China Launches Digital Yuan ATMs in Hainan Resort City of Sanya

U.S.-based crypto startup Ondo Finance, a financial infrastructure firm that concerns itself with the tokenization of real-world assets (RWAs), has officially revealed its intention to expand into the Asia Pacific (APAC) area, with the inauguration of its first office in the region. In a press release published by the company on Sunday, Ondo clarified that the expansion is a direct response to the escalating interest in digital assets throughout Asia. That interest the company attributes to factors such as a flourishing crypto community, shifting regulatory environments and a growing appetite for exposure to U.S. assets.Photo by Florian Wehde on Unsplash40% market shareAt present, Ondo Finance holds a 40% share of the global market where tokenized RWAs are concerned. That market share has been driven by its three main tokenized product offerings: OUSG, designed for exposure to U.S. Treasuries; OMMF, facilitating exposure to U.S. money market funds; and USDY, positioned as a yield-bearing alternative to traditional stablecoins. These products serve as a conduit for global investors to access U.S.-based asset classes in tokenized form, aligning with the rising trend of digital asset adoption. To spearhead its APAC expansion initiative, Ondo Finance has appointed Ashwin Khosa as the vice president of business development in the region. Khosa brings nearly a decade of experience in Hong Kong-based institutional business development, having worked with multinational financial services company Citi, alongside key crypto firms such as Tether and its sister company, Bitfinex. His expertise encompasses both on-chain finance and a profound understanding of the APAC market. Khosa stated: “The team is top-notch and the mission of bringing real world assets onchain is extremely important. I look forward to working closely with partners in the region to help investors gain access to this next generation of high-quality assets.” Founded in 2021 with roots tied to the Goldman Sachs Digital Assets team and supported by leading venture capitalists including Founders Fund, Pantera Capital and Coinbase Ventures, Ondo Finance is looking to solidify its position as a dominant force in this newly emerging market on the back of nearly 40% of the global market share in tokenized securities. Nathan Allman, the founder and CEO of Ondo, expressed his excitement about the expansion, stating:“We’re very excited about our expansion into APAC. There is an active and rapidly growing crypto community and an appreciation for the type of high-quality exposure to US assets that our tokens provide.” Suspected token dumpIn a related development on Monday, on-chain sleuths have presented data that may indicate a sell-off of $11 million worth of ONDO tokens, the project’s native token. 20 million tokens were sold, with the suggestion that the token unit price fell in tandem with that market activity. Earlier on Monday, the token traded at $0.3062. At the time of writing, it's trading at $0.25. This expansion into the APAC region follows a string of pivotal developments for Ondo, including the revelation of its strategic roadmap and partnerships within the Ondo ecosystem. Additionally, the Ondo Foundation has introduced a points program and a proposed unlocking of its ONDO token, marking an integral part of the company's ongoing growth and development.   

GameFi-Oriented MARBLEX Decides to Burn 670M MBX TokensMARBLEX, the blockchain subsidiary of South Korean gaming company Netmarble, is going to burn 670 million of its native token MBX on July 19, according to a press release. This move is part of MARBLEX’s plan to overhaul the MBX tokenomics, which was announced last month.This token burn event involves the elimination of 67% of the total distribution of 1 billion MBX tokens. The tokens earmarked for burning have no designated purpose.Photo by Cullan Smith on Unsplash99% support for burning tokensTo determine the fate of these tokens, MARBLEX conducted a voting process from July 4 to 10, allowing Marbleship NFT holders and MBX token holders to participate. The outcome of the vote revealed that 99% of the participants supported burning the tokens.In preparation for the token burn, MARBLEX plans to share information about the event on cryptocurrency data tracking websites CoinMarketCap and Xangle.Moving forward, MARBLEX intends to introduce an improved token burn policy in the second half of this year. The revision of its tokenomics will enhance the utility of the MBX token, contributing to the establishment of a sustainable and trustworthy ecosystem.MBX token usesAccording to CoinMarketCap, the MBX token is traded on centralized exchanges Bithumb, Huobi, Bybit, Gate.io, MEXC, and Indodax, as well as on the decentralized exchange KLAYswap. Token holders can use MBX to buy items in marketplaces, trade MBX for in-game tokens, and exchange MBX with other game players. Notable MBX games include A3: Still Alive, a battle royale MMORPG; Ni no Kuni: Cross Worlds, a fantasy MMORPG; The King of Fighters ARENA, a fighting game; and Meta World: My City, a Web3 property management game.

Several leading Chinese technology firms have reportedly shelved their plans to launch stablecoins in Hong Kong, following regulatory pushback from the People’s Bank of China (PBOC) and the Cyberspace Administration of China (CAC). According to the Financial Times, the authorities have expressed growing concerns over the risks posed by privately issued digital currencies, prompting companies to delay their initiatives.Photo by Jacky Yu on UnsplashBeijing’s focus on control and digital yuanThe companies’ hesitation underscores Beijing’s broader push to preserve control over its monetary system while advancing the rollout of its central bank digital currency (CBDC), the e-CNY. Earlier this month, the PBOC unveiled a new Shanghai-based center to oversee the e-CNY’s international operations, signaling China’s ambition to extend the digital yuan’s reach beyond its domestic market. Over the summer, companies including Ant Group, backed by Alibaba, and e-commerce platform JD.com signaled interest in Hong Kong’s pilot stablecoin initiative or in issuing crypto products such as tokenized deposits. Those plans are now on hold as firms assess policy signals from Beijing and weigh the implications for their businesses. Research efforts reflect China’s cautious approachChina’s cautious stance is also reflected in its research priorities. The National Natural Science Foundation of China (NSFC), a vice-ministerial body under the Ministry of Science and Technology, has begun inviting grant applications for projects focused on stablecoins and cross-border regulatory frameworks. In announcing the initiative, the NSFC cautioned that the unchecked circulation of privately issued stablecoins could erode the effectiveness of the country’s capital controls. Globally, approaches to fiat-pegged digital assets diverge. In the United States, President Donald Trump in July signed the GENIUS Act, the country’s first stablecoin legislation, into law. A White House fact sheet argued that stablecoins could strengthen demand for U.S. Treasuries and reinforce the dollar’s standing as the world’s dominant reserve currency. In Europe, however, regulators remain wary. In a blog post that same month, European Central Bank (ECB) adviser Jürgen Schaaf warned that the widespread use of U.S. dollar-denominated stablecoins in the euro area could pose financial risks, noting that dollar-based tokens already account for the vast majority of global stablecoin market capitalization. Geopolitics adds to market volatilityThe recalibration by Chinese firms comes against a turbulent geopolitical backdrop. Cointelegraph, citing President Donald Trump’s interview with Fox News, reported that Trump is expected to meet Chinese President Xi Jinping in South Korea during the Asia-Pacific Economic Cooperation (APEC) summit, scheduled for Oct. 31 to Nov. 1. The anticipated meeting follows a string of shifting statements from Trump throughout October—ranging from skepticism about meeting Xi, to announcing new 100% tariffs on Chinese imports, and later adopting a more conciliatory tone. The back-and-forth has coincided with heightened volatility across crypto markets. Market turbulence deepened as a wave of liquidations swept through crypto derivatives, erasing nearly $20 billion in positions on Oct. 10, the largest such event on record. Bitcoin plunged to as low as $104,749 on Oct. 17 and has since rebounded to around $114,000 as of Oct. 28. The pullback by Chinese tech groups underscores the fine line regulators and firms must navigate: advancing digital finance innovation while safeguarding monetary stability and control. How that balance is managed across China, the U.S., and Europe will shape the future of stablecoins and define their place in the evolving global financial order.