Crypto Morning Brief: Total cryptocurrency market cap falls below $3 trillion, HashKey plans to go public in Hong Kong
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Crypto Morning Brief: Total cryptocurrency market cap falls below $3 trillion, HashKey plans to go public in Hong Kong
Sony Bank will issue a dollar stablecoin in the United States in fiscal 2026.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
FDIC Acting Chair Says Stablecoin Regulatory Application Framework to Be Proposed in December
According to CoinDesk, Travis Hill, acting chair of the U.S. Federal Deposit Insurance Corporation (FDIC), plans to announce during a Tuesday House Financial Services Committee hearing that the FDIC will propose initial implementing rules for the GENIUS Act by the end of December, establishing an application-based regulatory framework for stablecoin issuers. In prepared testimony, Hill stated that the FDIC has begun developing rules to implement the GENIUS Act and intends to propose prudential requirements for payment stablecoin issuers under FDIC supervision early next year. The agency is also developing guidance on the regulatory status of tokenized deposits based on recommendations from the President’s Working Group on Digital Asset Markets.
Fed Official to Advance Rulemaking on Stablecoin Regulation
According to Bloomberg, Michelle Bowman, a senior bank regulator at the Federal Reserve, plans to announce during a Tuesday House Financial Services Committee hearing her commitment to establishing new regulatory rules for banks and stablecoins. This initiative aims to ensure healthy competition among traditional Wall Street financial institutions, fintech firms, and cryptocurrency companies. In her prepared remarks, Bowman emphasized that regulators have a responsibility to encourage innovation responsibly while continuously enhancing their ability to monitor safety and soundness risks associated with innovation.
Bank of America Expects Fed to Cut Rates by 25 Basis Points in December, Up from Previous No-Cut Forecast
According to Jin10 News, Bank of America Global Research now expects the Federal Reserve to cut interest rates by 25 basis points in December 2025, revising its prior forecast of no rate cuts.
Sony Bank to Launch U.S. Dollar-Backed Stablecoin in Fiscal Year 2026
According to Nikkei News, Sony Bank plans to launch a U.S. dollar-pegged stablecoin in the United States as early as fiscal year 2026, aiming to use it for payments related to games and anime content within its ecosystem.
Zama: To Sell 10% of ZAMA Token Supply via Dutch Auction on Ethereum
According to an official announcement, Zama, a fully homomorphic encryption network, will sell 10% of the total ZAMA token supply through a sealed-bid Dutch auction on Ethereum, using fully homomorphic encryption (FHE) to keep bids confidential. Tokens will be immediately unlocked.
The auction will run from January 12 to 15, with token claims available on January 20. ZAMA is the utility token of the Zama protocol, with mainnet expected to launch by year-end.
Prior news: Zama raised $73 million in Series A funding led by Multicoin Capital; $57 million in Series B funding led by Pantera Capital.
Kalshi Launches Tokenized Prediction Platform on Solana
Prediction market platform Kalshi announced the launch of its tokenized prediction services on the Solana blockchain and opened applications for over $2 million in builder grants, with plans to expand to additional blockchains in the future. Additionally, Kalshi launched the Builder Codes program, allowing developers to build applications on its global liquidity pool without permission via platforms like DFlow or Jupiter Exchange, earning fees and rewards proportional to trading volume.
HashKey Holdings Limited Passes HKEX Hearing, Prepares for Hong Kong IPO
As disclosed by HKEX on December 1, HashKey Holdings Limited (a company incorporated in the Cayman Islands) has passed the HKEX listing hearing and officially commenced its Hong Kong IPO process. JPMorgan Chase, Cathay Haisheng, and Guotai Junan International are serving as joint sponsors for this IPO.
Key details:
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The company has published a post-hearing document set and is currently in preparation for listing
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The IPO price range is expected to be between [redacted] and [redacted] Hong Kong dollars per share
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The number of shares offered, public offering shares, and placement shares are all [redacted] (subject to adjustment)
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The par value per share is $0.00001
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The final offering price will be determined through consultation between the global coordinators and the company
Note: The post-hearing document is a draft and may be subject to significant changes. Investors should wait for the formal prospectus and make investment decisions solely based on the officially registered prospectus filed with the Hong Kong Companies Registry.
