Fear and Greed Index: 51 (Neutral)
Bitcoin Price: $114,959
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Inflow: $2.34 B
ETH Net Inflow: $637.69 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Subscription: 24.71 BTC
ETH Net Subscription: 610.45 ETH
[](
The Financial Secretary of Hong Kong, Paul Chan, stated in his latest blog that Hong Kong is a leader in green and sustainable finance in Asia. However, beyond quantity, it is essential to provide innovative products to meet the development needs of different countries and regions. Catastrophe bonds and infrastructure securitization are good examples. The Monetary Authority is exploring how tokenization can improve the issuance and trading of carbon rights through the Ensemble sandbox project to enhance the liquidity and depth of the carbon market.
The Hong Kong-listed company Chow Tai Fook announced that it has invested in Gao Ying Securities through its wholly-owned subsidiary HONGKONG CHUANG MEI INTERNATIONAL HOLDINGS GROUP CO., LIMITED using its own funds, and after the transaction, it indirectly holds 15% of Gao Ying Securities. Additionally, the A-share listed company Huafeng Ultra-fiber's wholly-owned subsidiary Weifutong Technology also indirectly acquired shares in Gao Ying Securities, holding 18%.
The Hong Kong-listed company Du Fu Liquor Group (00986.HK) announced that, starting from September 12, 2025, Dr. Liao Wenjian has been appointed as the CEO of the company's subsidiary, tasked with exploring real-world assets (RWA) and their related digital asset businesses (if any), integrating with the group's existing business, researching the feasibility of business development directions, and providing specific plans for the expansion and implementation of related businesses.
Winner Fashion (03709.HK) and Derlin Holdings (01709.HK) jointly announced that on September 12, 2025, Winner and Derlin Holdings entered into a strategic cooperation and investment agreement, under which Derlin Holdings conditionally agreed to subscribe for shares at the subscription price on the completion date, while Winner conditionally agreed to issue and allocate subscription shares at the subscription price; and Derlin Holdings and Winner have reached a consensus on the overall framework and direction for the RWA tokenization plan based on the strategic cooperation. The subscription shares correspond to approximately 0.65% of Winner's existing issued share capital as of the date of this joint announcement, and approximately 0.65% of Winner's issued share capital after the issuance and allocation of subscription shares. The total amount raised from the subscription will be HKD 29.9 million, with the net amount estimated at HKD 29.6 million. According to the strategic cooperation and investment agreement, Winner and Derlin Holdings also agreed to explore RWA tokenization to create innovative value for Winner's shareholders.
<div class=)[DAT
]( Selected Events in Hong Kong for September
We have specially compiled noteworthy events in the crypto field in Hong Kong for September, which will open a window to the future of Web3 for you.
<span style=)
[]( Selected Events in Hong Kong for September
We have specially compiled noteworthy events in the crypto field in Hong Kong for September, which will open a window to the future of Web3 for you.
The DAT market is experiencing the pains of a bubble burst, facing multiple pressures such as market saturation, declining investor enthusiasm, and tightening regulatory scrutiny. Future DATs need to go beyond the simple "hoarding coins" model and achieve differentiation by creating real value for the ecosystem (such as staking, validation, development, etc.), but this also comes with significant risks.
The US-listed company Mega Matrix announced its first purchase of $3 million worth of ENA tokens to implement its stablecoin governance token DAT strategy.
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]( DAT strategy, first purchase of $3 million ENA
The US-listed company Mega Matrix announced its first purchase of $3 million worth of ENA tokens to implement its stablecoin governance token DAT strategy.
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[]( DAT strategy, first purchase of $3 million ENA
The US-listed company Mega Matrix announced its first purchase of $3 million worth of ENA tokens to implement its stablecoin governance token DAT strategy.
<h3 dir=)[Mu Changchun, Director of the Digital Currency Research Institute of the People's Bank of China, stated at the 2025 Inclusion Bund Conference "New Applications of Financial Technology and Innovative Development of Central Bank Digital Currency" forum that to ensure that the money supply aligns with economic growth and price expectations, while enhancing the enthusiasm of commercial banks and users, the measurement framework for the digital renminbi should be upgraded. Additionally, through business technology features such as currency strings and global unified ledgers, better monetary services should be provided for the development of the real economy.
](<p class=)
[](<p class=)[Stablecoins are not an essential and irreplaceable factor for the operation of the on-chain crypto world. Stablecoin legislation will inevitably promote the legislation of the entire crypto asset sector, which will profoundly impact the crypto market landscape and may even severely backlash against stablecoins. China should have a clearer understanding and more proactive measures; the focus should not be on developing a renminbi stablecoin (as the space is quite limited), but rather on achieving a leapfrog development, accelerating the legislation of the entire crypto asset sector, encouraging banks and other financial institutions to move on-chain, actively promoting RWA development, attracting crypto exchanges to register or register in Hong Kong, and accelerating the on-chain operation of the renminbi.
