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Uber Joins Blockchain Investment Pilot with HSBC, Franklin Templeton, and Other Institutions
Uber recently participated in a blockchain investment pilot involving institutions such as HSBC and Franklin Templeton. Using HSBC's tokenized deposits, Uber purchased tokenized money market fund shares issued by Franklin Templeton on Thursday and sold them on Sunday, earning an extra 1.5 days of yield. The model enables fund investment and settlement via public chains, allowing companies to avoid having to sell assets before banks and markets close on Friday as they would under traditional methods. The pilot also involved Tradeweb and Fireblocks, with liquidity and settlement provided by Canton Network.Corporations are seeking to improve treasury management yields while reducing reliance on overdraft facilities and credit lines. Fireblocks CEO Michael Shaulov expects hundreds of large enterprises to adopt this model within the next 18 months. HSBC said the pilot has verified the technical feasibility, and the related services are now ready to be promoted and scaled to other clients. (Bloomberg)
Canton Network
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Franklin Templeton
Stellar Development Foundation Makes Strategic Investment in Marketnode to Expand Institutional Tokenized RWA Channels in Asia-Pacific
Odaily reports: The Stellar Development Foundation (SDF) has announced a strategic investment in Marketnode, an Asia-Pacific digital market infrastructure operator, to expand institutional investors' access to tokenized real-world financial assets through the Stellar network. Marketnode is backed by Euroclear, HSBC, Singapore Exchange Group, and Temasek, with operations covering the issuance, distribution, and servicing of funds, credit, and structured products, connecting asset management institutions, issuers, distributors, and qualified investors.
ALLO
Foundation
Foundation
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RWA Inc.
HSBC: $63 Billion Financing to Support Broadcom Compute Deployment, Price Target $560
HSBC assesses that, given previous $35 billion in financing that supported over 1 gigawatt, this transaction would roughly support a 1.7 to 1.8 gigawatt deployment. This falls short of management's 2027 target of 5 gigawatts, and funding continuity will require monitoring going forward.
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Stripe Bitcoin Fraudster Sentenced to 51 Months, Ordered to Pay $811K in Restitution
Odaily reports: Timothy Wadsworth has been sentenced to 51 months in prison and ordered to pay $810,965.19 in restitution after being convicted of conspiracy to commit wire fraud and money laundering. The U.S. Department of Justice (DOJ) announced the sentencing on October 23. Wadsworth is from Rochester, New York. His fraud scheme involved processing unauthorized credit card payments through Stripe, then transferring part of the funds to Coinbase to purchase Bitcoin and send it to co-conspirators.Between March 10 and May 15, 2020, Wadsworth used account information provided by co-conspirators to attempt to process 310 payments through Stripe totaling approximately $1.6736 million, of which 116 succeeded, amounting to about $730,700. The funds were moved through HSBC and Evolve Federal Credit Union accounts under his control, with some subsequently used to purchase Bitcoin.The judge also ordered the forfeiture of $810,956.19 in wire fraud proceeds. From March 2020 to September 2021, the actual and intended losses caused by the related fraud scheme totaled approximately $2.06 million, and also included disaster loans, Paycheck Protection Program loans, unemployment benefits, and other fraud proceeds targeting victims. (Bitcoin.com News)
Bitcoin
Bitcoin.com
Coinbase
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UK Receives Over 10,000 Complaints About Cryptocurrency Bank Transfer Restrictions in 90 Days, HSBC-Linked Banks Top the List
Odaily reports: According to a report by cryptocurrency advocacy group Stand With Crypto (SWC), between May and August of this year, UK consumers submitted 10,092 complaints through its online tool regarding banks restricting cryptocurrency purchases, involving 9,800 users and covering all 650 parliamentary constituencies in the UK. Among them, Lloyds Banking Group (including Halifax and Bank of Scotland) received 2,297 complaints, accounting for approximately 23% of the total; Barclays and NatWest Group received 1,569 and 1,278 complaints respectively.The report notes that although the UK government is committed to establishing a comprehensive crypto asset regulatory framework to attract relevant businesses, bank transfer restrictions may still hinder consumers from using compliant trading platforms. Citing research from the UK Crypto Asset Business Council, SWC stated that over the past 12 months, approximately 40% of transfers to cryptocurrency exchanges registered with the UK Financial Conduct Authority (FCA) were blocked or delayed. (CoinDesk)
August
CoinDesk
Stand
HSBC launches HKD stablecoin RedCoin on PayMe, enabling over 3.3 million users to open wallets for use.
