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South Korea’s central bank has ruled out directly operating stablecoin businesses, saying private companies should handle issuance while the Bank of Korea focuses on monetary stability and payment infrastructure. Governor Hyun Song Shin made the remarks during a parliamentary hearing on October 12, distinguishing privately issued stablecoins from the central bank’s own digital currency initiative. The decision comes as South Korea continues debating how won-backed stablecoins should be regulated and which institutions should be allowed to issue them.

Instead of launching a retail central bank digital currency, the Bank of Korea is advancing Project Hangang, which combines institutional digital currency with tokenized bank deposits. The system allows commercial banks to manage customer accounts while the central bank handles settlement between financial institutions. Meanwhile, private companies are exploring stablecoin-based payments and securities settlement as lawmakers continue working on a broader digital asset framework.

The debate highlights the growing competition between private stablecoins and bank-led digital payment systems. As South Korea shapes its regulatory approach, the balance between innovation, financial stability, and control over digital money could influence how stablecoins develop across Asia. Here’s what you need to know from today’s crypto market.☕

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Hong Kong is set to welcome its second spot Solana ETF as Pando Finance prepares to list its fund on October 13, giving investors another regulated way to gain exposure to SOL without holding the token directly. The ETF will trade on the Hong Kong Stock Exchange under ticker 2831, with an indicative price of HK$7.80 to HK$8 per share. The launch adds to Hong Kong’s growing range of crypto investment products as traditional finance continues to build bridges into digital assets.

Pando’s fund will charge a 0.6% annual management fee, below the 0.99% charged by Hong Kong’s existing Solana ETF. It will hold SOL directly through licensed trading and custody providers, but will not use staking, derivatives, or leverage. Investors will therefore gain exposure to Solana’s price movements without receiving staking rewards, and they will still face the risks associated with the token’s volatility.

The launch reflects growing demand for regulated crypto products across Asia, where investors are gaining more ways to access digital assets through traditional markets. Whether the new ETF attracts significant inflows will depend on investor appetite, SOL’s performance, and competition among fund providers. Here’s what you need to know from today’s crypto market.☕

South Korea’s Jeonbuk Bank has become the country’s first bank to offer corporate loans backed by Bitcoin, allowing businesses to access financing in Korean won without selling their crypto holdings. The service initially targets companies seeking working capital, with Bitcoin held by a registered third-party custodian rather than directly controlled by the bank. The launch marks a new step toward integrating digital assets into traditional banking.

The bank has developed a valuation system using prices from multiple global exchanges to assess collateral and account for market volatility. New enforcement rules introduced on October 1 also provide a legal route for court-supervised sales of pledged Bitcoin if borrowers default. However, the bank has not disclosed loan amounts, interest rates, or collateral thresholds.

The move reflects growing interest in using Bitcoin as financial collateral rather than simply holding or trading it. If similar products expand, crypto-backed lending could create new financing options for businesses while introducing additional risks when market prices fall sharply. Here’s what you need to know from today’s crypto market.☕

Polygon has permanently burned 100 million POL tokens, roughly 1% of its original supply, but the move has done little to lift the token’s price. POL traded near $0.10 on October 12, down from around $0.12 in late September, showing that reducing supply alone may not be enough to attract buyers. Another 22 million POL tokens are reportedly lined up for a future burn, while the market waits for stronger demand.

One reason for the weak response is that Polygon continues to issue new tokens to support validators and its community treasury, partly offsetting the impact of burns. At the same time, Polygon’s Open Money Stack has reportedly processed more than $1 billion in annualized volume for two consecutive weeks, highlighting growth in its payment infrastructure. However, transaction volume does not automatically translate into higher demand for POL or greater network fee revenue.

The development highlights a key challenge for crypto projects: token burns can reduce supply, but lasting price growth still depends on demand, token economics, and real utility. Polygon’s payment expansion could strengthen POL’s long-term case, but investors will be watching whether network activity eventually translates into meaningful value for token holders. Here’s what you need to know from today’s crypto market.☕

Ten consecutive red monthly candles and the most oversold RSI in Solana history have created massive panic. But while the price collapsed, the underlying network didn’t. 

Dormant wallets are waking up, application revenue is surging, stablecoin supply has climbed to fifteen billion dollars, and institutional ETF inflows remain strong. With new tokenomics reducing inflation and major infrastructure upgrades like Firedancer rolling out, the current range is a prime accumulation zone. 

Stop guessing where the market bottom is and get our complete breakdown of the thesis, metrics, and risks. Download our free guide today to see why we are accumulating SOL right now.

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Kraken’s parent company, Payward, has received full approval from Dubai’s Virtual Assets Regulatory Authority (VARA), clearing the way for its expansion into the UAE. The approval allows Kraken to serve retail, professional, and institutional clients, with plans to offer spot and margin trading in UAE dirhams, alongside direct deposits

Standard Chartered has launched institutional custody services for Ripple’s RLUSD stablecoin on the XRP Ledger, allowing eligible clients to securely hold their digital assets through the bank’s regulated Dubai International Financial Centre branch. The bank is also partnering with Ripple and LMAX Group to enable RLUSD

South Korea’s Jeonbuk Bank has become the country’s first bank to offer Korean won-denominated loans backed by Bitcoin, initially targeting corporate clients seeking working capital. Instead of holding the cryptocurrency directly, the bank uses registered digital asset custodians to secure the Bitcoin collateral.

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