• Vietnam and Hong Kong enter the global top 10.
• Six Asia-Pacific markets appear in the top 20.
• Tokenisation rises 63% to more than 25.7 billion dollars.

Singapore’s rise to the top of global crypto adoption signals a broader shift in how digital assets are becoming embedded across the Asia-Pacific.

A new index published on Tuesday by Bybit and DL Research shows the region gaining influence as regulatory clarity, retail participation and new blockchain use cases reshape where innovation is happening.

The findings also reveal that real-world asset tokenisation, local stablecoins and crypto payrolls are now spreading through markets that have traditionally relied on conventional financial systems, placing Asia-Pacific at the centre of the industry’s next phase.

Regional leadership intensifies

The World Crypto Rankings assessed 79 countries using 28 metrics and 92 data points that examined regulation, institutional readiness and levels of user engagement.

Singapore secured the top position, overtaking the US, which has fallen in the latest edition.

Lithuania, Switzerland and the UAE completed the upper tier of the list, marking a shift from the Western-heavy rankings seen in earlier years.

Asia-Pacific delivered one of the strongest performances, with six of its markets ranked within the global top 20.

Vietnam reached ninth place, while Hong Kong secured tenth as its regulatory reset took effect.

Australia followed closely in eleventh, and the Philippines and South Korea came in seventeenth and twentieth, respectively.

The distribution indicates that adoption patterns are broadening as regional economies align regulation with user demand and market development.

New drivers behind adoption

The report outlines how each market is advancing for different reasons.

Singapore’s top ranking reflects a clear regulatory framework, a structured licensing regime and high levels of participation.

Vietnam stands out for a different type of growth. Nearly 20% of its population owns digital assets largely for remittances, savings and inflation protection.

The index shows that Vietnam ranks first globally for transactional use and for the adoption of decentralised physical infrastructure devices.

This suggests that the country’s progress is being powered from the ground up, with retail users driving the majority of activity.

Hong Kong’s tenth-place ranking reflects its attempt to rebuild confidence following regulatory changes and the introduction of a new licensing system. Its user penetration level places it eighth globally.

The report notes that the city is positioning itself as a blend of Western and Asian financial structures, with stablecoins and tokenisation acting as key catalysts for recovery.

Emerging trends gain global traction

Beyond rankings, the findings point to three trends shaping global behaviour.

Real-world asset tokenisation has expanded by 63% to more than 25.7 billion dollars since January.

This indicates rising interest in converting traditional assets into blockchain-based formats for trading and settlement.

Local currency-pegged stablecoins are also gaining ground. These tokens are emerging in markets that want to reduce reliance on the dollar while supporting domestic and cross-border transactions.

Their growth suggests increasing comfort with digital settlement mechanisms across both institutional and retail users.

This reflects a shift toward integrating digital assets into everyday financial activity rather than treating them solely as investment instruments.

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• Silk Road-tagged wallets sent $3.14 million in Bitcoin across 176 transfers this week.
• The transactions are the most significant Silk Road-linked activity in five years.
• The wallets sent funds to a new address beginning with bc1qn.

Silk Road-linked cryptocurrency activity has resurfaced, drawing attention to long-quiet Bitcoin wallets connected to the darknet marketplace.

The movement comes less than a year after US President Donald Trump granted a full pardon to Silk Road founder Ross Ulbricht.

While the pardon focused global attention on Ulbricht’s legal case, blockchain analysts are now tracking renewed activity that marks the highest level of transfers in years.

The latest movement, recorded on Tuesday, is raising fresh questions about dormant coin reserves linked to the marketplace and how much Bitcoin remains undiscovered or untouched across older blockchain addresses.

Silk Road wallets show renewed Bitcoin flows

Silk Road-tagged wallets transferred about $3.14 million worth of Bitcoin BTC $92,626, according to Arkham. The activity involved 176 transactions, making it the most significant movement from these addresses in five years.

Earlier this year, the same wallets carried out only three small test transactions, suggesting that substantial activity had been paused.

The transfers this week were sent to an unknown cryptocurrency wallet with the address prefix bc1qn.

The primary Silk Road-associated wallets still hold about $38.4 million in Bitcoin.

The newly created address holds only the transferred $3.14 million.

Pardon puts focus back on historic Silk Road funds

Interest in the wallets has intensified since January, when Trump issued a full pardon to Ulbricht.

Before the pardon, Ulbricht had been serving a double life sentence without parole for creating and operating Silk Road, which allowed anonymous trading of illicit goods using Bitcoin.

The pardon also sparked new activity around the Free Ross campaign.

Supporters have contributed about $270,000 in Bitcoin donations since the announcement, based on on-chain data.

Unseized Bitcoin linked to Ulbricht gains attention

Alongside the renewed transfers, discussions have shifted to older cryptocurrency holdings believed to be connected to Ulbricht but never seized by authorities.

The US government previously confiscated at least $3.36 billion in Bitcoin from Silk Road, marking one of the largest recoveries in the history of digital asset enforcement.

Yet blockchain analysts tracking historical movements have identified additional reserves that remain untouched.

Coinbase exchange director Conor Grogan highlighted that 430 BTC, worth about $47 million, has not moved for more than 13 years.

These tokens are held in wallets thought to be linked to Ulbricht.

Dormant Bitcoin wallets remain a focal point

Another Silk Road-tagged wallet likely controlled by Ulbricht contains about $8.3 million in Bitcoin.

This wallet has seen only three small test transactions over the past 10 months and has otherwise remained inactive for 14 years, according to Arkham.

The transfers observed this week have therefore shifted attention back to dormant Bitcoin reserves that could hold substantial amounts.

Experts monitoring historical blockchain activity note that movements involving older darknet-linked wallets often prompt speculation about ownership, recovery efforts, or changes in operational control.

The recent activity does not clarify why these wallets began moving again or who controls the receiving address.

However, the timing, extended periods of inactivity, and historical significance of the addresses have made the transfers notable within the crypto community.

As blockchain analysis tools improve and more historical data becomes searchable, renewed activity from legacy darknet sources continues to shape conversations about unseized assets and the long-term movement patterns of early Bitcoin holdings.

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• A hacked WeChat account linked to Binance’s Yi He triggered a brief memecoin surge.
• MUBARA spiked 8x before crashing as attackers sold early, profiting about $55,000.
• Incident exposes risks of dormant web 2 accounts still influencing crypto markets.

A dormant WeChat account linked to Binance co-CEO Yi He was hijacked on 9 December, setting off a rapid memecoin spike that caught traders off guard and briefly reshaped activity on BNB Chain.

The compromised account was used to promote a little-known token called MUBARA, drawing in traders who assumed the posts came from a credible source.

Within minutes, the token’s price surged before collapsing, revealing how outdated social accounts can still influence crypto markets when tied to a senior industry figure.

Hacked WeChat posts fuel instant market reaction

The incident began when scammers took control of Yi He’s old WeChat account, which was tied to an inactive phone number.

Late on 9 December, the hijacked account started circulating posts portraying MUBARA, also known as Mubarakah, as a token with strong potential.

Because many of the account’s contacts remain active in China’s crypto circles, the messages spread quickly and triggered sudden trading activity.

Lookonchain later traced on-chain movements linked to the scheme, identifying two wallets that bought about 21.16 million MUBARA for 19,479 USDT roughly seven hours before the posts appeared.

