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Bitcoin Falls but MemeCore Lead Gains

by admin August 30, 2025

The crypto market pulled back on August 30 with the global market cap dropping to $3.76 trillion, slipping 0.99% in just one day. Daily volumes also weakened, sliding 9.66% to $166.42 billion.

Bitcoin (BTC), which is the top cryptocurrency by market cap, led the retreat, trading at $108,455 after losing 1.15% in 24 hours. It recorded $70.6 billion in turnover.

Top Gainers Defy The Weak Market

Despite Bitcoin dropping, some tokens gained during the day. MemeCore (M) was the top performer, soaring nearly 50% to reach $0.70, thanks to $54 million in trades. Conflux (CFX) also saw an uptick, gaining 8.84% to hit $0.19, with $134 million in trading volume.

In addition, Story (IP) climbed 7.46% to $6.49. The meme coin Bonk (BONK) jumped 7.29% to $0.0000219, with $624 million in turnover, making it one of the most actively traded tokens. OKB (OKB) also made its mark, increasing by 6.19% to $175.80 with $300 million in volume.

Losers Lead as Trending Tokens Rally

Several major tokens also lost ground. Pyth Network (PYTH) led the slump, crashing 14.61% to $0.1954. Raydium (RAY) fell by 7.23% to $3.40. Solana (SOL) dropped 5.03% to $198.84, extending its recent weakness. Jupiter declined 3.75% while Jito shed 3.68%.

The trending coins on the other side had a different outcome. Memecore was again at the top, followed closely by Pi Network (PI), which managed to gain a modest 4.1%, landing at $0.37. Trusta shot up 95.1%, climbing to $0.133, while SKALE (SKL)also jumped 31.78% to trade at $0.0347.

Market Sentiment And Outlook

In terms of the market view, the fear and greed index is now sitting at 39, indicating that investors are more on the fearful side. While the Fear and Greed Index is at 39, Bitcoin has a dominance of 57.5% and Ethereum (ETH) holds a 14% share.

On the other hand, the Altcoin Season Index is at 58, which further indicates that the market is looking more like a Bitcoin season rather than an altcoin rally.

Open interest showed strength, with perpetuals climbing to $978.74 billion against $3.87 billion in futures. Volatility also stayed high, with Bitcoin at 41.06 and Ethereum at 73.92. Hence, traders face a risky backdrop even as Ethereum gas fees remain steady.

Bitcoin weakness kept the market under pressure, but selective altcoins delivered sharp breakouts.

Also Read: El Salvador to Distribute Bitcoin Reserves Across Multiple Wallets

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August 30, 2025 0 comments

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Stellar (XLM) Bears May Finally Go on Vacation in September

by admin August 30, 2025

Stellar (XLM) has lost 15.17% of its value in the last 30 days and a significant 13.67% in the past seven days. This bearish outlook might soon be over if history repeats itself in September. Unlike August, which has average negative growth of 6.28%, next month holds promise for investors.

Historical September trends point to Stellar recovery

As per CryptoRank data, Stellar has an average growth rate of 3.08% in the ninth month of the year. In 2024, it closed September with a growth rate of 6.24%. This suggests that if the price of XLM follows the same trend as last year, the current bearish sentiment surrounding the coin could ease off.

Stellar bull rally triggers

Why BitMEX Co-Founder Arthur Hayes Thinks HYPE Can 126x From Here

by admin August 30, 2025

Arthur Hayes, the BitMEX co-founder now serving as co-founder and chief investment officer of crypto-focused venture capital firm Maelstrom, says Hyperliquid’s HYPE token could soar more than 100-fold.

Hayes is best known for inventing the perpetual swap at BitMEX, the derivatives contract that changed crypto trading. At Maelstrom, he invests in early-stage infrastructure projects. In his latest blog post, Hayes argued Hyperliquid’s token could rise 126 times, a claim backed by a valuation model produced by Maelstrom.

