Welcome to read Techub News's "Weekly Highlights of Hong Kong Web3." In this week's report, we will summarize the significant events and developments in the Hong Kong Web3 sector from June 30 to July 6, along with the latest data insights and detailed event previews, helping you quickly and comprehensively understand the progress in Hong Kong's Web3 field last week.
Hot Topics
According to a press release from the Hong Kong SAR Government, Chief Executive John Lee stated during a speech at the 28th Anniversary Celebration of the Hong Kong Special Administrative Region that Hong Kong is strengthening connectivity and establishing a stablecoin licensing system, optimizing the listing process, and enhancing financial competitiveness…
Animoca Brands President: Prioritizing Local Market Fundraising in Hong Kong
According to East Net, in response to previous plans to go public in the U.S., Animoca Brands President Yau Wai-Kin stated that since the group delisted from Australia, it has been looking for opportunities to relist, and the new wave of virtual asset IPOs in the U.S. is attracting attention, but as a Hong Kong company, it will prioritize fundraising in the local market…
The CEO of Huaxia Fund (Hong Kong), Gan Tian, attended the CWM50 Stablecoin Forum and made a "mind-blowing" prediction about stablecoins: in the next 5, 10, or 20 years, fiat currency will become stablecoins, and there will only be a few universal stablecoins worldwide…
Sanwei Security: Has Participated in Virtual Currency and Stablecoin Related Businesses in Hong Kong
According to Caixin, Sanwei Security stated on an interactive platform that applications related to Web3.0, including stablecoin business, are currently areas of great importance for the company. Stablecoins, as a type of digital currency, are widely used in scenarios such as cross-border payments, and cryptography as the underlying supporting technology will also play a very important role. The company acts as a provider of cryptographic infrastructure…
Hong Kong-listed Company Yisou Technology Plans to Explore RWA Tokenization Products
Hong Kong-listed company Yisou Technology announced that it has signed a 10-year framework cooperation agreement with a Hong Kong technology company to collaborate on projects related to the tokenization of real-world assets (RWA) and other digital assets. According to its disclosure, the cooperating technology company is one of the Huawei Cloud solution providers…
Ant Group Opens Layer2 Network and Four Self-developed Technologies for the Hong Kong Market
According to Hong Kong Wen Wei Po, Ant Group has opened its Layer2 network, large model development tools, "Blockchain + IoT" trusted architecture, and institutional-level Web3 wallet technology for the Hong Kong market, providing comprehensive technical support and services for building a global digital asset innovation center in Hong Kong. Ant Group's Chief Scientist Yan Ying stated…
HashKey Exchange West Kowloon High-Speed Rail Station Experience Store Officially Opens
Hong Kong's largest licensed virtual asset exchange, HashKey Exchange, announced today that its offline experience store located in the West Kowloon High-Speed Rail Station has officially held an opening ceremony and commenced operations…
Hong Kong-listed Company Pioneer Pharma Biotechnology Plans to Acquire Conflux Assets
Pioneer Pharma Biotechnology (00399.HK) announced that on June 30, 2025, the company (as the buyer) has signed a memorandum of understanding with the seller and Conflux regarding the potential acquisition of all equity of the target company, contingent upon the target company completing the acquisition of Conflux assets according to the agreement with the company…
The Hong Kong SAR Government has appointed Meitu's founder Cai Wensheng, Nano Labs founder and chairman Kong Jianping, and HashKey Group chairman and CEO Xiao Feng as members of the "Web3 Development Promotion Task Force"…
Duoduo Smart Technology Limited: Purchasing Bitcoin and Preparing to Apply for Stablecoin License
Duoduo Smart Technology Limited announced that the company is preparing to apply for a stablecoin license and has purchased Bitcoin through HashKey Exchange. The funding for this investment comes from the company's existing cash reserves. The company has signed a strategic cooperation agreement with HashKey Group, and both parties will engage in deep cooperation in areas such as digital asset trading, Web3 technology development and application, and blockchain ecosystem construction…
Reuters: JD.com and Ant Group Lobbying PBOC for Approval to Issue Offshore RMB Stablecoin
According to Hong Kong Wen Wei Po citing Reuters, JD.com and Ant Group are lobbying the People's Bank of China (PBOC) for approval to issue a stablecoin pegged to the offshore RMB in Hong Kong to promote the global use of the RMB and counter the expanding influence of the digital dollar. Sources revealed that JD.com mentioned in discussions with the PBOC that due to the peg of the Hong Kong dollar to the U.S. dollar, it cannot effectively promote the use of the RMB in trade, thus necessitating the launch of a RMB-pegged stablecoin. JD.com suggested that the PBOC allow the issuance of RMB stablecoins in Hong Kong, which could then be expanded to offshore markets in China's free trade zones…