Once the messages started circulating, MUBARA jumped from around $0.001 to $0.008 within minutes.

The token’s temporary value reached about $8 million as traders rushed into decentralised exchanges on BNB Chain.

Early buyers cash out as traders join the frenzy

As liquidity strengthened, the two wallets began selling into the spike.

By the morning of 10 December, the attackers had sold 11.95 million tokens for 43,520 USDT.

They still held about 9.21 million tokens valued near $31,000.

Early estimates place their profit at around $55,000, with unsold holdings leaving room for additional gains.

The token fell more than 60% once the selling started.

Several KOLs on X flagged wallet movements that suggested some traders may have acted moments before the WeChat posts went live, drawing attention to how closely the activity resembled a coordinated pump-and-dump.

Binance leaders warn users after breach

Binance founder Chang Peng Zhao told users to ignore all messages from the compromised account and highlighted persistent weaknesses in web2 platforms that have limited recovery options for older accounts.

Yi He confirmed the breach, noting that the account had been abandoned and cannot be retrieved. She urged users to avoid any token promotions linked to it.

The episode underscores how attackers can exploit legacy communication channels that still hold influence in specific trading communities.

WeChat remains widely used among crypto participants in China, meaning even dormant accounts can act as catalysts for misinformation that moves markets.

Market impact raises broader security concerns

The speed of the price swing revealed how quickly misinformation can affect micro-cap tokens in an environment where traders respond to signals within seconds.

The MUBARA surge and collapse highlighted gaps between user behaviour, platform security, and the decentralised markets that react instantly to new information.

For Binance’s global user base, the event serves as a reminder that reputation-linked accounts, even inactive ones, remain valuable targets for manipulation attempts.

As platforms assess the fallout, discussions are turning to how crypto communities can better handle vulnerabilities created by older communication tools.

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• Seventy-six governments have pledged to share crypto data under CARF.
• Fifty-three countries have signed the agreement enabling automatic exchange.
• Switzerland delayed its timeline while the US continues its internal review.

Hong Kong has launched a public consultation on how it plans to introduce the international Crypto Asset Reporting Framework, known as CARF, as governments worldwide reshape their tax reporting systems for digital assets.

The consultation, announced on Tuesday, aims to gather feedback on both the technical rollout of CARF and related updates to local tax reporting rules.

It forms part of Hong Kong’s broader effort to align its crypto oversight with global transparency standards as authorities continue working to prevent cross border tax evasion.

The move builds on the city’s existing practice of exchanging financial account information with partner jurisdictions every year since 2018, rather than signalling a change in direction.

Hong Kong widens its regulatory review

The consultation examines how CARF would operate alongside the Common Reporting Standard, another Organisation for Economic Co-operation and Development initiative that shapes international tax reporting.

By reviewing the two frameworks together, Hong Kong seeks to integrate crypto data sharing into established financial reporting systems.

The process reflects growing coordination between jurisdictions as they adapt policy tools to match the expansion of digital asset markets.

Global momentum influences the process

CARF has been gaining traction around the world. In early November, 47 governments issued a joint pledge to adopt the framework at pace. Brazil has also been reported to be considering participation in the programme.

Other jurisdictions are moving more slowly. Switzerland postponed its own implementation until 2027 and is still assessing which countries it will exchange data with.

In the same month, the US reviewed an Internal Revenue Service proposal linked to joining CARF. Even with varied timelines, participation continues to rise.

More jurisdictions commit to adoption

According to an OECD list updated on Dec. 4, 48 nations intend to adopt CARF by 2027 and another 27 by 2028, while the US has identified 2029 as its target year. This brings the total number of countries pledging to share crypto data to 76.

A separate OECD list confirms that 53 countries have already signed the Multilateral Competent Authority Agreement, the legal foundation for automatic information exchange. These commitments signal widening global support for unified reporting standards.

Cayman Islands activity draws attention

Recent figures show a 70% annual increase in Cayman Islands foundation company registrations.

Legal professionals at Walkers noted that CARF likely excludes structures that solely hold crypto assets, including protocol treasuries, investment funds, or passive foundations.

This has raised questions about how certain entities may sit outside the data sharing perimeter as reporting rules continue to develop internationally.

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• Libeara developed the fund with FundBridge Capital for Singapore’s market.
• Standard Chartered is expanding digital-asset activity through SC Ventures.
• A separate physically backed gold fund was recently launched in Singapore.

Institutional investors in Singapore are being offered a new digital route into gold exposure as Standard Chartered broadens its presence in tokenised assets through Libeara’s MG 999 fund.

The product arrives during a period of rising demand for safe-haven assets, shaped by geopolitical tension, shifting currency expectations, and tariff moves under President Donald Trump.

The fund blends a synthetic link to gold prices with a lending feature designed for jewellery retailers in the city-state.

With interest in real-world asset tokenisation growing across global markets, MG 999 reflects how traditional financial groups are testing new digital structures without altering core investment themes.

The approach broadens investor access while encouraging further experimentation across evolving digital asset markets globally.

Tokenised access

Libeara developed the MG 999 fund with FundBridge Capital to give professional investors exposure to gold in the form of blockchain-based tokens.

Each token is designed to track the spot price of gold on Libeara’s ledger.

The fund removes the need for vaulting or transport but still aims to reflect market performance, creating a synthetic alternative to physical bullion.

FundBridge has described the structure as a way to connect regulated fund design with digital systems while keeping governance at the level expected for institutional products.

Institutional shift

The fund is open only to institutional and accredited investors. MG 999 is different from physical gold funds because it does not store metal.

Instead, it uses a token mechanism engineered to mirror market movement.

Standard Chartered’s involvement fits into broader expansion in Asia through SC Ventures, which also holds majority stakes in Zodia Custody and Zodia Markets.

These platforms focus on institutional digital-asset access, strengthening the bank’s position in real-world asset tokenisation as the sector gains momentum across treasuries, bonds, funds, and commodities.

Global demand conditions

The launch comes at a time when central banks have been increasing gold reserves. Market watchers have linked this trend to concerns about the long-term role of the US dollar and a backdrop of geopolitical uncertainty.

Experts have also cited Trump’s tariff policies as a driver of interest in safe-haven assets.

Last month, Standard Chartered joined other firms in launching a physically backed gold product in Singapore.

In that fund, the bank acts as custodian for bullion stored at the Le Freeport facility near Changi Airport. That offering targets investors wanting allocated metal rather than tokenised exposure.

Jewellery market lending

MG 999 also includes a lending element tied to Singapore’s jewellery sector.

Mustafa Gold has been named as the first borrower. The structure lets the retailer use its jewellery inventory as collateral while keeping the pieces available for customers.

Libeara and FundBridge say this design shows how tokenisation can connect investment products with working-capital needs in traditional retail markets, expanding digital use cases beyond asset tracking alone.

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• A new framework would allow trading, custody, and approved coins.
• Banks must follow strict KYC, AML, and CNV regulations.
• High inflation has pushed people toward Bitcoin and stablecoins.

Argentina is preparing for a major shift in how its financial system treats digital assets, with regulators working on a plan that could allow banks to offer Bitcoin and other crypto services for the first time in three years.