Hyperliquid is a decentralized exchange built on its own blockchain. Unlike Coinbase or Binance, which are companies running private servers, Hyperliquid lives fully on-chain. Traders use it mainly for perpetual futures — contracts that let them bet on crypto prices without an expiry date.

Its native token, HYPE, acts as both a governance tool and an economic stake. Holders can vote on upgrades, stake tokens for rewards and benefit from the way trading fees link to the token’s value. In short, Hyperliquid is the venue and HYPE is how users share in its growth.

‘Decentralized Binance’

Hayes begins his case with the big picture.

He says when governments print too much money, currencies lose value and ordinary savers are forced to speculate just to maintain their standard of living. Those who don’t already own houses or stocks see their savings eroded.

For many, especially in emerging markets, the easiest way to save today is with stablecoins such as USDT and USDC — digital dollars that sit natively on blockchains. Once you’re holding stablecoins, Hayes argues, the most obvious place to put them to work is crypto itself, since that’s the system where those tokens function most easily.

That funnel, according to the Maelstrom CIO, leads straight to Hyperliquid. Hayes says it already dominates decentralized perpetual futures trading, controlling around two-thirds of the market and is starting to grow against centralized giants like Binance.

He points to execution as the difference. He believes that Hyperliquid’s small team, led by founder Jeff Yan, ships features faster than rivals with hundreds of employees. The platform feels as fast as Binance, Hayes says, but every step — trading, settlement, collateral management — happens transparently on-chain.

He calls Hyperliquid a “decentralized Binance.” Like Binance, it relies on stablecoins instead of banks for deposits. Unlike Binance, everything is recorded on its blockchain. Hyperliquid’s HIP-3 upgrade also lets outside developers create entirely new markets that plug directly into its order book, turning it into a permissionless trading hub.

The 126x upside

Then comes the math. Maelstrom’s model starts with a bold forecast: by 2028, the total value of stablecoins could reach $10 trillion.

Next, Hayes borrows a ratio from Binance’s history. On that exchange, daily trading volume has often equaled about 26.4% of the total stablecoin supply. Apply that ratio to $10 trillion, and Hyperliquid could see about $2.6 trillion in trades every day.

Now add fees. Hyperliquid charges around 0.03% per trade. On $2.6 trillion in daily activity, that works out to roughly $258 billion in annual revenues once you roll it up across the year.

Investors then discount those future revenues into today’s money to reflect risk and the time value of money. Hayes uses a 5% rate, which produces a present value of about $5.16 trillion.

Finally, stack that against HYPE’s current fully diluted valuation of around $41 billion. Divide the two, and you get Hayes’s headline number: a potential 126x upside.

Maelstrom analysis shows how HYPE could see 126x upside.

He ties the calculation back to his broader thesis—that weak money forces people into stablecoins, and stablecoins push them into crypto speculation, with Hyperliquid as the rails for that activity and HYPE as the token that captures the economics.

‘The king is dead’

Hayes closes out his thesis with a bold prediction. “The King is dead. Long live the King,” he wrote, arguing Hyperliquid could surpass Binance as the world’s largest exchange and that Jeff Yan could one day rival CZ’s wealth.

The model depends on big assumptions: a $10 trillion stablecoin market, Hyperliquid holding a Binance-level share, fees holding at 0.03% and discount rates staying low. If those conditions break, so does the outcome.

But Hayes’s through-line is simple. If the world saves in stablecoins, the speculation that follows will happen on-chain — and in his view, Hyperliquid is already in the lead.

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August 30, 2025 0 comments

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Fundstrat’s Tom Lee Reveals Why Investors Left Ethereum For Solana, But What Does Wall Street Want?

by admin August 30, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Tom Lee, veteran trading analyst, Fundstrat co‑founder, and the strategist behind BitMine’s Ethereum treasury strategy, is once again championing Ethereum.

During an interview with Mario Nawfal on X, Lee acknowledged how the broader crypto community appeared to abandon Ethereum in favor of faster alternatives like Solana and Sui. However, institutional investors, particularly Wall Street players, value something far more important, which only Ethereum can provide.

