Radix founder Dan Hughes passes away unexpectedly, team pledges to continue its vision
Dan Hughes, founder and original architect of the Radix Network, passed away unexpectedly at his home on Sunday evening from natural causes. Dan Hughes had long been committed to the innovation of decentralized ledger technology and was hailed as a visionary builder and problem solver. He not only promoted the development of core technologies such as Cerberus and the Radix Engine, but also won the respect of the community for his authenticity, humility, and clarity of ideas. The Radix team stated that while Dan's passing is a huge loss, the foundation and vision he established will continue to drive the project forward. To ensure a stable transition, Chief Strategy Officer Adam Simmons and Chief Financial Officer Jonathan Day will serve as directors of the Radix Foundation along with current CEO Andy Jarrett. The team called on the community to pay their respects in the Radix Telegram or Discord, and stated that it would temporarily suspend public discussions to focus on operational stability.
Hyperliquid announced on Discord that between 10:10 PM and 10:47 PM (UTC+8) last night, an API server issue occurred, causing delays in sending orders to the node. This was due to a surge in traffic. No hacking or exploitation was reported. The issue has been fixed, and further improvements will be implemented. Additionally, additional safeguards will be added at all levels of the technology stack to detect API server issues and prevent unexpected user issues.
Anchorage Digital bought over $1.19 billion worth of Bitcoin in 9 hours
According to Lookonchain, Anchorage Digital has purchased a total of 10,141 BTC through multiple wallets in the past 9 hours, with a total value of approximately US$1.19 billion.
Ark Invest purchased another $15.3 million worth of BitMine shares on Tuesday
According to The Block, Ark Invest, led by Cathie Wood, purchased another $15.3 million worth of BitMine Immersion Technologies shares through its three ETFs on Tuesday, adding to its $20 million purchase the previous day. Last week, Ark Invest also spent $182 million to acquire over 4.77 million shares of BitMine common stock. At the same time, Ark Invest's ARKF fund also sold $1.47 million worth of Block Inc. shares. BitMine Chairman Thomas Lee stated that the company's ETH holdings have exceeded $2 billion, and the company is on track to acquire and stake 5% of the total ETH supply. Although BitMine's stock price fell 8.86% on Tuesday, its cumulative increase over the past month has reached 650.29%.
According to The Block, Rowland Marcus Andrade, founder of AML Bitcoin and CEO of the NAC Foundation, was sentenced to 84 months (7 years) in prison by a US federal court for wire fraud and money laundering related to the cryptocurrency AML Bitcoin. The court found that Andrade defrauded investors of approximately $10 million between 2014 and 2019 by falsely promoting AML Bitcoin's technology, commercial potential, and launch date. He used over $2 million of the proceeds for personal expenses, including the purchase of real estate and luxury cars. A hearing on victim compensation and property forfeiture will be held on September 16, 2025.
According to the National Business Daily, Hong Kong Monetary Authority (HKMA) Deputy Chief Executive Officer, Chan Wai-min, stated at a technical briefing on the regulatory regime for stablecoin issuers that the number of stablecoin issuer licenses to be issued in the first phase is uncertain and will depend on the quality of the application materials submitted by the applicants. The first license is expected to be issued early next year, and he emphasized that "the threshold for passing is very high." Chan also stated that the HKMA maintains an open approach regarding fiat currencies. Stablecoin issuers can apply for licenses pegged to either a specific fiat currency or a basket of fiat currencies. The key is to indicate the fiat currency in the application.
BTCS plans to raise $2 billion to increase cryptocurrency investment
According to The Block, BTCS Inc., a blockchain technology company focused on Ethereum, filed documents with the U.S. Securities and Exchange Commission (SEC) on Tuesday, planning to raise up to $2 billion through multiple rounds of common stock offerings to fund future cryptocurrency acquisitions. BTCS currently holds approximately 70,028 Ether, valued at approximately $265.3 million. The company stated that the proceeds from this fundraising will be used to purchase digital assets, supplement working capital, and for other corporate purposes. BTCS also filed an S-3 statement covering over 5 million shares of common stock and expects to receive approximately $12 million from the exercise of warrants. BTCS is committed to continuously accumulating Ethereum assets and generating returns through diversified strategies including capital markets, staking, and block construction.
