6M25, mainly due to lower passenger traffic. Total revenues generated by CBX during May and June amounted to Ps. 468.1 million, equivalent to US$26.8 million. During this period, a total of 626,424 passengers used the facility in both directions, generating average revenue of US$42.8 per passenger.     Non-aeronautical revenues for the Six Months (in thousands of pesos):     6M256M26ChangeBusinesses operated by third parties:   Food and beverage685,259679,018(0.9%)Car rental416,425425,7452.2%Duty-free424,845353,126(16.9%)Retail382,605367,867(3.9%)Leasing of space229,859211,125(8.2%)Timeshares138,723125,095(9.8%)Other commercial revenues131,035136,0763.8%Ground transportation107,769100,069(7.1%)Communications and financial services60,24257,368(4.8%)Total2,576,7612,455,488(4.7%)    Businesses operated directly by us:   Cargo operation and bonded warehouse948,3811,174,59023.9%CBX revenues-468,099100.0%Car parking356,342385,9958.3%Convenience stores331,088370,52111.9%VIP Lounges336,336318,312(5.4%)Hotel operation74,32394,06426.6%Advertising78,206108,24138.4%Other businesses operated directly by us-56,263100.0%Total2,124,6772,976,08540.1%Recovery of costs135,097134,618(0.4%)Total Non-aeronautical Revenues 4,836,5355,566,19115.1% Figures expressed in thousands of Mexican pesos.
     ‐                Revenues from improvements to concession assets 1

Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 57.7 million, or 1.1%, compared to 6M25. The change was composed of:

Improvements to concession assets at the Company’s Mexican airports, which decreased by Ps. 343.5 million, or 6.6%, following investments under the Master Development Program for the 2025-2029 period. Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 285.7 million, or 190.7%. 1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company’s Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.

Total operating cost decreased by Ps. 45.1 million, or 0.4%, compared to 6M25, primarily due to a decrease of Ps. 470.7 million in technical assistance fee, resulting from the reversal of the provision following the business combination, with only the fixed fee paid to the strategic partner from January through April 2026 being recognized. In addition, concession fees decreased by Ps. 114.4 million, or 5.8%. These decreases were partially offset by increases in the cost of services of Ps. 174.4 million, CBX operating expenses of Ps. 177.4 million, non-recurring merger-related expenses of Ps. 118.4 million, and depreciation and amortization of Ps. 54.8 million. Excluding the decrease in concession fees, the reversal of the technical assistance fee provision, the consolidation of CBX, and the non-recurring merger-related expenses, operating expenses increased by Ps. 129.8 million, or 1.0%, compared to 6M25.

Mexican airports: 

Operating costs decreased by Ps. 210.1 million, or 1.9%, compared to 6M25, primarily due to the reversal of the technical assistance fee provision of Ps. 470.7 million, or 93.1%, as well as a decrease of Ps. 343.5 million, or 6.6%, in the cost of improvements to the concession assets (IFRIC-12). These effects were partially offset by increases in cost of services of Ps. 379.9 million, non-recurring expenses of Ps. 118.4 million, concession fees of Ps. 54.4 million, and depreciation and amortization of Ps. 51.4 million. The change in the cost of services at our Mexican airports during 6M26 was mainly due to:

Employee costs increased by Ps. 203.1 million, or 18.2%, primarily due to salary adjustments, the addition of operational personnel, the incorporation of personnel to provide technical assistance services, and higher employee benefits resulting from changes to the Federal Labor Law.Safety, security and insurance increased by Ps. 56.1 million, or 17.6%, mainly due to an expansion of the security workforce, significant increases in the minimum wage, and higher insurance costs related to goods safeguarded within the bonded warehouse as a result of increased revenues.Maintenance increased by Ps. 55.7 million, or 13.2%, mainly due to the opening of new operational areas and terminal facilities, as well as airfield maintenance activities. Jamaican Airports:

Operating costs decreased by Ps. 11.8 million, or 0.6%, compared to 6M25, mainly due to a Ps. 243.4 million, or 27.5%, decrease in concession fees, a decrease of Ps. 34.3 million, or 7.0%, in cost of services, and a Ps. 21.2 million, or 7.1% decrease in depreciation and amortization. These effects were partially offset by an increase of Ps. 285.7 million, or 190.7%, in the cost of improvements to concession assets (IFRIC-12). Cross Border Xpress:

Beginning May 1, CBX operating expenses of Ps. 177.4 million were consolidated, consisting of cost of services of Ps. 152.3 million and depreciation and amortization of Ps. 25.1 million, corresponding to two months of operations. Operating income margin increased from 42.3% in 6M25 to 44.3% in 6M26. Excluding the effects of IFRIC-12, the operating income margin went from 55.9% in 6M25 to 57.8% in 6M26. Income from operations increased by Ps. 767.2 million, or 8.3%, compared to 6M25, with CBX contributing Ps. 291.1 million.

EBITDA margin went from 50.7% in 6M25 to 52.8% in 6M26. Excluding the effects of IFRIC-12, EBITDA margin went from 67.1% in 6M25 to 68.8% in 6M26. EBITDA increased by Ps. 822.1 million, or 7.4%, compared to 6M25. CBX contributed Ps. 315.8 million, with an EBITDA margin of 69.9%.

