Hong Kong Web3 Daily Must-Read: The first batch of Hong Kong dollar stablecoin licenses is expected to be issued in early 2026, and the Base mainnet will undergo the U16A upgrade on October 8.
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The Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, stated in an interview with Caixin that the application for licenses for compliant stablecoins is progressing according to the original framework, with the first batch of licenses expected to be issued as scheduled in early 2026. The regulatory positioning in Hong Kong is very clear, aiming to achieve a balance in three areas: innovation, integration into the real economy, and risk control. The first step will be the implementation of the Hong Kong dollar stablecoin.
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Feiyang Group (01901.HK) announced that its wholly-owned subsidiary, Zhejiang Feiyang Shulian Technology Co., Ltd., has collaborated with the Qingdao Cultural Property Exchange Center (compliance and platform co-construction partner), the Meili City Hotel and Homestay Industry Association (asset recommendation partner), Conflux Network (blockchain technology support partner), Shanghai Owa Universe Digital Technology Co., Ltd. (IP operation contractor), and Beijing Shuhe Technology Co., Ltd. (digital copyright incubation, issuance, and full-process guidance partner) to create the first "physical card carrier + real cultural tourism assets (equity) landing + blockchain full-process certification" project, which has achieved full subscription on September 29, 2025.
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]( Selected Events in Hong Kong for October
We have specially compiled noteworthy events in the crypto field in Hong Kong for October, which will open a window to the future of Web3 for you.
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[]( Selected Events in Hong Kong for October
We have specially compiled noteworthy events in the crypto field in Hong Kong for October, which will open a window to the future of Web3 for you.
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[]( Selected Events in Hong Kong for October
We have specially compiled noteworthy events in the crypto field in Hong Kong for October, which will open a window to the future of Web3 for you.
The stock price of U.S. cryptocurrency reserve company QMMM Holdings Ltd. surged nearly 1,000% within three weeks of announcing the establishment of a "diversified cryptocurrency vault," leading the U.S. Securities and Exchange Commission (SEC) to suspend trading of the company. The SEC stated on Monday that tweets recommending the purchase of QMMM stock by "unknown individuals" on social media may have manipulated the stock price. The SEC did not disclose the specific timing of these tweets. The suspension is temporary and will end at 11:59 PM Eastern Time on October 10.
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[]( Deployment of Euro and Dollar Stablecoins on Uniswap and Morpho
SG-FORGE, a digital asset subsidiary of Société Générale, announced the official deployment of its Euro stablecoin EURCV and Dollar stablecoin USDCV to the DeFi protocols Morpho and Uniswap within the Ethereum ecosystem. This move allows users to borrow against cryptocurrencies and tokenized funds as collateral on the Morpho platform while facilitating spot trading of stablecoins through Uniswap.
Cryptocurrency VC CMCC Global has launched a $25 million Resonance Fund to accelerate the development of the Sonic ecosystem. The fund primarily focuses on high-growth opportunities in DeFi and consumer-facing applications, with a core mission to accelerate the promotion of "fee monetization (FeeM)" as a sustainable revenue model for smart contract developers. Additionally, the fund will enhance Sonic ecosystem liquidity through strategic capital allocation.
The SEC's official website shows that, following general listing standards, the 19b-4 applications for Solana, XRP, Cardano, Litecoin, Polkadot, Hedera, and Ethereum staking ETFs have been withdrawn.
Starknet has launched Bitcoin staking functionality, claiming this is the first trustless Bitcoin staking on a Layer 2 network. Holders retain custody of their assets while earning rewards, contributing to network consensus. This does not alter the Bitcoin base layer but relies on wrapped versions of BTC, such as WBTC, tBTC, Liquid Bitcoin, and SolvBTC, which can be staked on Starknet. Additionally, the Starknet Foundation will allocate 100 million STRK (valued at approximately $12 million) to promote the development of the BTCFi ecosystem, including incentivizing Bitcoin collateralized lending, making Starknet the most cost-effective place for implementing yield strategies with Bitcoin collateral.
Base Build tweeted that the Base mainnet will undergo the Optimism Superchain U16A upgrade from 1:00 AM to 3:00 AM Hong Kong time on October 8. This upgrade will temporarily invalidate pending withdrawals from the Base mainnet to Ethereum L1. Deposits and on-chain activities will continue as usual, and this invalidation will not pose any risk to ETH or ERC-20 tokens. Users must ensure that all pending withdrawal transactions are completed before 1:00 AM on October 8. Any incomplete withdrawal transactions will need to be re-verified after the upgrade is completed.
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]( Bit Digital Plans to Issue $100 Million Convertible Notes to Acquire More Ethereum
Bit Digital (NASDAQ: BTBT) plans to issue $100 million in convertible notes to acquire more Ethereum. The total issuance will be $100 million in convertible preferred notes maturing in 2030, with the issuance subject to market and other conditions. The company also plans to grant the underwriters of this issuance a 30-day option to purchase additional notes totaling up to $15 million on the same terms and conditions, solely to cover over-allotments.
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[In-Depth & Outlook]( Bit Digital Plans to Issue $100 Million Convertible Notes to Acquire More Ethereum
Bit Digital (NASDAQ: BTBT) plans to issue $100 million in convertible notes to acquire more Ethereum. The total issuance will be $100 million in convertible preferred notes maturing in 2030, with the issuance subject to market and other conditions. The company also plans to grant the underwriters of this issuance a 30-day option to purchase additional notes totaling up to $15 million on the same terms and conditions, solely to cover over-allotments.
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]( Combining with Mobile: The Next Wave of Consumer Applications is Coming
In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyzing the current market-leading applications and presenting relevant insights.
<p class=)
[]( Combining with Mobile: The Next Wave of Consumer Applications is Coming
In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyzing the current market-leading applications and presenting relevant insights.
<p class=)[First, we saw the bidding war for Hyperliquid's USDH; then we discussed the vertical trend for obtaining U.S. Treasury yields. Now, it's MetaMask's native mUSD. What connects all these strategies? Distribution capability.
Perspective
]( mUSD: An Ambitious Project to Leverage Hundreds of Millions of Users in the Stablecoin Market<p class=)
[]( mUSD: An Ambitious Project to Leverage Hundreds of Millions of Users in the Stablecoin Market
The issue of incentive mechanism coordination has been a long-standing problem in the crypto field and often varies by protocol. If economic value directly impacts the security of the system or other critical factors, it is better not to destroy that value but to find a way to redistribute it correctly to those who act honestly, thereby incentivizing fair and honest behavior.