According to Zhitong Finance, Jingbeifang stated in its investor relations activity record that the company recently signed a strategic cooperation agreement with Guofu Quantum Innovation Co., Ltd., focusing on virtual assets and digital currency business, and will engage in deep cooperation in three areas: IT technology innovation, virtual asset and stablecoin ecosystem cooperation innovation, and financial business innovation…
Hong Kong Financial Secretary to Promote Tokenization of Assets and Financial Instruments
According to Hong Kong Wen Wei Po, Financial Secretary Paul Chan stated yesterday at the "Hong Kong Digital Finance Awards 2025" ceremony that the Hong Kong government has issued green bonds in tokenized form twice in 2023 and last year, and the third batch of tokenized bonds is also in preparation. He revealed that in the future, the government will regularize the issuance of tokenized government bonds and provide incentives for the tokenization of real-world assets…
Industry Observations
"The Ambitions of Giants like Robinhood: The Outbreak of the Stock Tokenization Revolution"
This summer, with the listing of Circle and the issuance of Hong Kong's "Stablecoin Regulations," the stablecoin market has undoubtedly become the focus of the industry. However, the cryptocurrency industry's pace will not stop here. At the intersection of traditional finance and the crypto world, a fierce competition over stock tokenization is underway. From Robinhood to Kraken, and Coinbase to Gemini, major cryptocurrency giants are igniting a "chain-up" wave on Wall Street, bringing the traditional stock market into the blockchain era.
Chief Executive John Lee stated, "July 1 is the 28th anniversary of the establishment of the Hong Kong SAR and the third anniversary of this government. Over the past three years, the government has actively promoted reforms, built a safe and stable Hong Kong, and worked hard to develop the economy and improve people's livelihoods, with results gradually emerging. I have changed the government culture to create a 'results-oriented' government. We fulfill our constitutional responsibilities and complete the local legislation of Article 23 of the Basic Law, a significant task that previous governments have long failed to achieve. We have rebuilt a safe Hong Kong, and this year Hong Kong ranks seventh in the global safety index."
"Grayscale: Stablecoin Summer"
In a relatively calm month for cryptocurrency valuations, the market's focus has shifted to fundamentals, with many positive developments in stablecoins.
The "GENIUS Act" has passed the Senate with bipartisan support and is now submitted to the House for consideration, which will introduce regulated payment stablecoins in the U.S. Meanwhile, U.S. stablecoin issuer Circle has completed its listing, with its stock price rising (in contrast to the declining valuations of Mastercard and Visa), highlighting the disruptive impact that traditional digital payment networks may face. Other media reports indicate that large companies like Amazon and Walmart are also exploring stablecoin businesses.
The currency-like crypto asset sector and the financial crypto asset sector have outperformed the overall crypto market, with the latter's strong performance likely stemming from improved regulatory transparency and the broader adoption prospects of decentralized finance (DeFi) technology. The prediction market Polymarket has benefited from the attention generated by the New York City mayoral election and successfully secured additional venture capital.
We expect that improvements in regulatory transparency and a favorable macro backdrop (large budget deficits and potential interest rate cuts) will continue to support crypto assets in the second half of 2025.
On July 1, 2025, on the occasion of the 28th anniversary of Hong Kong's return, the "Pearl of the Orient: The Future of Digital Chains: Hong Kong Web 3 New Dimensions Empowering Global Finance" Space event, co-hosted by Web 3 Labs, Techub News, and Jinse Finance, was successfully held at 19:30 (UTC+8). This event focused on Hong Kong's innovative practices in Web 3 and the global financial sector, centered around the theme "RWA Revolution - Hong Kong's Trillion-level Assets on the Chain," gathering industry experts to discuss the opportunities and challenges of real-world asset (RWA) tokenization. The discussion was led by Techub News founder Alma and Chinese Web 3 host Qie Ge, with guests including VDX trading platform Chief Strategy Officer Paolo, Mulan Investment Management Legal Director Gilbert Ng, Uweb Principal Yu Jianing, RWA Group CEO Tony Fu, and KOLs Da Biao Ge, Qian Qian Qian Xiao Yu, and Ohmann (Zhang Aoman). Below are the core insights shared during the discussion between the host and guests.
