作者 | WuBlockchain Ivan免责声明：本文仅供参考，不构成投资建议。读者应遵守当地法律法规，避免任何非法金融活动。 蚂蚁集团的区块链产品线以蚂蚁链的技术栈和相关应用为中心，从企业级联盟部署延伸到ZAN开发者工具包和开源DTVM。 4 月 30 日，Ant Digital 发布了以太坊生态系统第 2 层网络“Jovay”（官方声明为非原生代币），为 RWA 用例构建了更深层次的以太坊接口。资产端，云锋金服9月1日宣布与蚂蚁金服战略合作，投资Pharos公链，并于9月2日披露，已用内部资金购买10000个ETH，并将持股记入“投资”。公开信息显示，与该集团相关的较早离岸风险投资窗口A&T Capital自2023年以来步伐已放缓。 第一部分：蚂蚁链：从联盟链到Web3模块；科技与资产负债表齐头并进9月1日，云锋金控（00376.HK）宣布与云锋金融（00376.HK）达成战略合作。
蚂蚁集团与蚂蚁集团商业化部门蚂蚁数字（Ant Digital Technologies）并同步战略投资 Pharos 公链，表示此次合作旨在利用 Pharos 的高性能基础，在合规的基础上推动 RWA 代币化和 Web3 场景。 9月2日，云峰集团披露，已利用内部现金储备在公开市场累计买入10,000 ETH（约合4400万美元），并将该头寸记入投资资产；董事会还表示将根据市场情况、监管情况和公司财务状况适当调整准备金规模。披露还引用了 7 月 14 日的一份声明，表明有意加大对数字资产的投资。 2020 年，蚂蚁推出了“AntChain”品牌，并在
Author | WuBlockchain Ivan
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Ant Group’s blockchain line centers on AntChain’s technology stack and related applications, extending from enterprise-grade consortium deployments to the ZAN developer toolkit and the open‑sourced DTVM. On 30 April, Ant Digital released the Ethereum‑ecosystem Layer 2 network “Jovay” (officially stated as no native token), building a deeper interface to Ethereum for RWA use cases. On the asset side, Yunfeng Financial announced a strategic cooperation with Ant Digital and an investment in the Pharos public chain on 1 September, and on 2 September disclosed that it had purchased 10,000 ETH with internal funds and booked the holdings as “investment.” Public information indicates that A&T Capital, an earlier offshore venture investing window associated with the group, has slowed its pace since 2023.
Part I: AntChain: From Consortium Chain to Web3 Modules; Technology and Balance‑Sheet Moves in Parallel
On 1 September, Yunfeng Financial (00376.HK) announced a strategic cooperation with Ant Group’s commercialization arm Ant Digital (Ant Digital Technologies) and a concurrent strategic investment in the Pharos public chain, stating that the cooperation aims to promote RWA tokenization and Web3 scenarios on a compliant basis using Pharos’s high‑performance base. On 2 September, Yunfeng disclosed that it had accumulated purchases of 10,000 ETH (approx. US$44 million) in the open market using internal cash reserves, and booked the position as an investment asset; the board also stated it would adjust the reserve size as appropriate in light of market conditions, regulation, and the company’s financial status. The disclosure also referenced a 14 July statement indicating an intent to increase investment in digital assets.
In 2020, Ant launched the “AntChain” brand and introduced the integrated AntChain Station. Official materials describe the solution as designed to shorten enterprise blockchain deployment time and improve transaction processing efficiency, serving as a starting point for engineering delivery. Subsequent materials have repeatedly referenced large‑scale account capacity and high‑concurrency processing figures.
Current application‑layer deployments include the cross‑border trade platform Trusple, which provides fulfillment and financing services for SMEs on AntChain in cooperation with multiple international banks and forms a verifiable workflow around orders, payment commitments, and clearing. In judiciary and copyright scenarios, AntChain’s digital‑copyright platform covers registration, evidence collection, and enforcement to enhance verifiability and tamper resistance.
In 2023, Ant introduced ZAN in Hong Kong to provide node services, identity compliance (KYC/AML), contract auditing, and acceleration. In April 2025, Ant Digital open‑sourced the Deterministic Virtual Machine (DTVM), which is based on Wasm, maintains EVM ABI compatibility, and introduces a deterministic intermediate representation and associated development/auditing tools to interface with the Ethereum ecosystem.
Public reports also mention progress on tokenization of real‑world assets (RWA), with media citing efforts to onboard energy‑infrastructure and other assets to the chain for registration, financing, and transactions; specific scale figures remain subject to official disclosures.
