Author | Wu Blockchain
Top 10 News of the Week
1. Hong Kong Publishes OTC Consultation Document
The Hong Kong Securities and Futures Commission and Financial Bureau's consultation document shows that from small cryptocurrency transactions, withdrawals, and currency exchanges to complex brokerage activities and large-scale trades, all require a license from the SFC, effectively bringing over-the-counter (OTC) platforms under regulation with significantly stricter requirements compared to last year's consultation. This includes a minimum paid-up capital of 5 million for trading service providers, 10 million for custodians, and the requirement of two SFC-approved responsible personnel.
2. RMB Stablecoin Sparks Discussion
In an interview with Yicai, Huang Yiping, Dean of the National School of Development at Peking University and a member of the People's Bank of China's Monetary Policy Committee, stated that virtual assets, digital assets, and traditional financial assets will coexist and integrate for a long time, with digital assets being a major trend. He noted that launching a stablecoin domestically is challenging due to incomplete capital account liberalization, but creating a stablecoin pegged to offshore RMB in Hong Kong is a possibility.
HashKey Group Chairman Xiao Feng suggested considering connecting the RMB stablecoin with the central bank digital currency (CBDC) in a two-tier structure, allowing licensed stablecoin issuers to open CBDC accounts. This approach could combine the central bank's CBDC development experience and technological achievements while mobilizing market forces. Moreover, making the central bank digital currency a wholesale-level currency and RMB stablecoin functioning in retail and cross-border payments could significantly accelerate RMB internationalization.
JD.com and Ant Group are recommending that the Chinese central bank approve the issuance of an RMB-based stablecoin. Sources indicate they suggest allowing a stablecoin pegged to offshore RMB to be launched in Hong Kong.
3. FTX Applies to Court for Restricted Processing in 49 Jurisdictions, Potentially Affecting Creditor Compensation
FTX creditor representative Sunil tweeted that FTX has applied for court approval to implement a new "restricted processing procedure" in 49 jurisdictions with limited distribution. FTX will seek legal advice, and if distribution to potentially restricted jurisdictions is possible, normal compensation will be issued. Otherwise, a restricted processing procedure will be initiated, causing creditors to lose distribution rights. These restricted jurisdictions account for approximately 5% of total creditor claims, with Chinese creditor value reaching 82%.
4. Kazakhstan National Bank Chairman: Will Establish National Crypto Reserve
Kazakhstan National Bank Chairman Timur Suleimenov stated that Kazakhstan will establish a national crypto reserve, with the national bank's affiliate potentially responsible for construction and management. The reserve will reference sovereign fund management international experience, emphasizing asset accounting, management transparency, and sustainable reserve security. Potential sources may include confiscated crypto assets and cryptocurrencies mined with state participation. The mechanism will be further developed with law enforcement and state agencies.
5. Goldman Sachs Predicts Fed Will Start Rate Cuts in September, Totaling 75 Basis Points for the Year
Wall Street Journal reporter Nick Timiraos reported that Goldman Sachs has moved its first Fed rate cut expectation from December to September, anticipating three cuts totaling 75 basis points this year. Goldman noted initial indications suggest tariff impacts are lower than expected, with other inflation-reducing factors being more robust, and the Fed leadership likely views tariffs as causing only a one-time price level increase.
6. First US Spot Solana Staking ETF Records $33 Million in First-Day Trading
Bloomberg senior ETF analyst Eric Balchunas tweeted that the first approved US spot staking crypto ETF - "REX-Osprey Solana + Staking ETF" - launched on Wednesday with approximately $33 million in trading volume. Its performance significantly exceeded Solana futures ETF and XRP futures ETF, and outperformed the average ETF debut, though still notably lower than Bitcoin and Ethereum spot ETF first-day performance.
7. Listed Companies Purchased 245,510 Bitcoins in First Half of 2025, Approximately Double ETF Absorption
Data shows listed companies purchased 245,510 Bitcoins in the first half of 2025, about twice the ETF absorption during the same period, representing a 375% increase from the previous year. This highlights significantly improved corporate acceptance of Bitcoin. Strategy's purchase of 135,600 coins represents 55% of the total, down from 72% in the previous year. Market analysis suggests corporate Bitcoin acquisition motivations include inflation hedging, cross-border liquidity optimization, brand strategy synergy, and tax and accounting advantages.
8. Circle Applies to Establish National Trust Bank, Aims to Self-Custody USDC Reserves
Stablecoin company Circle has applied to the Office of the Comptroller of the Currency (OCC) to establish "First National Digital Currency Bank, N.A." as part of its post-listing financial services expansion. If approved, the license would allow Circle to self-custody USDC reserves and provide digital asset custody services for institutional clients, excluding deposit-taking and lending. Circle indicates future custody focus will be on tokenized stocks and bonds rather than traditional cryptocurrencies.
9. Binance Circumvents Tightened Regulations, Retains Hundreds of Singapore Remote Employees
Despite Singapore's strengthened regulations on unlicensed crypto companies, Binance plans to retain hundreds of remote employees in Singapore. These employees primarily work in backend compliance, human resources, data analysis, and technical support, not directly serving Singaporean customers, thus avoiding new regulatory restrictions. According to the Monetary Authority of Singapore's latest requirements, companies registered or operating in Singapore and providing digital asset services to overseas clients must obtain a license or cease operations as of June 30.
10. Ethereum at Crossroads, Vitalik Warns Against Decentralization Becoming Mere Rhetoric
At the Ethereum Community Conference in France, Vitalik Buterin stated Ethereum is at a critical turning point, warning that decentralization risks becoming an empty promise if it remains merely rhetorical. He proposed three test standards: first, the "walk-away test" examining whether users can control assets if project founders disappear; second, the "insider attack test" measuring potential damage from internal misconduct or frontend breaches; third, the "trusted computing base" representing the minimal code volume needed to guarantee user fund and data security.
Key Financing Events
- YZi Labs announces participation in Digital Asset's latest $135 million Series E financing
- Boba Network receives $70 million in funding and reaches a BOBA token agreement with FTX Recovery Trust
- Paradigm exclusively leads $15 million Series A financing for decentralized exchange startup GTE
- UK cloud mining platform TWL Miner completes $95 million Series B financing
- The Open Platform, primary application developer for TON, announces $28.5 million Series A financing
- Amber International announces $25.5 million private placement
- AI model marketplace platform OpenRouter announces $40 million seed and Series A financing
- The Smarter Web completes £41.2 million financing
- Crypto startup Zama announces $57 million Series B financing
- Inference Labs announces $6.3 million financing
- Web3 game developer Spekter Games announces $5 million pre-seed financing
- DeFi project inshAllah announces $2.1 million financing
- Swedish game studio Cold River Games announces $2 million financing