According to Decrypt, HSBC officially launched the Hong Kong dollar stablecoin RedCoin (RCHKD) on its payment app PayMe on Friday. Over the coming days, more than 3.3 million PayMe users will be able to gradually set up compatible wallets to transfer funds to friends using RedCoin or make payments at over 100,000 merchants accepting PayMe.
Decrypt
The Hong Kong dollar stablecoin RedCoin will gradually be activated on PayMe, and HSBC launches wallet services
HSBC has launched the Hong Kong dollar stablecoin RedCoin (RCHKD) through PayMe, with wallet activation to be gradually rolled out over the coming days. PayMe has over 3.3 million users and more than 100,000 merchants. After eligible users activate their wallets, they can redeem 1 RedCoin for every 1 HKD deducted from their Hong Kong dollar balance at a 1:1 ratio, and can transfer funds within PayMe or make purchases at merchants that accept PayMe.
HSBC launches first Hong Kong dollar stablecoin RedCoin for retail users
According to The Block, HSBC launched its first Hong Kong dollar stablecoin, RedCoin, for retail users on October 23, 2026. PayMe users will be able to activate a stablecoin wallet within the app over the next few days for peer-to-peer and person-to-merchant payments.
Block
The Block
Barclays Plans to Cut 5,000 Jobs, Doubling Down on AI Applications
Barclays CEO Venkat Krishnamurthy said on a conference call that the company would deploy AI at scale, stating that "AI is not the cake, but the icing on the cake." Barclays had previously announced a cost-cutting plan in February, but some investors reacted negatively to the cost base revealed in its half-year report. On the peer front, HSBC is considering cutting up to 20,000 jobs over the coming years, while Standard Chartered has targeted a reduction of more than 15% in support department roles by 2030.
HSBC Launches Stablecoin RedCoin, Available to Over 3.3 Million PayMe Users
Odaily reports: Banking group HSBC has launched the stablecoin RedCoin, which will be available to over 3.3 million PayMe users for payments to 100,000 merchants before the weekend. Maggie Ng, CEO of HSBC Hong Kong and General Manager of Retail Banking and Wealth Management, stated that funds, assets, and information are shifting from traditional infrastructure to always-on, data-rich, and increasingly programmable digital networks.Li Guankang, Head of Retail Banking Products at HSBC and CEO of PayMe, stated that RedCoin will match the existing PayMe wallet in terms of transaction speed and other aspects, while offering additional benefits for merchant payments. To celebrate the launch of RedCoin, users can receive transaction coupons and "reward money" and other rewards.John O'Neill, Managing Director of Digital Assets and Currencies at HSBC, stated that within the year, a stablecoin wallet function will be added to the HSBC Hong Kong mobile banking app, and users will be able to subscribe to tokenized investment products using RedCoin, including the HSBC Hong Kong Dollar Money Market Fund, with a minimum subscription amount of HKD 100.Over the past months, HSBC has worked with regulators and potential users to advance the launch of RedCoin, with nearly 100 employees participating in the pilot, testing the complete process from minting to wallet activation to actual transfers. HSBC will subsequently expand use cases for corporate and institutional clients and launch more products. (HK01 NFT)
AINFT
Market
Ripple Prime Launches 24/7 Stock Swap Trading, HSBC Says Market Depth Remains Insufficient
According to CoinDesk, Ripple’s brokerage Ripple Prime (formerly Hidden Road) has enabled institutional clients to trade swap contracts linked to over 100 stocks, commodities, and money markets around the clock, with the option to use its US dollar-backed stablecoin RLUSD as collateral. These swap contracts track the perpetual contracts listed on the Trade.xyz platform on Hyperliquid, are currently provided under Ripple Prime’s British Virgin Islands license, with plans to expand into additional jurisdictions in the future, while trading firm Virtu has already joined as an early client. In a client report, Daragh Maher, Head of Digital Assets Research at HSBC, characterized the offering as a “gradual rather than revolutionary” upgrade, noting that its current market size remains modest compared to traditional finance, with initial activity likely concentrated among market makers, proprietary trading firms, and hedge funds executing basis trades.
