Welcome to read Techub News's 'Weekly Highlights of Hong Kong Web3.' In this week's report, we will summarize the significant events and developments in Hong Kong's Web3 sector from June 30 to July 6, along with the latest data insights and detailed event previews, helping you quickly and comprehensively understand the progress in Hong Kong's Web3 field last week.
Hot News
Hong Kong Chief Executive John Lee comments on the stablecoin licensing system: Enhancing financial competitiveness.
According to a press release from the Hong Kong SAR Government, Chief Executive John Lee stated during a speech at the 28th Anniversary Gala of the Hong Kong SAR that Hong Kong is strengthening connectivity, establishing a licensing system for stablecoins, optimizing listing procedures, and enhancing financial competitiveness...
Animoca Brands President: Prioritizing fundraising and listing in the local Hong Kong market.
According to Dongwang reports, in response to previous plans to list in the U.S., Animoca Brands President Ouyang Qijun stated that since the group delisted from Australia, it has been seeking opportunities for relisting, and the new wave of virtual asset institutional IPOs in the U.S. is highly anticipated, but as a Hong Kong company, it will also prioritize fundraising in the local market...
The CEO of Huaxia Fund Hong Kong predicts: In the future, fiat currency will turn into stablecoins, with only a few universal stablecoins existing worldwide.
The CEO of Huaxia Fund (Hong Kong), Gan Tian, attended the China Wealth Management 50 Forum (CWM50) stablecoin seminar and stated a groundbreaking prediction regarding stablecoins: In the coming 5, 10, or 20 years, fiat currency will transform into stablecoins, with only a few universal stablecoins existing worldwide...
S3 Security: Has participated in relevant businesses related to virtual currencies and stablecoins in Hong Kong.
According to Caixin reports, S3 Security stated on the interactive platform that applications related to Web3.0, including stablecoin businesses, are currently very important application areas for the company. As a type of digital currency, stablecoins are widely used in cross-border payment scenarios, and cryptography, as the underlying supporting technology, will also play a very important role. The company serves as a provider of cryptographic infrastructure...
Hong Kong-listed company Yisou Technology plans to explore RWA tokenization products.
Hong Kong-listed company Yisou Technology announced that it has signed a 10-year framework cooperation agreement with a Hong Kong technology company to collaborate on projects involving real-world asset (RWA) tokenization products and other digital assets. According to their disclosure, this cooperation tech company is one of the Huawei Cloud solution providers...
Ant Group has opened up its Layer 2 network, 'Blockchain + IoT' trusted architecture, and 4 self-developed technologies to the Hong Kong market.
According to reports from Hong Kong Wen Wei Po, Ant Group has opened up its Layer 2 network, large model development tools, 'Blockchain + IoT' trusted architecture, and institutional-level Web3 wallet technology to the Hong Kong market, providing full technical support and services for building a global digital asset innovation center in Hong Kong. Ant Group's Chief Scientist Yan Ying stated...
HashKey Exchange's West Kowloon High Speed Rail Station experience store officially held a ribbon-cutting ceremony and commenced operations.
Hong Kong's largest licensed virtual asset exchange, HashKey Exchange, today announced that its offline experience store located in the West Kowloon High Speed Rail Station officially held a ribbon-cutting ceremony and commenced operations...
Hong Kong-listed company Navigating Pharmaceuticals Biotechnology plans to acquire Conflux assets.
Navigating Pharmaceuticals Biotechnology (00399.HK) announced that on June 30, 2025, the company (as the buyer) has signed a memorandum of understanding with the seller and Conflux regarding the potential acquisition of all equity of the target company, contingent upon the target company completing the acquisition of Conflux assets as per the agreement with the company...
Cai Wensheng, Kong Jianping, and Xiao Feng have been appointed by the Hong Kong SAR Government as members of the 'Task Force on Promoting Web3 Development.'
The Hong Kong SAR Government appointed Meitu's founder Cai Wensheng, Nano Labs' founder and chairman Kong Jianping, and HashKey Group's chairman and CEO Xiao Feng as members of the 'Task Force on Promoting Web3 Development'...
DuoDian Data Technology Co., Ltd.: Purchasing Bitcoin and preparing to apply for a stablecoin license.
DuoDian Data Technology Co., Ltd. announced that the company is preparing to apply for a stablecoin license and has purchased Bitcoin through HashKey Exchange. The funding for this investment comes from the company’s existing cash reserves. The company has signed a strategic cooperation agreement with HashKey Group, and both parties will conduct in-depth cooperation in areas such as digital asset trading, Web3 technology development and application, and blockchain ecosystem construction...