Binance to Delist SXPUSDT, MILKUSDT, OBOLUSDT, TOKENUSDT Contracts
According to an official announcement, Binance Futures will conduct automatic liquidations at the following times:
December 5, 2025, 17:00 (UTC+8): SXPUSDT and MILKUSDT USDT-margined perpetual contracts;
December 5, 2025, 17:30 (UTC+8): OBOLUSDT and TOKENUSDT USDT-margined perpetual contracts.
After automatic liquidation concludes, Binance Futures will delist the above perpetual contract pairs.
In addition, Binance will add observation tags to Tranchess (CHESS), Dent (DENT), dForce (DF), Aavegotchi (GHST), and Solar (SXP). Observation-tagged tokens may carry higher volatility and risk compared to other listed tokens.
PeckShield: November Crypto Security Incidents Result in Nearly $200 Million Losses, Up 969% MoM
According to PeckShield data, approximately 15 major cryptocurrency attacks occurred in November 2025, resulting in total losses of about $194.27 million—up 969% from $18.18 million in October. The top five incidents were: Balancer v2 and forks lost $137.4 million (with $39 million recovered), Upbit lost $36 million, Yearn Finance lost $9 million, HLP bad debt amounted to $4.95 million, and GANA PayFi lost $3.1 million.
Strategy Establishes $1.44 Billion USD Reserve for Dividends
According to an official announcement, Strategy (formerly MicroStrategy) purchased 130 bitcoins between November 17 and November 30, totaling $11.7 million.
In addition, Strategy has established a $1.44 billion USD reserve for dividend payments.
BitMine Added 96,798 ETH Last Week, Total Holdings Rise to 3,726,499 ETH
BitMine announced it added 96,798 ETH last week, increasing its total holdings to 3,726,499 ETH. The company also disclosed holding 192 BTC, Eightco Holdings shares worth $36 million, and $882 million in unencumbered cash.
Market Movements
Suggested Reading
Decoding the HashKey Prospectus: The True Financials Behind Hong Kong's First Crypto Stock
This article discusses HashKey, a licensed Hong Kong crypto trading platform currently in the final stages of its IPO. Its business spans transaction facilitation, on-chain services, and asset management, aiming to build a full-stack digital asset ecosystem. Despite notable revenue growth, the company remains unprofitable and highly dependent on market fluctuations. It is transitioning from retail-driven to institution-focused growth, with rapid user expansion but unproven trading activity. Its equity structure is highly concentrated, with controlling shareholders exerting influence through direct ownership and employee stock platforms.
Japanese Government Bond Yields Break 1%: The Global Financial "Ghost Story" Begins
This article discusses Japan's government bond yields surpassing 1%, marking the end of over a decade of extreme monetary easing. This shift not only profoundly impacts Japan's economy but also significantly affects global capital flows, risk asset valuations, and liquidity conditions.
This article provides a detailed overview of the core innovation model x(3,3) of decentralized exchange (DEX) Shadow Exchange, along with its development strategy, competitive advantages, and future roadmap within the Sonic blockchain ecosystem. It also covers technical highlights such as Shadow’s dynamic fee mechanism, MEV module, anti-JIT protection, and its resilience against market volatility.
Looking at Crypto Twitter, There's No More Profit Effect
This article explores the arrival of the "Post-Crypto Twitter" era, analyzing why crypto Twitter has gradually failed as a market coordination mechanism and its implications for the crypto industry. The author emphasizes the shift from a "single culture" to a decentralized landscape and notes that the mechanisms determining market significance will fundamentally change.
This article discusses China's recent 1128 meeting on cryptocurrency regulation, reaffirming restrictions on crypto trading and speculation. It analyzes the meeting's key points and potential industry impact, including shifts in judicial trends and intensified crackdowns on illegal foreign exchange activities involving stablecoins.
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