CoinDesk
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Hidden Road
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Former Coinbase Head of Research Appointed as US Lead at Ethereum Institutional
Ethereum Institutional has announced the appointment of David Duong as its US Lead, responsible for driving collaboration with US institutional investors and helping institutions deepen their participation in building the Ethereum ecosystem. David Duong previously served as Global Head of Investment Research at Coinbase, where he led crypto market research for the exchange's institutional clients, covering areas such as macroeconomic analysis, valuation models, and market structure. He also spent 17 years in sell-side macro strategy research at HSBC, Santander, and Deutsche Bank.
Coinbase
Ethereum
UK banks received over 10,000 complaints about crypto transfer restrictions, with Lloyds and Barclays topping the list
Odaily reports: UK crypto advocacy group Stand With Crypto stated that within 90 days from May to August 2026, a total of 9,803 individuals submitted 10,092 complaints about restricted transfers to crypto platforms through its online tool to UK banks. The UK is preparing to introduce a digital asset regulatory framework in 2027.The report shows that Lloyds Banking Group received the most complaints, totaling 2,297; Barclays and NatWest Group received 1,569 and 1,278 respectively. Barclays and HSBC UK were listed as imposing a per-transaction limit of £2,500 and a 30-day cumulative limit of £10,000.Six banks, including Starling Bank, TSB, and Chase UK, were listed as imposing a full ban on crypto-related transfers. Nick Jones, founder and CEO of digital asset company Zumo, said that the UK Financial Conduct Authority (FCA) plans to implement mandatory approval in October 2027, but corporate bank account access is not covered by that framework. (Cointelegraph)
August
Cointelegraph
Stand
Zumo
R25 and Binance Wallet's APC Vault campaign Phase 2 adds $36.26 million in new subscriptions, with total TVL surpassing $81.66 million and 6 days remaining in the subscription window
Odaily reports: The Phase 2 subscription for Axil Prime Credit (APC3M), the first RWA vault product jointly launched by R25 and Binance Wallet and curated by Axil, will close at 23:59 Beijing time on October 26. As of October 20, APC's total value locked (TVL) has reached $81.66 million, of which $36.26 million in subscriptions has been raised since Phase 2 opened on October 13.APC is a 3-month USDC wealth management product deployed on Pharos Mainnet, with underlying yields derived from emerging-market consumer credit portfolios. This phase offers a net annualized yield of approximately 12.5%-13%, plus a $200,000-equivalent PROS incentive pool. Users can make new subscriptions through the DeFi portal on Binance Wallet, or choose to continue holding their Phase 1 position.Axil is an institutional-grade RWA risk management provider whose team comes from BlackRock, HSBC, and HashKey. It focuses on emerging-market private credit strategies and employs AI-driven risk assessment and a multi-layered protection framework. R25, as on-chain asset management infrastructure for the next generation of finance, is committed to transforming real-world and digital assets into standardized, programmable vaults, helping users more easily access expert-level on-chain yields.