Retail Chases Speed, Wall Street Favors Reliability

In the interview, Lee challenges the belief that blockchain networks must prioritize transaction speed above all. Rather, he argues that institutional investors, particularly Wall Street investors, place much greater value on uptime and reliability, qualities that Ethereum has despite being slower at its base layer.

Lee said that retail investors abandoned Ethereum because they thought faster was better, leading them toward high-throughput networks like Solana and Sui with seemingly superior economics. But according to him, Wall Street thinks differently. Institutions prioritize “100 % uptime,” because they can always deploy on layer‑2 solutions to compensate for Ethereum’s base-layer speed limitations.

Interestingly, Lee pointed to staking as another factor in which Ethereum is better than its counterparts. According to Lee, staking isn’t just about yield, but it’s about influence. “If Goldman stakes enough ETH, they have a positive voice on the Ethereum itself and how they upgrade,” he said. In short, institutional stakeholders like Goldman Sachs would care more about influencing Ethereum through staking, but this is not a weakness.

SOLUSD now trading at $202. Chart: TradingView

Lee noted that many veteran investors he recently spoke with still see Ethereum as underperforming, not because of any technological shortcomings, but because its price consistently lagged behind Bitcoin for months. However, this perception is now beginning to shift with Ethereum’s price action since July.

After Ethereum broke past $4,800, the strength in price is improving confidence among crypto investors, and this momentum could set the stage for much larger growth for its price action in the near future.

Ethereum Price Action

Ethereum indeed has been on a remarkable upward arc since July. In late August 2025, the Ethereum price smashed through its previous all‑time high and traded above $4,880 for the first time since 2021, before finally peaking at $4,946. This, in turn, saw the Ethereum total market cap almost hitting the $600 billion mark

The rally wasn’t just price action. It echoed structural shifts in the institutional inflow dynamics into large cryptocurrencies, especially as seen in the performance of Spot Ethereum ETFs compared to Bitcoin.

Although Ethereum has since entered into a correction path down to the $4,400 level, the sentiment surrounding Ethereum is still bullish. Analysts have raised year‑end forecasts of Ethereum from between $6,000 and $12,000, based on increased institutional engagement and a positive influence from the US Genius Act. At the time of writing, Ethereum is trading at $4,390, up by 1.1% in the past 24 hours.

Featured image from Unsplash, chart from TradingView

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August 30, 2025 0 comments

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Former FTX Legal Advisors Move to Dismiss Lawsuit, Claiming No Knowledge of Fraud

by admin August 30, 2025

In brief

Fenwick & West moves to dismiss lawsuit alleging the law firm aided FTX’s multi-billion dollar fraud, arguing it had no knowledge of wrongdoing.
Firm claims it only provided “routine and lawful legal services” despite bankruptcy examiner finding “exceptionally close relationships” with FTX leadership.
Lawyers argue plaintiffs are recycling allegations from a dismissed case against another FTX advisor, Sullivan & Cromwell, without proving fraud knowledge.

Former FTX legal advisors, Fenwick & West have moved to dismiss a lawsuit that alleges the firm played a key role in the mutli-billion dollar collapse of the exchange.

The firm wrote that after two years of litigation, the plaintiffs have yet to prove that Fenwick & West knew its client was committing fraud.

The lawsuit, filed in 2023, names many defendants who investors allege had knowledge of FTX’s fraud. It includes crypto exchange Binance, the Federal Deposit Insurance Corporation, super model Gisele Bundchen and her ex-husband and NFL star Tom Brady, the NBA’s Golden State Warriors, venture capital investor Kevin O’Leary, and tennis star Naomi Osaka.

Fenwick is adamant that it be left out of the fray. The firm did not immediately respond to a request for comment from Decrypt.