Financial results increased in expenses by Ps. 6.5 million, or 0.4%, from a net expense of Ps. 1,663.0 million in 6M25 to Ps. 1,669.5 million in 6M26. This change was mainly the result of:

Foreign exchange fluctuations, which went from a loss of Ps. 164.3 million in 6M25 to a gain of Ps. 156.1 million in 6M26, resulting in a foreign exchange gain of Ps. 320.4 million due to the appreciation of the Mexican peso. Additionally, the foreign currency translation effect generated a gain of Ps. 90.4 million compared to 6M25. Interest expense increased by Ps. 279.2 million, or 13.6%, compared to 6M25, mainly due to the increase in bond certificates and higher borrowings of bank loans. Interest income decreased by Ps. 34.7 million, or 7.0%, compared to 6M25, mainly due to a decrease in the cash and cash equivalents average balance and changes in the reference rates in both Mexican pesos and U.S. dollars. In 6M26, net and comprehensive income increased by Ps. 766.7 million, or 15.2%, compared to 6M25. Income before taxes increased by Ps. 760.7 million, mainly due to the increase in EBITDA, as mentioned above.

During 6M26, net income increased by Ps. 692.3 million, or 12.6%, compared to 6M25, mainly due to the increase in EBITDA, partially offset by higher depreciation and amortization expenses. In addition, income tax expense for the period increased by Ps. 68.5 million, as a result of a Ps. 767.2 million increase in operating income.

Statement of Financial Position

As of June 30, 2026, total assets increased by Ps. 62,184.3 million compared to the same period in 2025, primarily due to: (i) goodwill and intangible assets of Ps. 37,703.1 million resulting from the business combination following the merger; (ii) an increase in cash and cash equivalents of Ps. 10,076.4 million; and (iii) a Ps. 13,721.8 million increase in improvements to concession assets, construction in progress, advances to suppliers, and property, plant and equipment.

Total liabilities increased by Ps. 27,952. 3 million compared to the same period of 2025. This increase was mainly attributable to: (i) an increase in bond certificates of Ps. 18,098.0 million; (ii) a net increase in bank loans of Ps. 419.0 million, resulting from new loans; and (iii) an increase in accounts payable of Ps. 1,804.6 million.

Recent events

On May 8, 2026, the Company announced the commencement of the process to establish an Irrevocable Trust for the Issuance of Energy and Infrastructure Investment Trust Certificates (Certificados Bursátiles Fiduciarios de Inversión en Energía e Infraestructura, “CBFEs”), with the objective of subscribing a minority equity interest in the 12 Mexican airport concessionaires operated by GAP. As of the date hereof, the Company continues to work through the approval process with the relevant authorities for the issuance of the CBFEs.

2026 Growth Guidance revised

Considering the business combination effective in May, passenger traffic trends, and the progress of the Company’s investment projects:

   2026 vs 2025Passenger traffic-3% - 0%Aeronautical revenues1% - 4%Non-aeronautical revenues21% - 24%Total revenues7% - 10%EBITDA10% - 12%EBITDA margin67% +- 1%CAPEXPs. 12.0 billion   Company Description

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019. In May 2026, GAP completed a business combination pursuant to which it acquired full ownership of the Cross Border Xpress (“CBX”), a cross-border terminal located in San Diego, California and connected to the Tijuana International Airport.

This press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with IFRS. This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at [email protected]. GAP’s Audit Committee will be notified of all complaints for immediate investigation.

Beginning this quarter, the Company’s main airports and new business lines will be reported separately, given their significance and the importance of providing this information to the market on a standalone basis.

Exhibit A: Operating results by airport (in thousands of pesos):

