Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

<ul>
<li>Hong Kong's Stablecoins Ordinance issued by the Hong Kong Monetary Authority on the 1st August 2025, is the world’s first dedicated legislation targeting stablecoins. </li>
<li>Stablecoins, like <a href="https://www.smartkarma.com/entities/tether" target="_blank" data-smartkarma-citation="entities:35208:1" rel="noopener">Tether (USDT CURNCY)</a>, are considered a less volatile type of cryptocurrency as they are pegged to fiat currencies (like the US$/euro), short-term treasuries, and commodities (such as gold).</li>
<li>Proponents of stablecoins, backed by real currency, just need to espouse how they can be a surrogate/improvement on just using ... the real currency. </li>
</ul>


Hong Kong's Stablecoins Ordinance issued by the Hong Kong Monetary Authority on the 1st August 2025, is the world’s first dedicated legislation targeting stablecoins. 
Stablecoins, like Tether (USDT CURNCY), are considered a less volatile type of cryptocurrency as they are pegged to fiat currencies (like the US$/euro), short-term treasuries, and commodities (such as gold).
Proponents of stablecoins, backed by real currency, just need to espouse how they can be a surrogate/improvement on just using ... the real currency. 


Hong Kong Ratifies Stablecoin Legislation

China and US Equity Analyst

Roger Xie

Cross Asset Strategy

<ul>
<li>Stablecoin <a href="https://www.smartkarma.com/entities/terrausd" target="_blank" data-smartkarma-citation="entities:35209:1" rel="noopener">TerraUSD (UST CURNCY)</a> has de-pegged from USD; the implosion put pressure on <a href="https://www.smartkarma.com/entities/tether" target="_blank" data-smartkarma-citation="entities:35208:1" rel="noopener">Tether (USDT CURNCY).</a> This resembled the confidence crises that precede bank runs.</li>
<li>The incident happened under macro headwind such as tech stock sell-off, rising benchmark interest rates and TerraUSD specific algorithm design. </li>
<li>The bigger worry of de-pegging has investors to re-assess the reserve behind stablecoin in the crypto ecosystem; we expect the ripple impact will continue for some time before settling down.</li>
</ul>


Stablecoin TerraUSD (UST CURNCY) has de-pegged from USD; the implosion put pressure on Tether (USDT CURNCY). This resembled the confidence crises that precede bank runs.
The incident happened under macro headwind such as tech stock sell-off, rising benchmark interest rates and TerraUSD specific algorithm design. 
The bigger worry of de-pegging has investors to re-assess the reserve behind stablecoin in the crypto ecosystem; we expect the ripple impact will continue for some time before settling down.


Crypto: Perfect Storm on Stablecoin Infrastructure

Data-Driven Analysis of Cryptocurrency Markets, Kaiko

Kaiko

Data-Driven Analysis of Cryptocurrency Markets

Kaiko is the leading cryptocurrency market data provider for institutional investors and enterprises. We empower market participants with accurate, transparent, and actionable financial data to be leveraged for a range of market activities. Kaiko’s mission is to be the foundation of the new digital finance economy by serving as a single source for market information. Our mission is premised on the idea that high-quality data drives market efficiency and greater transparency throughout the industry. For each of our enterprise clients, we build custom data plans designed for a range of use cases.

Crypto

<ul><li>The crypto safe-haven narrative gained traction in the beginning of the year after the start of the Russia-Ukraine war.</li><li>Both ruble and hryvnia trade volumes surged immediately after Russia’s invasion, boosted by record local currency devaluation and market disruptions.</li><li>Interestingly, the increase was mainly driven by stablecoin volumes rather than BTC, with weekly Tether (USDT) volumes jumping more than five-fold in early March relative to the start of the year.</li></ul>

The crypto safe-haven narrative gained traction in the beginning of the year after the start of the Russia-Ukraine war.Both ruble and hryvnia trade volumes surged immediately after Russia’s invasion, boosted by record local currency devaluation and market disruptions.Interestingly, the increase was mainly driven by stablecoin volumes rather than BTC, with weekly Tether (USDT) volumes jumping more than five-fold in early March relative to the start of the year.

