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Then: Solana just took a hitāuser activity is down nearly 40% as memecoin rug pulls drain trust and capital. Meanwhile, Ethereum and Arbitrum are laughing their way to the bank. The hype cycle strikes again.
On the other side of crypto, the SEC just approved the first yield-bearing stablecoinābig news for digital asset adoption in the US.
Meanwhile, corporations are loading up on Bitcoin, and Michael Saylor thinks the U.S. will do the same. Metaplanet Inc., the Japanese BTC treasury company, just upped its 2,100 BTC to its reserves, gunning for 10,000 BTC by 2025.
Memecoins rugged, Bitcoin hugged.
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Standard Chartered, Animoca Brands, and HKT are going to launch the one of the first HKD-backed stablecoin under Hong Kongās regulatory framework. [Press Release]
The State of Crypto in Hong Kong: By December 2024, the Securities and Futures Commission (SFC) had issued licenses to seven cryptocurrency exchanges.
Why it matters: Hong Kong has clear crypto rules, including stablecoin regulations and licensing for virtual asset firms. Standard Charteredās HKD-backed stablecoin sets a precedent for banks to issue compliant digital money, making stablecoins more usable for businesses and payments. This move strengthens Hong Kongās role as a global Web3 hub.