       Airport2Q252Q26Change6M256M26ChangeGuadalajara      Aeronautical services1,562,4301,692,0568.3%3,151,5173,464,0449.9%Non-aeronautical services348,795391,71912.3%709,331780,44310.0%Improvements to concession assets (IFRIC 12)1,174,4261,118,313(4.8%)2,348,8522,236,626(4.8%)Total Revenues3,085,6513,202,0883.8%6,209,7006,481,1144.4%Operating income1,242,7341,269,2412.1%2,424,9652,636,8298.7%EBITDA1,450,4161,526,8525.3%2,844,5193,107,5919.2%       Tijuana      Aeronautical services855,119857,7030.3%1,587,9331,682,6346.0%Non-aeronautical services125,930124,479(1.2%)250,651258,1713.0%Improvements to concession assets (IFRIC 12)386,094453,86617.6%772,188907,73217.6%Total Revenues1,367,1441,436,0485.0%2,610,7722,848,5379.1%Operating income565,985530,496(6.3%)972,3881,015,8764.5%EBITDA691,459660,671(4.5%)1,224,3971,273,9334.0%       Los Cabos      Aeronautical services903,938847,415(6.3%)1,850,5701,884,0071.8%Non-aeronautical services349,334332,937(4.7%)712,000678,781(4.7%)Improvements to concession assets (IFRIC 12)205,863212,8633.4%411,726425,7253.4%Total Revenues1,459,1351,393,214(4.5%)2,974,2962,988,5130.5%Operating income806,799706,727(12.4%)1,645,6131,591,598(3.3%)EBITDA911,098815,556(10.5%)1,846,9501,805,594(2.2%)       Puerto Vallarta      Aeronautical services720,778599,816(16.8%)1,708,9501,597,744(6.5%)Non-aeronautical services183,464142,708(22.2%)371,047332,047(10.5%)Improvements to concession assets (IFRIC 12)503,536410,908(18.4%)1,007,073821,816(18.4%)Total Revenues1,407,7781,153,432(18.1%)3,087,0702,751,607(10.9%)Operating income584,274415,373(28.9%)1,365,4321,210,213(11.4%)EBITDA647,844478,657(26.1%)1,494,2211,335,690(10.6%)       Cargo and bonded warehouse business      Non-aeronautical services514,113627,03922.0%948,3811,174,59023.9%Total Revenues514,113627,03922.0%948,3811,174,59023.9%Operating income330,315425,01428.7%596,765783,36531.3%EBITDA341,332435,91927.7%618,983805,22630.1%       Montego Bay      Aeronautical services518,434370,081(28.6%)1,103,799717,948(35.0%)Non-aeronautical services231,963189,397(18.4%)476,550367,738(22.8%)Improvements to concession assets (IFRIC 12)64,36850,688(21.3%)113,35499,052(12.6%)Total Revenues814,765610,166(25.1%)1,693,7031,184,737(30.1%)Operating income305,501195,612(36.0%)648,016408,519(37.0%)EBITDA391,479278,863(28.8%)823,813574,446(30.3%)       Exhibit A: Operating results by airport (in thousands of pesos):       Airport2Q252Q26Change6M256M26ChangeGuanajuato      Aeronautical services280,231262,919(6.2%)548,630557,1511.6%Non-aeronautical services46,90349,7266.0%97,54095,535(2.1%)Improvements to concession assets (IFRIC 12)130,22273,383(43.6%)260,444146,767(43.6%)Total Revenues457,356386,028(15.6%)906,614799,452(11.8%)Operating income208,424177,439(14.9%)407,575387,644(4.9%)EBITDA233,880208,796(10.7%)458,950450,082(1.9%)       Hermosillo      Aeronautical services161,897160,690(0.7%)305,246313,8412.8%Non-aeronautical services30,19127,597(8.6%)56,76254,578(3.8%)Improvements to concession assets (IFRIC 12)17,2245,657(67.2%)34,44811,315(67.2%)Total Revenues209,312193,944(7.3%)396,456379,734(4.2%)Operating income97,86790,996(7.0%)176,221175,976(0.1%)EBITDA123,579117,243(5.1%)228,262227,822(0.2%)       Cross Border Xpress (1)      Non-aeronautical services-468,099100.0%-468,099100.0%Total Revenues-468,099100.0%-468,099100.0%Operating income-291,095100.0%-291,095100.0%EBITDA-315,788100.0%-315,788100.0%       Others (2)      Aeronautical services760,361787,4193.6%1,505,6761,595,2005.9%Non-aeronautical services611,966673,01410.0%1,214,2721,356,21011.7%Improvements to concession assets (IFRIC 12)194,416359,21884.8%390,239631,54361.8%Total Revenues1,566,7431,819,65116.1%3,110,1883,582,95315.2%Operating income481,021883,92783.8%1,037,5921,540,67748.5%EBITDA689,0971,126,99463.5%1,592,0062,057,99629.3%       Total       Aeronautical services5,763,1885,578,099(3.2%)11,762,32111,812,5690.4%Non-aeronautical services2,442,6593,026,71423.9%4,836,5355,566,19115.1%Improvements to concession assets (IFRIC 12)2,676,1492,684,8970.3%5,338,3245,280,576(1.1%)Total Revenues10,881,99611,289,7103.7%21,937,18022,659,3373.3%Operating income4,578,3544,985,9198.9%9,274,56710,041,7928.3%EBITDA5,503,3135,965,3408.4%11,132,10111,954,1697.4%        1. Cross Border Xpress figures correspond to operations for May and June 2026. 2. Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports.

  Exhibit B: Consolidated statement of financial position as of June 30 (in thousands of pesos): 

