The Hong Kong Monetary Authority (HKMA) has established a Tokenized Bond Experts Group, with institutions such as Standard Chartered and Ant Group selected.
June 5 — The Hong Kong Monetary Authority (HKMA) announced Wednesday the launch of a Tokenized Bond Expert Group, which will bring together industry stakeholders to jointly advance the adoption and development of tokenized bonds in Hong Kong.
Members of the expert group include industry associations, financial firms, legal advisors, financial infrastructure providers and tech vendors. The group held its first round of discussions in May, examining how Hong Kong’s current legal and regulatory framework applies to the issuance and trading of tokenized bonds. Moving forward, the HKMA will maintain close collaboration with the group’s members, regularly review and refine the relevant framework, and drive broader adoption of tokenization technology in Hong Kong’s fixed income market.
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Morgan Stanley Teams Up with Galaxy Digital to Enable Clients to Convert Cryptocurrency into Spot ETF
In a June 5th report from Barron’s, Morgan Stanley’s Wealth Management division has entered a partnership with Galaxy Digital, allowing its high-net-worth clients holding Bitcoin, Ethereum, or Solana to directly convert their crypto holdings into spot crypto ETFs.
Once converted, these ETFs can be used as collateral for financing transactions, with a minimum trading threshold of $5 million. The collaboration follows regulatory groundwork established by the U.S. Securities and Exchange Commission (SEC), which in July 2025 greenlit a mechanism for the direct conversion of crypto asset holdings into spot crypto ETFs—laying the necessary regulatory foundation for this initiative.
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「Powell Era」 First Non-Farm Payroll Data Released: Non-Farm Employment Far Exceeds Expectations
June 5: The U.S. added 172,000 seasonally adjusted non-farm payroll jobs in May, handily exceeding the consensus forecast of 85,000. The prior month’s payroll gain was revised sharply upward, from 115,000 to 179,000. Meanwhile, the U.S. unemployment rate held steady at 4.3% in May, matching both the prior reading and market expectations.
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After three months, the Bitcoin Ahr999 metric is once again approaching the key threshold of 0.3
June 5 – Third-party data shows that, with Bitcoin currently priced at $62,107.91, its Ahr999 indicator stands at 0.3081, nearing the key threshold of 0.3. The last time the index dipped below 0.3 was on February 25 earlier this year.
Statistics indicate that an Ahr999 reading below 0.3 is a rare signal of extreme undervaluation, typically occurring during major market crashes or periods of widespread panic. Key historical instances where the index dropped below 0.3 include:
- November 2011, when Bitcoin’s price was in the single digits and the asset had not yet gained mainstream consensus;
- The 2018 bear market bottom, hitting around 0.24;
- The March 2020 "3.16 Crash," driven by COVID-19-related panic;
- The June 2022 ETH liquidation crash and November 2022 FTX collapse, both touching roughly 0.27;
- February 2026, where the index reached 0.27-0.29, nearing historical lows.
BlockBeats notes that this indicator helps Bitcoin dollar-cost averaging (DCA) users make timing-based inves
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THORChain: ZEC Listing Delayed Due to Recent Zcash Vulnerability
**Crypto News Update (U.S. English Style):**
Per a June 5 post on the THORChain blog, ZEC had initially been added to THORChain’s integration queue. But a recent snag has pushed its timeline back: Zcash’s newly disclosed vulnerability means its existing security patch is disrupting normal operations for integration partners, THORChain’s dev team confirmed.
To resolve this, THORChain needs to implement a minimal code tweak to its Bifrost module before moving forward with ZEC’s onboarding. Crucially, this small fix must be completed ahead of ZEC’s planned listing on the platform. For context, Monero (XMR) is expected to launch on THORChain by the end of this month, with ZEC’s listing set to follow shortly after.
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