Hong Kong hoses down stablecoin frenzy, Pokémon on Solana: Asia Express

Uncover key highlights within the Altcoin area. This article dives into: “Hong Kong hoses down stablecoin frenzy, Pokémon on Solana: Asia Express”.

Tokenized Pokémon card market beneficial properties momentum on Solana

The tokenization of bodily collectibles is quietly gaining momentum, with Pokémon playing cards based mostly on the globally in style Japanese gaming and anime franchise rising as a standout use case. On Solana, a brand new wave of platforms is popping real-world belongings (RWAs) like Pokémon playing cards into non-fungible tokens.

One of the main platforms on this area of interest is Collector Crypt, which has processed practically $95 million in whole quantity in underneath a yr, in response to a Dune Analytics dashboard by X person zKayAPE. The platform makes a speciality of tokenizing Pokémon playing cards into NFTs, every of which is claimed to be redeemable for its bodily counterpart. Much of the exercise is pushed by its digital gacha characteristic, impressed by Japan’s capsule-toy merchandising machines, the place customers take a look at their luck by buying and selling a hard and fast sum of money for randomized gadgets.

X person attracts a $3,400 Charizard card on Collector Crypt’s Pokémon gacha. (Trollidan.sol)

These platforms perform like onchain variations of Japan’s oripa outlets (brief for “original pack”), which mix blind-box card playing with on the spot resale alternatives. The blockchain variations improve this mannequin by providing automated buybacks at 80–85% of card worth, permitting collectors to pursue uncommon playing cards with near-instant liquidity.

“The secondary marketplace activity is growing too and while it is still smaller than gacha, it has recorded marketplace volumes totalling up to $440k as a sector,” zKayAPE mentioned on X.

“Emporium recorded a $11.3K top sales for Mario Pikachu card and a top sales of $9.3K was also recorded on Collector Crypt for a Poncho Pikachu card recently.”

FTX collectors in China can head to Backpack to get their a reimbursement

Backpack Exchange has launched a declare sale channel for FTX collectors in China, providing an alternate path to accessing funds amid delays in formal payouts.

Chinese buyers account for 82% of restricted jurisdiction claims. (Sunil Kavuri)

Backpack’s channel operates independently of the FTX property’s chapter proceedings. Instead of processing redemptions, Backpack permits collectors — significantly these in jurisdictions dealing with restrictions — to promote their claims to an “independent institutional buyer.”

On July 2, the FTX Recovery Trust filed a movement to freeze payouts to collectors in a listing of 49 “restricted” jurisdictions, together with China.

Outspoken FTX creditor Sunil Kavuri mentioned that about $470 million price of claims belong to those restricted jurisdictions, with Chinese buyers accounting for almost all of the pie with $380 million. Around 70 objections have been filed in opposition to the property’s try to withhold payouts, principally from Chinese collectors.

Since Backpack’s July 18 announcement launching its claims gross sales portal, customers have shared screenshots displaying profitable withdrawals of funds which were inaccessible for the reason that FTX collapse. One person mentioned their restoration arrived at a ten% low cost.

Backpack has used related methods to draw former FTX prospects. In May, the alternate opened claims for FTX EU customers, permitting them to redeem euro balances after finishing Know Your Customer (KYC) verifications. Backpack acquired FTX EU in January 2025.

The subsequent spherical of official FTX creditor distributions is scheduled to start on Sept. 30.

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Tokenize to exit Singapore after licence denial

Another cryptocurrency alternate is exiting Singapore’s more and more selective regulatory regime. The Straits Times reported on July 20 that Tokenize Xchange is shutting down operations by Sept. 30, after the Monetary Authority of Singapore (MAS) refused to grant it a crypto license.

Singapore’s crypto exodus continues. (Coleen Rivas)

Tokenize raised $11.5 million in 2024, meaning to broaden its headcount. However, its complete 15-person Singapore crew will now be let go.

Tokenize is becoming a member of a rising listing of companies exiting the Lion City, relocating employees and assets to Malaysia. The firm additionally reportedly claimed it’ll search regulatory approval from Abu Dhabi Global Market of the United Arab Emirates (UAE).

The central financial institution set a June 30 deadline for all crypto companies to get licensed, even when they solely served abroad customers and denied service to native customers. 

The native outlet estimates that round 500 crypto professionals will relocate from Singapore to extra permissive jurisdictions like Hong Kong or the UAE.

Hong Kong’s stablecoin euphoria must relax

Only just a few issuers will likely be licensed underneath Hong Kong’s new stablecoin regime, town’s de facto central financial institution mentioned, warning buyers to not fall for extreme hype, obscure proposals or fraud.

With the Stablecoins Ordinance set to take impact on Aug. 1, Hong Kong’s high monetary regulator is sounding the alarm over mounting market euphoria and misinformation surrounding town’s incoming stablecoin licensing regime.

In a July 23 weblog put up, Eddie Yue, chief govt of the Hong Kong Monetary Authority (HKMA), mentioned many stablecoin proposals acquired thus far stay “overly idealistic” and lack concrete use instances, technical competency, or viable implementation plans. While dozens of establishments have contacted the HKMA to specific curiosity in turning into licensed issuers, Yue mentioned that solely a choose few will make the lower.

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Earlier on, we now have clearly acknowledged that, within the preliminary stage, we’ll at most grant a handful of stablecoin issuer licences. In different phrases, a lot of candidates will likely be disenchanted,” Yue wrote.

HKMA will launch an explanatory be aware that outlines how the regulator processes stablecoin license functions. (HKMA)

The warning comes amid a rising development of listed firms utilizing obscure stablecoin bulletins to spice up share costs and buying and selling quantity. Yue mentioned some companies have seen surges in inventory exercise just by declaring plans to discover stablecoin enterprise, even with out clear roadmaps.

He urged buyers to “remain calm and exercise independent judgment” in evaluating such market information, warning that speculative conduct may backfire. “How much stablecoin issuance business can contribute to the company’s short-term profitability is somewhat uncertain,” he mentioned.

Yue added that the HKMA has noticed fraudulent schemes disguised as stablecoin promotions, which have already led to public losses. Under the Stablecoins Ordinance, providing an unlicensed fiat-referenced stablecoin (FRS) to retail buyers or advertising it to the Hong Kong public will grow to be unlawful from Aug. 1.

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Yohan Yun

Yohan Yun is a multimedia journalist protecting blockchain since 2017. He has contributed to crypto media outlet Forkast as an editor and has lined Asian tech tales as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking, and experimenting with new recipes.

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