      2025 2026 Change %Assets    Current assets    Cash and cash equivalents9,697,343 19,773,709 10,076,366 103.9%Trade accounts receivable - Net3,154,471 3,373,681 219,210 6.9%Other current assets1,152,861 1,918,220 765,359 66.4%Total current assets14,004,675 25,065,610 11,060,935 79.0%     Advanced payments to suppliers869,569 3,117,554 2,247,985 258.5%Machinery, equipment and improvements to leased buildings - Net4,623,910 6,821,182 2,197,272 47.5%Improvements to concession assets - Net25,471,976 30,989,546 5,517,570 21.7%Construction in-progress11,760,860 14,484,845 2,723,985 23.2%Land- 1,035,000 1,035,000 100.0%Airport concessions - Net9,140,466 8,414,313 (726,153)(7.9%)Rights to use airport facilities - Net967,163 916,169 (50,994)(5.3%)Other acquired rights1,937,118 1,684,731 (252,387)(13.0%)Goodwill/intangible assets- 37,703,107 37,703,107 100.0%Deferred income taxes - Net8,480,777 9,068,608 587,831 6.9%Other non-current assets931,544 1,071,645 140,100 15.0%Total assets78,188,058 140,372,310 62,184,252 79.5%     Liabilities     Current liabilities    Bank loans and interest payable7,473,502 12,935,662 5,462,160 73.1%Concession fees565,678 512,318 (53,360)(9.4%)Accounts payable996,350 2,800,943 1,804,593 181.1%Unrealized revenue- 373,469 373,469 100.0%Other current liabilities1,454,754 915,576 (539,178)(37.1%)Dividends payable4,253,565 12,376,378 8,122,814 191.0%Total current liabilities14,743,849 29,914,347 15,170,498 102.9%     Non-current Liabilities    Security deposits received1,130,129 1,263,914 133,785 11.8%Bank loans4,611,474 6,372,418 1,760,943 38.2%Other long-term liabilities1,886,599 1,198,109 (688,489)(36.5%)Long-term local bonds payable34,783,722 46,359,266 11,575,544 33.3%Total liabilities57,155,773 85,108,054 27,952,281 48.9%     Stockholders' Equity    Common stock1,194,390 1,406,522 212,132 17.8%Legal reserve238,878 238,878 - 0.0%Retained earnings14,397,380 13,278,816 (1,118,564)(7.8%)Reserve for share repurchase2,500,000 2,500,000 - 0.0%Foreign currency translation reserve312,241 (570,019)(882,260)(282.6%)Remeasurements of employee benefit – Net41,049 36,594 (4,455)(10.9%)Cash flow hedges- Net(2,692)- 2,692 (100.0%)Premium on share suscription- 35,766,611 35,766,611 100.0%Total controlling interest18,681,246 52,657,402 33,976,156 181.9%Non-controlling interest2,351,039 2,606,854 255,815 10.9%Total stockholder's equity21,032,285 55,264,256 34,231,971 162.8%     Total liabilities and stockholders' equity78,188,058 140,372,310 62,184,252 79.5%      Non-controlling interest represents the minority shareholders’ ownership interests in certain of our subsidiaries.  Exhibit C: Consolidated statement of cash flows (in thousands of pesos): 

GRUPO AEROPORTUARIO DEL PACIFICO             Consolidated statement of cash flows        2Q252Q26Change6M256M26ChangeCash flows from operating activities:      Consolidated net income2,655,135 2,893,509 9.0%5,513,253 6,205,518 12.6%       Postemployment benefit costs15,459 20,766 34.3%29,621 41,274 39.3%Allowance expected credit loss(13,123)39,795 (403.2%)12,269 61,197 398.8%Depreciation and amortization924,959 979,420 5.9%1,857,534 1,912,376 3.0%Loss (gain) on sale of machinery, equipment and improvements to leased assets(630)(4,713)648.1%1,360 (6,382)(569.4%)Interest expense1,034,255 1,356,033 31.1%2,281,509 2,376,772 4.2%Provisions9,022 1,792 (80.1%)(21,667)36,099 (266.6%)Income tax expense1,189,674 1,146,127 (3.7%)2,098,280 2,166,733 3.3%Unrealized exchange loss(54,076)(6,772)(87.5%)56,804 (129,318)(327.7%) 5,760,675 6,425,957 11.5%11,828,961 12,664,269 7.1%Changes in working capital:      (Increase) decrease in      Trade accounts receivable162,331 87,833 (45.9%)(493,714)157,063 (131.8%)Recoverable tax on assets and other assets25,725 (95,078)(469.6%)107,364 (32,063)(129.9%)Increase (decrease)      Concession taxes payable(248,380)(335,846)35.2%(215,106)(111,606)(48.1%)Accounts payable(117,942)(1,906,239)1516.3%(46,488)204,655 (540.2%)Cash generated by operating activities5,582,409 4,176,627 (25.2%)11,181,017 12,882,318 15.2%Income taxes paid(1,202,747)(1,539,627)28.0%(2,324,790)(2,673,476)15.0%Net cash flows provided by operating activities4,379,662 2,637,000 (39.8%)8,856,227 10,208,841 15.3%       Cash flows from investing activities:      Machinery, equipment and improvements to concession assets(678,121)(3,204,006)372.5%(2,384,763)(4,961,618)108.1%Cash flows from sales of machinery and equipment1,656 1,055 (36.3%)1,774 2,614 47.4%Other investment activities(1,746,391)15,773 (100.9%)(1,732,569)(97,377)(94.4%)Acquisition of a 25% interest in CBX- (8,445,060)100.0%- (8,445,060)100.0%Net cash used by investment activities(2,422,856)(11,632,238)380.1%(4,115,559)(13,501,441)228.1%       Dividends declared and paid(4,254,436)(203,882)(95.2%)(4,254,436)(203,882)(95.2%)Dividends paid to non-controlling interests(152,881)- (100.0%)(152,881)- (100.0%)Cash and cash equivalentes from business combination 5,428,000   5,428,000 100.0%Bond certificates issued- - 0.0%6,000,000 10,718,000 78.6%Bond certificates paid(2,500,000)- (100.0%)(7,000,000)(1,120,000)(84.0%)Bank loans paid(3,454,938)- (100.0%)(3,454,938)(4,498,971)30.2%Bank loans3,249,098 1,120,000 (65.5%)3,249,098 4,498,971 38.5%Capitalized interest on bank loans- (39,417)100.0%- (39,417)100.0%Interest paid on bank loans(941,099)(873,123)(7.2%)(2,306,485)(2,234,826)(3.1%)Interest paid on lease(592)(2,662)349.7%(1,282)(5,440)324.4%Payments of obligations for leasing(2,566)(10,474)308.2%(18,899)(21,031)11.3%Net cash flows used in financing activities(8,057,414)5,418,442 (167.2%)(7,939,822)12,521,404 (257.7%)       Effects of exchange rate changes on cash held(429,868)165,369 (138.5%)(569,530)91,707 (116.1%)Net increase (decrease) in cash and cash equivalents(6,530,476)(3,411,427)(47.8%)(3,768,684)9,320,511 (347.3%)Cash and cash equivalents at beginning of the period16,227,819 23,185,136 42.9%13,466,026 10,453,198 (22.4%)Cash and cash equivalents at the end of the period9,697,343 19,773,709 103.9%9,697,343 19,773,709 103.9%               Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos): 

