Welcome to read Techub News's "Weekly Highlights of Hong Kong Web3." In this week's report, we will summarize the significant events and developments in the Hong Kong Web3 sector from October 6 to October 12, along with the latest data insights and detailed event previews, helping you quickly and comprehensively understand the progress in Hong Kong's Web3 field last week.
Hot News
According to Ming Pao, the term of the CEO of the Hong Kong Securities and Futures Commission, Ashley Alder, will end in December this year. Market participants pointed out that with less than three months until the term ends, the Commission has not announced any personnel arrangements or indicated a public recruitment for the successor. Given the positive evaluation of Alder's tenure, the chances of her reappointment are quite high. Regarding the successor to the CEO of the Securities and Futures Commission, the government spokesperson replied…
The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority jointly issued a supplementary circular on September 30 regarding the virtual asset-related activities of intermediaries, updating the licensing or registration conditions for intermediaries. In the background, both agencies optimized and relaxed some regulations based on market development and industry opinions, and will subsequently issue guidelines regarding designated stablecoin activities. The content includes allowing intermediaries to provide pledge services to their clients, which must be operated through licensed platforms and independent accounts while disclosing risks…
Helius Executive Chairman: Plans to List in Hong Kong, Aiming to Acquire at Least 5% of SOL
According to the Hong Kong Economic Journal, Joseph Chee, the Executive Chairman of Solana Treasury Company Helius, stated in a recent interview that the company aims to acquire at least 5% of Solana and indicated that as long as market capitalization and regulatory requirements are met, the second listing location will be Hong Kong, stating "it could be in 6 months (to meet the requirements), and we will come here (to Hong Kong) as soon as possible"…
According to Hong Kong media HK01, the Secretary for Financial Services and the Treasury, Xu Zhengyu, stated that the Monetary Authority has been in close communication with the People's Bank of China Digital Currency Research Institute and the mainland operating institutions' sub-banks in Hong Kong. The acceptance of digital renminbi at local retail points in Hong Kong is gradually increasing, and the Monetary Authority will continue to cooperate with the People's Bank to promote the cross-border pilot process of digital renminbi in Hong Kong…
Delin Holdings Advances RWA Tokenization, Involving ByteDance, Kraken, and eSelf AI
Hong Kong-listed Delin Holdings has obtained approximately $5.7 million in private equity through funds and SPVs, intended for RWA tokenization; among them, it indirectly holds ByteDance (approximately $2 million, with an implied valuation of about $315 billion), Kraken (approximately $3 million, with an implied valuation of about $15 billion), and eSelf AI (approximately $700,000, with an implied valuation of about $21 million). The company plans to tokenize the relevant SPV after completing the delivery…
Insider: HashKey Group Submits IPO Application in Hong Kong, Plans to Go Public This Year
According to Bloomberg citing insiders, HashKey Group has secretly submitted an application for an initial public offering in Hong Kong, possibly planning to go public within this year. One of the individuals stated that the fundraising amount for this listing could be as high as $500 million…
According to RTHK, the Hong Kong Police Force announced the establishment of a "Virtual Asset Intelligence Working Group" in collaboration with Customs, financial regulatory agencies, and licensed virtual asset service providers, to enhance public-private collaboration networks through intelligence sharing and cooperation mechanisms, improving the ability to respond to virtual asset crimes and related cybersecurity threats…
Polkadot Selected for Hong Kong's Fifth Batch of Key Enterprises to Attract
According to Hong Kong media reports, the Hong Kong SAR government's Office for Attracting Key Enterprises announced the fifth batch of enterprises, including nearly 40% overseas companies, covering fields such as artificial intelligence, biomedicine, and cultural technology; among them, the blockchain protocol project Polkadot will establish a presence in Hong Kong to participate in research and development…
According to Caixin, the Vice President of the Hong Kong Monetary Authority, Yuen Kwok-hang, pointed out that it has been decided with the People's Bank of China to regularize the cross-border credit information sharing pilot business to be launched in 2024, covering the Guangdong-Hong Kong-Macao Greater Bay Area, with Hong Kong and Shenzhen as the first trial locations. Participating institutions include seven local retail banks in Hong Kong such as HSBC, Standard Chartered, and Bank of China Hong Kong, as well as three local credit information agencies…
The Financial Secretary of Hong Kong, Chan Mo-po, stated in the latest "Secretary's Essay: Strengthening Connections with Traditional Markets" that there are always uncertainties in the global economic and market outlook each year, but geopolitical issues, protectionism, unilateralism, trade wars, and the financial market conditions of major economies have raised concerns about the risks facing international markets in the coming year. Even though the global financial market has generally improved this year, the international gold price has broken historical highs, and some digital asset prices have fluctuated significantly, reflecting that global markets are intensifying their allocation of assets beyond the US dollar…
Industry Insights
Due to a post by Trump triggering severe fluctuations in the financial market, as of 8 AM on October 11, Coinglass data showed that the total liquidation amount across the network in the past 24 hours was approximately $19.134 billion, with long positions liquidated amounting to about $16.679 billion. Meanwhile, Binance issued a statement indicating that due to a surge in market trading activity, the platform's system is currently under high load, causing delays and page anomalies for some users. Binance confirmed the related issues and is working on repairs, assuring that user funds are not affected.