The move marks a notable shift for a country where crypto has become a day-to-day tool for people trying to manage inflation, and it signals a wider effort to bring informal crypto activity into regulated channels.

The change remains under review, but internal planning shows that Argentina wants its banking system to play a formal role in crypto access, custody, and compliance.

Banks and crypto rules evolve

Argentina’s central bank, the Banco Central de la República Argentina, has restricted banks from handling crypto since May 2022.

The regulation was designed to contain financial risks and prevent money-laundering activity during a period of economic instability.

The policy now sits at the centre of a broader reassessment of how digital assets fit into a financial system that is struggling with persistent inflation and rising demand for stable alternatives.

Since December 2023, the arrival of President Javier Milei has reshaped the conversation.

His administration has promoted financial freedom, arguing that people should be able to choose different forms of money, including Bitcoin.

This shift has influenced how regulators approach the current ban and has accelerated work on a new framework.

New framework plans grow

Reports indicate that the central bank is developing a system that would permit banks to integrate crypto into their services.

The plan includes trading access, custody options, and a list of approved coins, limited to assets such as BTC, ETH, USDC, USDT, and XRP.

Banks would need to comply with strict rules under the CNV, follow enhanced KYC and AML procedures, and operate crypto activities through legally separate units with additional capital, security, and liquidity requirements.

The approach represents a transition from prohibition to controlled participation.

Argentina would be one of the first inflation-hit economies to regulate crypto within mainstream banking rather than leaving it to informal platforms.

The change also aims to reduce regulatory gaps and improve transparency across transactions that citizens already rely on to protect their savings.

Inflation pressures fuel demand

Crypto adoption has grown rapidly in Argentina over the past three years as households look for ways to preserve value.

With inflation reaching 1,427% in 2023 and still rising more than 2% each month, people have turned to Bitcoin and dollar-linked stablecoins to manage daily expenses, store money, and avoid exposure to the peso’s depreciation.

Regulators now want this activity to operate under formal safeguards.

Allowing banks to support crypto services would offer a safer environment, limit the use of unregulated exchanges, and help authorities strengthen financial monitoring.

It would also create a more structured relationship between digital assets and traditional banks during a period of economic stress.

Timeline points to 2026

Although approval is not final, experts suggest that the updated rules could be ready around April 2026. Work on the technical structure is already underway.

If the proposal moves forward, Argentina could become a key example of how a country facing extreme inflation integrates crypto into conventional financial channels.

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• Bybit and Circle deepen USDC integration to boost liquidity, fiat access, and cross-chain support.
• USDC nears $80B market cap in 2025 as regulated stablecoins gain global momentum.
• Partnership comes amid fierce stablecoin competition, with Tether and USDC both expanding rapidly.

Circle and cryptocurrency exchange Bybit have entered a new phase of collaboration aimed at expanding how USDC operates across global markets.

The announcement was made on Monday and reflects a rising emphasis on regulated stablecoins as users demand clearer liquidity pathways, stronger compliance standards, and faster settlement.

The partnership arrives during a period when USDC is approaching an $80 billion market cap, marking one of the fastest expansions in the stablecoin sector this year.

Broader USDC access across Bybit’s ecosystem

Bybit has partnered with an affiliate of Circle to widen the reach of USDC within its trading and payment infrastructure.

The exchange plans to strengthen how users access the stablecoin across spot markets, derivatives platforms, and payment channels.

This marks a continuation of Bybit’s long-running effort to integrate USDC into its core systems, supporting more predictable liquidity and creating a consistent experience across multiple products.

The goal is to refine the underlying rails that allow users to trade, store, and move USDC with improved stability.

Improving liquidity, fiat connectivity, and cross-chain support

A major part of the collaboration focuses on enhancing how users convert between fiat and USDC.

Bybit and Circle are working on expanding both on-ramps and off-ramps so customers can move funds more efficiently.

The partnership also aims to raise liquidity quality, which is increasingly important as stablecoins become embedded in everyday trading activity.

Alongside this, the firms plan to expand cross-chain support for USDC, allowing the stablecoin to operate across more networks with higher reliability.

These upgrades align with Circle’s regulatory framework in the EEA under MiCA, giving the company a stronger position in regions that prioritise compliance.

Deepening integration after years of stablecoin expansion

USDC has been part of Bybit’s trading infrastructure for several years.

The exchange first introduced the stablecoin through spot and perpetual trading pairs, then expanded it to savings products, institutional settlement features, conversion channels, and fiat payment tools.

The new partnership builds on this foundation by improving liquidity provisioning and strengthening the systems that support settlement and use cases.

With USDC now operating across a wide range of services on the platform, the added infrastructure is designed to support growth in both retail and institutional demand.

USDC posts rapid market cap growth in 2025

The timing of the partnership aligns with a strong year of expansion for USDC.

The stablecoin’s market cap has increased by 77% since 1 January 2025, rising from about $44 billion to $78 billion.

This surge has been supported by Circle’s engagement with traditional finance through collaborations with organisations such as Deutsche Börse and Mastercard.

The trend highlights the growing role of regulated stablecoins in both decentralised and institutional environments, as users look for predictable and transparent digital dollar instruments.

Stablecoin competition rises as Tether also expands

Bybit’s partnership with Circle unfolds within a competitive stablecoin landscape.

Tether, the largest stablecoin by market capitalisation, has seen its supply increase from $137 billion to $185.6 billion since the beginning of the year, a rise of about 36%.

The sector’s rapid expansion is pushing exchanges to refine their stablecoin strategies and strengthen the systems that support them.

Bybit maintains support for multiple stablecoins and continues to emphasise user choice as it updates its architecture for global markets.

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• Retired engineer loses ₹1.28 crore to a fake trading app promoted through a WhatsApp investment group.
• Police warn of rising digital scams using cloned apps, fake experts, and staged investment returns.
• Authorities urge investors to verify platforms as scammers exploit social groups and persuasive tactics.

A recent case involving a counterfeit crypto trading application has renewed debate about how easily investors can be drawn into sophisticated digital scams in India.

The incident surfaced after a retired engineer reported significant financial losses linked to a WhatsApp investment group and a mobile app that impersonated a trading platform.

Authorities have now issued fresh warnings, urging users to examine online investment spaces more closely as cybercrime networks become increasingly coordinated and technologically advanced.

Entry through social groups

According to reports, the fraud began on November 4 when a 65-year-old retired engineer from Miyapur, formerly employed in a government enterprise, was added to a WhatsApp group named 531 DBS Stock Profit Growth Wealth Group.

The group was operated by individuals identifying themselves as Professor Rajat Verma and an analyst named Meena Bhatt.

They positioned the space as a specialised community offering access to exclusive trades and premium investment ideas.

The operators encouraged the victim to install a mobile app labelled DBS, hosted under the domain ggtkss.cc.

The group framed the platform as a gateway to block trades and curated initial public offering allocations normally inaccessible to retail traders.

The victim deposited Rs 1 lakh on the same day he joined.

Soon after, a withdrawal of Rs 5,000 was allowed, which created a sense of legitimacy around the platform and motivated him to continue engaging with the group.

Transfers accelerate over a month

From November 4 to December 5, the victim transferred more than 1.2 crore rupees through multiple bank accounts and Unified Payments Interface channels.

The transactions included what he believed were subscriptions to the Capital Small Finance Bank IPO and a share repurchase programme.