        2Q252Q26Change6M256M26ChangeRevenues      Aeronautical services5,763,188 5,578,099 (3.2%)11,762,321 11,812,569 0.4%Non-aeronautical services2,442,659 3,026,714 23.9%4,836,535 5,566,191 15.1%Improvements to concession assets (IFRIC-12)2,676,149 2,684,897 0.3%5,338,324 5,280,576 (1.1%)Total revenues10,881,996 11,289,710 3.7%21,937,180 22,659,337 3.3%       Operating costs      Costs of services:1,556,035 1,916,778 23.2%3,020,338 3,468,349 14.8%Employee costs638,722 769,895 20.5%1,252,084 1,454,119 16.1%Maintenance256,830 316,554 23.3%513,733 577,317 12.4%Safety, security & insurance232,516 260,363 12.0%447,723 493,768 10.3%Utilities148,732 149,214 0.3%273,963 274,227 0.1%Professional services58,332 84,772 45.3%106,063 141,887 33.8%Business operated directly by us86,632 99,427 14.8%173,968 188,956 8.6%Other operating expenses134,271 166,061 23.7%252,803 267,584 5.8%CBX operating expenses- 70,492 100.0%- 70,492 100.0%       Technical assistance fees221,680 (264,685)(219.4%)505,580 34,857 (93.1%)Concession taxes935,280 915,543 (2.1%)1,976,982 1,862,621 (5.8%)Depreciation and amortization924,959 979,420 5.9%1,857,534 1,912,376 3.0%Cost of improvements to concession assets (IFRIC-12)2,676,149 2,684,897 0.3%5,338,324 5,280,576 (1.1%)Other (income)(10,461)71,837 (786.7%)(36,145)58,765 (262.6%)Total operating costs6,303,642 6,303,790 0.0%12,662,613 12,617,545 (0.4%)Income from operations4,578,354 4,985,920 8.9%9,274,567 10,041,792 8.3%Financial Result(733,545)(946,284)29.0%(1,663,035)(1,669,542)0.4%Income before income taxes 3,844,809 4,039,636 5.1%7,611,532 8,372,250 10.0%Income taxes(1,189,674)(1,146,127)(3.7%)(2,098,280)(2,166,733)3.3%Net income 2,655,135 2,893,509 9.0%5,513,252 6,205,518 12.6%Currency translation effect(423,527)(443,277)4.7%(498,585)(408,156)(18.1%) Cash flow hedges, net of income tax2,668 - (100.0%)1,892 - (100.0%)Remeasurements of employee benefit – net income tax667 69 (89.7%)32,766 18,711 (42.9%)Comprehensive income 2,234,943 2,450,301 9.6%5,049,325 5,816,073 15.2%Non-controlling interest(90,951)(102,859)13.1%(205,878)(241,374)17.2%Comprehensive income attributable to controlling interest2,143,992 2,347,442 9.5%4,843,447 5,574,699 15.1%       Non-controlling interest represents the minority shareholders’ ownership interests in certain of our subsidiaries.               Exhibit E: Consolidated stockholders’ equity (in thousands of pesos): 