“Plaintiffs’ core theory is as facile as it is flawed,” the firm wrote. “Fenwick is not liable for aiding and abetting a fraud it knew nothing about, based solely on allegations that Fenwick did what law firms do every day—provide routine and lawful legal services to their clients.”

FTX went bust in 2022 after it became clear that the crypto exchange was using client funds, its own FTT exchange token, and Robinhood shares to prop up its sister firm, Alameda Research.

The past couple years have seen FTX founder and former CEO Sam Bankman-Fried sentenced to 25 years in prison, former Alameda Research CEO Caroline Ellison get a more lenient 2-year sentence as part of a plea deal, and billions repaid to the company’s creditors.

An independent FTX bankruptcy examiner reviewed hundreds of thousands of internal FTX documents, ultimately finding that Fenwick & West had “exceptionally close relationships” with FTX leadership and became “deeply intertwined” in the firm’s actions.

But the firm argued in its latest motion that the plaintiffs, a group of FTX investors, are making allegations “parroted from a report” on Sullivan & Cromwell, another law firm that advised FTX.

“But what Plaintiffs do not explain is that their allegations against Fenwick mirror those that they had earlier pursued quite aggressively against Sullivan & Cromwell, but then precipitously dismissed with prejudice,” Fenwick wrote.

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August 30, 2025 0 comments

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Holding this amount puts you in that category

by admin August 30, 2025

Scott Melker, host of “The Wolf of All Streets” podcast, revived his “Bitcoin rich list” in his Aug. 29 newsletter—a table showing how BTC is spread across wallets of different sizes.

Melker said he last compiled the list in 2023, and his latest version offers a snapshot of how Bitcoin ownership has changed over the past two years.

Summary

Addresses holding at least 1 BTC account for the top 98% of holders, Melker says.
The most significant two-year change is that the number of addresses holding up to 0.0001 BTC has doubled.
The price of becoming a wholecoiner is growing year after year; hardcore bitcoiners say it’s never too late to invest in BTC.

You don’t have to be a ‘wholecoiner’

Melker claims that owning 0.1 BTC makes a person one of the top 8% holders.

Also, you don’t have to be a “wholecoiner” — a person holding at least 1 BTC — to become a top-tier Bitcoin owner. Why? When BTC is traded at around $110,000 (its current price is $108,500) even owning 0.1 BTC makes you richer in Bitcoin than 92% of all other Bitcoin holders.

And holding one Bitcoin or more puts you above 98% of all holders.

This data doesn’t exclude holdings stored on the wallets of the crypto exchanges. Of 20 addresses holding the largest amounts of BTC (between 36,000 and nearly 250,000 bitcoins), only eight belong to unidentified entities.

Generally, the data shift between 2023 and 2025 is not drastic. Melker notes that in two years, the overall number of Bitcoin addresses grew by 10 million, reaching over 56 million.

The most notable change is an inflow of addresses holding between 0.00001 and 0.0001 BTC. It grew from 3.5 million to 6.9 million. “That makes sense, as more people start small,” Melker says, adding:

“That stability is actually healthy. It shows Bitcoin ownership distribution is maturing.”

From the additional data attached to Melker’s write-up, we can learn that the amount of Bitcoin dust reached an all-time high in 2025 at 1.58 thousand BTC. Bitcoin dust refers to leftovers, too small to be sent due to an insufficient amount to pay transaction fees.

Meanwhile, the dormant wallet chart indicates:

12.5 million of Bitcoin (over half of the total supply) are still for a year.
Over 10 million bitcoins have remained inactive for more than two years.
Almost 8 million bitcoins have not moved in three years.

The curve showing the amount of BTC on dormant addresses got sharper following the 2024 presidential election after President Donald Trump vowed that America will never sell its bitcoins.

Becoming a wholecoiner in 2025

If holding 0.1 BTC makes someone “Bitcoin rich,” then owning a full bitcoin—the coveted “wholecoiner” status—certainly does too. But the price of becoming a wholecoiner has risen dramatically over time. Buying 1 BTC in 2013 was a very different proposition than buying it in 2025.