Linea announces token distribution details, 9% will be distributed to users via airdrop
Linea project lead Declan Fox posted on the X platform that the team has confirmed that 10% of tokens will be allocated to early contributors, including 9% for users who participate in Linea voyages and receive LXP. Eligibility criteria and checkers will be announced before the TGE. A snapshot has been completed and Sybil filtering has been performed. This airdrop does not involve CEX listing, InfoFi, or other dilution, and the team and investors will not receive any distributions. Another 1% will be allocated to strategic builders, managed at the discretion of the Linea team, and used to incentivize dapps and the community. Liquidity provider rewards will be included in the 75% ecosystem fund, and LXP-L details will be announced by the alliance. Of the 22% circulating supply, 12% (excluding the airdrop) will be used for governance initiatives such as exchange liquidity, market making, and partnerships. The ecosystem fund has a 10-year vesting period. According to Linea.eth, LINEA has launched a new L2 token economics model, featuring ETH as the sole gas token, no internal allocations, no token governance, 85% ecosystem funding, and 15% to the Consensys treasury (locked for 5 years). The project utilizes a dual-burn mechanism: all gas fees are paid in ETH, with 20% of net transaction fees used to burn ETH and 80% used to burn LINEA tokens, directly linking network usage with value growth. The Ecosystem Fund, managed by the Linea Alliance, holds 75% of the total supply. 25% is allocated for ecosystem incentives, and the remaining 50% is unlocked over 10 years. 10% is allocated to early contributors, 9% is distributed to users via airdrops, and 1% is allocated to strategic builders. The TGE (Trading General Evolution) circulating supply accounts for approximately 22% of the total supply, or approximately 1.58 billion LINEA tokens, 1,000 times the initial circulating supply of ETH.
Multiple addresses accumulated 648,000 ETH worth $2.44 billion in just half a month
According to Ember, the address 0x3dF…E3E continued to accumulate 12,000 ETH (approximately $45.01 million) through Galaxy Digital seven hours ago. Since July 19th, this address has accumulated a total of 112,972 ETH (approximately $413 million) in the eleven days since then, at an average price of $3,662. It is reported that since July 10th, related addresses (not the same entity) have accumulated large amounts of ETH through multiple channels, currently hoarding a total of 648,000 ETH, with a market value of approximately $2.44 billion and an average price of approximately $3,445.
CITIC Securities: Continue to monitor issuers that may obtain the first batch of stablecoin licenses
According to a CITIC Securities research report, on July 29th, the HKMA released a series of documents regarding the regulatory regime for stablecoin issuers, which will take effect on August 1st. The core document is the "Guidelines for the Supervision of Licensed Stablecoin Issuers," while the most relevant guideline for the current application phase is the "Summary of the Licensing Regime for Stablecoin Issuers." Regarding the timeline, the HKMA encourages prospective applicants to contact the regulator by August 31st, while the application deadline for mature applicants is September 30th. The first batch of licenses will be issued in the single digits, with issuance expected before the end of the year. It is recommended to continue focusing on two key areas: issuers that may obtain the first batch of scarce licenses, and scenario platforms that are certain to participate in the creation of stablecoin use cases.
According to Eleanor Terrett, the White House postponed the vote on the CFTC chairman nomination because the nominee Quintenz's team sought to obtain confidential CFTC information involving competitors such as Polymarket and PredictIt while he was still a director of Kalshi, and the related conflict of interest issue attracted attention.
Coinbase to List BankrCoin (BNKR) on the Base Network
Coinbase announced that it will add support for BankrCoin (BNKR) on the Base Network. Trading will begin on or after 9:00 AM Pacific Time on July 30, 2025, subject to liquidity conditions. BNKR-USD trading pairs will be rolled out in phases once sufficient supply of these assets is available. Support for BNKR may be limited in some supported jurisdictions.
Coinbase Lists Treehouse (TREE)
Coinbase has announced that it has added support for Treehouse (TREE), an ERC-20 token, on the Ethereum network, labeling it "experimental." A TREE-USD trading pair will be rolled out in phases once sufficient supply of the asset is available. Support for TREE may be restricted in some supported jurisdictions.
Strategy completes $2.521 billion in financing and acquires 21,021 bitcoins
According to Business Wire, Strategy completed a $2.521 billion IPO of STRC preferred stock on July 29, 2025, marking the largest US IPO of 2025 to date. Net proceeds of $2.474 billion were used to purchase 21,021 bitcoins at an average price of approximately $117,256 per bitcoin. As of July 30, Beijing time, Strategy held 628,791 bitcoins, with a cumulative purchase cost of approximately $46.8 billion and an average price of approximately $73,227. STRC will be listed on the Nasdaq on July 30.