           Common StockLegal ReseveReserve for Share RepurchasePremium on share suscriptionRetained EarningsOther comprehensive incomeTotal controlling interestNon-controlling interestTotal Stockholders' EquityBalance as of January 1, 20251,194,390920,187 2,500,000-16,957,723 773,499 22,345,799 2,275,940 24,621,739 Decrease in legal reserve-(681,309)- 681,309 - - - - Dividends declared-- - (8,508,000)- (8,508,000)(130,779)(8,638,779)Comprehensive income:         Net income-- --5,266,354 - 5,266,354 246,904 5,513,258 Foreign currency translation reserve-- --- (457,563)(457,563)(41,026)(498,589)Remeasurements of employee benefit – Net-- --- 32,766 32,766 - 32,766 Reserve for cash flow hedges – Net of income tax-- --- 1,892 1,892 - 1,892 Balance as of June 30, 20251,194,390238,878 2,500,000-14,397,387 350,594 18,681,245 2,351,039 21,032,285           Balance as of January 1, 20261,194,390238,878 2,500,000-18,695,331 (158,148)22,470,451 2,365,480 24,835,931 Capital increase212,132     212,132  212,132 Dividends declared-- - (12,376,379)- (12,376,379) (12,376,379)Increase from share suscription-- -35,766,611- - 35,766,611 - 35,766,611 Comprehensive income:         Net income-- --5,949,977 - 5,949,977 255,541 6,205,518 Retained earnings business combination   -1,009,888  1,009,888  1,009,888 Foreign currency translation reserve-- --- (393,989)(393,989)(14,167)(408,156)Remeasurements of employee benefit – Net-- --- 18,711 18,711 - 18,711 Balance as of June 30, 20261,406,522238,878 2,500,00035,766,61113,278,817 (533,426)52,657,402 2,606,854 55,264,256                   Exhibit F: Other operating data:               2Q252Q26Change6M256M26ChangeTotal passengers15,879.414,987.7(5.6%)32,149.030,354.9(5.6%)Total cargo volume (in WLUs)686.6743.58.3%1,337.31,447.48.2%Total WLUs16,566.015,731.2(5.0%)33,486.331,802.3(5.0%)       Aeronautical & non aeronautical services per passenger (pesos)516.8574.111.1%516.3572.510.9%Aeronautical services per WLU (pesos)347.9354.61.9%351.3371.45.7%Non aeronautical services per passenger (pesos)153.8201.931.3%150.4183.421.9%Cost of services per WLU (pesos)91.9121.832.6%89.8109.121.4%        WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).

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Včera jsme vydali druhou sektorovou studii, tentokrát na téma evropského automobilového sektoru. V dnešním rozbřesku tak přinášíme shrnutí toho nejdůležitějšího, co z analýzy vyplývá pro budoucnost jednoho z klíčových sektorů evropské ekonomiky.

Evropský automobilový průmysl čelí největší strukturální změně za několik dekád. V sázce přitom není málo: automotive vytváří přibližně 7 % HDP EU, zaměstnává kolem 13 milionů lidí a zajišťuje třetinu soukromých výdajů na výzkum a vývoj. Jeho problémy však nezačaly až s nástupem čínské konkurence. Vysoké ceny energií, nákladná transformace směrem k elektromobilitě, regulatorní nejistota a slabá poptávka po dražších elektromobilech podkopávaly konkurenceschopnost evropských výrobců již dříve.

Čínský tlak má nyní dva vzájemně propojené rozměry. První šok přichází přímo z Číny, kde evropské značky rychle ztrácejí pozice. Podíl domácích výrobců na čínském trhu vzrostl z necelých 38 % v roce 2019 na více než 65 % v roce 2025. Evropské koncerny tak přicházejí o důležitý zdroj zisků právě ve chvíli, kdy potřebují financovat vývoj baterií, softwaru a nových výrobních platforem.

Druhý šok se odehrává na domácím hřišti. Čínští producenti využívají rozsáhlé kapacity, silný bateriový ekosystém a cenově dostupnější modely k rychlé expanzi do Evropy. Cla mohou část neférové výhody zmírnit, dlouhodobé řešení však nepředstavují. Navíc je postupně obcházejí investice čínských výrobců přímo v Evropě.

Evropská odpověď proto musí být obranná i transformační. Vedle ochrany trhu potřebuje Unie levnější energie, stabilnější regulaci, rychlejší inovace a diverzifikované dodavatelské řetězce. Čínský šok může evropský automotive probudit. Bez obnovení jeho skutečné konkurenceschopnosti ale spíše urychlí ústup jednoho z klíčových pilířů evropské ekonomiky.

TRHY

Koruna

Česká koruna setrvává v okolí 24,25 EUR/CZK, kde vyhlíží další vývoj blízkovýchodního konfliktu. Cena ropy na 85 dolarech za barel ukazuje na poměrně nemalou nervozitu na trzích, která by se mohla při pokračujícím zdražování ropy přenést na riziková aktiva. Pro korunu je dobrou zprávou, že si zatím výraznější zisky nepřipisuje americký dolar, což by mohl být jeden z impulsů k prodejním tlakům. Celkově ale máme za to, že vyšší rozkolísanost koruny stále není ve hře, pokud nedojde k opakovaným útokům na energetickou infrastrukturu v regionu.

Eurodolar

Situace v blízkosti Hormuzského průlivu se zhoršuje a tak cena ropy stoupá. Nicméně přestože Brent se již obchoduje za 84 dolarů za barel, tak eurodolar sedí stále v blízkosti 1,14, byť se již obchoduje pod touto hranicí.

Ropa zůstane pro eurodolar nepochybně téma avšak pokud jde o data, tak vrcholem by dnes odpoledne měla být čísla za americkou inflaci. Od červnového čísla překvapení nečekáme, neb náš odhad je velmi blízko odhadu trhu. V této souvislosti stojí za zmínku včerejší výrok člena vedení Fed Christophera Wallera, který uvedl, že nás tento týden čeká další žhavý inflační report a že je třeba zvažovat v krátkodobém horizontu o utažení měnové politiky.

Avalanche’s native token, AVAX, has attracted renewed attention following a substantial increase in on-chain activity and improved technical signals, prompting some market analysts to take a more positive stance on the asset.