Reuters: JD.com and Ant Group are lobbying the People's Bank of China, requesting approval to issue offshore RMB stablecoins.
According to Hong Kong Wen Wei Po citing Reuters, JD.com and Ant Group are lobbying the People's Bank of China to request approval for issuing stablecoins pegged to offshore RMB in Hong Kong to promote the global use of RMB and counter the expansion of the dollar's digital influence. Sources revealed that JD.com mentioned in discussions with the People's Bank that due to the peg of the Hong Kong dollar to the U.S. dollar, it cannot effectively promote the use of RMB in trade, thus requiring the launch of RMB-pegged stablecoins. JD.com suggested that the People's Bank allow the issuance of RMB stablecoins in Hong Kong and then expand to offshore markets in China's free trade zones...
Jingbei Fang: Strategic cooperation with Guofu Quantum reached, focusing on virtual assets and digital currency business.
According to Zhitong Finance reports, Jingbei Fang stated in the investor relations activity record that the company has recently signed a strategic cooperation agreement with Guofu Quantum Innovation Co., Ltd., focusing on virtual asset and digital currency business, and will conduct in-depth cooperation in three areas: IT technology innovation, virtual asset and stablecoin ecosystem cooperation innovation, and financial business innovation...
The Hong Kong Financial Services and the Treasury Bureau will promote the tokenization of assets and financial instruments.
According to Hong Kong Wen Wei Po reports, the Secretary for Financial Services and the Treasury, Christopher Hui, stated yesterday at the 'Hong Kong Digital Finance Awards 2025' ceremony that the Hong Kong government has issued green bonds in tokenized form twice in 2023 and last year, and the third batch of tokenized bonds is also being prepared. He revealed that the government will normalize the issuance of tokenized government bonds in the future and provide incentives for the tokenization of real-world assets...
Industry Observation
(The ambitions of giants like Robinhood: The outbreak of the stock tokenization revolution)
This summer, with the listing of Circle and the issuance of Hong Kong (stablecoin regulations), the stablecoin market has undoubtedly become the focus of the industry. However, the pace of the cryptocurrency industry will not stop here. At the intersection of traditional finance and the crypto world, a fierce competition around stock tokenization is underway. From Robinhood to Kraken, to Coinbase and Gemini, major cryptocurrency giants are stirring up Wall Street's 'on-chain' wave, bringing the traditional stock market into the blockchain era.
(Chief Executive John Lee's speech at the 28th Anniversary Celebration of the Establishment of the Hong Kong SAR on July 1: The government's three major tasks for the future)
Chief Executive John Lee stated, 'July 1 marks the 28th anniversary of the establishment of the Hong Kong SAR and the third anniversary of this government taking office. Over the past three years, the government has actively promoted reforms, building a safe and stable Hong Kong, striving to develop the economy and improve people's livelihoods, with results gradually emerging. I have changed the government culture, creating a 'results-oriented' government. We fulfill our constitutional responsibilities and complete the local legislation of Article 23 of the Basic Law, a significant task that previous governments had long failed to achieve. We have rebuilt a safe Hong Kong, and this year, Hong Kong ranks seventh in the global security index.'
(Grayscale: Stablecoin Summer)
In a month of relatively calm cryptocurrency valuations, market attention focused on fundamentals, and substantial positive progress was made in the area of stablecoins.
(GENIUS Act) passed the Senate with bipartisan support and submitted to the House for review, this bill will introduce regulated payment stablecoins in the U.S. Meanwhile, U.S. stablecoin issuer Circle completed its listing, with its stock price rising (in contrast to the decline in valuations of Mastercard and Visa), highlighting the disruptive impact traditional digital payment networks may face. Other media reports indicate that large firms such as Amazon and Walmart are also exploring stablecoin business.
The cryptocurrency segments related to currency and finance outperformed the overall crypto market, with the latter's exceptional performance possibly stemming from improved regulatory transparency and broader adoption prospects for decentralized finance (DeFi) technologies. The prediction market Polymarket benefited from the attention generated by the New York mayoral election and successfully secured additional venture capital.
We expect that improved regulatory transparency and favorable macro conditions (large budget deficits and potential interest rate cuts) will continue to support crypto assets in the second half of 2025.
