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Stablecoins become ‘global macroeconomic force’. Hong Kong approves its first Solana ETF

gc summary 23.10

Hey traders! 

This week wasn’t the best for crypto, with markets under pressure and sentiment turning cautious. However, a few key events still shaped the market narrative:

quick weekly news

Stablecoins become ‘global macroeconomic force’ as transactions reach $46T

Let’s kick off our digest with positive news for the global crypto market: stablecoins are emerging as a dominant force in global finance. According to a new report from Andreessen Horowitz (a16z), they now account for over 1% of all U.S. dollars in circulation. The venture capital firm’s State of Crypto 2025 report highlights how stablecoins have evolved from niche trading instruments into a macroeconomic asset class powering cross-border payments, fintech adoption, and institutional finance.

According to a16z, the total value of stablecoin transactions reached $46T over the past year, marking an 87% increase from 2024 and showing their rapid rise as the fastest, cheapest, and most global way to move money. 
Source: State of Crypto 2025

The sector’s market capitalization now stands at $316B, backed largely by U.S. Treasuries worth more than $150B, making stablecoin issuers collectively the seventeenth-largest holders of U.S. government debt, ahead of several nation-states.

The report also attributes this surge to advancements in blockchain scalability and growing institutional participation from BlackRock, Visa, Fidelity, and JPMorgan. Meanwhile, regulatory frameworks are catching up, with the U.S. implementing the GENIUS Act to govern reserves and transparency, and the U.K. working toward its own rules. As a16z concludes, stablecoins have officially transformed from speculative crypto tools into a global macroeconomic force shaping the future of digital finance.

Hong Kong approves its first spot Solana ETF ahead of US

Hong Kong has officially approved its first spot Solana ETF, marking another step in its push to become Asia’s leading crypto hub. The move follows earlier approvals of spot Bitcoin and Ethereum ETFs, making Solana the city’s third spot crypto ETF.

The Hong Kong Securities and Futures Commission (SFC) granted approval to China Asset Management (Hong Kong) for the Solana ETF, which will list on the Hong Kong Stock Exchange. The fund will be tradable in both USD and Chinese yuan, with a minimum investment of around $100 and a management fee of 0.99%. The ETF’s infrastructure will be supported by OSL Exchange as the trading platform and OSL Digital Securities as sub-custodian.

With this launch, Hong Kong joins Brazil, Canada, and Kazakhstan, which have already rolled out spot Solana ETFs, while the United States continues to lag behind, with no Solana ETF yet approved. This move could strengthen Solana’s institutional credibility and position it as a leading blockchain for stablecoins and real-world asset tokenization, as noted by Bitwise CIO Matt Hougan, who called Solana “the new Wall Street.”

Major crypto wallets raise defense network as phishers jack $400M

Another piece of great news comes from the crypto wallet industry. Leading Web3 wallet providers, including MetaMask, Phantom, WalletConnect, and Backpack, have announced the formation of the Security Alliance (SEAL), a real-time phishing defense network aimed at preventing such attacks before they occur. The initiative follows reports showing that crypto phishers stole over $400M in the first half of 2025 alone. This is one of the biggest security challenges facing the Web3 ecosystem as of now.

The new “decentralized immune system” will enable users and researchers to submit verifiable phishing reports that will instantly alert all participating wallets about malicious websites. This allows for real-time cross-platform protection without centralized control or special permissions. By sharing validated reports, the network dramatically reduces response times and increases the reach of anti-phishing defenses across the crypto space.

According to SEAL, the collaboration aims to build a stronger, more agile defense layer against crypto drainers, malicious scripts that steal funds from unsuspecting users. With phishers constantly evolving tactics, from rotating landing pages to cloaking URLs, MetaMask’s team said the new partnership makes wallet security “more adaptive and collaborative than ever,” helping to prevent “the next major phishing attack.”

$19B market crash paves way for Bitcoin’s rise to $200K: Standard Chartered

Let’s sum up this digest with some positive predictions from the Standard Chartered office. Despite a $19B liquidation that sent Bitcoin to a four-month low of around $104,000, Standard Chartered’s head of digital assets research, Geoff Kendrick, believes the crypto market’s pain could mark the start of its next major rally. In an exclusive interview with Cointelegraph, Kendrick reaffirmed his year-end Bitcoin target of $200,000, calling the recent crash a potential “buying opportunity” once the dust settles.

According to Kendrick, the correction may take several weeks to stabilize, but ETF inflows and Fed rate cuts could soon reignite bullish momentum. He added that even in a conservative scenario, Bitcoin could still end the year “well north of $150,000,” with macro trends like rising gold prices and continued ETF demand supporting the rebound.

This week, Bitcoin ETFs saw $477M in net inflows, breaking a four-day losing streak and hinting at renewed investor confidence. Source: Farside

Kendrick concluded that the combination of macro easing, strong ETF appetite, and Bitcoin’s safe-haven narrative could drive the next leg up, potentially pushing BTC toward his $200K forecast by year-end. Let’s hope he’s right 🙏

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