Hong Kong Web3 Daily Must-Read: The Hong Kong SAR government is preparing for the third issuance of digital bonds, and the US SEC has postponed the decision on Grayscale's Polkadot spot ETF application.
Fear and Greed Index: 42 (Neutral)
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BTC/ETH Spot ETF Fund Flow (Last Week)
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Hong Kong
BTC/ETH Spot ETF Fund Flow (9.5)
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[Ms. Ren Junfei, Founder and CEO of Pando Limited, has officially been appointed as an independent director of Nasdaq-listed SAIHEAT Limited (Stock Code: SAIH), and will also serve as a member of the company's Nomination and Corporate Governance Committee and Audit Committee. As an independent director of SAIHEAT, Ms. Ren will leverage her deep insights and extensive experience in the digital asset field to participate in the company's digital asset strategic layout and assist in improving corporate governance and compliance.
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[]( SAIHEAT Limited Independent Director
<p class=)[The Hong Kong SAR government has commissioned banks to prepare for a potential digital bond issuance. If this issuance proceeds, it will be Hong Kong's third digital bond issuance. The Hong Kong SAR government successfully issued HKD 800 million in tokenized green bonds under the government green bond program in 2023, making it one of the first tokenized green bonds issued by a government globally. Subsequently, in 2024, it will issue the world's first multi-currency digital green bonds, involving approximately HKD 6 billion.
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Yunfeng Financial has appointed Liang Xinjun as an independent non-executive director, effective from September 5, 2025. Liang Xinjun is currently the Chairman and CEO of the Xin Family Office and was previously a co-founder of Fosun Group, with extensive investment experience in Web3 blockchain, artificial intelligence, and the metaverse.
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Yunfeng Financial has appointed Liang Xinjun as an independent non-executive director, effective from September 5, 2025. Liang Xinjun is currently the Chairman and CEO of the Xin Family Office and was previously a co-founder of Fosun Group, with extensive investment experience in Web3 blockchain, artificial intelligence, and the metaverse.
<p class=)[HSBC Global Investment Research's Chief Economist for Greater China, Liu Jing, stated that in the future, if central bank digital currencies, especially the digital renminbi (e-CNY), are combined with Hong Kong's Stablecoin Regulation, it could bring greater opportunities and development for the internationalization of the renminbi. PBOC Governor Pan Gongsheng mentioned the establishment of a digital renminbi international operation center during a speech at the Lujiazui Forum in June, while some large state-owned enterprises are actively exploring stablecoin applications. Chinese enterprises often face local currency volatility risks and lack hedging tools when investing in emerging markets along the Belt and Road, which may lead these enterprises to explore issuing their own renminbi stablecoins to assist in investing in emerging markets.
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The Hong Kong-listed company Yingyu Universe plans to subscribe for 168.5 million shares of Guofu Quantum at a price of HKD 1.78 per share. After the transaction is completed, both parties will cooperate with the Hong Kong government to promote policies for the development of the digital economy in the fintech sector.
<div class=)[DAT
]( Selected Events in Hong Kong for September
We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for September, which will open a window to the future of Web3 for you.
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[]( Selected Events in Hong Kong for September
We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for September, which will open a window to the future of Web3 for you.
Overall, the development prospects of DAT hinge on whether it can break free from the logic of purely relying on regulatory arbitrage and leverage amplification, achieve sustainable development by maintaining a market value above net assets over the long term, continuously create value-added transactions, and establish an effective risk management framework.
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]( Flywheel Stalling: Regulatory Scrutiny Intensifies, Crypto Treasury Stories No Longer Work
Overall, the development prospects of DAT hinge on whether it can break free from the logic of purely relying on regulatory arbitrage and leverage amplification, achieve sustainable development by maintaining a market value above net assets over the long term, continuously create value-added transactions, and establish an effective risk management framework.
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[]( Flywheel Stalling: Regulatory Scrutiny Intensifies, Crypto Treasury Stories No Longer Work
Overall, the development prospects of DAT hinge on whether it can break free from the logic of purely relying on regulatory arbitrage and leverage amplification, achieve sustainable development by maintaining a market value above net assets over the long term, continuously create value-added transactions, and establish an effective risk management framework.
<h3 dir=)[The U.S. Securities and Exchange Commission has announced the establishment of a cross-border special task force to combat cross-border trading fraud that harms U.S. investors. The initial focus of the cross-border special task force will be to investigate potential violations of U.S. federal securities laws related to foreign companies, including potential market manipulation behaviors such as "stock price inflation" and "pump and dump." The task force will also focus on "gatekeepers," particularly auditors and underwriters who help these companies enter the U.S. capital markets. Additionally, the task force will review potential securities law violations related to companies in foreign jurisdictions.]
]( Establishment of a Special Task Force to Combat Cross-Border Trading Fraud Against U.S. Investors
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[The Wuxi Intermediate People's Court disclosed a case involving virtual US dollars, where the party entrusted someone to invest 84,350 yuan to exchange for 13,000 platform US dollars, but the platform suddenly crashed, showing that it could only be converted to 0.1 yuan in renminbi for withdrawal. Upon investigation, it was found that the virtual US dollars the party entrusted others to exchange were from a certain platform, which was their own investment decision, and the account number and password of that platform were controlled by them. In this case, the party did not follow the regulations to handle the corresponding registration procedures when investing on an overseas platform, and this investment behavior is not protected by Chinese law, and the corresponding investment risks are borne by themselves. The court dismissed the lawsuit.