(Pearl of the Orient · Future of Digital Chains: The RWA Revolution Empowers Global Finance on the 28th Anniversary of Hong Kong's Return)
On July 1, 2025, marking the 28th anniversary of Hong Kong's return, the 'Pearl of the Orient · Future of Digital Chains: Hong Kong Web3's New Dimensions Empowering Global Finance' Space event, co-hosted by Web 3 Labs, Techub News, and Jinse Finance, was successfully held at 19:30 (UTC+8). This event focused on Hong Kong's innovative practices in Web 3 and the global finance sector, centered around the theme of 'RWA Revolution -- Hong Kong's Trillions of Assets on Chain,' bringing together industry experts to discuss opportunities and challenges in tokenizing real-world assets (RWA). The discussion was led by Techub News founder Alma and Chinese Web 3 host Qie Ge, with guests including Paolo, Chief Strategy Officer of the VDX trading platform, Gilbert Ng, Legal Director of Mulan Investment Management, Uweb President Yu Jianing, RWA Group CEO Tony Fu, and KOL representatives.
(A Detailed Explanation of Backed xStocks: On-chain Attempts and Breakthrough Paths for Tokenized Stocks)
On June 30, 2025, cryptocurrency exchanges Bybit and Kraken announced the launch of xStocks products provided by the compliant asset tokenization platform Backed Finance from Switzerland. xStocks are a series of tokens collateralized 1:1 by real stocks, with the underlying assets held by regulated third-party custodians (such as InCore Bank and Maerki Baumann). These tokens are issued under the SPL standard on the Solana public chain, supporting 24/7 trading and on-chain instant settlement, breaking the time and geographic limitations of the traditional stock market. According to compliance requirements, xStocks are currently only open to non-U.S. users, and U.S. persons are prohibited from purchasing or holding this product. Subsequently, many leading platforms such as Cryptocom and GMGN also launched xStocks.
(Multiple issuers applying for U.S. trust licenses, is the stablecoin industry making a landing?)
On June 30, the stablecoin issuer Circle submitted an application for a trust bank license to the U.S. Office of the Comptroller of the Currency (OCC) and plans to establish a national trust bank in the U.S.; on July 2, Ripple followed up with its national bank license application. Previously, its subsidiary Standard Custody also applied for a Federal Reserve master account, intending to directly custody RLUSD reserves. Within just four days, two major stablecoin giants launched crucial compliance initiatives in the U.S. financial regulatory system.
As one of the important financial strategies during Trump's presidency, the payment of stablecoins aligns with the potential demand for U.S. Treasury bonds within the dollar system. With the rapid establishment of the stablecoin industry, why does the stablecoin sector favor U.S. licenses?
(No compensation for domestic victims, how much did FTX's bankruptcy lawyer earn?)
On July 4, 2025, Sunil, representing FTX creditors, posted a screenshot of an FTX bankruptcy liquidation document on social media, which indicated that FTX would seek legal advice and that if users belong to restricted foreign jurisdictions, their claim funds might be confiscated.
Sunil also announced a data point: Among the claims in 'restricted countries', 82% come from Chinese users.
However, since domestic crypto trading is not allowed, these users may be classified as 'illegal,' resulting in the forfeiture of their compensation eligibility. This means these users not only cannot recover their losses but their assets could also be 'legally confiscated.'
The community is in an uproar, questioning the compliance reasons given by the liquidation team as mere excuses to shirk responsibility. Some call FTX's decision 'American-style robbery' and lament that 'our people are worse than dogs,' a sentiment filled with deep disappointment and helplessness. Some believe that despite China's strict restrictions on cryptocurrency trading, user funds should not be directly confiscated, and FTX's decision lacks clear legal basis.
Data Insights
Hong Kong Bitcoin & Ethereum spot ETF inflow and outflow situation
According to SoSoValue data statistics, last week, the net redemption amount of Bitcoin's spot ETF in Hong Kong was 18.97 units, with a total holding value of approximately 451 million USD, and the holding value increased by approximately 2.96 million USD; the net redemption amount of Ethereum's spot ETF was 360.99 units, with a total holding value of approximately 54.57 million USD, and the holding value increased by approximately 690,000 USD.
Event Information
Risk-weighted assets and stablecoins: Blockchain and digital asset pilot subsidy program
Risk-weighted assets and stablecoins: The blockchain and digital asset pilot subsidy plan will be held online at 14:30 Hong Kong time on July 10, hosted by the Hong Kong Securities and Investment Institute. The event invites Rachel Lee, Director of Web3 and Financial Technology Development at Hong Kong Cyberport Management Company, and leading technology companies and Cyberport enterprise partners. The event is for members only and free to participate.
This exclusive webinar will provide a comprehensive overview of the digital asset ecosystem of Cyberport and the 'Cyberport Blockchain and Digital Asset Pilot Subsidy Program.' This program aims to promote the development and testing of impactful blockchain, digital asset, and Web3 applications, which are expected to become benchmarks for future use cases, thereby accelerating the application of these technologies across various industries.