At nearly every stage in Bitcoin’s history, skeptics have insisted it was “too late” to buy, arguing that the price had already climbed too high to rise further. Countless stories online reflect this doubt, with many early adopters regretting that they sold too soon. Even back when Bitcoin traded under $100, people hesitated to buy back in because it already felt “expensive.”

One of the most famous examples comes from early adopter Greg Schoen. In 2011, he tweeted that he had bought 1,700 BTC at $0.06 each, only to sell at $0.30. He lamented missing the chance to sell at $8, which would have netted him $13,600 instead of just $510. That tweet became so iconic that Schoen auctioned it as an NFT in 2022. What he couldn’t have known is that by 2025, his 1,700 BTC would be worth more than $180 million.

Today, only a little over 2,000 Bitcoin addresses hold more than 1,000 BTC. Whether Schoen is still among them remains unclear, but his story illustrates a timeless theme in Bitcoin: almost every era feels like it’s “too late”—until the next one arrives.

I wish I had kept my 1,700 BTC @ $0.06 instead of selling them at $0.30, now that they’re $8.00! #bitcoin

— gregschoen.eth (@GregSchoen) May 16, 2011

Top-tier Bitcoin bar

The number of addresses that hold above one Bitcoin (less than 2%) is slightly below one million. According to the UBS Global Wealth Report, 18.1% of adults worldwide hold assets exceeding $100,000.

It signifies that a Bitcoin-rich person is far from being the biggest fiat-rich person. The top-tier bar for bitcoiners is set lower than for the fiat money holders. It reflects how early it is to view Bitcoin as a widely adopted asset used to hold vast fortunes.

Despite all the hype, government adoption, and inflows of institutional money, Bitcoin remains a special interest of a growing, but not yet ubiquitous, group of people.

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August 30, 2025 0 comments

Life Term For 14 In India Over Bitcoin Extortion &Amp; Kidnapping Case

GameFi Guides

Life Term for 14 In India Over Bitcoin Extortion & Kidnapping Case

by admin August 30, 2025

Ahmedabad City Sessions Court has convicted 14 accused, including former BJP MLA Nalin Kotadiya and senior Gujarat police officers, in the 2018 Bitcoin extortion case. They were sentenced to life imprisonment under relevant sections of the IPC and the Prevention of Corruption Act.

According to a report by The New India Express, the case started in 2018 with the kidnapping of Shailesh Bhatt, a builder and Bitcoin trader from Surat. Reportedly, a group of police officers in official government cars took him from a gas station to a farmhouse. The accused took 200 Bitcoins, worth about ₹12 crore at the time, and asked for ₹32 crore in ransom. Bhatt also reported that someone posing as an agent from India’s Central Bureau of Investigation (CBI) tricked him into meeting.

The investigation also revealed that Bhatt had previously stolen ₹150 crore worth of Bitcoin from a Surat man named Dhawal Mawani. When the perpetrators found this out, they, including Kotadiya, planned to steal from Bhatt.

The investigation initially started after Bhatt filed an official complaint with the Indian Criminal Investigation Department (CID). As the CID’s probe went on, they detained 10 police officials, including Amreli SP Jagdish Patel, Amreli LCB PI Anant Patel, and Ketan Patel, a lawyer from Surat. Their questioning quickly pointed towards Jagdish Patel and Kotadiya. Later, a non-bailable warrant was also issued for Kotadiya’s arrest while he went into hiding.

The case got even bigger when a real CBI Inspector, Sunil Nair, got involved. Nair is said to have asked Bhatt for a bribe and then threatened to start a false probe into him if he failed to pay him.

After Shailesh Bhatt’s explosive complaint, CID got to work and arrested everyone involved in the extortion. The trial took place at the ACB Special Court of the City Civil and the Sessions Court in Ahmedabad, where the state brought in an incredible 172 witnesses against them.