The application showed an expanding balance, reinforcing the impression that the trades were performing as expected.

The situation changed when the victim attempted to withdraw his accumulated funds.

The operators demanded a 20% payment before releasing the balance.

After he refused to pay the fee, the account was blocked permanently. In total, the victim lost roughly $130,000, or 1.28 crore rupees.

He lodged a complaint with the Cyberabad cybercrime police on Friday.

Police action and broader warnings

Authorities registered a case under Sections 318(4), 319(2), 336(3), 338, and 340(2) of the Bharatiya Nyaya Sanhita, read with Section 3(5), as well as Section 66 D of the Information Technology Act.

Police observed that the structure of the operation mirrored a wider pattern seen across digital investment crimes, where cloned apps, controlled chat groups, and escalating deposits form part of a staged investment journey designed to appear credible.

Cybercrime teams are using this case to highlight the need for stronger verification practices among retail investors.

Officials noted that false credentials, access to supposed premium trades, and assurances of guaranteed returns remain common tactics used in similar schemes.

They are urging potential investors to independently check the authenticity of platforms, confirm regulatory approval, and immediately report suspicious applications, links, or WhatsApp groups to cybercrime portals.

A growing challenge for digital markets

The case reflects a broader shift in how fraudsters operate, with more schemes relying on the seamless blend of social messaging channels, cloned trading apps, and targeted persuasion strategies.

While authorities continue to intervene, the growing reliance on digital investment tools means that retail traders face a rising need to scrutinise platforms before transferring funds.

The use of realistic branding, structured trading claims, and staged withdrawals makes detection harder for first-time investors.

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• CoinDCX users now hold an average of five tokens, up from two to three previously.
• Women investors doubled year on year with broader diversification trends.
• Millennials remain the dominant user base as the average age rises to 32.

Indian crypto investors are showing a stronger preference for diversified digital asset portfolios, marking an early shift toward more deliberate and long-term allocation behaviour.

CoinDCX’s annual report, released on Thursday, suggests that the country’s retail investor base is gradually moving away from the idea that crypto is synonymous with Bitcoin, signalling broader maturity in market participation in 2025.

This trend reflects a market becoming more confident, curious, and willing to explore varied opportunities across the expanding digital ecosystem.

The exchange found that the average user now holds around five tokens, compared with two to three in 2022.

This steady expansion of holdings indicates a growing awareness of portfolio construction and a willingness to explore different parts of the crypto market beyond the most established assets.

Layer-1 tokens lead activity

CoinDCX reported that layer-1 assets accounted for 43.3% of portfolio volumes.

Bitcoin, priced at $93,133, held a 26.5% share of allocations. Memecoins made up 11.8% of user portfolios, showing that speculative interest remains a part of broader diversification trends.

According to the exchange, Indian traders have become increasingly comfortable navigating different digital asset categories as adoption widens across the country.

The report noted that crypto is emerging as a natural extension of the financial products already familiar to many users.

Millennials dominate participation

The platform’s user base is ageing upward, with the average trader now 32 years old. Millennials continue to make up the majority of users, outpacing Gen Z in adoption, though younger traders remain active.

Gen Z users, aged 18 to 24, tend to favour emerging narratives such as layer-2 ecosystems, memecoins, and non-fungible tokens. Their behaviour reflects a greater appetite for thematic or speculative sectors.

CoinDCX also saw its number of women investors double year on year. These users are diversifying beyond Bitcoin and Ether, priced at $3,183, into tokens such as Solana at $143.04 and Sui at $1.67.

Founded in 2018 and backed by Coinbase, CoinDCX is one of India’s largest crypto exchanges with more than 20 million registered users. It remains a key gateway for retail access to digital assets.

India shows wide but shallow adoption

CoinDCX noted that India continues to lead in early indicators of digital asset awareness, including mobile-first trading behaviour and high engagement across educational content on the platform.

These signals reflect strong nationwide interest in crypto as a financial category.

However, the exchange found that deeper, research-driven participation remains limited. Many users enter the market through popular assets or trending narratives rather than sustained ecosystem involvement.

As a result, the platform characterised India’s adoption as “wide” but not yet “deep”.

CoinDCX said the country is still in the early stages of its digital asset journey, leaving significant room for education, innovation, and long-term growth as user sophistication develops.

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• The collaboration follows the launch of the Monad mainnet in November 2025.
• Chorus One secures more than $3.5 billion across 30 blockchains.
• More than $6 million was staked during the first week of the programme.

Chorus One has partnered with cryptocurrency exchange Bitget to expand access to Monad staking at a global scale.

The collaboration focuses on simplifying how users interact with the Monad network, which launched its mainnet in November 2025.

The move places emphasis on infrastructure growth, user access, and the broader shift toward staking services.

Both companies confirmed that Bitget’s more than 120 million users will be able to access staking tools through Chorus One’s platform, creating new pathways for participation in the growing staking economy.

Validator expansion

The Monad network is a layer one blockchain that emphasises high throughput.

It supports Ethereum contracts without requiring any code changes, according to its technical documentation.

The focus of the integration between Bitget and Chorus One is to support a validator environment that can grow with decentralisation, geographic diversity, and long-term stability.

Chorus One already secures assets across more than 30 blockchains and reports securing over $3.5 billion in staked assets.

The platform also holds ISO 27001 certification, which is a standard used to assess security practices.

This places the partnership inside a broader trend where staking providers with stronger compliance frameworks are becoming central to blockchain infrastructure.

User access

Monad allows users to unstake assets in around 5.5 hours. Chorus One’s staking model supports flexible terms, which means both institutional and retail users on Bitget can stake or restake Monad tokens based on their preferences.

The partnership creates a direct path for Bitget users to enter the Monad ecosystem.

Within the first week of the staking programme launch, Chorus One released figures showing that more than $6 million worth of assets had been staked on the network.

The rapid participation signals interest in Monad’s performance-focused design and the integration with a major exchange ecosystem, reflecting a wider demand for accessible staking opportunities worldwide.

Market expansion

Bitget operates in several regions, including the Asia Pacific and African markets.

The platform’s presence in these regions gives the new staking programme a wider reach, especially in places where digital asset demand is growing.

Chorus One has already worked with the Avalanche Foundation to expand validator infrastructure across Africa, which positions the company to contribute to similar regional development for the Monad network.

The companies stated that the partnership aims to support cryptocurrency adoption in emerging markets by providing tools that reduce entry barriers and increase access to blockchain-based services.

With the expansion of new networks such as Monad, staking options are becoming a way for users in developing regions to take part in blockchain activity without needing a complex technical setup or advanced hardware.

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• Cayman foundation registrations surge as Web3 projects seek safer, liability-shielded structures.
• DAOs turn to Cayman models after US rulings raise risks for unwrapped decentralised organisations.
• New OECD reporting rules take effect in 2026, but most DAO treasury foundations may remain exempt.

The Cayman Islands is recording a sharp rise in foundation company registrations as Web3 projects reassess where to base their legal entities.

New figures show a strong year-on-year jump in these registrations, signalling how the jurisdiction is becoming a preferred destination for decentralised projects seeking legal clarity.

The growth began gathering pace toward the end of 2024 and has already carried into 2025, with communities and developers looking for structures that can support expanding ecosystems.

