In business transactions, when it comes to large sums of money or valuable assets, trust is both important and rare. How can a buyer be assured that they will receive what was promised? How can a seller ensure that they will receive payment after delivery? This is where the escrow mechanism comes into play – it involves a neutral third party that holds the funds or assets, releasing them only after both parties have fulfilled their contractual obligations.
The application of the custody mechanism goes far beyond simple fund storage services. It is a key risk management tool across various industries, covering real estate, corporate mergers and acquisitions, e-commerce platforms, and even the highly volatile cryptocurrency trading sector. By utilizing a neutral and secure method of fund or asset custody, the custody mechanism effectively reduces the probability of fraud, minimizes transaction disputes, and provides reliable protection for transactions that are difficult to conduct solely based on trust.
How does the custody mechanism work?
1. Reach Terms Agreement - The buyer and seller negotiate and mutually confirm the terms and conditions of the transaction.
2. Sign the accomplice

Every Thursday at 7:30 PM, the tavern opens on time! From investment jargon, entrepreneurial stories, project ups and downs, to hot topic rants, Airdrop traps, and track predictions... we use the AMA format to talk about what you want to hear, with industry experts gathering! There are no limits on topics, easy discussions about Web3! In the face of regulatory policy changes and compliance trends hitting suddenly—don't panic! Senior lawyer Mankun will personally interpret hot regulatory events for you, helping you gain insights into the trends!
This issue of the Mankun Crypto Tavern focuses on the RWA (Real World Assets) trend, discussing with guests the roles throughout the RWA chain, domestic projects, market prospects, regulatory changes, and opportunities for profit. As a bridge between traditional finance and new finance, RWA is attracting global attention. This episode features a strong lineup of guests, covering technical, incubation, strategic, and compliance perspectives, bringing a deep and easy interpretation to the audience through five questions!
The tavern is open, please introduce yourselves, guests!
Meg: Welcome everyone to the eighth session.

On July 30, 2025, the event "In the AI Era, How Can RWA Support Chinese Culture Going Global?" co-hosted by Longyun Cultural Technology Group, Zhejiang University Blockchain National Key Laboratory Hangzhou High-tech Research Institute, and Mankun Law Firm was successfully held at Shulian Space in Xuhui, Shanghai.
This event invited several industry experts from organizations such as Kaiying Network, Hashkey, TensorsLab, AI Compliance Circle, Shanghai Zhonglian Law Firm, Web3 Compliance Research Group, and Chain Law Technology to conduct in-depth discussions on core topics such as how the tokenization of real-world assets (RWA) can support the implementation of AI content creation in China.
Despite the continuous wind and rain that day, the venue was still packed. Around the topic of "how to turn content into assets and how to enable culture to go global," the guests engaged in multidimensional practical sharing and in-depth discussions, bringing the industry an exchange event that was both insightful and actionable.
Opening Speech
Up

The "2025 Global Stablecoin Industry Development Report" jointly released by PANews and the Mobile Payment Network tracks and analyzes the overall landscape of the stablecoin industry. It systematically organizes the development process, market structure, application scenarios, global regulation, development potential, and potential risks across six dimensions, combining on-chain transaction data, policy progress, and industry evolution paths.
Source: PANews
Original Author: Frank
The year 2025 is a crucial year in the development of stablecoins. In this year, stablecoins not only set records in market size and trading activity, but regulatory policies and capital attention also accelerated simultaneously. An asset class that originally originated as a "safe haven" tool within the crypto market is gradually moving towards the forefront of global payments, cross-border trade, DeFi infrastructure, and even sovereign credit.
The "2025 Global Stablecoin Industry Development Report" jointly released by PANews and the Mobile Payment Network.

Stock tokenization has become a major trend in Web3, especially regarded as a direction with strong feasibility. The article explores two models: Robinhood operates securities through a compliance framework, while xStocks avoids securities regulation through its structure. Entrepreneurs need to follow legal structures, role division, and compliance cooperation, design user-friendly and compliant stock tokenization platforms, and there are still opportunities in the market.

On July 17, 2025, the "PayFi Compliance Insights" event, hosted by BlockbeatHK, the London Stock Exchange Group, and Mankun Law Firm, was held in Shanghai, focusing on on-chain payments and compliance systems. Several guests discussed stablecoin regulation, PayFi development and its future potential, and emphasized the importance of the synergy between Compliance and technology, pointing out the development direction for the industry.

AI faces identification and legal constraints in traditional financial systems, preventing it from independently participating in economic activities. Blockchain allows "non-human users" to access it, providing the infrastructure for machine economic activities, such as stablecoins and smart contracts. In the future, AI may become an on-chain "digital legal entity," but this also brings new challenges regarding law and liability.