The defense, on the other hand, could only call one witness. Even though 92 witnesses said they were hostile, the court judged the evidence and reasons good enough to convict the accused.

In this case, while justice has been served, globally a surge in crypto-related crimes, specifically those involving extortion and kidnapping, can be seen. In February, the Spanish police had arrested 3 British citizens for kidnapping a UK cryptocurrency trader in Marbella and demanding a £25,000 ransom.

Also Read: How Social Engineering Fooled a Millionaire Out of $1.2M in Crypto

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August 30, 2025 0 comments

GameFi Guides

SHIB Price Prediction for August 30

by admin August 30, 2025

Neither bulls nor bears are controlling the situation on the market on the first day of the weekend, according to CoinStats.

SHIB chart by CoinStats

SHIB/USD

The price of SHIB has gone up by 1.4% over the last 24 hours.

Image by TradingView

Despite today’s growth, the rate of SHIB is looking bullish on the hourly chart. If a breakout of the resistance happens, the accumulated energy might be enough for an ongoing upward move to the $0.00001250-$0.00001270 zone.

Image by TradingView

On the bigger time frame, the picture is less bullish. The price of the meme coin is closer to the support than to the resistance level.

SOL Futures Are More Popular Than Ever as U.S. Inflation Report Looms

by admin August 30, 2025

The crypto market is down today, signaling risk aversion ahead of the U.S. core PCE inflation data release, which could influence the Federal Reserve’s path on interest-rate cuts.

The CoinDesk 20 Index, a measure of the broad market, has dropped 3.6% in the past 24 hours, with all but one member lower over that period.

According to analysts at Bitunix , a hotter-than-expected figure could prompt the Fed to adopt a one-and-done stance following the expected rate cut at the September meeting.

“For BTC, watch whether $114.5K flips into support, or if a retest of $107.6K support confirms market resilience,” the exchange told CoinDesk in an email.

Derivatives Positioning

Open interest (OI) in futures tied to the top 20 coins, excluding SOL, has decreased in the past 24 hours, indicating broad-based capital outflows.
SOL’s open interest, however, hit a record high 63.84 million, alongside a rally in the token’s price to $217, a level last seen in February.
The eight-hour funding rates for ether, tron and BNB flipped slightly negative, indicating a bias for bearish bets on a drop in prices. Funding rates for other major tokens were steady at around zero, indicating neutral sentiment.
OI in the CME bitcoin futures slipped to 135.72K BTC, the lowest since April, while ether OI remained elevated at record highs near 2.10 million ETH. The divergence suggests a continued preference among investors for ETH over BTC.
On Deribit, downside bias in BTC options has strengthened across all tenors, with puts trading at a five volatility premium to calls at the front end. ETH options display similar dynamics, marking a shift from bullish positioning early this week.
On Paradigm, block flows featured call selling and put rolling strategies in BTC and ETH. Market maker Wintermute pointed to demand for call spreads in the December expiry BTC options.

Token Talk

Solana (SOL) posted a 44% drop in second-quarter application revenue, sliding to to $576.4 million from $1 billion in the first quarter even as its DeFi sector expanded, according to Messari.
The downturn reflects weaker profitability across key decentralized apps. Pump.fun (PUMP) still led with $156.9 million, but was still down 44% as memecoin frenzy cooled.
Axiom was the outlier, surging 641% to $126.6 million, showing how fast protocol-specific growth can offset broader ecosystem weakness. Jupiter JUP$0.5055 earned $66.4 million (–16%), while Phantom and Photon were hit hardest with declines of 65% and 72%, respectively.
Despite revenue losses, DeFi TVL on Solana climbed 30% to $8.6 billion in the quarter and has since crossed $11 billion, cementing the chain as the largest DeFi network behind Ethereum.
Kamino Finance drove TVL growth, up 34% to $2.1 billion after introducing Kamino Lend V2, which attracted $200 million in deposits and $80 million in loans within three weeks. Kamino now controls 25% of Solana’s market share.
Raydium staged a strong comeback, rising 54% to $1.8 billion in TVL, reclaiming second place from Jupiter. It now commands 21% share versus Jupiter’s 19%.
Trading activity, however, told a different story: Average daily spot DEX volume fell 45% to $2.5 billion, reflecting a fading of the memecoin momentum that had fueled the previous quarter’s records.