The trend reflects how recent legal developments, particularly in the United States, are prompting DAOs and Web3 organisations to seek more predictable, liability-shielding frameworks.

DAO structure shifts

Foundation companies in the Cayman Islands are increasingly being used as legal wrappers for DAOs and as ecosystem stewards for major Web3 networks.

Registrations now include more than 1,300 entities at the end of 2024 and over 400 newly formed in 2025.

Cayman Finance reports that many leading Web3 projects have chosen the jurisdiction, including at least 17 foundations that oversee treasuries above the hundred-million threshold.

These entities allow DAOs to sign agreements, manage intellectual property, hire contributors, and interact with regulators without exposing tokenholders to personal liability.

The shift accelerated after the Samuels v. Lido DAO decision in 2024, where a US federal court found that an unwrapped DAO could be treated as a general partnership under California law.

This prompted many communities to reassess their structures.

The Cayman model provides separate legal personality and ownership capabilities that help plug this liability gap.

Add tax neutrality and a framework familiar to institutional allocators, and the jurisdiction becomes attractive to projects that need both compliance readiness and operational flexibility.

Global Web3 competition

Jurisdictions worldwide are trying to position themselves for the next wave of Web3 growth.

The US has made repeated political pledges about becoming a global crypto hub, particularly under President Donald Trump, yet only a few states explicitly recognise DAOs as legal persons.

This leaves many organisations navigating fragmented rules at the entity level.

Switzerland remains a major onshore centre for Web3 foundations, with the Crypto Valley region now hosting more than 1,700 active blockchain firms and recording growth of over 130% since 2020.

Foundations and associations have become an increasingly important part of this expansion, although projects continue to diversify their jurisdictional footprints in search of structures aligned with their long-term plans.

Compliance changes

The rise in Cayman-based Web3 foundations coincides with a major regulatory shift.

The Cayman Islands has implemented the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework, with new Tax Information Authority regulations taking effect from January 1, 2026.

The framework brings due diligence and reporting requirements for “Reporting Crypto-Asset Service Providers,” covering entities that exchange crypto for fiat or other crypto, operate trading platforms, or provide custodial services.

These entities will need to collect tax-residence information from users, track specific transactions, and submit annual reports to the Tax Information Authority.

Legal professionals note that the rules are expected to apply only to service providers engaged in exchange or brokerage activity.

Structures that merely hold crypto assets, such as protocol treasuries, investment funds, or passive foundations, are likely to fall outside this reporting scope under the current interpretation.

This suggests that many DAO-related foundations that act purely as ecosystem stewards or treasury vehicles may continue to benefit from Cayman’s legal certainty without assuming full reporting duties, so long as they are not running exchange, brokerage, or custody operations.

As Web3 organisations mature and adapt to evolving compliance landscapes, the Cayman Islands appears set to remain a central node in the global distribution of decentralised governance structures.

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• UK law now formally recognises cryptocurrencies as personal property under new legislation.
• The Property Digital Assets Act gives courts clearer rules for ownership and asset recovery.
• Rising crypto adoption pushed the UK to strengthen legal clarity for digital asset rights.

The UK has made a major change to how digital assets are treated in law, confirming that cryptocurrencies and other electronic tokens qualify as personal property.

The update became official when the Property Digital Assets Bill received royal assent in the House of Lords this week, with Lord Speaker John McFall announcing that King Charles had formally approved it.

The move arrives as crypto adoption continues to rise across the country and as courts have been settling digital asset disputes without a clear statutory framework.

By writing this principle into legislation, the UK aims to reduce uncertainty for users when proving ownership, recovering stolen assets, or handling digital holdings during insolvency or estate processes.

UK gives digital assets a clear legal status

Until now, UK courts recognised crypto as property only through common law, meaning judges reached conclusions based on earlier rulings rather than a specific statute.

The new law follows a 2024 recommendation from the Law Commission of England and Wales, which said that digital assets should be treated as a new form of personal property because they do not fit neatly into existing categories.

Personal property in the UK traditionally falls into two groups: a “thing in possession,” which refers to physical items, and a “thing in action,” which refers to enforceable rights such as debts or contracts.

Digital assets sit between these definitions.

They exist electronically, can be transferred like possessions, and are used in financial systems, yet they do not align perfectly with one category.

The bill clarifies that digital or electronic items can still be recognised as property even if they are neither a physical object nor an enforceable claim.

The Law Commission warned that the unclear fit of digital assets could complicate court decisions, especially when resolving disputes involving ownership or loss.

Growing adoption pushes the UK toward stronger rules

The new legislation forms part of a wider push to build a structured framework for digital assets.

The goal is to strengthen consumer protection while encouraging innovation in digital finance.

Adoption continues to expand. Late last year, the financial regulator reported that roughly 12% of UK adults hold cryptocurrency, up from 10% in its previous findings.

The rise signals that more users are engaging with digital assets, making legal clarity an essential part of future policy planning.

By recognising crypto as personal property and preparing broader regulations, the UK is aiming to support the digital economy while giving users a firmer understanding of their rights.

The shift is expected to shape future industry practices and improve how courts interpret disputes involving blockchain-based assets.

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• Bitcoin’s 2025 cycle shows rising institutional flows, lower volatility, and deeper liquidity.
• Tokenized real-world assets surge to $24 billion, boosting institutional adoption and on-chain activity.
• ETFs reshape Bitcoin liquidity as stablecoins remain key rails in a more mature digital asset market.

Bitcoin’s latest cycle is developing under a very different market structure, with data from Glassnode and Fasanara Capital pointing to deeper institutional participation, rapid growth in tokenized real-world assets, and a notable drop in volatility.

Their Q4 Digital Assets Report highlights how Bitcoin’s behaviour has shifted as regulated investment channels expand, and liquidity becomes more stable across spot, derivatives, and on-chain markets.

The findings show how ETF flows, settlement activity, and broader adoption of tokenised instruments are shaping a more mature phase in the digital asset ecosystem.

These structural changes are defining how capital moves through Bitcoin in 2025.

Institutional flows reshape the cycle

The report estimated that Bitcoin has absorbed around $732 billion in new capital during this cycle.

This has occurred alongside a clear decline in one-year realised volatility, which has fallen by nearly half.

Glassnode linked this trend to increased depth across major markets and a larger share of trading driven by institutional strategies.

Glassnode also reported that Bitcoin settled approximately $6.9 trillion over the past 90 days.

This puts Bitcoin in a range comparable to payment networks such as Visa and Mastercard.

Even with more trading moving into ETF and brokerage channels, the report found that Bitcoin and stablecoins still dominate value transfer on public blockchains.

ETF channels deepen liquidity

ETF-linked demand has reshaped how investment enters and exits Bitcoin.

Instead of relying mainly on on-chain movement or exchange activity, a greater share of flows now passes through regulated investment vehicles.

According to the report, this shift has encouraged smoother liquidity conditions and fewer sharp price changes in spot markets.

Traditional market makers and arbitrage firms have increased their presence due to ETF participation.

Their involvement has tightened spreads and reduced disruption during periods of heightened selling pressure.

This development reflects a broader alignment between digital asset markets and established financial infrastructure.

Tokenized RWAs accelerate

Tokenized real-world assets have expanded from $7 billion to $24 billion within one year.

