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PR Newswire TechnologyCodex · 实盘不做把握 6/10不做原因:证据不足
北京时间·🕒 发布 16:00:00·⟳ 抓取 16:00:14 +14s·⚡ 决策 08-31 16:01:23 +1m09s·57.4 天前

KuCoin与FinChain合作将FUSD接入RWA抵押映射方案

事件方向偏正面,但只确认FUSD获得一个交易基础设施使用场景,未披露资产规模、收费、收入分成或上市公司层面的经济权益,且主要直接主体不可交易;对复星国际的映射过于间接。

📄 原文PR Newswire Technology↗ 原文
KuCoin Partners with FinChain to Integrate FUSD into Its RWA Collateral Mirroring Solution
PROVIDENCIALES, Turks and Caicos Islands, Aug. 31, 2026 /PRNewswire/ -- KuCoin, a leading global cryptocurrency exchang…
不做 复星国际(00656.HK)
FinChain/FUSD合作偏主题利好但财务传导和量级未披露,对复星国际映射过间接,缺少可执行正期望。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

这是一条RWA稳定币应用场景扩展公告,对KuCoin和FinChain品牌与机构基础设施叙事有利;但KuCoin、FinChain均不是清晰可交易股权标的,唯一可映射的复星国际(00656.HK)只是母公司层级,公告没有给出FUSD AUM、客户采用、费用率或利润贡献,难以形成相对其市值和业务体量的正期望交易。

🔎 新鲜度:最早出现 2026-08-31 · 扩散 low · price-in 风险 low ↗ ↗

消息传播链

  1. 2026-08-31 08:00 UTC首发PR Newswire一手源原文 ↗
    KuCoin发布合作公告,称FUSD将接入其RCMS并可作为机构客户映射抵押资产。

关键理由

  • FUSD接入KuCoin RCMS提升其作为RWA抵押品的使用场景,对FinChain生态采用度是边际利好。
  • 复星财富控股为复星国际全资子公司,存在主题映射,但当前披露不足以穿透到复星国际收入或利润。

主要风险

  • 未披露FUSD规模、收费模式和复星国际经济权益,无法估算本事件新增收入或利润占比。
  • RWA/稳定币合作公告此前已有多次生态合作铺垫,本次更像场景扩展而非业绩级订单。

反向证据

  • 做多前查反向 · 来源 web · 日期 2026-08-31 · 影响 weakens
    公开公告未披露FUSD资产规模、收费率、客户采用率或复星国际并表收益,削弱做多复星国际的可量化依据。
    检索:FinChain FUSD AUM revenue fee Fosun International materiality 原文 ↗