Kraken seeks $500 million in funding at a $15 billion valuation
According to The Information, cryptocurrency exchange Kraken is currently seeking to raise approximately $500 million at a valuation of $15 billion.
According to the Hong Kong Radio Television website, the Stablecoin Ordinance will take effect this Friday. The Hong Kong Monetary Authority (HKMA) stated that it will establish a six-month transitional arrangement to deal with institutions that previously had stablecoin issuance businesses in Hong Kong. This includes issuing temporary licenses to issuers that are able to comply with regulatory requirements. If an issuer fails to meet the relevant requirements within three months of the ordinance taking effect, it must orderly wind down its business in Hong Kong within four months of the law taking effect. If the Monetary Authority is not satisfied that the issuer is able to meet the licensing criteria and regulatory requirements, the issuer must orderly wind down its Hong Kong business within one month of receiving the rejection notice. Earlier news came out that the HKMA issued several documents on the regulatory regime for stablecoin issuers that will be implemented on August 1.
Algeria bans all cryptocurrency activity; offenders face jail time and fines
According to Cryptobriefing, Algeria has passed a revised bill officially banning all cryptocurrency-related activities, from holding and trading to mining and promotion. Bill No. 25-10, promulgated on July 24th, specifically prohibits the issuance, sale, purchase, holding, use, and promotion of all cryptocurrencies, including Bitcoin and USDT. The bill also criminalizes mining, the use of digital wallets, and the operation of cryptocurrency exchanges. The bill aims to strengthen the financial system's defenses against crime and terrorism, align with international standards, implement the Financial Action Task Force guidelines, and address the popularity of cryptocurrencies among young people and off-grid miners in the south. Under anti-money laundering and counter-terrorist financing laws, the use of cryptocurrencies is classified as a financial crime, and crypto assets are uniformly categorized regardless of their intended use. Violators face imprisonment of two months to one year and fines of 200,000 to 1 million dinars. Penalties are even higher for crimes linked to organized crime.
Bit Digital's AI infrastructure company Whitefiber seeks $132.8 million IPO
According to Bloomberg, Whitefiber Inc., the artificial intelligence infrastructure subsidiary of crypto asset management company Bit Digital Inc., is seeking to raise up to $132.8 million through an initial public offering (IPO). According to documents filed with the U.S. SEC on Tuesday, the company plans to issue 7.8 million shares at a price between $15 and $17 per share. Based on the outstanding shares listed in the prospectus, if the offering price is set at the upper end of the range, Whitefiber's market capitalization will reach $592.6 million. The company expects to determine the IPO price during the week of August 4. The prospectus shows that Whitefiber owns high-performance computing data centers and provides cloud-based high-performance computing graphics processor services. The company provides cloud services to clients such as developers of artificial intelligence applications and machine learning. Upon completion of the IPO, Bit Digital expects to hold approximately 77.6% of its outstanding shares.
eToro to Launch Tokenized US Stocks on the Ethereum Blockchain
According to investing, trading and investment platform eToro Group Ltd. announced plans to extend trading hours and introduce tokenized US-listed stocks as a strategic move toward a tokenized future. In a webinar held on Tuesday, the company revealed that it will offer 24/7 trading services for an initial 100 popular US-listed stocks and ETFs (as underlying assets). This initiative enables users to trade outside of traditional market hours. Furthermore, eToro has partnered with the Chicago Mercantile Exchange Group to launch spot-quoted futures, currently available in select European markets with plans to expand coverage. These contracts offer futures trading based on spot prices with longer expiration dates. Furthermore, the company announced plans to issue US stocks as ERC20 tokens on the Ethereum blockchain, furthering its tokenization efforts.
According to PR Newswire, 180 Life Sciences Corp. (NASDAQ: ATNF), a US-listed company, announced its transformation into an Ethereum Treasury Reserve company, intending to raise approximately $425 million through private equity financing. Upon completion of the transaction, the company plans to change its name to ETHZilla Corporation. Investors in the private equity financing include Harbour Island, Electric Capital, Polychain Capital, GSR, and Omicron Technologies. Following the transaction, Electric Capital will serve as the company's external asset manager and implement a differentiated on-chain yield generation program. This program aims to go beyond traditional ETH staking while maintaining robust risk management, integrating staking, lending, liquidity provisioning, and customized private agreements.