Glassnode stated that this rise reflects stronger institutional demand, including interest from pension funds, hedge funds, and corporations that want on-chain exposure to familiar financial instruments.

Tokenized funds have gained momentum as asset managers test new distribution models and investors seek simplified access to traditional assets.

Platforms involved in tokenised RWAs have strengthened custody, settlement, and compliance systems.

This foundation has encouraged consistent inflows throughout 2025, supporting a growing segment of the market that links traditional assets with blockchain settlement rails.

Stablecoin role strengthens

Glassnode described the market structure as larger and more stable than in previous cycles.

The data indicated deeper liquidity across spot, derivatives, and on-chain channels, which has contributed to a more measured trading environment.

Reduced volatility has become a defining feature of the cycle, shaped by institutional trading strategies that tend to use steady allocation models.

Stablecoins continue to serve as key connectors between traditional and digital financial systems.

The report stated that stablecoin settlement demand remains substantial across centralised and decentralised platforms.

Glassnode characterised the dual-rail system created by stablecoins and traditional infrastructure as a permanent part of the ecosystem, supporting both institutional flows and retail trading activity.

Analysts referenced in the report expect institutional participation to expand as tokenised funds gain broader acceptance.

Glassnode presented this phase as a turning point marked by heavier institutional flows, rising tokenisation, and reduced volatility.

These factors suggest that Bitcoin and the wider digital asset sector are moving into a more structurally mature environment in 2025.

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• DOJ seizes Burma-linked trading domains used for major crypto scam operations.
• Fraud network tied to Tai Chang compound used fake platforms to lure victims.
• FBI alerts led to app removals and Meta shutting 2,000+ accounts tied to scams.

The United States Justice Department has widened its action against a major scam network in Burma, focusing on how the group used fraudulent trading sites to run large crypto investment schemes.

The latest step involved seizing the domain tickmilleas.com, which looked like a functioning trading platform but was actually tied to the Tai Chang compound, also known as Casino Kosai, in Kyaukhat.

The update came in a December 2 announcement from the DOJ’s Office of Public Affairs and builds on a series of efforts aimed at disrupting transnational online fraud linked to Southeast Asia.

Crypto scam links widen

The takedown followed earlier moves in the same week when two additional domains were seized after being linked to the same Burma-based compound.

These domains formed a network of sites built to mimic legitimate investment services.

Each platform carried fabricated dashboards, fake transaction logs, and simulated returns that made victims believe their funds were being actively managed.

Tai Chang is part of a system of scam compounds that operate across the region.

These complexes are often controlled by criminal networks that rely on trafficked or coerced workers to run online scams.

They have grown rapidly in countries such as Myanmar, Cambodia, Laos, and Vietnam, which have become hotspots for crypto fraud operations.

Many of the victims are targeted through trading sites that appear authentic but are designed to channel money into criminal groups.

Fraud networks shift tactics

The DOJ identified Tai Chang as having clear links to entities already sanctioned by the United States.

These include the Democratic Karen Benevolent Army and the Trans Asia International Holding Group.

Both were recently listed as Specially Designated Nationals because of their association with Chinese organised crime and their involvement in building scam centres across Southeast Asia.

Their participation has contributed to the spread of fraudulent investment operations throughout the region.

Investigators found that tickmilleas.com was deliberately designed to resemble a real investment platform.

It included dashboard features, performance charts, and false deposit records that suggested active trading.

Victims were also encouraged to download mobile applications from Google Play and the Apple App Store.

After the FBI alerted both companies, many of these applications were removed from the platforms.

Information provided by the agency also led to Meta shutting down more than 2,000 accounts across its social media platforms.

These accounts were used to direct users to the fraudulent investment sites and maintain the appearance of a legitimate trading ecosystem.

Seized domain examined

Although the tickmilleas.com domain was registered only in early November 2025, several individuals had already fallen victim to the scheme within the past month.

According to the DOJ, the platform was actively used to defraud people who believed they were participating in real crypto investments.

The site currently displays a notice confirming that it has been seized by law enforcement.

The DOJ stated that the action forms part of a broader effort to prevent US infrastructure from being used to support international fraud.

The coordinated takedowns of domains and malicious applications aim to cut off the digital channels that allow scam compounds to reach victims worldwide.

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• A second FDIC rule on prudential requirements will follow early next year.
• The FDIC will supervise bank subsidiaries issuing payment stablecoins.
• Guidance on tokenised deposits is under development.

US regulators are moving quickly to build the country’s new stablecoin supervision system, with federal agencies preparing detailed rulemaking as the GENIUS Act begins to shape policy.

The Federal Deposit Insurance Corporation is set to publish an application framework for payment stablecoin issuers later this month, marking one of the earliest steps in implementing the law signed by President Donald Trump earlier this year.

Alongside the FDIC, the Federal Reserve, and the Treasury Department are working on their own regulatory responsibilities, signalling a coordinated effort to bring stablecoins under a clearer, more structured oversight regime.

FDIC develops licensing framework for stablecoin issuers

The FDIC has confirmed through written testimony scheduled for delivery to the House Financial Services Committee on December 2 that it is close to releasing a proposed rule outlining how payment stablecoin issuers will apply for approval.

The agency began the process earlier this year as part of its duty to implement the GENIUS Act, and the first formal proposal is expected before the end of the month.

Another proposal focusing on prudential requirements for FDIC-supervised issuers is planned for early next year.

Once the application framework is published, the agency will gather public comments before moving toward a final rule, a phase that typically spans several months.

GENIUS Act expands oversight for bank-linked stablecoins

The GENIUS Act introduces a national structure that requires federal and state regulators to coordinate their supervision of stablecoin issuers.

Under the law, the FDIC will oversee and license subsidiaries of insured depository institutions that issue payment stablecoins.

The agency will also set out capital rules, liquidity expectations, and reserve diversification standards.

Much of this work will roll out over the coming year, as several rulemakings are needed to meet the obligations laid out in the legislation.

The FDIC is also consulting recommendations released in July by the President’s Working Group on Digital Asset Markets, which urged regulators to clarify digital asset activities allowed for banks, including asset and liability tokenisation.

Tokenised deposits included in regulatory review

In addition to its stablecoin responsibilities, the FDIC is preparing new guidance aimed at clarifying how tokenised deposits will be treated under federal regulation.

This area has gained attention as banks explore digital versions of traditional deposit products.

The forthcoming guidance is expected to help institutions understand which activities fall within supervisory boundaries and how they will be monitored.

Federal Reserve coordinates its own stablecoin standards

The Federal Reserve will join the FDIC at Tuesday’s House hearing, with Vice Chair for Supervision Michelle Bowman detailing the central bank’s work on stablecoin rules.

The Federal Reserve is coordinating with other banking regulators to craft capital, liquidity, and diversification standards required under the GENIUS Act.

The focus includes creating clarity for banks engaged in digital asset activities and providing regulatory feedback on new use cases as they emerge.

This joint push aims to ensure the banking system can support digital asset development while maintaining stability and compliance.

Other agencies are also advancing their obligations under the GENIUS Act.

The Treasury Department has already completed its public consultations, which concluded in November, and is developing its own rules.

These efforts will run in parallel with the FDIC and Federal Reserve processes, contributing to the broader national framework being built to govern stablecoins across the US.

