Bitwise launches spot near ETF, HSBC introduces Redcoin stablecoin in Hong Kong, MIM stablecoin depegs to $0.50 triggering Abracadabra incentive pause, and Kalshi seeks $1B fundraise.
DeFi & Yields ·
HSBC has named its forthcoming Hong Kong-dollar stablecoin HSBC RedCoin, with the bank announcing a phased rollout beginning with person-to-person and person-to-merchant payments. A survey of over 1,000 local customers found that 74 percent recognize at least one stablecoin use case, with digital asset trading and tokenised investments cited most frequently at 57 percent. The survey also revealed customer concerns: 62 percent cited stronger regulatory clarity as a confidence-booster, while 53 percent prioritized fraud protection and 51 percent valued seamless cash conversion.
Elsewhere in the sector, Bitwise launched the first US spot Near ETF, and Kalshi is seeking $1 billion at a $40 billion valuation. In a separate development, MIM stablecoin depegged to $0.50, prompting Abracadabra to pause incentives in an effort to restore its peg. The extent and duration of Abracadabra's remedial efforts remain unclear, as does the broader market impact of the depeg.