Hong Kong Web3 Daily Must-Read: Circle states that there are no plans to issue a Hong Kong dollar stablecoin, Ethena Labs founder believes that USDe pegged to USDT is reasonable.

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Fear and Greed Index: 42 (Neutral)
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Hong Kong

BTC/ETH Spot ETF Fund Flow (10.13)

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ETH Net Subscription: 0 ETH

[]( Application for virtual asset trading license for 5.3 million HKD

Hong Kong listed company Stone Capital announced that it has successfully placed 36,546,008 shares from its rights issue, raising approximately 60.7 million HKD, with a net amount of about 57.6 million HKD. The company plans to use approximately 9.2% (about 5.3 million HKD) for potential applications for licenses to conduct virtual asset trading.

The Hong Kong Legislative Council released a special newsletter on "Latest Developments in Hong Kong's Fintech and Digital Assets," introducing how Hong Kong has innovated and applied technology in recent years in the fields of digital assets, green and sustainable finance, and cross-border finance, and summarizing the relevant discussions in the Legislative Council.

A company under Hong Kong listed company Adult International announced that it has signed a memorandum of cooperation with FLock Technology Holdings, and both parties will work together to develop privacy-preserving artificial intelligence solutions, considering expanding more strategic cooperation in the future, including but not limited to adding FLOCK tokens to Adult Group's strategic token reserve.

Circle's Vice President for Asia Pacific, Chen Qinqi, stated in an interview that under the current framework, professional investors in Hong Kong are still allowed to use USDC without regulation. Circle has no plans to issue a local currency stablecoin, mainly issuing two stablecoins, namely the US dollar stablecoin USDC and the euro stablecoin EURC, but is open to future cooperation with HKD stablecoins and has already discussed with several companies, looking forward to seeing HKD stablecoins and other stablecoins issued in Hong Kong.

Hong Kong listed company Brainstorm Technology announced the reduction of 12,700 shares of Robinhood stock, valued at approximately 1.9 million USD.

Hong Kong listed company Derlin Holdings announced that it has subscribed to 15.1% of the Class B membership rights of Carmel Reserve LLC, associated with the US residential project ONE Carmel. The company believes that ONE Carmel meets the requirements for real-world assets (RWA) and has the potential for future tokenization, which can support its innovative digital finance and blockchain plans, planning to tokenize approximately 40 million USD (at fair value at the time) of ONE Carmel's Class B membership rights in the future, aiming to provide shareholders with special dividends in physical distribution form and promote potential on-chain investors' investment in ONE Carmel.

<div class=)[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.

Bank of England Governor Bailey promised comprehensive reforms during a speech at the G20 meeting to make the committee's regulatory framework more flexible, enabling quicker identification and response to emerging threats in the private financial sector and the challenges posed by the increasing popularity of stablecoins.

According to the Beijing Daily, Foreign Ministry spokesperson Lin Jian hosted a regular press conference. A reporter asked about US President Trump's statement that the US would impose a 100% tariff on China in response to China's export controls on rare earths and related items. What is China's comment on this? Will China impose new tariffs on goods imported from the US? Lin Jian responded that the spokesperson of the Ministry of Commerce has clarified China's position on this. "I want to emphasize that recently, the US has continuously introduced a series of restrictions and sanctions against China, seriously harming China's interests. China firmly opposes this."

Dubai recently launched a comprehensive reform plan for the financial industry, aiming to position itself among the top three global financial centers. The Dubai government media office stated that under the newly introduced "Dubai Financial Industry Strategy," virtual assets, capital markets, and fintech will become key pillars for Dubai's future economic growth. According to the Dubai government's plan, Dubai will leverage this financial industry reform plan to accelerate the upgrade of its already leading digital asset construction and promote the transformation of traditional finance to digital financial services.

During the Finopolis 2025 forum, Vladimir Chistyukhin, First Deputy Governor of the Central Bank of Russia, was asked about the issue of tokenization of Russian stocks. Chistyukhin stated that this is "one of the feasible options," but overseas participants need to provide technical and platform-level solutions. He said, "In this area, foreign partners will play an important role. I mean those foreign entities that intend to tokenize Russian assets for buying and selling overseas."

The European Banking Authority released a report stating that some entities' behaviors to evade new regulations such as MiCA and its extended anti-money laundering/anti-terrorist financing legislative framework may continue to affect the integrity of the EU financial system. Among them, "regulatory arbitrage" is a major risk, where companies obtain regulatory approval in countries with lenient approvals to operate in other regions of the EU.