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• The company will focus on scaling TBILL and the yield-bearing stablecoin USDO.
• cUSDO was approved this year as off-exchange collateral at Binance.
• BNY Mellon now manages and safeguards Treasurys underlying TBILL.

Real-world asset tokenisation is becoming one of crypto’s most active areas in 2025, and OpenEden is positioning itself at the centre of this shift with a new round of investment supported by major industry players.

The company confirmed on Tuesday that leading trading firms, venture capital groups, blockchain networks and institutional infrastructure providers have backed its latest raise to expand access to tokenised US Treasurys.

The round, which follows OpenEden’s 2024 raise with YZi Labs, comes at a time when short-dated government debt has emerged as one of the fastest-growing niches in digital assets as institutions look for familiar, regulated yields on-chain.

Tokenisation demand drives new investment push

OpenEden said the fresh capital will help it scale its tokenisation-as-a-service platform as more institutions look to move traditional assets onto public blockchains.

The firm is leaning into rising demand for regulated products tied to government debt, with short-term Treasurys becoming a preferred entry point for investors seeking on-chain yield that mirrors conventional markets.

The company did not disclose the size of the round, but it confirmed participation from Ripple, Lightspeed Faction, Gate Ventures, FalconX, Anchorage Digital Ventures, Flowdesk, P2 Ventures, Selini Capital, Kaia Foundation, and Sigma Capital.

Expansion of TBILL and USDO across markets

A significant portion of upcoming development will centre on OpenEden’s two main offerings: TBILL, its tokenised US Treasury fund, and USDO, a stablecoin backed by those same Treasurys.

USDO and its wrapped version, cUSDO, have already been integrated across decentralised exchanges and lending markets.

Earlier this year, Binance authorised cUSDO as off-exchange collateral.

OpenEden said the new investment will support broader distribution of these products and allow the company to introduce additional market structures tied to real-world financial assets.

Broader product pipeline builds institutional focus

Beyond Treasurys, OpenEden is preparing several new instruments designed to deepen institutional engagement with tokenised markets.

These include upcoming tokenised bond exposure, a multi-strategy yield token and a range of structured products aimed at investors familiar with traditional income-generating instruments.

In August, the company appointed BNY Mellon as custodian and investment manager for the Treasurys underlying TBILL.

The product has also received investment-grade ratings from S&P Global and Moody’s, marking a notable step in bridging conventional market requirements with decentralised finance infrastructure.

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• The companies aim to improve grid stability by matching clean-power output with mining demand.
• They will tokenize energy generation, carbon savings, and mining yields onchain.
• The platform is designed to support securitisation of green-power assets.

Canaan is pushing deeper into sustainable Bitcoin mining with a new strategy that blends clean energy, artificial intelligence, and onchain tokenization.

The mining and hardware company has teamed up with SynVista Energy to develop a platform that adapts mining activity to renewable-power availability.

The plan comes as the crypto industry faces ongoing scrutiny over energy use and increasing pressure to rely on greener sources.

By combining smart energy scheduling with digital tracking of renewable assets, Canaan aims to show how mining can integrate more efficiently with modern power systems while supporting the wider shift toward low-carbon infrastructure.

Canaan turns to adaptive renewable energy mining

Canaan and SynVista Energy are developing a mining rig designed to match energy consumption with renewable-power supply.

The system uses an AI-driven scheduling engine that adjusts hash-rate demand based on real-time fluctuations in clean-energy production.

The companies say this approach is intended to maximise the use of available green power without adding stress to electricity grids already dealing with volatility from high renewable penetration.

The pair believes the platform could move renewable-powered Bitcoin mining from small isolated pilots to replicable engineering solutions.

The focus is on creating a structure that can fit regulatory standards while also remaining commercially viable for operators navigating the challenges of intermittent energy generation.

Mining industry seeks stability as power demand grows

Bitcoin mining continues to attract attention for its electricity footprint, with some estimates comparing consumption levels to those of mid-sized nations such as Poland or Thailand.

At the same time, industry groups argue that mining can complement grid balancing efforts, especially as AI data centres increase pressure on existing networks.

Canaan’s project builds on this narrative by targeting ways to turn surplus or stranded energy into productive computing power.

The company highlighted that fast-changing renewable output often leads to curtailment, where clean energy goes unused.

Its adaptive system aims to convert these excess electrons into a mining activity that can respond to grid conditions.

Tokenization of RWA links energy generation with onchain data

Alongside the hardware collaboration, Canaan and SynVista Energy will tokenize generation output, carbon savings, and mining yields on-chain.

The aim is to create a verifiable data layer that supports digital tracking of renewable generation and the securitisation of real-world assets such as green-power plants.

The companies expect that this on-chain framework will eventually allow tokenization of cash flows from energy production and carbon credits.

This would improve price transparency and liquidity for green assets while supporting the broader integration of digital tools into the energy-transition economy.

Industry data underscores the push toward cleaner mining.

The Cambridge Bitcoin Electricity Consumption Index estimates that Bitcoin accounts for about 0.8% of global electricity use.

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• Israel plans tighter stablecoin oversight as adoption surges globally.
• Regulators warn dominance of Tether and Circle poses systemic risk.
• Digital shekel roadmap advances for 2026 as CBDC development accelerates.

Israel is moving towards tighter supervision of stablecoins as the Bank of Israel positions them as a core part of the country’s future payments system.

The shift comes as regulators reassess how private digital dollars fit into daily financial flows.

Stablecoins are no longer seen as fringe tokens used only by crypto traders. Instead, they are being treated as major payment instruments with global scale and influence.

The Bank of Israel Governor Amir Yaron used the Payments in the Evolving Era conference in Tel Aviv to outline how regulatory demands will rise as stablecoin adoption continues to grow.

Rising pressure from global adoption

The Bank of Israel stressed that global stablecoin usage has expanded to levels that can no longer be ignored.

The sector has passed a market capitalisation of more than $300 billion, with monthly transaction volumes above $2 trillion.

As per CoinDesk, officials noted that these levels place stablecoins on par with the balance sheets of mid-sized international commercial banks.

This surge has been driven by their role in trading, cross-border transfers, and the need for a digital instrument that avoids the price swings of other cryptocurrencies.

The expanding footprint creates new urgency for clear, enforceable rules.

Concerns over market concentration

A key theme at the conference was the dominance of two stablecoin issuers.

About 99% of market activity is tied to Tether and Circle, creating a heavy concentration of risk in a sector that underpins a large share of digital asset transactions.

Israeli policymakers warned that this structure heightens systemic vulnerability.

They view that any disruption or weakness at the issuer level could ripple through global payment channels.

To mitigate this, officials highlighted the need for strict reserve practices, including fully backed 1:1 reserves and liquid assets that can handle sudden redemption waves.

Digital shekel plans move forward

Alongside the stablecoin discussion, Israel advanced its own central bank digital currency plans.

Yoav Soffer, who leads the digital shekel project, described the currency as central bank money designed for broad use.

He released a 2026 roadmap that sets out the next stages and confirmed that official recommendations are expected by the end of this year.

The update signals an acceleration similar to moves made by the European Central Bank.

Industry observers noted that the faster timeline reflects how central banks are adjusting to competition from private digital money and the rapid evolution of the payments landscape.

The roadmap triggered commentary within the crypto sector.

