Compiled by: Cora, Techub News
Fear Greed Index: 36 (Fear)
Bitcoin Price: $71,299
BTC/ETH Spot ETF Capital Flow (3.25)
BTC Net Inflow: $78.52 M
ETH Net Inflow: $23.80 M
Hong Kong
BTC/ETH Spot ETF Capital Flow (3.25)
BTC Net Subscription/Redemption: 0 BTC
ETH Net Subscription/Redemption: 0 ETH
The Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, stated today in a written response to lawmakers during a Legislative Council meeting that the application of digital renminbi in cross-border pilot programs in Hong Kong continues to improve. As of the end of January 2026, approximately 80,000 digital renminbi wallets have been opened using Hong Kong mobile numbers, and the number of local retailers accepting digital renminbi has increased to around 5,200, covering various scenarios including chain retail, hotels, restaurants, convenience stores, and supermarkets. At the same time, the number of mainland operating institutions responsible for operating digital renminbi wallets has increased from 4 in the initial stage to 5, and the number of local Hong Kong banks participating in the "Faster Payment System" value-added services has increased from 17 to 18. The government and the Monetary Authority are exploring further optimization of digital renminbi wallet usage limits, application scenarios, and user experience, with specific plans and timelines yet to be finalized.
Today, the team will discuss the ultimate trend of the first batch of stablecoin licenses in Hong Kong. What practical effects will the issuance of licenses bring? For practitioners and investors in the cryptocurrency space, what opportunities and pitfalls should be avoided? Let's gradually unfold this discussion in one article.
As Asia's first cross-regional private policy cooperation platform, this alliance will focus on key areas such as digital asset regulation, stablecoin mechanisms, artificial intelligence (AI) development, blockchain infrastructure interconnection, and regulatory standard alignment, marking a new development phase for the Asian Web3 industry moving from "fighting alone" to "regional collaboration."
Stablecoins in Hong Kong cannot become a completely open Internet track; instead, they represent a form of "quasi-issuing business" on a new carrier. Since it is a quasi-issuing business, it is not difficult to understand its proximity to issuing banks. While it superficially talks about blockchain, Web3, and digital payments, the underlying issues remain unresolved.
From April 20 to 23, the Hong Kong Web3 Carnival, jointly created by Wanxiang Blockchain Lab and HashKey Group, will gather high-ranking government officials, financial giants, technology leaders, and over 500 core decision-makers from around the world at the Hong Kong Convention and Exhibition Centre, creating a high-dimensional dialogue space that breaks boundaries and integrates diversity.
We have specifically sorted out noteworthy activities in the cryptocurrency field in Hong Kong for the month of March, which will open a window for you into the future of Web3.
Regulation/Macro
The UK government will officially release a review report on political financing regulations today, with key measures including strengthening the prevention of foreign funding interference in democracy, which is expected to clearly prohibit political parties from accepting cryptocurrency donations. Previously, Nathan Gill, the former leader of the Reform Party in Wales, was sentenced to 10.5 years in prison for accepting cryptocurrency bribes. The report believes that the anonymity and difficulty of tracing cryptocurrencies could be used by foreign countries to circumvent existing rules and interfere with UK elections. The UK Labour government plans to incorporate the review results into the upcoming Elections and Democracy Bill to further tighten controls on political donations.
Projects/Company News
The Japanese Bitcoin treasury company Metaplanet has launched a shareholder-exclusive credit card called "Metaplanet Card," which will officially come into use this summer. Shareholder cardholders will automatically receive 1.6% of the spent amount back in equivalent Bitcoin, turning every payment directly into a Bitcoin investment.
Ethereum block builder Eureka Labs has completed a $6.7 million seed round of financing, led jointly by Spark Capital and Collider Ventures, utilizing a Simple Agreement for Future Equity (SAFE) paired with token warrants. The new funds will be used to advance the development of its "programmable blocks" technology. Founded in December 2024, the company has now become the fourth largest block builder on Ethereum. Its "programmable blocks" technology allows for logic to be added during the block building process, enabling temporary credit, state-sensitive precomputation, and other functionalities to better protect developers at the block level.
The hardware wallet manufacturer Ledger has completed a $50 million secondary equity sale. This transaction was concluded in the fourth quarter of last year and was led by CEO Pascal Gauthier, with an early investor selling their holdings in this transaction. Gauthier stated that the company currently has no immediate plans for an initial public offering (IPO) and refused to disclose specific valuations.
Tether has signed an agreement with a Big Four accounting firm to conduct its first complete independent financial statement audit since its establishment. This audit covers complex structures including digital assets, traditional reserves, and tokenized liabilities and is considered the largest first audit in the history of financial markets. Currently, the market capitalization of USD₮ has exceeded $184 billion, with over 550 million global users.
Invesco, with an asset management scale of $2.2 trillion, will take over Superstate's approximately $900 million tokenized US Treasury fund USTB, officially entering the tokenized fund market. The fund holds short-duration US Treasuries, and in the future, while maintaining the USTB code and token structure, it will be renamed "Invesco Short Duration US Government Securities Fund," with the transition expected to be completed in the second quarter of 2026. Transaction technology and on-chain infrastructure will still be managed by Superstate, including tokenized share issuance, on-chain settlement, and digital registration systems, while Invesco's global liquidity team will be responsible for daily investment management.
Insights & Perspectives
The agents mentioned in this article are still in their early stages. Their revenue scales are small, their products are still in their infancy, and their token models are still evolving. However, the structural dynamics they bring are entirely new and are likely to accelerate from here.
This transaction reflects Invesco's deep recognition of tokenized assets and marks the entry of this giant into the rapidly expanding tokenized US Treasury market, competing with global asset management giants such as BlackRock, Franklin Templeton, and Fidelity Investments.
Everyone knows that shrimp farming is meant to "increase efficiency," but the truth is that most ordinary people are "wasting time" in the process. There are many unexpected troubles, such as Claude accounts being banned, API forwarding quotas being locked, and Openclaw suddenly upgrading and losing "memory," which consumes most of the time, making the little efficiency gained not worth the cost.
Coinbase and Stripe may be competing with a third company that has already established a foothold and occupies a favorable position, and this company's support could significantly impact which standard ultimately becomes dominant.
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