Ethena Labs launches liquidity leverage, which will be first launched on Aave
Ethena Labs has officially announced the launch of Liquid Leverage, a new Ethena integration solution for the money market, enabled by partners. It will initially launch on Aave. Users can now deposit 50% of their sUSDe and 50% of their USDe into Aave, earning USDe promotional rewards (currently approximately 12%) in addition to the regular USDe lending rate and sUSDe's own annualized yield (APY).
According to Businesswire, Twenty One Capital, Inc. announced today that it expects to receive approximately 5,800 bitcoins from Tether following the completion of its business combination, prior to Twenty One's planned public listing. This brings Twenty One's total holdings to over 43,500 bitcoins as of market close. These figures will make Twenty One the third-largest corporate bitcoin vault globally. Twenty One has filed a draft registration statement on Form S-4 with the U.S. Securities and Exchange Commission (SEC). Twenty One will seek to trade under the ticker symbol "XXI" following the completion of the business combination. The completion of the business combination is subject to customary closing conditions, including approval by CEP shareholders.
Binance will launch TREE 1-75x U-margin perpetual contracts
According to an official announcement, Binance Finance, One-Click Token Purchase, Flash Swap, Leverage Trading, and Binance Futures will all feature Treehouse (TREE). Binance will also launch TREE 1-75x U-margined perpetual contracts at 22:00 (GMT+8) on July 29, 2025.
Market News: Pump.Fun pledges to use 100% of daily revenue for buybacks
According to market news, pump.fun has increased its token buyback efforts, pledging to use 100% of its daily revenue for repurchases. Update: Dumpster DAO analysis suggests that pump.fun is suspected of using 100% of its daily revenue to repurchase tokens in just one day, suggesting this model may be unsustainable.
Bitmine reveals its Ethereum holdings have grown to approximately 625,000
BitMine Immersion Technologies disclosed on the X platform that its total BTC holdings have reached 192 and its total ETH holdings have reached approximately 625,000. This means that the company has increased its holdings by 58,224 ETH, and the net asset value per share of BMNR is $22.77. Previously, BitMine Immersion announced a $1 billion share repurchase plan.
The DEGEN Foundation is exploring a phased destruction of 32.5% of its total DEGEN token supply.
The DEGEN Foundation has published a post on the X platform discussing a phased destruction of 32.5% of the total DEGEN token supply to address concerns about dilution and inflation, aiming to achieve long-term sustainability rather than future large-scale airdrops. The Foundation is currently seeking community feedback. The DEGEN Foundation plans to steadily destroy tokens monthly until a sustainable long-term construction level is reached, while also rewarding long-term holders. The DEGEN Foundation stated that while it currently holds 32.5% of the token supply and could use these tokens for future airdrops (such as the Degen app or other initiatives), this would dilute the interests of existing holders, making it unsuitable for long-term token holders.
SharpLink disclosed that its total Ethereum holdings have increased to approximately 438,000 ETH
Nasdaq-listed SharpLink announced on its X platform that it purchased approximately 77,210 ETH for approximately $290 million between July 21 and 27, at an average price of approximately $3,756. As of now, SharpLink holds approximately 438,190 ETH. The ETH concentration per share is currently approximately 3.4, up from approximately 3.06 last week. This represents a roughly 70% increase in ETH per share since the Ethereum Treasury strategy began on June 2, bringing the cumulative staking rewards to approximately 722 ETH.
According to CoinDesk, JPMorgan Chase's latest report states that Coinbase's partnership with Circle and its investment in the USDC stablecoin are generating significant returns through equity appreciation and high-margin revenue. The total value of Circle-related businesses to Coinbase shareholders is estimated to be between $55 billion and $60 billion, suggesting the market may be underestimating the strategic importance of the USDC ecosystem. In the first quarter of this year, Coinbase received approximately $300 million in issuance payments from Circle, exceeding Circle's total net revenue. JPMorgan Chase estimates that Coinbase had $13 billion in USDC balances on its platform at the end of the first quarter, generating $125 million in revenue at a 20% to 25% profit margin. Off-platform, Coinbase and Circle share revenue from the Circle Reserve Fund, generating $170 million in the previous quarter at a nearly 100% profit margin. JPMorgan Chase has a neutral rating on Coinbase stock with a target price of $404. The stock was trading around $381 in early trading on Tuesday.
According to CoinDesk, the listed company DeFi Development announced that it increased its holdings of SOL by 181,303 from July 21 to July 28, with an average purchase price of US$155.33. The total holdings increased to approximately 1.18 million, worth approximately US$218 million.
