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Stable Coins
 9 Months Ended
Sep. 30, 2024
Stable Coins [Abstract]  
STABLE COINS

5. STABLE COINS

 

Stable coins were comprised of the following:

 

   September 30,   December 31, 
   2024   2023 
USDC  $
        -
   $254,400 

 

As of September 30, 2024 and December 31, 2023, the Company held nil and 254,400 USDC, respectively. The fair value of USDC were kept at $1.00 because one USDC is pegged to one U.S. dollar.

 

The following table presents additional information about USDC for the nine months ended September 30, 2024 and 2023:

 

   For the Nine Months Ended
September 30,		 
   2024   2023 
Opening balance  $254,400   $2,972,000 
Collection of USDC from subscription fee from investors   
-
    50,000 
Collection of USDC from provision of staking technology tools   
-
    3,900 
Purchases of USDC   610,000    
-
 
Collection of USDC from exchange of ETH   2,391,700    
-
 
Investment in an equity-method investee in USDC   
-
    (300,000)
Exchange of USDC into ETH and USDT   (1,740,400)   (2,001,900)
Exchange of USDC into cash   (1,500,000)   
-
 
Payment of service fees and other expenses   (15,700)   (525,800)
Ending balance  $
-
   $198,200