Every Thursday at 7:30 PM, the tavern opens on time! From investment jargon, entrepreneurial stories, to project ups and downs, and hot topic rants, Airdrop traps, and track predictions... we use an AMA format to discuss what you want to hear, with industry experts gathering! No limits on themes, easy discussions about Web3! In the face of regulatory policy changes and sudden compliance shifts - don't panic! Senior lawyer Mankun will personally interpret hot regulatory events for you, guiding you to insights on trends!
This issue of Mankun's Crypto Tavern focuses on the recent hot topic of tokenization in the US stock market.
At the end of June, platforms such as Robinhood, Kraken, and Bybit successively launched tokenized products for U.S. stocks, attracting widespread attention from both the Crypto circle and traditional financial industry. Is this phenomenon a new narrative or old wine in a new bottle? We invite three guests to discuss from different perspectives, covering technology, Compliance, investment opportunities, and risks.
The tavern is open, please introduce yourselves, guests!
CryptoMi

Preface
Start Web3, discuss every Wednesday!
"Entrepreneurship Web3.0" is a talk show initiated by Mankun Law Firm, featuring interviews with Chinese Web3.0 entrepreneurs. Every Wednesday evening, we invite industry leaders, frontline institutions, and well-known entrepreneurs to join the live broadcast. Through positive expression, rational discussions, and sharing experiences, we aim to support the compliance and healthy development of China's Web3.0 industry.
June is the RWA thematic month. How do Real World Assets (RWA) link Web3 with the real world under a compliance framework? In this issue, we invite senior lawyer Mao Jiehao from Mankun to have an in-depth dialogue with lawyer Wang Lei. From deepening DePIN to RWA, Lawyer Mao shares the compliance path in Hong Kong, global regulatory trends, the exploration difficulties of domestic assets, and how to empower RWA through standardization and programmability, helping entrepreneurs avoid pitfalls, stay on the right path, and welcome the great sailing era of RWA integrating with traditional finance!
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The wave of Web3.0 is sweeping the globe, and the compliance process of stablecoins and real-world assets (RWA) has become the two hottest topics in the industry. On July 10, the Shanghai Bar Association's Digital Technology and Artificial Intelligence Committee hosted a training event titled "Hotspot Interpretation and Compliance Outlook for Stablecoins and RWA," co-organized by Shanghai Mankun Law Firm and Shanghai Zhonglian Law Firm. Mao Jiehao, a member of the Shanghai Bar Association's Digital Technology and Artificial Intelligence Professional Committee and a senior lawyer at Shanghai Mankun Law Firm, attended this training event.
On the eve of the event, participants signed in in an orderly manner, immersing themselves in the professional analysis and exchange atmosphere focused on stablecoin hotspots and future compliance. The venue was packed, and the atmosphere was lively.
Training Review
Topic One: In-depth Analysis of Stablecoin Trends and Compliance
Director of the Shanghai Digital Economy and Artificial Intelligence Special Committee of the China United Nations, and Director of the National Intellectual Property and Data Protection Special Committee of the China United Nations.

On May 13, 2025, the stablecoin USDT issuer Tether announced that it will launch the Tether Gold Token (XAU₮) on the Thai digital asset exchange Maxbit. According to Tether, 1 XAU₮ corresponds to 1 ounce of gold in the real world.
Prior to this, on March 10, 2025, the Thai SEC announced USDT as an approved cryptocurrency, and the Deputy Prime Minister of Thailand also announced the country's intention to utilize cryptocurrency and blockchain technology to promote the development of the local tourism industry.
Figure 1

When law meets Web3.0, a launch ceremony anchoring the future is born in Shenzhen.
On June 25, 2025, Mankun Law Firm officially landed in Shenzhen, announcing its mission to "ensure the legal occurrence of Web3.0 in China" with an opening ceremony that integrated legal compliance and cutting-edge technology, setting sail in the Guangdong-Hong Kong-Macao Greater Bay Area.
Before the ceremony, leaders, industry experts, partners, and regulatory representatives signed their names in front of the welcome board, marking the beginning of the grand opening of Mankun Shenzhen Law Firm, embarking on a new journey of compliance in Web3.0.
Chairman Zhang Bin and Director Liu Honglin delivered speeches, anchoring the development direction of Mankun Shenzhen Law Firm.
Zhang Bin, the president of the Shenzhen Bar Association, first delivered a congratulatory speech for the opening of Mankun Shenzhen Law Firm and expressed high expectations for Mankun Shenzhen Law Firm.
Zhang Bin will stay long-term, Mankun Shenzhen Law Firm continues to focus on professional foundation building and ecological co-construction, on one hand constructing "law + technology + business".

How much is a channel worth?
We start with an ancient yet revolutionary story.
In 1859, the construction of the Suez Canal began, taking a full ten years to excavate an artificial waterway connecting the Mediterranean Sea and the Red Sea. At that time, the cost was 416 million francs, equivalent to 1.5% of France's GDP. In today's terms, this is an investment comparable to that of a national-level infrastructure project.
Why did we have to pay such a high price to dig an "artificial river" back then?
You will understand when you look at a set of data:
Each ship passing through the Suez Canal has to pay about $250,000; the annual number of passing ships is between 18,000 and 21,000; annual revenue exceeds $6 billion; average daily revenue exceeds $15 million.
Because it is not an ordinary river, but a "golden channel" that connects Europe and Asia.
If there were no canal, all ships would have to go around the Cape of Good Hope at the southern tip of Africa, which would not only add 4 or 5 days to the journey but also double the cost compared to now.