Asia dominates Crypto Adoption Index, Bitget’s $351M hack: Asia Express

Asia-Pacific countries account for nine of the top 20 destinations for crypto adoption, while BitGet suffers a massive $351 million hack. Asia Express.

• Asia-Pacific countries dominate grassroots crypto adoption, with a significant focus on cross-border stablecoin transfers.
• Major events include a $351 million hack at crypto exchange Bitget and Binance's $100 million investment in stablecoin issuer Circle.
• Various Asian jurisdictions are exploring blockchain technology for financial services, including central bank digital currencies and bond issuance.

Topics: Jurisdictions, Blockchain usage, Institutional adoption, Emerging hubs, Ethereum evm l 1 s, Banking depository pilots

Tags: #asiapacific #cryptoadoption #stablecoin #bitgethack #usdc #binance #bankofkorea #hanabank #animocabrands #hkma

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Gold Extends Gain as Hormuz Deal Progress Lowers Rate-Hike Odds

Gold extended the biggest gain in six months as signs of progress in reopening the Strait of Hormuz eased energy-led pressure on the Federal Reserve to raise interest rates. Iran said it has reached agreement with Oman on a proposed shipping route through the strait, raising the prospect of some energy flows resuming through the critical waterway. Signs of progress in ending the conflict has markets now fully pricing in only a single US rate increase by year-end, down from two as recently as last week.

• Gold prices surged due to progress in reopening the Strait of Hormuz, easing concerns about energy-led interest rate hikes by the Federal Reserve.
• Market expectations have shifted, now pricing in only one US rate increase by year-end, which is generally positive for non-yielding assets like gold.
• Despite positive momentum, a tight energy market remains a hurdle for a sustained gold bull run, while the Bank of Korea explores purchasing domestically refined gold.

Topics: Asset types, Market cycles macro sensitivity, Alternative assets, Interest rate sensitivity, Inflation recession impact

Tags: #gold #straitofhormuz #federalreserve #interestrates #inflation #iran #oman #preciousmetals #energyprices #bankofkorea

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Bank of Korea Scales Up CBDC Pilot With Half a Million Users

Phase 1 of Project Hangang opened 81,000 wallets with 42% of them using the CBDC. Phase 2 is bigger, and this time it moves real government money.

• The Bank of Korea is expanding its Project Hangang CBDC pilot to 500,000 users, incorporating real government funds and new features like automatic top-ups and P2P transfers.
• The pilot aims to test government subsidy disbursements using programmable tokens and assess if deposit token payments can reduce interchange fees for merchants.
• Concerns are raised about the programmability of CBDCs, with critics highlighting potential for financial surveillance and control, contrasting with the US's recent ban on CBDC issuance.

Topics: Jurisdictions, Blockchain usage, Institutional adoption, Regulatory sandboxes pilots, Private enterprise ledgers, Banking depository pilots

Tags: #cbdc #bankofkorea #projecthangang #digitalwon #programmabletokens #pilotprogram #financialsurveillance #deposittokens #southkorea

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