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August 30, 2025 0 comments

GameFi Guides

PetroChina Eyes Stablecoins As Eric Trump Lauds China Power

by admin August 30, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Following the recent regulatory developments in Hong Kong, Asia’s largest oil and gas producer, PetroChina, is reportedly evaluating the adoption of stablecoins for cross-border payments.

PetroChina Considers Stablecoin Adoption

On Friday, local news media outlets reported that PetroChina, the listed arm of state-owned China National Petroleum Corporation (CNPC), will explore cross-border settlement and payments using stablecoins.

According to the reports, Wang Hua, Chief Financial Officer (CFO) and Board Secretary of PetroChina, disclosed during the half-year meeting that the company is closely monitoring the latest developments regarding the Hong Kong Monetary Authority’s (HKMA) Stablecoin Ordinance.

In May, Hong Kong’s Legislative Council officially passed the new Stablecoins Ordinance, directing any individual or entity seeking to issue a fiat-referenced stablecoin (FRS) in the jurisdiction, or any Hong Kong Dollar (HKD)-pegged token, to obtain a license from the HKMA.

The ordinance, enacted on August 1, aims to reinforce regulatory oversight on the digital assets industry, while fostering innovation and “responsible, sustainable” development. Under the new framework, licensed entities are allowed to offer FRS in Hong Kong. Meanwhile, retail investors can access the tokens issued only by these qualified institutions.

Hong Kong’s Financial Secretary, Paul Chan Mo-po, previously noted that stablecoins, “particularly when it is referenced to fiat currencies, (have) many use case scenarios,” including cross-border payments to enhance efficiency and reduce costs.

PetroChina will reportedly initiate a viability study on the use of stablecoins for cross-border settlement and payments, marking the Chinese energy giant’s entry into the digital assets landscape under Hong Kong’s new regulatory framework.

HK, China Crypto Landscape

As the report noted, Wang Hua didn’t disclose a specific timeline, only stating that the company would “closely monitor policy developments and build technical capabilities.” This could suggest that PetroChina’s stablecoin exploration remains in the research phase.

It’s worth noting that the HKMA established a six-month transition period and encouraged interested institutions to submit applications before September 30. Hong Kong’s Financial Secretary has stated that regulators received several applications from entities seeking to become qualified issuers.

Previous reports revealed that multiple companies have applied for the HKMA license ahead of the ordinance enactment, including logistics technology firm Reitar Logtech and the overseas arm of Chinese mainland financial technology giant Ant Group.

Meanwhile, e-commerce giant JD.com, through its fintech arm JD Coinlink, was testing HKD-pegged tokens under the regulator’s sandbox program earlier this year. Despite Hong Kong’s crypto push, authorities have warned about the excessive hype in the market and public opinion, raising concerns over a developing trend toward speculation as the market has become “overly enthusiastic.”

Similarly, Chinese regulators have allegedly instructed firms to halt promotions and research publications related to stablecoins amid concerns that the growing interest in the sector could enable the digital asset to be exploited as a new tool for fraudulent activities.

Nonetheless, Eric Trump, son of US President Donald Trump, recently highlighted China’s role in the crypto industry. At Bitcoin Asia 2025, the American businessman affirmed that the country is a “hell of a power” in the sector, adding that the US and China likely understood digital assets “better than anyone else in the world.”

“There’s no question that China is a hell of a power when it comes to this world,” Trump said, stating that he would love for President Trump and his Chinese counterpart, Xi Jinping, to talk about Bitcoin.

Bitcoin’s performance in the one-week chart. Source: BTCUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

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August 30, 2025 0 comments