整理：Nona，Techub News
**TinTinLand
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Fear and Greed Index: 56 (Neutral)
Bitcoin Price: $120,333
BTC/ETH Spot ETF Fund Flow (10.1)
BTC Net Inflow: $675.81 M
ETH Net Inflow: $80.79 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (9.30)
BTC Net Subscription: 0 BTC
ETH Net Subscription: 0 ETH
On September 30, 36 institutions submitted applications for stablecoin licenses. The Hong Kong Monetary Authority revealed that as of September 30, it had received applications from 36 institutions for stablecoin licenses, including banks and technology companies. The Monetary Authority will approve according to the Stablecoin Ordinance, aiming to announce the first batch of licenses early next year, with only a few licenses issued in the first phase. Previously, the Monetary Authority encouraged institutions interested in applying for licenses to contact them by August 31 and submit applications by September 30.
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.
Only financial DAT will always be regarded as macro allocation; only DAT that can reach products and operations will form the synergistic value of compound interest.
Survival Strategies Under Regulatory and Market Dual Challenges
Project/Company Updates
VivoPower Completes $19 Million Equity Financing
NASDAQ-listed XRP treasury company VivoPower announced that it has completed $19 million in equity financing through the issuance of additional common stock, with an issue price of $6.05 per share. The new funds are intended to support the company's strategic transformation of its digital asset treasury, including acquisition, management, and long-term holding of XRP.
VivoPower Completes $19 Million Equity Financing
NASDAQ-listed XRP treasury company VivoPower announced that it has completed $19 million in equity financing through the issuance of additional common stock, with an issue price of $6.05 per share. The new funds are intended to support the company's strategic transformation of its digital asset treasury, including acquisition, management, and long-term holding of XRP.
VivoPower Completes $19 Million Equity Financing
NASDAQ-listed XRP treasury company VivoPower announced that it has completed $19 million in equity financing through the issuance of additional common stock, with an issue price of $6.05 per share. The new funds are intended to support the company's strategic transformation of its digital asset treasury, including acquisition, management, and long-term holding of XRP.
VivoPower Completes $19 Million Equity Financing
NASDAQ-listed XRP treasury company VivoPower announced that it has completed $19 million in equity financing through the issuance of additional common stock, with an issue price of $6.05 per share. The new funds are intended to support the company's strategic transformation of its digital asset treasury, including acquisition, management, and long-term holding of XRP.
Wallet Partners with xStocks to Introduce Tokenized Stocks to Telegram
The xStocks alliance, composed of Kraken and Backed, announced a partnership with the Telegram wallet to bring the tokenized stock product xStocks to the Telegram platform. According to the plan, eligible Telegram users will soon be able to access a range of xStocks assets directly in their built-in custodial crypto wallet (Wallet in Telegram).
Polymarket Set to Reopen to U.S. Users
The prediction market Polymarket is set to reopen to U.S. users, nearly four years after being effectively banned by the U.S. Commodity Futures Trading Commission (CFTC). Regulatory documents indicate that the restart could happen as soon as tomorrow.
Circle's Tokenized Money Market Fund USYC Launches on Solana, Available Only to Non-U.S. Institutional Investors
Circle announced that its tokenized money market fund USYC is now available on the Solana blockchain. USYC is a tokenized fund share launched by Circle, representing ownership of short-term U.S. government money market funds and eligible for returns from the underlying assets. USYC is only available to qualified non-U.S. institutional investors who have completed KYC/AML and passed wallet whitelist verification, and it is a permissioned token.
Ace Digital Increases Bitcoin Holdings by 1.59 BTC, Total Holdings Rise to 25 BTC
Alexander Hagen, CEO of Norwegian Bitcoin treasury company Ace Digital, tweeted that the company has increased its holdings by 1.59 BTC at a price of $114,650 (approximately 1,842,040 Norwegian Krone) through the K33 platform, raising its spot Bitcoin holdings to 25 BTC. Including Deribit derivatives positions, the current total holdings amount to approximately 59.3 BTC.
Nubank Applies for U.S. National Bank Charter
Crypto-friendly bank Nubank announced that it has applied for a national bank charter with the U.S. Office of the Comptroller of the Currency (OCC) to explore banking operations in the U.S. If approved, this will enable the bank to offer deposit accounts, credit cards, loans, and digital asset custody services in the U.S. Nubank launched cryptocurrency transfer features last year, allowing users to send and receive crypto assets through its wallet, supporting Bitcoin, Ethereum, and Solana.
In-Depth & Outlook
As the fastest-growing region for on-chain transactions globally, the Asia-Pacific region has become a key driver of global growth, with its monthly trading volume often second only to Europe and sometimes even surpassing North America. These data reflect the increasing influence of the Asia-Pacific region in the global market and its momentum for continued growth in the second half of 2025.
Analyzing the current situation, the regulatory dividends in the U.S. have not yet been fully released, with strong potential ahead. Europe is following but remains passive, wavering between the digital euro and euro stablecoins, with slightly insufficient strategic firmness. China has the greatest potential, but due to regulatory differences between the two regions, it also faces a dilemma.
Perspective
Where will the next battleground for order book exchanges be?
Despite maintaining stable trading volume, market leader Hyperliquid saw its September revenue drop by 39%, falling to $68.93 million. Meanwhile, Lighter processes $133 billion in trading volume monthly and implements a zero-fee policy for retail users, further intensifying competitive pressure in the industry.
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