ALLO
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Circle
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HSBC: AWS Revenue Up 37%, Amazon Expected to Exceed Q3 Guidance Ceiling
According to Chaoxiang Research, an HSBC research report dated October 12, 2026 states that Amazon Web Services (AWS) generated $42.2 billion in second-quarter revenue, a 37% year-over-year increase marking the fastest growth in 18 quarters. AWS operating profit reached $16.6 billion, up 59.4% year-over-year. HSBC forecasts third-quarter revenue at $203.3 billion and operating profit at $27.0 billion, both exceeding the company's upper guidance targets (revenue $202.0 billion, operating profit $26.5 billion). This marks the 15th consecutive quarter the company has surpassed its operating profit guidance ceiling. HSBC considers market concerns regarding hyperscaler capital expenditures and the sustainability of AI demand to be misguided, maintaining a Buy rating with a $310 target price, which implies 22% upside from the October 8 closing price. Continued support is expected from accelerating AWS growth, AI service ARR exceeding $20 billion, and custom chip ARR surpassing $25 billion.
Agentwood Studios
Exceed
HSBC and Ant Digital Technology test AI agent tokenized payments
According to Cointelegraph, HSBC and Ant Digital Technologies successfully completed a micropayment test for AI agents by combining tokenized deposits with blockchain technology. The project is currently only in the technological verification phase.
Cointelegraph
UK selects six banks to issue first digital-native government bond, set to launch in 2027
The UK has announced the appointment of six major banks, including Barclays, HSBC, and Lloyds, as lead underwriters for the Digital GILTs Instrument (DIGIT) pilot. The project will issue sovereign bonds using distributed ledger technology (DLT) and is expected to launch in the first quarter of 2027.
UK government appoints 6 banks to lead issuance of first digital-native government bond, expected in Q1 2027
Odaily News: The UK government has appointed Barclays, HSBC, Lloyds, Morgan Stanley, NatWest, and RBC Capital Markets as joint lead managers for its first digital-native government bond, the Digital Gilt Instrument (DIGIT), which is expected to be issued in the first quarter of 2027. The six banks will provide underwriting, investor communication, and distribution services.DIGIT will be issued through a platform within the UK Digital Securities Sandbox and will test the application of distributed ledger technology in the issuance and full lifecycle of government bonds, including on-chain settlement. Lucy Rigby, Economic Secretary to the UK Treasury, stated that the project aims to explore the application of distributed ledger technology in the sovereign debt market and to advance the development of the UK's digital financial infrastructure.HSBC was appointed in February as the distributed ledger technology provider for the pilot, and in July reached an agreement with London Stock Exchange Group to develop a connectivity solution for a digital securities depository. (Cointelegraph)
Cointelegraph
Rubic
Treasury
Hong Kong plans to submit a draft amendment to the virtual asset regulatory ordinance by the end of 2026, covering four categories of business including trading and custody.
According to Cointelegraph, the Hong Kong Special Administrative Region government has reiterated its plan to submit a draft amendment bill on virtual asset regulation by the end of 2026, establishing a licensing regime for four categories of virtual asset services: trading, custody, advisory, and management. At a policy briefing on October 5, Paul Chan, Secretary for Financial Services and the Treasury, stated that the government will submit the relevant amendment bill within this year to respond to innovative developments in the financial technology sector and further refine the virtual asset regulatory framework. Previously, the Hong Kong Monetary Authority granted the first batch of stablecoin issuer licenses to Anchorpoint Financial and HSBC Bank (Hong Kong) in April this year. The proposed new licensing regime will further expand the scope of Hong Kong's virtual asset regulation.
Cointelegraph
Treasury
Singapore fintech company IPID completes $16 million Series A funding round, led by Foundation Capital
According to TechInAsia, Singapore-based fintech IPID announced the completion of a $16 million Series A financing round led by Foundation Capital, with participation from Citigroup, HSBC, and existing investors QED Investors, Monk's Hill Ventures, and Quona Capital. The new capital will be used to optimize its global payment intelligence network and expand and build out U.S. payment rails, stablecoins, and digital asset markets.
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Foundation
Foundation