[Ethereum Stablecoin Trading Volume Reaches $2.82 Trillion in October, Setting a New Record] In October 2025, the trading volume of stablecoins on Ethereum reached $2.82 trillion, marking a historic high and a 45% month-on-month increase. Among them, Circle's USDC recorded a trading volume of $1.62 trillion, ranking first; USDT had a trading volume of $895.5 billion, coming in second; MakerDAO's DAI recorded a trading volume of $13.6 billion, ranking third. Analysts pointed out that during the crypto market correction, Bitcoin and Ethereum fell by 11.5% and 16.4%, respectively. Traders utilized stablecoins to manage liquidity and seek yield opportunities, with stablecoin issuers accounting for 65%-70% of the daily total revenue of crypto protocols.

[Hong Kong SFC Allows Virtual Asset Trading Platforms to Share Liquidity and Establish Compensation Mechanisms] The Hong Kong Securities and Futures Commission (SFC) has issued a circular titled 'Circular on Sharing of Liquidity among Virtual Asset Trading Platforms,' approving licensed virtual asset trading platforms to integrate order books with eligible overseas platforms to share liquidity, thereby enabling cross-platform trade matching and execution. Relevant platforms are required to adopt Delivery Versus Payment (DVP) mechanisms, intraday settlement, and monitoring of unsettled transaction limits. Additionally, they must establish reserve funds and insurance or compensation arrangements in Hong Kong that align with the scale of the limits to cover settlement asset risks. Furthermore, market surveillance must be implemented uniformly, ensuring that trading and customer data can be immediately provided to the SFC. Before serving retail clients, platforms must conduct adequate risk disclosures, obtain client consent, and submit a written approval application with relevant terms and conditions attached.

[October DEX Trading Volume Reaches $613.3 Billion, Setting a New Historical High] In October, the trading volume of decentralized exchanges (DEX) increased from nearly $500 billion in September to $613.3 billion, setting a new historical high, primarily due to traders adjusting their portfolio allocations. According to DefiLlama data, Uniswap ranked first with a monthly trading volume of $170.9 billion, up from $106.5 billion in September. PancakeSwap ranked second, with an October trading volume of $101.9 billion, rising from $79.8 billion in September. Meanwhile, centralized exchange (CEX) trading volume also reached $2.17 trillion in October, the highest level since January 2025, representing an approximately 28% increase from $1.69 trillion in September.

[Hong Kong SFC Issues New Guidelines to Promote Development of Virtual Asset Trading Platforms] The Hong Kong Securities and Futures Commission (SFC) has issued two new circulars to clarify operational standards for licensed virtual asset trading platforms, aiming to enhance global liquidity and expand the range of product services. The SFC allows platforms to share order books with affiliated overseas trading platforms to boost cross-platform trading liquidity and plans to explore the feasibility of licensed brokers transferring client trading instructions to regulated overseas liquidity pools. Additionally, the SFC permits platforms to sell virtual assets, stablecoins, and tokenized securities without a 12-month track record to professional investors and allows related entities to provide custody services.

[Hong Kong SFC Allows Platforms to Offer Virtual Assets and Stablecoins Without 12-Month Performance Records] The Hong Kong Securities and Futures Commission (SFC) announced that platform operators can offer virtual assets without a 12-month performance record to professional investors, while also allowing the issuance of stablecoins by licensed institutions in Hong Kong. This policy aims to further regulate the operation of virtual asset trading platforms and promote the development of Hong Kong's digital asset market. (UTC+8)