These developments run in parallel with the 1–2 September exchange disclosures: while toolchains such as ZAN and DTVM advance the technical side and interface with Ethereum, cooperation and asset configuration actions (investment in Pharos; purchase and booking of ETH) proceed concurrently to prepare for compliant scenario integration.
Part II: A&T Capital: Rise and Slowdown of an Early Offshore Crypto Investment Window
A&T Capital was founded in 2021, focusing on early‑to-growth stage crypto and blockchain investments. In February 2022 it completed a first‑phase US$100 million fund, and multiple media/database entries associate Ant Group as an important LP. Public cases include ConsenSys and Matrixport.
In March 2023, a founding partner departed following a workplace‑conduct investigation, and subsequent reports noted an independent review. In September 2023, Bloomberg reported that Ant Group planned to withdraw a US$100 million commitment. Since then, the fund’s pace has visibly slowed against a broader backdrop of tighter crypto funding conditions.
From 2024 to 2025, industry databases show few new deals disclosed; most publicly reported investments cluster before mid‑2023.
Part III: AntChain’s Own L2: Jovay — An Ethereum‑Ecosystem Layer 2 for RWA, No Native Token
On 30 April 2025, at the “RWA REAL UP” event in Dubai, Ant Digital released “Jovay,” an Ethereum‑ecosystem Layer 2 positioned for institutional funds and RWA scenarios. Official materials place Jovay within a “two chains + one bridge” architecture (AntChain Asset Chain + AntChain Bridge + L2) for compliant tokenization and on‑chain settlement of real‑world assets.
Technical features described in the release include a focus on trusted execution, high throughput, and low latency, with stated figures of up to 100,000 TPS and ~100‑millisecond response, and interoperability with Ethereum Layer 1 for settlement and scale. These figures are vendor‑stated and subject to public testing and third‑party audits. Industry reporting has also mentioned a combined TEE + ZK proof path and tiered confirmation to balance verifiability and user experience.
On 24 April, one week prior to Jovay’s debut, Ant Digital announced the open‑sourcing of DTVM with multi‑language SDKs and AI‑assisted tools (including SmartCogent), released under the Apache 2.0 license to improve compatibility with Ethereum and reduce development and audit costs for institutions. DTVM and Jovay were presented together as components of an RWA infrastructure suite.
On 15 July, the Jovay testnet went live; mainnet launch is expected in Q4. Documentation states a focus on institutional use cases (including RWA), with goals across performance, security, compliance, and scalability.
Ant has repeatedly stated in public communications that Jovay is fully self‑developed for overseas markets and will not issue a native token; this position was cited in an interview reported by the South China Morning Post on 7 August, which also referenced a timeline to handle real funds in September.
Within the article’s broader narrative, Jovay connects AntChain’s engineering capabilities (AntChain Station and industry applications) with its Web3 components (ZAN, DTVM) and an Ethereum‑based settlement layer, aligning with compliance frameworks in Hong Kong and Dubai.
Part IV: Yunfeng Financial: From Industrial Collaboration to Treasury Entry
Yunfeng Financial Group (HKEX: 00376) is a Hong Kong–listed integrated fintech group with businesses spanning brokerage, asset management, insurance, and financial technology, and holds relevant regulatory licenses. The group’s predecessor was Reorient Group; in 2015, media reported a 56% stake acquisition by vehicles associated with Jack Ma’s Yunfeng group, followed by a renaming in 2016. In 2017–2018, the group led the acquisition of MassMutual Asia, completed in November 2018, with the business later renamed YF Life.
In two September announcements, Yunfeng stated that bringing ETH into strategic reserves aims to support RWA tokenization activities, explore applicability in insurance operations, optimize the asset structure, and reduce dependence on traditional currencies.
In a 14 July voluntary announcement, Yunfeng set out plans to expand into Web3, RWA, digital assets, ESG net‑zero assets, and AI, and to increase investment in digital assets with funds sourced from internal resources and adjusted prudently with business and market conditions. The September announcements can be read as steps toward implementation. The company also highlighted crypto‑asset volatility and stated that transactions surpassing thresholds under Chapter 14 of the Listing Rules would be disclosed as required.
A more recent notice stated that wholly owned subsidiary Yunfeng Securities Limited received approval from the Hong Kong Securities and Futures Commission to upgrade its Type 1 (dealing in securities) license to provide virtual‑asset trading services via a licensed platform under an omnibus‑account arrangement.
Part V: Why Ether (ETH) as the First Strategic Reserve Asset?