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[]( Principle approval for the issuance of a stored value payment tool license by the Central Bank of the UAE

Crypto.com announced that Foris DAX Middle East FZ-LLC (operating under the name Crypto.com) has received principle approval for a stored value payment tool (SVF) license issued by the Central Bank of the United Arab Emirates (CBUAE), becoming the first virtual asset service provider in the UAE to obtain such approval. After obtaining the final license, the company will be able to conduct all financial settlements in UAE Dirhams or stablecoins pegged to the Dirham through the stored value facility framework, providing digital payment services for UAE residents to pay Dubai government fees. Meanwhile, Dubai government agencies will receive settlement payments in UAE Dirhams or stablecoins pegged to the Dirham.

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[]( Principle approval for the issuance of a stored value payment tool license by the Central Bank of the UAE

Digital asset financial services company Legend Trading announced that its Irish subsidiary has received a MiCA license from the Central Bank of Ireland, allowing it to provide cryptocurrency trading and settlement services to 450 million users across 27 EU countries.

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OKX CEO Star tweeted that "Ethena Labs has performed exceptionally well in portfolio and risk management. OKX has launched the ENA token and may consider supporting USDe in the future. OKX is also a small angel investor in Ethena. USDe should not be viewed as a 1:1 pegged stablecoin; it is a tokenized hedge fund. Such funds typically employ relatively low-risk strategies, such as delta-neutral basis trading or money market investments, but they still carry inherent risks, including ADL events, exchange-related incidents, and custodian security breaches. Simply labeling USDe as a stablecoin or describing recent market movements as decoupling is inaccurate. If any exchange decides to include USDe in its collateral framework, strong and dynamic risk mitigation controls must be adopted. Viewing USDe as a simple 1:1 stable asset could pose systemic risks to the entire crypto industry in the future."

]( Star: USDe should not be viewed as a 1:1 pegged stablecoin, may consider supporting USDe in the future<div class=)

[On-chain detective ZachXBT responded to the investigation into the identity of the "whale profiting from shorting before the October 11 flash crash," stating, "There are still too many unknowns for me to draw a conclusion that I am willing to publish. All the posts currently under scrutiny are actually exaggerated versions of immature theories. The known situation is that Garrett Jin/Exe seems to have started collaborating with a Chinese whale, who previously had ten-digit funds on-chain that had been dormant until recently."

]( Investigation into the identity of the whale profiting from shorting before October 11 flash crash remains inconclusive, may involve collaboration with a Chinese whale<p class=)

[]( Investigation into the identity of the "whale profiting from shorting before the October 11 flash crash" remains inconclusive, may involve collaboration with a Chinese whale<p class=)[Ethena Labs founder Guy Young tweeted, "Although the DeFi money market has been criticized for pegging USDe to USDT, I do believe that this approach is reasonable to avoid liquidations caused by temporary price imbalances. The minting and redemption functions of USDe performed well during this incident, with price deviations in multiple Curve, Fluid, and Uniswap liquidity pools (with nine-digit on-demand liquidity) being less than 30 basis points, consistent with the prices of USDC and USDT on Binance. If oracles can reference the deepest liquidity pools of USDe globally, no one will be liquidated in any money market."

]( Labs Founder: Pegging USDe to USDT is reasonable, minting and redemption functions performed well during market volatility<p class=)

[In-Depth & Outlook]( Labs Founder: Pegging USDe to USDT is reasonable, minting and redemption functions performed well during market volatility<p class=)

[If we broaden our perspective to the entire ecosystem, we find that this "decoupling storm" is actually a localized event on Binance: USDe briefly dipped to 0.92 on Bybit but quickly returned, while the main liquidity pools on-chain Curve remained stable, with price fluctuations of only 0.3%. Other exchanges like Kraken and OKX were hardly affected.

]( Decoupling event panorama restoration<p class=)

[]( Decoupling event panorama restoration<p class=)

[]( Decoupling event panorama restoration

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[The cryptocurrency market experienced an unprecedented "Black Friday," with the total liquidation amount soaring to over $19.1 billion within just 24 hours, setting a historical record, leaving millions of investors with nothing overnight. Bitcoin plummeted from a high of $119,000, Ethereum crashed by 23%, and altcoins were devastated.

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[Opinion](<div class=)

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While this crash was ignited by Trump, its catastrophic destructive power stems from the high-leverage environment within the native financial system of the crypto market. The high-yield stablecoin USDe, the recursive "loop lending" strategies built around it, and its widespread use as collateral by market makers and other mature market participants collectively created a highly concentrated and extremely fragile risk node.

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