Linea announces native ETH revenue and destruction mechanism ahead of LINEA token launch
According to The Block, Linea, the Ethereum Layer 2 network founded by Consensys, announced several plans ahead of the official launch of its LINEA token, including the introduction of native returns for bridged Ethereum, a protocol-level ETH burn mechanism, the design of an Ethereum-centric deflationary token, and the establishment of an Ethereum Ecosystem Fund. Specifically, the native staking functionality for the bridged Ethereum, intended to "establish the network as a hub for ETH capital," is expected to launch in October, with staking rewards reinvested in the Linea ecosystem. The Linea team stated that approximately 20% of all Linea net transaction fees paid in ETH will also be burned to reduce ETH supply and support value accumulation on Ethereum's first layer. Linea will become the first Layer 2 network to commit to a protocol-level ETH burn. The remaining 80% of net transaction fees will be used to burn LINEA tokens, reducing the fixed supply and allowing the token to deflate with network activity. Furthermore, 85% of the token supply will be allocated to the ecosystem, with 10% reserved for early adopters and 75% distributed gradually through the Ecosystem Fund. The remaining 15% of LINEA tokens will be locked up for five years and held in the Consensys treasury. The ecosystem fund will be managed by the Linea Alliance, comprised of leading Ethereum organizations including Consensys, Eigen Labs, ENS Labs, Status, and SharpLink, with more to come. While the launch date for the LINEA token has not yet been announced, it is expected to be live soon. The upcoming token is designed to mimic Ethereum's original distribution model while building on the core utility of ETH.
According to Globenewswire, energy management solutions provider ZOOZ Power Ltd. (Nasdaq and TASE: ZOOZ) today announced a $180 million private placement (PIPE) with qualified institutional investors to support the launch of its Bitcoin reserve strategy. The PIPE, which is subject to shareholder approval, envisions the sale of 180 million shares of the company's common stock and prepaid warrants at $1 per share. Participants in the PIPE include strategic investors Pantera Capital, FalconX, Arrington Capital, UTXO Management, ATW Partners, and renowned Israeli investor Alex Rabinovitch.
The Hong Kong Securities and Futures Commission (SFC) issued an announcement warning the public against suspicious investment products named "FoFund Duoduo No. 1," "FoFund Duoduo No. 2," "Fo Coin," and "Taohuayuan NFT." These products, respectively, involve management strategies related to virtual asset investments, digital tokens, and non-fungible tokens of related paintings. These investment products have not been authorized by the SFC for sale to the Hong Kong public. The SFC notes that information about these products is accessible to the public in Hong Kong through their respective websites, social media accounts, and mobile applications. Earlier, Caixin reported that Qian Fenglei's Fofund wealth management products had been shut down.
Bakkt to raise $75 million in rights offering to buy Bitcoin and other digital assets
Bakkt Holdings, Inc. (NYSE: BKKT) announced that it will issue 6,753,627 shares of Class A common stock and prepaid warrants to purchase up to 746,373 shares of Class A common stock, raising approximately $75 million. Bakkt intends to use the net proceeds from this offering to purchase Bitcoin and other digital assets in accordance with its investment policy, for working capital, and for general corporate purposes.
BitMine Immersion announces $1 billion share buyback program
According to PR Newswire, BitMine Immersion Technologies announced today that its board of directors has approved a share repurchase program to repurchase up to $1 billion of the company's outstanding common stock. This new share repurchase program is open-ended, allowing the company to repurchase its shares from time to time in open market and negotiated transactions. The company currently has over $401.4 million in unencumbered cash. As of 10:45 PM ET on July 28, the company held 625,000 Ethereum and 192 Bitcoin. As of July 28, the company's current fully diluted total outstanding common stock was 121,739,533 shares, and its combined net asset value (NAV) of cash and cryptocurrency was $22.76 per share. BMNR's cryptocurrency and unencumbered cash totaled $2.77 billion.
Robinhood CEO's wealth surges sixfold in a year to $6.1 billion
According to Forbes, Robinhood CEO Vlad Tenev's personal wealth has increased sixfold in a year, reaching $6.1 billion. This is partly due to his full commitment to the crypto space, as he embarks on a global financial services acquisition journey with tokenized stocks, AI-driven investing, and an attempt to control the impending $124 trillion intergenerational wealth transfer. Tenev plans to dominate the next generation of investors in three steps. First, he aims to capture the active trader market, where investment returns are immediate, as evidenced by Robinhood's impressive performance. In the medium term, within approximately five years, he aims to meet the full range of customers' financial needs, from credit cards and cryptocurrencies to mortgages and individual retirement accounts (IRAs). The third phase: building the world's leading financial ecosystem, expected to be underpinned by Robinhood's blockchain technology. In preparation for the shareholder meeting the following day, Tenev stated, "This phase will be far larger than the previous two. The opportunity will start slowly but will grow exponentially over time."