At 8:20 AM, Binance tweeted that all services on the platform have been restored to normal and are gradually recovering. The official will continue to closely monitor the situation to ensure smooth operations. According to Binance contract data, during this significant drop, the balance of the insurance fund shared by BTC, ETH, BNB, and USDT contracts on Binance decreased from $1.23 billion to $1.04 billion, utilizing $188 million for risk response during extreme market conditions.
Analysis of Stablecoin Strategies of Major Global Economies
In our previous analysis, we argued that the birth of Plasma was a key strategic move by Tether to fundamentally transform its business model from a passive "stablecoin issuer" to an active "global payment infrastructure operator," aiming to recapture significant value that has been seized by third-party public chains. The urgency and importance of this strategic layout are continuously amplified by an irreversible macro trend: the adoption of dollar-pegged stablecoins in the real world is undergoing a significant paradigm shift and entering an accelerated expansion phase.
JPMorgan: Deposit Tokens are Key to Building a Safer Tokenized Economy
Deposit tokens can support various use cases like today's commercial bank money, including domestic and cross-border payments, trading and settlement, as well as providing cash collateral. Their tokenized form also brings new functionalities, such as programmability and instant, atomic settlement, thereby speeding up transaction times and automating complex payment operations. By supporting these use cases, deposit tokens are expected to become an important part of a broader tokenized asset ecosystem; this ecosystem is anticipated to have a significant impact on financial services and will require payment solutions provided by trusted institutions.
Although stablecoins have been an important financial innovation in recent years, driving the growth of the digital asset ecosystem, the increase in on-chain trading activity in scale and complexity may pose challenges to financial stability, monetary policy, and credit intermediation when applied on a large scale.
Nic Carter: The Era of Stablecoin Duopoly is Coming to an End
As of the time of writing, Circle's equity value is $30.5 billion. Reports indicate that Tether is raising funds at a valuation of $500 billion. The total supply of these two major stablecoins has reached $245 billion, accounting for approximately 85% of the stablecoin market. Since their inception, only Tether and Circle have maintained significant market shares, while other competitors have struggled to keep up. Dai peaked at $10 billion in early 2022. Although Terra's ultimately collapsed UST soared to $18 billion in May 2022, it only held about 10% of the market share and was merely a flash in the pan. The most ambitious attempt to dethrone Tether/Circle's position was Binance's BUSD, which peaked at $23 billion at the end of 2022, capturing 15% of the market share before being shut down by the New York State Department of Financial Services.
Data Insights
Hong Kong Bitcoin & Ethereum Spot ETF Inflows and Outflows
According to ichaingo data, last week, the redemption volume for Hong Kong's Bitcoin spot ETF was 98.77 units, with a total ETF holding value of approximately $515 million, a decrease of about $6 million in holding value; the subscription volume for the Ethereum spot ETF was 609.66 units, with a total ETF holding value of approximately $140 million, a decrease of about $2 million in holding value.
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