Tom Lee states that the cryptocurrency market has entered a bull market

HSBC announced the launch of the stablecoin HSBC RedCoin in Hong Kong, with plans to gradually apply it to personal transfers and merchant payments, and then expand to corporate and institutional scenarios. According to a survey conducted by HSBC on over 1000 local customers, 74% of respondents are familiar with the application scenarios of stablecoins. Among them, digital asset trading and tokenization investment account for 57%, while personal transfers, cross-border remittances, and merchant payments account for 53%, 52%, and 52%, respectively.

Consensys founder Joe Lubin stated that MetaMask is evaluating the path to launching a native token and currently has no plans to immediately launch MASK. At this stage, there is no confirmed timeline for the near future issuance.

HSBC announced the naming of its stablecoin as HSBC RedCoin, with a focus on P2P and P2M payment scenarios in the first phase, and expanding to include industrial, commercial, financial, and corporate levels in the future. The Hong Kong Monetary Authority has granted HSBC a Hong Kong dollar stablecoin issuer license, and HSBC plans to officially launch the Hong Kong dollar stablecoin in the second half of this year.

DeepSeek collaborates with Huawei to adapt AI training and inference underlying components to Ascend chips, covering operator development, matrix computing, cross card communication, Attention, and data filtering. DeepSeek V4 has started adapting to the Ascend 950, with Huawei chips participating in some V4 training. Liang Wenfeng will prioritize increasing domestic chip training and is expected to acquire new Huawei training chips in the fourth quarter. (Source: Reuters, The Information)

The Illinois tax department has released a draft of a 0.2% digital asset transaction tax, which considers stablecoins as taxable digital assets and excludes non fungible tokens from taxation. DeFi transactions are usually exempt, but payment of protocol fees by users for operating or maintaining the platform may trigger taxation. Only network fees and exchange fees paid to liquidity providers do not trigger this tax. Cross chain bridging through digital asset brokers and payment of consideration is considered a taxable exchange activity, and fees charged by centralized exchanges when transferring funds to self custodial wallets may also be subject to taxation. The tax law was approved in June and is scheduled to take effect on January 1, 2027. The deadline for soliciting opinions on the draft is October 30. (Source: Cointelegraph)