]( Investment of ten thousand yuan can only be converted to 0.1 yuan for withdrawal<p class=)
[]( Investment of ten thousand yuan can only be converted to 0.1 yuan for withdrawal<p class=)[
Kazakhstan's financial regulatory agency allows the payment of licensing and regulatory fees using USD-pegged stablecoins. The Astana Financial Services Authority (AFSA), as the designated financial regulatory agency of the Astana International Financial Centre (AIFC), has launched a project that enables AIFC members to use USD-pegged stablecoins to pay regulatory fees. The regulatory agency announced the official launch of the project at the local event "Astana Financial Day 2025" on Thursday and signed a related multilateral memorandum of understanding (MMoU) with the centralized cryptocurrency exchange Bybit.
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[U.S. President Trump signed an executive order to adjust the scope of import tariffs and implement a trade and security framework agreement with foreign trade partners. The executive order stipulates that after reaching a framework agreement or final agreement with foreign trade partners, the U.S. may adjust tariffs based on the agreement's content, including reducing the equivalent tariffs on certain goods to zero. However, the scope of tariffs is usually not narrowed or modified before the final agreement is signed, particularly regarding Section 232 tariffs (tariffs on steel and aluminum derivatives). Goods eligible for zero equivalent tariffs include products that cannot be produced in the U.S. or are produced insufficiently to meet domestic demand, certain agricultural products, aircraft and parts, and non-patented items for pharmaceutical applications.
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[Project/Company Updates](<p class=)
[Singapore's OCBC Bank will issue blockchain digital U.S. commercial paper (USCP) with a scale of $1 billion. This batch of six-month notes utilizes tokenized securities and on-chain funds, with records and services maintained on the blockchain. The first batch of notes has been issued, with the investor being a qualified institutional investor. OCBC did not disclose the specific name but stated that the exclusive dealer for this $1 billion blockchain digital U.S. commercial paper is JPMorgan.
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[SharpLink Gaming plans to use part of its $3.6 billion Ethereum treasury for staking on the Linea network after its mainnet launch on September 10.
]( Gaming plans to stake part of Ethereum on Linea after the mainnet launch<p class=)
[]( Gaming plans to stake part of Ethereum on Linea after the mainnet launch<p class=)[Brazil's large private asset management company Itaú Asset Management has established a dedicated cryptocurrency department and appointed former Hashdex executive João Marco Braga da Cunha to lead the department. This department is based on Itaú Asset's existing cryptocurrency products, including the bank's Bitcoin ETF and retirement funds that offer digital asset investments. Itaú Asset manages over 1 trillion reais ($185 billion) in assets for clients.
[]( Itaú Asset establishes dedicated cryptocurrency department<p class=)[The U.S. SEC has postponed the decision on Grayscale's Polkadot spot ETF application. The commission has extended the deadline for approving or disapproving the proposed rule change by another 60 days, with the final decision date set for November 8.
[]( SEC postpones decision on Grayscale's Polkadot spot ETF application<p class=)[Hyperliquid will release the USDH token symbol for stablecoin issuance. The USDH trading pair symbol currently reserved by the Hyperliquid protocol will be released through validator voting in a transparent on-chain process. After the next network upgrade, validators will be able to vote on whether to allow a specific user address to purchase the USDH symbol. The voting process will be entirely on-chain, completed through Hyperliquid L1 transactions, similar to the delisting vote. Teams interested in applying for the symbol can submit proposals in the new forum, which must include the user address that will be used to deploy the USDH symbol if confirmed by the required number of validators. It is important to note that even if the team is approved, they must still participate in the regular spot deployment gas auction.
]( Release of USDH token symbol for stablecoin issuance<p class=)
[]( Release of USDH token symbol for stablecoin issuance<p class=)[Ethena Labs posted on X that the ENA treasury company StablecoinX has raised $530 million in refinancing as part of its ENA accumulation strategy. To date, StablecoinX has raised approximately $895 million through PIPE financing, and it is expected that after the transaction is completed, its balance sheet will hold over 3 billion ENA. A subsidiary of the Ethena Foundation will use the funds raised from this PIPE to initiate a buyback plan of approximately $310 million in ENA, which is expected to be executed by a third-party market maker within the next 6 to 8 weeks, with the buyback scale accounting for about 13% of the circulating supply. The previous round of PIPE financing has been completed, with cumulative purchases accounting for about 7.3% of the circulating supply of ENA. Additionally, the Ethena Foundation reserves the right to veto StablecoinX's sale of ENA. The new buyback deployment plan is: when the ENA price is above $0.70, $5 million will be bought back daily; when the price is below $0.70 or if it drops more than 5% within 24 hours, $10 million will be bought back daily.
]( Treasury company raises $530 million and will invest $310 million in public purchases of ENA<p class=)
[]( Treasury company raises $530 million and will invest $310 million in public purchases of ENA<p class=)[South Korea's financial regulatory agency has introduced its first guidelines for virtual asset lending services. The new guidelines focus on three core areas: service scope limitations, user protection, and market stability. The guidelines explicitly prohibit excessive leveraged lending and KRW cash lending, requiring exchanges to use their own assets to provide services and banning third-party entrustment or indirect lending models.
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[In-Depth & Outlook](<p class=)
[In just five years, RWA tokenization has surged from an $85 million experiment to a $25 billion market, achieving a "245-fold growth from 2020 to 2025, primarily driven by institutional demand for yield, transparency, and balance sheet efficiency."
]( The Liquidity Paradox<p class=)
[]( The Liquidity Paradox<p class=)
[]( The Liquidity Paradox<p class=)[Google's UCL is still in the testnet phase. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking involvement. Google plans to promote it more widely in 2026. However, I believe this ambition is not without merit.
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This time, Techub News founder Alma Li exclusively interviewed Mr. Zhang Huachen, Co-CEO of Guofu Quantum, to discuss in-depth its strategic layout in the Web3 field, the significance of the Hong Kong Digital Asset Listed Companies Federation, and unique insights on RWA tokenization and quantum computing.