Stablecoin Supply and Institutional Engagement on AvalancheMichaël van de Poppe, a prominent crypto analyst, observed that AVAX could soon move away from its current price range. He attributed this expectation to robust growth in the Avalanche ecosystem and a constructive technical outlook.

Van de Poppe reported on X that the stablecoin supply on Avalanche expanded by 48% within a single week. At the same time, BlackRock’s BUIDL fund—an institutional-grade tokenized asset available on blockchain platforms—more than doubled in size on the Avalanche network over the same period. He described this growth as evidence of accelerating blockchain adoption and increasing ecosystem momentum.

“The activity continues to expand on AVAX, a strong signal of adoption and ecosystem growth,” van de Poppe stated, underscoring surging stablecoin liquidity as a sign of improving capital efficiency for decentralized applications and traders engaged in lending, trading, and on-chain transactions.

Rising stablecoin balances often reflect increasing liquidity and active capital within a blockchain, giving users and protocols more flexibility to support transactions and investments without friction.

Mini dictionary: BlackRock BUIDL fund, a tokenized money market fund launched by global asset manager BlackRock, provides blockchain users with exposure to US Treasury bills and cash equivalents through tokenization, aiming to facilitate broader institutional adoption of blockchain infrastructure.

MetricPrevious WeekCurrent WeekChange (%)Stablecoin supply (AVAX)Baseline48% higher+48%BUIDL fund on AvalancheBaseline100%+ higher+100%Technical Analysis and Key Price LevelsAlongside ecosystem metrics, van de Poppe pointed to several favorable technical patterns for AVAX. According to his analysis, the token recently formed a bullish divergence on the daily chart, and established a higher low—a common support signal in technical analysis.

Building on these patterns, van de Poppe outlined a potential scenario in which AVAX could test higher resistance levels if current supports hold, noting, “What’s the potential target for this one? I would be looking at $10+.” He emphasized that achieving this target relies on the token maintaining strength above the present support band.

For investors, real-time on-chain data such as expanding stablecoin supply and institutional product growth can provide a more nuanced view than daily price movements alone, highlighting deeper trends in adoption and liquidity.

Avalanche has positioned itself as a leading platform for asset tokenization and decentralized finance, aiming to attract both retail and institutional users seeking efficient, scalable blockchain solutions.

Implications for Investors and Market OutlookAnalysts believe continued growth in stablecoin liquidity, rising Total Value Locked (TVL), and institutional adoption — such as the expansion of the BUIDL fund — reinforce the network’s underlying fundamentals.

A key focus for market participants is whether AVAX can preserve its higher-low support level and successfully break above immediate resistance. A breakout may confirm the bullish technical signals, while a failure to hold support could delay any move toward higher targets.

Monitoring stablecoin inflows, institutional asset growth, and overall network usage will be important for assessing the sustainability of recent positive price action. Persistent increases in these areas could help underpin stronger momentum for AVAX within the broader crypto market.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Grayscale Says the Crypto Market Is Rewarding a Different Kind of Token

Goldman Sachs: Semiconductor industry fundamentals remain supported, while leveraged ETFs amplify volatility in tech stocks.

Goldman Sachs’ latest research report points out that the recent sharp volatility in global tech stocks is mainly driven by liquidity deleveraging triggered by highly leveraged transactions, rather than a deterioration in the semiconductor industry’s fundamentals. The U.S. investment bank noted that newly launched single-stock 2x leveraged ETFs in South Korea have amplified market volatility, with multiple leveraged ETFs tracking Samsung Electronics and SK Hynix once posting single-day declines of over 30% recently. To maintain their leverage ratios, the funds were forced to offload underlying stocks, creating a liquidity stampede feedback loop of "price drops → forced selling → deeper declines." Goldman Sachs estimates that around 62% of recent net selling by South Korean institutional investors comes from the liquidation of these ETFs. Meanwhile, the Leuthold Group pointed out that the U.S. margin balance has risen by roughly 54% over the past 12 months, entering a historically high range. Leveraged funds are heavily concentrated in the AI and semiconductor sectors, making the market structure more fragile. However, Goldman Sachs believes the semiconductor industry has not yet reached its cycle peak. The firm noted that earnings expectations for Samsung Electronics and SK Hynix have not been revised down. Limited expansion of memory chip production capacity means supply tightness is expected to persist until the second half of 2028, and the current pullback is more a position adjustment than a fundamental reversal of the industry.

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US government transfers nearly $300 million in crypto assets linked to fraud and money laundering cases involving BTC-e, Farace and others.

According to on-chain data platform Arkham’s monitoring, U.S. government-associated wallets transferred approximately $288 million in seized crypto assets to Coinbase Prime on Monday. The sum includes 2,875 BTC (valued at around $178 million) from the seized address linked to Ryan Farace’s "xanaxman" case, and 925.512 BTC (about $57 million) from the closed BTC-e exchange case—both were routed through newly created intermediate addresses before reaching Coinbase Prime. Separately, a wallet tied to the Brian Krewson money laundering case directly sent 30,007 ETH (worth roughly $53.09 million) to the platform. The transfer follows a March 2025 executive order signed by Trump, which mandates that seized Bitcoin for the strategic Bitcoin reserve should not be sold in principle. Notably, the funds’ transfer to Coinbase Prime does not signal a sale, as the platform provides services including custody, financing, and asset management. As of press time, U.S. government-related wallets hold approximately $20.65 billion in crypto assets, comprising 324,552 BTC, 28,394 ETH, and 145.5 million USDT. The latest transfer represents only a small fraction of their total holdings.

