Hong Kong Web3 Daily Must-Read: The scale of U.S. national debt reaches 38 trillion dollars for the first time, with approximately 500 million dollars in liquidations across the entire network in 24 hours.
Fear-Greed Index: 32 (Fear)
Bitcoin Price: $110,490
BTC/ETH Spot ETF Fund Flow (10.23)
BTC Net Outflow: $87.46 M
ETH Net Outflow: $104.16 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (10.23)
BTC Net Subscription: 0 BTC
ETH Net Subscription: 0 ETH
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At the National Committee of the Chinese People's Political Consultative Conference's bi-weekly consultation meeting on "Promoting High-Quality Agricultural Development with New Quality Productive Forces," National Committee member and Hong Kong Legislative Council member Wu Jiezhuang suggested exploring the feasibility of RWA asset financing based on blockchain technology in the agricultural sector.
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Liu Yu, CEO of Yuan Coin Technology, stated in a speech titled "Stablecoin Storm: Power Games and Landscape Reshaping" at the 2025 Shanghai Blockchain International Week that "over 45 countries or regions worldwide have initiated or implemented stablecoin regulations, and application scenarios have extended from exchanges and DeFi to B2B, B2C, card payments, and cross-border settlements."
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]( Pionex launches regular purchase feature, making digital asset investment experience closer to traditional financial management
Hong Kong licensed virtual asset exchange HashKey Exchange has now launched a regular purchase feature. This feature allows users to automatically buy mainstream virtual assets at a fixed frequency and amount, with automatic deductions via eDDA. This functionality enables investors to conduct long-term asset allocation in a more convenient way within the regulatory framework, making the digital asset investment experience closer to traditional financial management.
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[Regulation/Macro
]( 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 EU will ban trading of the stablecoin A7A5 related to Russia starting November 25.
<div class=)[2025 Shanghai Blockchain International Week officially opens, Wanxiang Blockchain Chairman and HashKey Group Chairman and CEO Xiao Feng stated in his welcome speech, "Blockchain has moved from the startup phase to the application explosion phase, and developers in the industry have begun to drive blockchain technology to open the second growth curve. We have moved from the grassroots stage to the standardized development stage, and we need to build standard rules and develop in a standardized manner, while forgetting the barbaric development phase of the startup period."
]( $38 trillion
The scale of U.S. national debt has reached $38 trillion for the first time.
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[Project/Company Updates]( $38 trillion
The scale of U.S. national debt has reached $38 trillion for the first time.
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Indian cryptocurrency exchange WazirX will resume operations tomorrow, ending a shutdown caused by a $230 million hacking incident. The exchange has completed a restructuring plan approved by the Singapore High Court and has received support from nearly all creditors. In the initial phase of the restart, WazirX will open limited trading pairs, including cryptocurrency trading and the USDT/INR market, and promises zero trading fees for all users. The platform will also launch a token distribution and recovery plan to address user asset issues and initiate a repayment process.
]( Will resume operations tomorrow and initiate repayment process<div class=)
[]( Will resume operations tomorrow and initiate repayment process<div class=)[](
Swedish Nordea Bank has joined an alliance of nine major European banks and launched a euro-denominated stablecoin.
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]( Plans to raise $10 billion to establish multiple new funds covering AI and cryptocurrency sectors
a16z is seeking to raise approximately $10 billion to establish multiple new funds, covering early and growth stage investments, continuing its layout in AI, cryptocurrency, and enterprise software sectors.
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[In-Depth & Outlook]( Plans to raise $10 billion to establish multiple new funds covering AI and cryptocurrency sectors
a16z is seeking to raise approximately $10 billion to establish multiple new funds, covering early and growth stage investments, continuing its layout in AI, cryptocurrency, and enterprise software sectors.
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[Now, with the rise of AI agents, traditional internet business models are facing profound impacts. Cloudflare is transforming its advantages into new business opportunities, attempting to rebuild the value foundation of the future AI economy through the x402 protocol and NET Dollar stablecoin.
]( AI strategy: From internet giant to the value hub of the machine economy<p class=)
[]( AI strategy: From internet giant to the value hub of the machine economy<p class=)[As regulatory clarity increases, the path for tokens to create actual revenue through transaction fees is becoming clearer. The adoption of cryptocurrency by traditional finance and fintech will continue to accelerate; stablecoins will upgrade traditional systems, achieving the democratization of global financial services; and new consumer products will bring the next wave of cryptocurrency users on-chain.
Perspective
]( Latest report: Annual transaction volume of stablecoins reaches $46 trillion, the crypto industry is entering its "adulthood"<p class=)
[]( Latest report: Annual transaction volume of stablecoins reaches $46 trillion, the crypto industry is entering its "adulthood"<p class=)
[]( Latest report: Annual transaction volume of stablecoins reaches $46 trillion, the crypto industry is entering its "adulthood"
Personally, I do not believe that USDe faces significant de-pegging risks, which would require multiple disasters to occur simultaneously. Moreover, if it does happen, it would not be the only one to fall.
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[As the regulatory framework becomes clearer, we look forward to seeing perpetual contracts play a positive role in price discovery and risk hedging under controllable risks. For ordinary people, rather than fearing risks, it is more important to learn to identify risks—this is the key to survival in financial markets.](<div class=)