Attention centred on how the Bank of Israel’s accelerated schedule positions the digital shekel as a response to fast-growing private alternatives.

Market participants linked the timing to a broader global trend in which central banks are racing to modernise their own digital money strategies.

With stablecoins gaining influence in international transactions, the digital shekel project is being viewed as a strategic step to maintain control over national payments infrastructure while supporting innovation in regulated channels.

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• The bank partnered with Bastion and took part in its $14.6 million raise.
• Sony created a Web3 unit named BlockBloom to expand digital asset services.
• Sony Financial Group’s recent spin-off gives Sony Bank strategic freedom.

Sony’s plan to introduce a US dollar stablecoin is emerging as a major step in how the company connects its entertainment businesses with its financial arm.

Instead of treating payments as a background function, Sony is designing a system that blends blockchain, digital assets, and its global user base into a single Web3 network, according to a Nikkei report.

The project centres on Sony Bank’s expansion into the US, where customers remain a key part of the group’s external sales.

With a launch planned for 2026, the stablecoin is being built as a payment tool that supports gaming, anime, and other digital purchases across the Sony ecosystem.

Sony Bank’s move signals the company’s broader shift into digital finance, with Web3 technologies becoming an important layer in how it delivers future services.

Stablecoin for the wider Sony ecosystem

Sony Bank, the online lender under Sony Financial Group, is preparing to roll out the stablecoin in the US through a dedicated unit.

The token will be pegged to the US dollar and is expected to support purchases of PlayStation games, subscriptions, and anime content.

This payment option will sit alongside existing methods such as credit cards.

The plan is aimed at US customers, who account for around 30% of Sony Group’s external sales.

By adding a blockchain-based token to the mix, Sony aims to reduce fees associated with card networks and increase the speed and efficiency of transactions.

Sony Bank applied for a banking licence in the US in October as part of this expansion.

The bank has also partnered with Bastion, a US stablecoin issuer.

Sony’s venture arm joined Bastion’s $14.6 million fundraising round, which was led by Coinbase Ventures.

Web3 unit builds the foundation

Sony Bank’s shift into stablecoins is part of a wider Web3 push that started earlier this year.

The bank established a dedicated Web3 subsidiary in June, after first outlining its plans in May.

In its announcement, the bank said digital assets built on blockchain technology were becoming part of a growing number of services and business models.

It pointed to wallets for storing NFTs and cryptocurrency, and exchange providers, as sectors rising in importance.

These tools are central to Sony’s Web3 plans because they allow digital assets and tokens to move easily across platforms used by fans, artists and creators.

The new Web3 unit was later named BlockBloom.

Its goal is to build an ecosystem that links digital and physical experiences with NFTs, fiat currency, and digital currency.

BlockBloom’s work now connects directly with the stablecoin initiative, which is expected to become one of the core payment tools inside this ecosystem.

Restructuring strengthens the digital shift

Sony Bank is pursuing this strategy shortly after a major structural change inside its parent company.

Sony Financial Group was separated from Sony Group and listed on the Tokyo Stock Exchange in September.

The spin-off was designed to separate the financial arm’s operations and balance sheet from the wider conglomerate.

This independence now gives Sony Bank more space to pursue long-term digital finance projects, including the stablecoin.

The timing indicates that Sony Bank is using the separation to accelerate its push into new markets.

With the stablecoin aimed at the US and supported by Bastion, the bank is positioning itself to become a more competitive player in digital payments linked to entertainment and gaming.

Connecting US users with cross-platform payments

Sony’s stablecoin strategy is closely tied to its US users, who make up one of its largest customer segments.

By focusing the project on this market, Sony is aligning its payments network with regions that already engage heavily with blockchain and digital assets.

The stablecoin is expected to interact with multiple Sony services, creating a system where users can move funds seamlessly between gaming, subscriptions, and other digital platforms.

It also allows Sony to test Web3 payments at scale, backed by its gaming division, entertainment content, and new digital finance capability.

With the launch planned for 2026, Sony is building the early layers of a cross-platform structure that links Web3 payments with its broader entertainment network.

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• HashKey moves closer to IPO after clearing Hong Kong listing hearing, boosting regulated crypto ambitions.
• HashKey leads Hong Kong’s licensed crypto trade but remains unprofitable despite a large client asset base.
• Firm expands globally with approvals in Dubai, Bermuda, and Ireland ahead of planned public listing.

Hong Kong’s push to build a tightly regulated digital asset market has taken another step as HashKey Holdings secures approval to move forward with an initial public offering.

The operator of the city’s largest licensed crypto exchange confirmed in a Dec. 1 disclosure that it cleared the Hong Kong Stock Exchange’s listing hearing, a milestone that positions the company to advance its plans.

The development arrives as Hong Kong continues to present itself as a controlled and legally defined alternative to the crypto restrictions on the mainland, while seeking to attract institutional and retail participation through licensed platforms.

IPO progress strengthens regulated market ambitions

HashKey has not revealed the size or timing of the IPO, but earlier reports in October indicated that the company had explored raising to $500 million.

The filing shows that JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International are acting as joint sponsors, reinforcing the city’s intention to anchor crypto activity within traditional financial structures.

Local media reported that funds raised through the offering would be directed toward technology upgrades, wider product development, stronger operational capacity, and the expansion of services into new markets.

HashKey is also prioritising the improvement of its risk management systems as part of a broader plan for long-term growth.

Licensing gives HashKey a strategic foothold

HashKey operates under the Securities and Futures Commission’s regulatory framework and was among the first digital asset companies approved to serve both institutional and retail investors under Hong Kong’s updated licensing regime.

The company holds a Type 1 licence, permitting it to deal in securities that include tokenised versions of assets categorised as securities.

It also holds a Type 7 licence, which allows it to run an automated trading platform.

Alongside this, HashKey’s asset management arm is licensed to manage portfolios consisting of up to 100 percent virtual assets.

It is one of 11 licensed virtual asset trading platforms serving retail users in Hong Kong.

This stands in contrast to mainland China, where crypto activity remains banned, highlighting Hong Kong’s continued position as a regulated gateway within the region.

Market share grows but losses persist

According to the filing, HashKey handled more than three quarters of the region’s onshore digital asset trading volume in 2024. It also held nearly HK$20 billion (US$2.56 billion) in client assets, underscoring its dominance within Hong Kong’s regulated crypto landscape.

Despite its scale, the company remains unprofitable. HashKey recorded a net loss of HK$506 million in the first half of 2025, though this represented an improvement from the HK$777 million loss logged during the same period a year earlier.

The filing noted that performance has shifted in line with market volatility, which continues to shape activity across the sector.

HashKey has been working to expand its presence through investment initiatives, including the launch of a $500 million perpetual fund focused on institutional participation in digital asset treasury projects.

The fund aims to support blockchain ecosystems such as Ethereum and seeks to contribute to long term adoption and capital movement.

Global approvals broaden HashKey’s reach

In addition to its Hong Kong operations, HashKey has extended its regulatory footprint in 2025 by securing conditional approval to operate in Dubai.

It has also obtained regulatory permissions to run licensed platforms in Bermuda and Ireland, signalling an effort to widen its global relevance ahead of its public listing.

These gains support Hong Kong’s attempt to reinforce its position as a regulated crypto centre and highlight how the city is using licensed actors to shape a defined market structure for digital assets.

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