Today in crypto: HashKey debuted on Hong Kong’s HKEX exchange following a $206 million oversubscribed initial public offering (IPO), Bhutan is putting 10,000 Bitcoin to use to develop its special administrative region known as the Gelephu Mindfulness City, and the US Federal Deposit Insurance Corporation (FDIC) proposed a framework under the GENIUS Act for banks seeking to issue payment stablecoins.
HashKey crypto exchange sees bumpy Hong Kong debut after $206 million IPO
HashKey, Hong Kong’s largest cryptocurrency exchange, made its trading debut on the Stock Exchange of Hong Kong (HKEX) following a $206 million initial public offering.
Shares of HashKey Holdings officially listed on the HKEX main board on Wednesday, opening at 6.70 Hong Kong dollars ($0.86), according to data from the exchange.
Announcing the news in a blog post, HashKey Group said the exchange became the first publicly traded digital asset company in Asia to go public through an IPO in Hong Kong.
“This milestone marks the company’s entry into a new stage of development and establishes a stronger foundation for its global expansion and long-term strategic initiatives,” the company stated.
Launched on Dec. 9, HashKey’s IPO has received massive demand from institutional and retail investors, selling a total of 240 million shares for $206 million, according to the company’s HKEX filings.
The Hong Kong offering was oversubscribed by nearly 394 times with 24 million shares sold, while the international IPO reached 5.5 times the amount of stock on offer, selling 216.5 million shares.
The raise attracted nine cornerstone investors, including Cithara Global Multi-Strategy SPC, UBS AM Singapore, Fidelity and CDH. Cithara and UBS were the largest investors, allocated around 17.5 million shares and 11.7 million shares, respectively.
Bhutan pledges 10,000 Bitcoin to develop its “mindfulness city”
The Kingdom of Bhutan says it will tap into 10,000 Bitcoin from its stash to help build its special administrative region, the Gelephu Mindfulness City (GMC).
Located in the town of Gelephu in Southern Bhutan, GMC was launched in 2024 as Bhutan’s new economic hub to stop the exodus of young Bhutanese from the country by creating high-value local jobs.
The city offers regulatory flexibility for crypto and fintech firms and serves as a space to further Bhutan’s Bitcoin mining. It covers roughly 10% of Bhutan, or around 1,544 square miles, according to its website.
The plan to use Bitcoin for the Gelephu Mindfulness City is part of the wider national Bitcoin Development Pledge, which aims to support Bhutan’s long-term economic development through its Bitcoin stash and mining operations.
US banks could soon issue stablecoins under FDIC plan to implement GENIUS Act
The Federal Deposit Insurance Corp. (FDIC) is moving forward with rule-making under the US GENIUS Act by proposing a framework for how regulated banks could apply to issue payment stablecoins, a key early step in implementing the law’s stablecoin provisions.
In a 38-page document posted to the FDIC’s website, the agency detailed proposed approval requirements for the issuance of payment stablecoins by subsidiaries of FDIC-supervised institutions.
As Bloomberg reported, the proposal is subject to a public consultation period before advancing to the next stage of the rulemaking process.
Under the proposal, banks would apply to issue payment stablecoins through a subsidiary, with the FDIC assessing both the subsidiary and its parent institution against criteria set out in the GENIUS Act. These include the ability to meet stablecoin issuance standards, the institution’s financial condition, management quality, redemption policies and other safety and soundness considerations.
Once approved, the FDIC would serve as the primary federal regulator overseeing the subsidiary’s payment stablecoin activities.
The FDIC is the US agency responsible for insuring bank deposits and supervising member institutions. In recent years, it has taken a more active role in shaping how banks engage with digital assets, including reconsidering the use of reputational risk in bank supervision. As Cointelegraph reported in October, this shift could impact how financial institutions interact with crypto-related businesses.
