The National Data Administration further clarified the “token” as a settlement unit and disclosed that China’s average daily token usage has reached 140 trillion, continuing to grow from earlier levels. The policy signal that tokens serve as commercial pricing infrastructure has become clearer.
Beijing disclosed plans to formulate grading and evaluation standards for token factories, advance the building of large-scale token factory clusters, and plan evaluation standards for token distribution platforms, pushing token supply toward standardized and clustered development.
Runjian Co.’s token factory signed a USD 200 million cross-border AI token sales service contract with an overseas technology company. The model uses domestic inference and overseas invocation and settles by actual token consumption, marking a new commercial order in token export.
Chongqing launched the China Mobile Cloud Token Center and established a related token economy application innovation alliance, providing pay-as-you-go token invocation services to small and medium-sized enterprises. Regional token operation centers are moving into the service delivery stage.
An education-sector token public supply platform landed in Beijing and plans to open trial quotas before the end of the year. It will conduct pilot validation in personalized teaching, inquiry-based learning and other scenarios and form reusable evaluation standards.
Inner Mongolia plans to set up a token economy sub-fund under its key industry guidance fund framework and has begun pre-collecting intended co-managers. The sub-fund will focus on computing equipment, the data industry and related areas, bringing the token economy into local industrial fund allocation.
An e-commerce platform launched a token recharge zone during a shopping festival, with tokens offered as an independent category. Platform data showed that first-day transaction value rose 450% month on month, further extending tokens’ consumer-facing commodity form.
Discussion heated up over China’s token consumption structure. Some observers noted the high share of short drama and video and the relatively low share of software development, while others argued that the application ecosystems and industrial structures of the two countries differ, so a single ratio should not be used to judge token allocation efficiency.
The Hyperliquid token HYPE showed marked volatility this week. News that a related trading platform plans to launch a regulated perpetual contract market in the United States, together with Elon Musk’s social media response, pushed the token higher in the short term, showing its sensitivity to regulatory signals and celebrity remarks.
Hong Kong approved tokenized funds for secondary-market trading on licensed virtual asset trading platforms, and two tokenized money market funds began offering around-the-clock secondary trading. Meanwhile, Japan’s Financial Services Agency released an RWA tokenization regulatory research report, as compliance circulation and regulatory research on tokenized assets continue to advance.