On 2 September, Yunfeng disclosed open‑market purchases of 10,000 ETH with internal funds and classified the holdings as “investment” on its financial statements; the company stated it would adjust reserve size in light of market conditions and regulation. An earlier September notice stated that adding ETH aims to provide key infrastructure support for RWA tokenization activities and to explore applicability in insurance operations.
Public research from Fidelity Digital Assets describes Ethereum as a decentralized smart‑contract platform with auditability, utility, and reliability. The report further notes that issuance reduction following the Merge, together with EIP‑1559 fee burns, produces net value flows via burn that vary with network demand. It also summarizes the burn mechanism’s operation and related figures, citing approximately 4.6 million ETH burned from August 2021 through 23 June 2025.
Yunfeng’s disclosures outline a framework of purpose, funding, accounting classification, and continuing disclosure: purchases with internal resources, booking as investment, and subsequent disclosures if Chapter 14 thresholds are triggered.
The company has stated that the weight of digital assets in its allocations will increase over time and that, in addition to ETH, it plans to explore including mainstream assets such as BTC and SOL in strategic reserves.
Part VI: Speculations
Disclosed information indicates concurrent progress on the technology track (Jovay L2 and DTVM) and the asset track (ETH reserves and Pharos). Short‑term observation points include testnet/mainnet milestones for Jovay, initial compliant transactions in institutional RWA scenarios, and follow‑up disclosures on treasury management such as additional purchases/sales, custody arrangements, and accounting treatment.
Based on disclosed information, the technology track (Ant Digital’s Jovay L2 and DTVM) and the asset track (Yunfeng Financial’s ETH reserves and the Pharos position) together form a “road–bridge–vehicle” framework. Near-term developments most likely concentrate in three areas.
(1) Real-fund throughput and compliance pilots on-chain. Jovay’s testnet went live on July 15, with mainnet expected in Q4. In an August 7 interview, Ant said Jovay will not issue a token and targeted handling “real funds” in September; the timeline is a planning window and remains subject to launch and audit. The observable signals therefore shift from launch-event metrics to the first institutional flows on-chain, including RWA issuance, clearing and settlement, and custody/audit link-ups.
(2) RWA commercialization under a Hong Kong–Dubai dual hub. In Hong Kong, the SFC has published a virtual-asset market roadmap and tokenization guidance, providing regulatory levers for licensing, products, and risk control. In Dubai, VARA has established a dedicated virtual-asset regime and is open to overseas entities. With Jovay introduced in Dubai and Ant’s Hong Kong presence and continued Web3 toolchain work, cross-border RWA pilots are likely (e.g., issuance and registration in one hub, settlement and transfer in the other), with audits and compliance reports as acceptance criteria.
(3) Treasury management: pacing and boundaries. In a September 2 exchange filing, Yunfeng said it had accumulated open-market purchases of 10,000 ETH (total cost US$44 million, including fees), funded with internal cash and classified as “investment,” and that it will monitor market and regulation and adjust reserve size as needed. As a result, secondary disclosures — such as additional buys/sales, custody arrangements, and accounting treatment — warrant closer attention than short-term price moves. The filing also flagged volatility and regulatory-uncertainty risks.
Beyond these three strands, two additional “extendable yet falsifiable” watch items remain. First, on-chain exploration in licensed domains such as insurance. The South China Morning Post cited company comments indicating ETH would be used to explore applicability in insurance and related businesses; if confirmed, likely entry points include on-chain policy/asset registration and clearing/settlement, with pace contingent on regulatory and audit coordination. Second, public-chain coordination. Yunfeng and Ant Digital disclosed strategic investment/cooperation on Pharos on September 1; any combined Pharos × Jovay × AntChain scenarios (for example, cross-chain asset registration and settlement) will depend on formal project and partner notices.
In this setup, the technology side seeks to reduce compliance risk with a no-token L2 plus a modular toolchain; the asset side uses a listed-company treasury position in ETH to provide verifiable support; and governance relies on exchange filings and audits to define operating boundaries. Depending on subsequent disclosures and execution, the initiative can be viewed as a cautious, reversible treasury-allocation experiment; if milestones are achieved, it may offer a repeatable template for traditional internet and licensed-finance participants entering crypto infrastructure.
On 11 September, Caixin reported that, amid recent policy changes, some institutions of mainland China which were previously active in applying for Hong Kong stablecoin licenses may adjust their strategies, and that activities involving stablecoins and crypto by mainland‑backed internet firms and state‑owned financial institutions’ Hong Kong branches may face constraints; it further reported potential restrictions on overseas crypto investments by internet platforms, with an emphasis on prioritizing the real economy. Whether recent initiatives will change or cool bears watching.
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