先例如何影响了这次决策

对本次决策的影响:先例证据不足叠加财务量级不可算,最终不对复星国际下多单。

方向:缺少可对齐的上市公司、高量化披露RWA抵押接入先例;方向只能判断为生态叙事利好。

涨幅量级:没有足够高相似先例可校准复星国际股价幅度。

形态:RWA合作公告常依赖AUM与收费落地,未披露规模时短线容易缺乏持续买盘。

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原文全文

展开原文 · 6,041 字
KuCoin Partners with FinChain to Integrate FUSD into Its RWA Collateral Mirroring Solution
PROVIDENCIALES, Turks and Caicos Islands, Aug. 31, 2026 /PRNewswire/ -- KuCoin, a leading global cryptocurrency exchange built on trust, today announced a partnership with FinChain to integrate FUSD into KuCoin's RWA Collateral Mirroring Solution (RCMS). Through RCMS, yield-bearing FUSD can be connected through custody and mapped as collateral value, adding it to the list of assets supported as RCMS collateral.
Through this partnership, FUSD does not need to be sold beforehand or transferred directly to KuCoin. Its eligible collateral value, assessed within the designated custody framework, can be mapped to relevant KuCoin trading accounts in accordance with platform rules. Eligible institutional users can therefore keep their existing custody and yield arrangements, while using KuCoin's liquidity, trade execution, risk controls and position management capabilities to deploy capital more efficiently.
KuCoin Bridges RWA Assets and Trading Liquidity via RCMS
RCMS is KuCoin's off-exchange collateral infrastructure for institutional clients, designed to connect eligible RWA assets held in custody with trading accounts. Through RCMS, KuCoin incorporates mapped collateral value into the platform's collateral management, risk control, and position management processes, enabling custodied assets to support live trading activity in accordance with applicable rules.
RCMS is therefore more than a technical mechanism for mapping collateral value. It connects asset custody, collateral management, platform liquidity and trade execution within an integrated framework. Institutions can access trading and liquidity more flexibly, without frequently transferring or selling assets.
FUSD is backed by real-world assets such as money market funds and highly rated government bonds. Subject to platform rules, it can serve as both a yield-bearing asset and trading collateral, helping institutions reduce the trade-off between earning yield and accessing trading liquidity.
For KuCoin, the partnership expands the yield-bearing RWA assets supported by RCMS and further strengthens its role as both a trading platform and a provider of institutional market infrastructure. FinChain provides FUSD and its underlying asset backing. KuCoin, through RCMS, platform liquidity, trade execution, and risk management, makes eligible collateral value available for use in trading accounts. Together, the two sides create a complete process from RWA holding and custody to collateralization and trading.
Tika Lum, Head of Global Business Development - VIP & Institutional Business at KuCoin, said:
"For tokenized assets to become an integral component of market infrastructure, issuance and holding alone are insufficient; they must be used safely within prudent risk management frameworks. By adding FUSD to its range of RCMS-eligible collateral assets, KuCoin further connects RWA custodianship, collateral management, liquidity and trade execution, empowering institutions to deploy capital more efficiently while preserving their asset-holding arrangements. Grounded in trust, security and compliance, we will continue collaborating with partners to build institutional-grade infrastructure bridging traditional financial assets and digital asset markets."
Chen Zhao, CEO of FinChain, said: "We focus not merely on whether FUSD can be held, but whether it can be utilized within real-world trading infrastructure. Acting as collateral within RCMS enables FUSD to convert its underlying asset backing into usable collateral value while preserving yield-bearing performance. This facilitates more agile capital management for institutions across asset allocation, liquidity and strategy execution. Our collaboration with KuCoin marks a pivotal step for FUSD moving from asset issuance toward scenario-based application."
Compared with RWA products intended primarily for subscription and holding, FUSD, following its integration into RCMS, can also serve as eligible collateral within KuCoin's trading infrastructure. This arrangement links underlying asset backing, tokenization, custody connectivity, collateral management, risk control, platform liquidity and trade execution, further expanding FUSD's use in offshore digital asset markets. Going forward, the two parties will continue to work together on collateral eligibility assessment, custody connectivity, risk parameters, and offshore market expansion.
About KuCoin
Founded in 2017, KuCoin is a leading global crypto platform with more than 45 million users across 200+ countries and regions. The platform offers trading in 1,500+ digital assets, along with spot, futures, institutional wealth management and Web3 wallet services, and has been recognized by authorities including Forbes and Hurun. KuCoin has obtained SOC 2 Type II, ISO/IEC 27001:2022, ISO/IEC 27701:2019, ISO 22301:2019 and ISO/IEC 42001:2023 certifications, continuing to strengthen its security and privacy capabilities. Supported by its AUSTRAC registration in Australia and MiCA license in Austria, and under the leadership of CEO BC Wong, KuCoin continues to advance global compliance and innovation.
Learn more at www.kucoin.com.
About FinChain
FinChain is a Web3 brand incubated by Fosun Wealth Holdings. It positions itself as a global physical-financial blockchain network and financial-infrastructure platform supporting real-world-asset on-chain circulation. Centering on on-chain identity, RWA technology, asset issuance and on-chain-liquidity management, FinChain connects traditional-financial assets with digital-asset-use cases and keeps expanding institutional adoption and ecosystem partnerships for FUSD.
For more information: www.finchain.global
Disclaimer
This article is for corporate PR purposes only. It does not constitute an offer, invitation, solicitation, recommendation or promotion of any virtual asset products or services in Hong Kong, nor does it constitute investment advice.
SOURCE KuCoin

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