USD1 on Binance temporarily de-pegged to 0.9934 USDT
Market data shows that the stablecoin USD1 on the Binance platform experienced a short-term decoupling, falling to a low of 0.9934 USDT, and has now rebounded to 0.9974 USDT.
Bubblemaps warns of rug pull risks on Launchpad platform 'Rugproof'
According to Cointelegraph, blockchain analytics platform Bubblemaps has issued a warning about Rugproof, the Solana ecosystem launchpad platform. Rugproof claims to protect investors from "rug pull" scams, but Bubblemaps accuses it of using an issuance structure that mimics those of other scams. Bubblemaps points out that the project creators sent SOL tokens to 162 wallets, which then purchased 50% of the RugProof token supply. This centralized token-packaging structure is similar to many past "rug pull" scams. Furthermore, key information such as the identity of the project team and token economics has not been disclosed, making verification difficult.
PlaysOut (PLAY) will be listed on Binance Alpha and Binance Futures
According to an official announcement, Binance Alpha will launch and open trading for PlaysOut (PLAY) at 4:00 PM (GMT+8) on July 31, 2025. Additionally, Binance Futures will launch PLAYUSDT perpetual contracts at 5:30 PM (GMT+8) on July 31, 2025, with up to 50x leverage. Binance is the first platform to announce the opening of PlaysOut (PLAY) futures trading and showcase the PlaysOut token on Binance Alpha. As a launch bonus, all eligible Binance users will receive an exclusive Binance token airdrop. Eligible users can claim the airdrop using Binance Alpha Points from 4:00 PM (GMT+8) on July 31, 2025, to 4:00 PM (GMT+8) on August 1, 2025, through the Binance Alpha event page.
Brian Quintenz's nomination vote for CFTC chairman canceled again
According to Bitcoin.com, US President Trump's nomination of Brian Quintenz as the new chairman of the Commodity Futures Trading Commission (CFTC) may have hit another snag: his name has been removed from the agenda of a meeting of the Senate Agriculture, Nutrition, and Forestry Committee. Quintenz, a former CFTC commissioner and current director of crypto policy at the prominent venture capital firm a16z (Andreessen Horowitz), was also abruptly removed from the voting list during another meeting of the same committee last week. While no official reason for the removal has been given, speculation is widespread that there may be issues with his nomination.
According to an official announcement, the Hong Kong Monetary Authority (HKMA) today released several guidelines and explanatory documents regarding the regulatory regime for stablecoin issuers, which will take effect on August 1, 2025. These include the consultation conclusions on the "Guidelines on the Supervision of Licensed Stablecoin Issuers," the consultation conclusions on the "Guidelines on Combating Money Laundering and Counter-Terrorist Financing (Licensed Stablecoin Issuers)," the "Summary Notes on the Licensing Regime for Stablecoin Issuers," and the "Summary Notes on Transitional Provisions for Existing Stablecoin Issuers," which relate to the licensing regime and application procedures. Both sets of guidelines will be gazetted on August 1, 2025. With the formal implementation of the regulatory regime, market participants should comply with the Stablecoin Ordinance and related guidelines. The HKMA encourages interested institutions to contact the HKMA via its official email address on or before August 31, 2025, so that the HKMA can convey its supervisory expectations and provide appropriate feedback. Licensing will be an ongoing process. Institutions that believe they are fully prepared and wish to be considered sooner should submit their applications to the HKMA on or before September 30, 2025. The Hong Kong Monetary Authority (HKMA) reminds market participants to exercise caution in public communications and avoid statements that could be misinterpreted or create unrealistic expectations. Under the Stablecoin Ordinance, falsely claiming to be a licensed entity or applicant is an offence. As of today, the HKMA has not issued any licenses. The public will be able to refer to the HKMA's website for a list of licensed stablecoin issuers. The public should remain wary of any stablecoin issuer claiming to be regulated or licensed in Hong Kong, or those claiming to be applying for a license. Holding unlicensed stablecoins is done at the public's own risk.