](<p class=)
[](<p class=)[The Board of Directors of China Financial Leasing Group Co., Ltd. announced that Mr. Lin Yanjun has been appointed as a non-executive director. Mr. Lin is also a board member of the US-listed Bitcoin mining company Canaan and the chairman of the compensation committee. In the mid-term performance report of China Financial Leasing, it was disclosed that the company has begun investing in the cryptocurrency industry, particularly holding physical cryptocurrency exchange-traded funds.
](<p class=)
[Project/Company Dynamics](<p class=)
[Yala posted on X platform stating that the protocol recently encountered a failed attack, causing YU to briefly de-peg. With the assistance of security partners like SlowMist, the issue has been confirmed and is being fixed, and the team will strengthen system robustness. The official emphasized that user asset security has not been affected.
](<p class=)
[](<p class=)[Ethereum co-founder Vitalik Buterin delivered a speech at EthTokyo 2025, expressing strong belief that Layer 2 solutions are the future development direction of Ethereum. He further proposed an ambitious goal: Ethereum plans to achieve a tenfold expansion next year while maintaining decentralization and security, enhancing the network's throughput and accessibility. Vitalik reiterated that Ethereum's mission is to connect Eastern and Western communities. Regarding financing models, he believes that the global advantages of ICOs surpass traditional VC and proposed that the future should combine ICOs with DAO governance to create a more open and transparent funding mechanism.
]( 10-fold expansion<p class=)
[]( 10-fold expansion<p class=)[Tether CEO Paolo Ardoino stated that the goal is to launch a US domestic stablecoin named USAT by the end of this year, which will be regulated in the US under the GENIUS Act. The team behind USAT includes Bo Hines as CEO, Nathan McCauley (from Anchorage) as the issuer, and Brandon Lutnick (Cantor's official chairman) responsible for regulating the token reserves. Hines revealed that the company's new US headquarters will be located in Charlotte, North Carolina.
]( CEO: US-regulated stablecoin USAT planned for launch by year-end<p class=)
[]( CEO: US-regulated stablecoin USAT planned for launch by year-end<p class=)[Prediction market Polymarket is exploring a return to the US market while seeking new financing. Insiders indicate that the company's valuation has been fluctuating, but it is likely to increase at least threefold from the $1 billion valuation in a round of financing completed this summer. Additionally, one insider mentioned that at least one investor has provided a term sheet valuing the company at up to $10 billion.
]( Planning to return to the US and seek new financing<p class=)
[]( Planning to return to the US and seek new financing<p class=)[Ethena Labs founder Guy Young tweeted that due to concerns from validators and the community regarding Ethena's non-Hyperliquid native team identity, product goals beyond USDH itself, and insufficient alignment of its growth strategy with the ecosystem, the company has decided to withdraw from the Hyperliquid USDH stablecoin issuance bid; he also congratulated Native Markets for receiving support and stated that this governance process shows that emerging projects have opportunities to succeed in a community-driven system, regardless of funding or background.
]( Labs withdraws from bidding for USDH stablecoin issuance<p class=)
[]( Labs withdraws from bidding for USDH stablecoin issuance<p class=)[The Ethereum PoS network currently has approximately 2,655,427 Ethereum in the exit queue, with a waiting time of about 46 days and 2 hours; the admission queue has about 725,800 Ethereum, with a waiting time of about 12 days and 14 hours. This series of dynamics indicates that the Ethereum network is currently in a highly queued state regarding the staking/un-staking mechanism, with rising market concerns about exit pressure and liquidity.
](<p class=)
[In-Depth & Outlook](<p class=)
[The rapid rise of self-operated AMMs on Solana is not coincidental, but a logical and even inevitable evolution in the DeFi market's pursuit of extreme capital efficiency.
[]( Solana "Invisible Whales": How Self-Operated AMMs Reshape On-Chain Trading<p class=)[By allowing quality assets to enter the global clearing and settlement network, helping to improve the existing financing difficulties, enhancing the matching efficiency of the funding side and asset side, significantly expanding the radius of issuance and distribution, the constraints of "financing difficulties/expensive" are diluted by networked liquidity, greatly enhancing capital allocation efficiency and opening up new imaginative space for enterprise growth.
Viewpoint
]( IPO and Recombination<p class=)
[]( IPO and Recombination<p class=)[RWA is the strategic lever for stablecoins.
](
The only way out for Hong Kong is not to design a flawless regulatory framework but to spare no effort to create the most liquid, diverse, and vibrant stablecoin market globally. The burgeoning <span class=)