Crypto Fundamental Investor/Analyst

Josh Du

<ul>
<li>Crypto complex down double digits over the past week as yields climb beyond 3% and major asset classes all trade lower with heightened correlation. NFTs also down significantly. </li>
<li>
<a href="https://www.smartkarma.com/entities/terrausd" target="_blank" data-smartkarma-citation="entities:35209:1" rel="noopener">TerraUSD (UST CURNCY)</a> has depegged from USD1 and is again potentially at risk for the dreaded death spiral coupled with <a href="https://www.smartkarma.com/entities/terra" target="_blank" data-smartkarma-citation="entities:34616:1" rel="noopener">Terra (LUNA CURNCY)</a> </li>
<li>As UST and LUNA have a combined market cap of around $40 billion, it could present systematic risk implications for crypto </li>
</ul>


Crypto complex down double digits over the past week as yields climb beyond 3% and major asset classes all trade lower with heightened correlation. NFTs also down significantly. 

TerraUSD (UST CURNCY) has depegged from USD1 and is again potentially at risk for the dreaded death spiral coupled with Terra (LUNA CURNCY) 
As UST and LUNA have a combined market cap of around $40 billion, it could present systematic risk implications for crypto 


Crypto Weekly - TerraUSD (UST)'s Depeg Leading to Crypto Capitulation?

NASDEX Ltd

We believe that the tokenization of all asset classes, including stocks, is inevitable as the world further increases adoption of crypto and blockchain technology.

NASDEX is designed to serve as a bridge between the crypto world and the equity world. We believe that the onchain adoption of the equity asset class will deliver increased accessibility with improved capabilities for both crypto and equity investors

<ul>
<li>We explore the notion that stablecoins existed even before crypto was invented and shows the difficulties of creating a monetary medium with zero volatility </li>
<li>We show that the supply of stablecoins has grown 27x over the past 2 years and breakdown the history of stablecoins and their modern-day use cases </li>
<li>We demonstrate a strategy to generate 20% returns on stablecoins using <a href="https://www.smartkarma.com/entities/terrausd" target="_blank" data-smartkarma-citation="entities:35209:1" rel="noopener">TerraUSD (UST CURNCY)</a>  and Anchor Protocol</li>
</ul>


We explore the notion that stablecoins existed even before crypto was invented and shows the difficulties of creating a monetary medium with zero volatility 
We show that the supply of stablecoins has grown 27x over the past 2 years and breakdown the history of stablecoins and their modern-day use cases 
We demonstrate a strategy to generate 20% returns on stablecoins using TerraUSD (UST CURNCY)  and Anchor Protocol


Stablecoin Part 2 - History of Stablecoins and the Best Stablecoin Yield Opportunities

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TerraUSD (UST CURNCY)

Hong Kong Ratifies Stablecoin Legislation

It's easy to be dismissive. But IF regulated well, stablecoins hold the potential for much-needed innovations in the world’s payment systems.

David Blennerhassett

Crypto: Perfect Storm on Stablecoin Infrastructure

The bigger worry of TerraUSD de-pegging has investors to re-assess the reserve behind stablecoin in the crypto ecosystem; we expect the ripple...

Roger Xie

The 10 Defining Market Events of 2022

Both ruble and hryvnia trade volumes surged immediately after Russia’s invasion, boosted by record local currency devaluation and market disruptions.

Kaiko

Crypto Weekly - TerraUSD (UST)'s Depeg Leading to Crypto Capitulation?

Crypto down another double-digits. But besides macro risk, there are potential fundamental risks looming in the Terra stablecoin UST peg, which at...

Josh Du

Stablecoin Part 2 - History of Stablecoins and the Best Stablecoin Yield Opportunities

Stablecoin supply has grown 27x over the past 2 years. We explore the history and the implications, and demonstrate how to generate 20% yields on...

Josh Du

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