Wu learned that Anchorage Digital announced it is exploring the launch of a "Cashless" stablecoin reserve model on Solana, to replace traditional static cash reserves with tokenized low-risk income-generating assets, and to support stablecoin redemptions through an instant liquidity mechanism, thereby enhancing reserve fund utilization efficiency and liquidity management capabilities; under this model, Anchorage will issue and manage stablecoins on behalf of institutional clients, with third parties responsible for liquidity infrastructure, and is also exploring tokenized financial instrument solutions with J.P. Morgan Asset Management to support the related liquidity framework.