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BlackRock’s on-chain tokenized assets have reached $2.93 billion, with BUIDL accelerating its expansion into multi-chain ecosystems.

BlackRock’s U.S. institutional digital liquidity fund BUIDL has reached an on-chain assets under management (AUM) of approximately $2.93 billion, continuously hitting new all-time highs, reflecting sustained growing demand among institutional investors for tokenized U.S. Treasury products. Currently, BUIDL is deployed across multiple public blockchains including Ethereum, Avalanche, and Solana, with Securitize handling its tokenized issuance and BNY Mellon providing custody services. Data shows Ethereum remains BUIDL’s largest deployed network, holding over $1 billion in locked assets; Avalanche has seen the fastest recent growth, with its asset size doubling in a single week of July to roughly $900 million, while Solana’s on-chain assets exceed $550 million. Reports note that BUIDL primarily invests in U.S. Treasuries, repurchase agreements, and cash equivalents, maintaining a $1 net asset value (NAV) per share and offering an annualized yield of around 3% to 5%. As more DeFi protocols adopt BUIDL as collateral and liquidity assets, its use cases are expanding beyond institutional cash management to on-chain financial infrastructure. Market analysts view BUIDL’s rapid expansion as a key case of convergence between traditional finance (TradFi) and blockchain, driving continued growth in the global tokenized Real World Asset (RWA) market.

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Institutions: The strong U.S. dollar is suppressing gold prices in the short term, but may further reinforce gold’s status as a long-term reserve asset.

Gold prices have fallen roughly 25% from their year-to-date all-time high, weighed down by elevated interest rates, a strong U.S. dollar, and higher energy prices that have lifted holding costs, leaving the metal under notable short-term pressure. However, multiple market participants argue that this correction has not altered gold’s long-term investment thesis. Paul Wong, a market strategist at Sprott, attributes the recent gold decline to a stronger U.S. dollar, rising expectations of Federal Reserve rate hikes, and concentrated liquidations by quantitative funds. He notes that the current gold price drop has significantly outpaced the actual rise in the dollar and short-term interest rates, indicating that the headwinds from high rates and a strong greenback have been largely priced in. Wong points out that while a stronger dollar tends to weigh on gold in the short term, over the long run, the stronger the U.S. currency, the greater the global incentive to seek alternative reserve assets to the dollar, which in turn boosts gold’s strategic standing as a neutral reserve asset. Against a backdrop of widening global fiscal deficits, central banks’ continued gold purchases, and rising geopolitical fragmentation, gold is gradually evolving from a mere inflation hedge into a currency hedge, reserve asset, and even a potential international financial collateral. He believes that gold and the U.S. dollar could strengthen in tandem over the long term for different reasons: the dollar benefits from its core role in the global financial system, while gold benefits from the trend toward diversification of global reserve assets. However, at the cyclical level, gold prices still tend to maintain an inverse correlation with the U.S. Dollar Index.

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Wall Street is on alert for tonight's CPI "fake cool down"; bond markets have already priced in a July interest rate hike.

The US will release June CPI data at 20:30 Beijing time tonight. Market consensus expects that driven by falling gasoline prices, the overall June CPI may decline by 0.1% to 0.2% month-on-month, with its year-on-year growth rate projected to drop from 4.2% in May to 3.8%. Core CPI is forecast to rise around 0.2% month-on-month, with its year-on-year figure falling to approximately 2.8%. However, multiple Wall Street institutions argue that this inflation slowdown stems more from the pullback in energy prices, and does not mean US inflationary pressures have faded. Housing, auto insurance, travel services, and the pass-through of tariffs on goods prices may still keep core inflation sticky. Meanwhile, the bond market is further pricing in a Federal Reserve rate hike. Interest rate options data shows the implied probability of the Fed raising rates by 25 basis points in July has risen from less than 10% to around 50%, with the two-year US Treasury yield staying above 4.25%. Earlier, Fed Governor Waller stated that if core inflation rises again, a rate hike should be considered in the near term. Institutions generally believe that even if the overall CPI declines due to lower energy prices, the performance of core CPI and its sub-components will remain key to judging whether US inflation has truly peaked and the Fed’s subsequent policy path.

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Hyperliquid's contracts posted a 24-hour trading volume exceeding that of Bitcoin (BTC), making it the platform's most active asset.

On the Hyperliquid platform, the combined 24-hour trading volume of SK Hynix-related contracts SKHX and SKHY has reached $1.836 billion, surpassing BTC to become the platform’s top active asset by trading volume. Specifically, SKHX posted a 24-hour trading volume of $1.63 billion, with open interest (OI) of $635 million; SKHY recorded a 24-hour trading volume of $206 million, and its open interest stood at $101 million. As of now, SKHY still carries a roughly 26% premium over SKHX.

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Robinhood Chain Passes Ethereum in DEX Volume 2 Weeks After Launch