On June 30, 2025, cryptocurrency exchanges Bybit and Kraken announced the launch of the xStocks product provided by the Swiss compliant asset tokenization platform Backed Finance. xStocks is a series of tokens backed 1:1 by real stocks, with the underlying assets held by regulated third-party custodians (such as InCore Bank and Maerki Baumann, among other Swiss banks). These tokens are issued under the SPL standard on the Solana public blockchain, supporting 24/7 trading and on-chain instant settlement, breaking the time and geographical limitations of traditional stock markets. According to compliance requirements, xStocks is currently only available to non-U.S. users, and U.S. persons are prohibited from purchasing or holding this product. Subsequently, many leading platforms such as Cryptocom and GMGN also launched xStocks.
"Multiple Issuers Apply for U.S. Trust Licenses, Is the Stablecoin Industry Making a Move?"
On June 30, stablecoin issuer Circle submitted an application for a U.S. trust bank license to the Office of the Comptroller of the Currency (OCC) and plans to establish a national trust bank in the U.S.; on July 2, Ripple followed suit by submitting a national bank license application, having previously applied for a Federal Reserve master account through its subsidiary Standard Custody, intending to directly custody RLUSD reserves. Within just four days, these two major stablecoin giants initiated a critical compliance push within the U.S. financial regulatory system.
As one of the important financial strategies during Trump's term, the potential demand for stablecoin payments and U.S. Treasury bonds under the dollar system coincides. In the current rapid establishment of the stablecoin industry, why does the stablecoin sector favor U.S. licenses?
"FTX's Bankruptcy Lawyers Earned How Much While Not Compensating Domestic Victims?"
On July 4, 2025, FTX creditor representative Sunil posted a screenshot of a document regarding FTX's bankruptcy liquidation on social media, indicating that FTX would seek legal advice, and if users belong to restricted foreign jurisdictions, their claims may be forfeited.
Sunil also disclosed a statistic: 82% of the claim funds from "restricted countries" come from Chinese users.
However, due to the prohibition of cryptocurrency trading in China, these users may be classified as "illegal," thus forfeiting their claim eligibility. This means that these users not only cannot recover their losses, but their assets may also be "legally confiscated."
The community erupted, questioning the compliance rationale of the liquidation team as merely an excuse to evade responsibility. Some called FTX's decision "American-style robbery," lamenting that "the people are worse than dogs," with deep disappointment and helplessness evident in their words. Some believe that despite China's strict restrictions on cryptocurrency trading, user funds should not be directly confiscated, and FTX's decision lacks clear legal basis.
Data Insights
Hong Kong Bitcoin & Ethereum Spot ETF Inflows and Outflows
According to SoSoValue data, last week the net redemption amount for Bitcoin spot ETFs in Hong Kong was 18.97 units, with a total holding value of approximately $451 million, an increase of about $2.96 million in holding value; the net redemption amount for Ethereum spot ETFs was 360.99 units, with a total holding value of approximately $54.57 million, an increase of about $690,000 in holding value.
Event Information
Risk-Weighted Assets and Stablecoins: Blockchain and Digital Asset Pilot Subsidy Scheme
"Risk-Weighted Assets and Stablecoins: Blockchain and Digital Asset Pilot Subsidy Scheme" will be held online at 14:30 Hong Kong time on July 10. This event is organized by the Hong Kong Securities and Investment Institute and invites Ms. Rachel Lee, Director of Web3 and FinTech Development at Hong Kong Cyberport Management Company, along with leading technology companies and Cyberport corporate partners. The event is limited to members and is free to participate.
This exclusive webinar will provide a comprehensive overview of Cyberport's digital asset ecosystem and the "Cyberport Blockchain and Digital Asset Pilot Subsidy Scheme." The scheme aims to promote the development and testing of high-impact blockchain, digital asset, and Web3 applications, which are expected to become benchmarks for future use cases, thereby accelerating the application of these technologies across various industries.
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