# BSCN Debrief: HSBC Launches Retail Stablecoin *HSBC brings a Hong Kong dollar stablecoin to retail through PayMe, Tron and Solana dominate blockchain fees, and Switzerland approves its first spot Bitcoin ETF. Here's the week.* By [The BSCN Debrief](https://paragraph.com/@bscnalpha), 2026-10-23 crypto news, bitcoin, newsletter, stablecoins, regulation --- [![](https://storage.googleapis.com/papyrus_images/31d6b9b5153f6846eba3679e581dc0d74034f5bbdaff70cd5f18c8194cf88273.png)](https://bscnhive.com/YS5WFAi) ⚡ **Swap across chains, no middlemen.** [THORChain](https://bscnhive.com/YS5WFAi) lets you swap natively between Bitcoin, Ethereum, Solana, XRP, BNB Chain, Avalanche and more, straight from your own wallet. No wrapped tokens, no bridges, no KYC. [Swap now](https://bscnhive.com/YS5WFAi). [![](https://storage.googleapis.com/papyrus_images/cff0a300a78a38569bed3bc946b80b641bfdc62f3ddb6012c22c9722bdb5a248.png)](https://bscnhive.com/bscninsider) 📲 **Want fast news direct to your inbox?** Join the BSCN Insider club on Telegram for breaking stories and market moves the moment they land. **JOIN NOW:** [bscnhive.com/bscninsider](https://bscnhive.com/bscninsider) Breaking News ------------- [**HSBC Makes its Biggest Retail Stablecoin Play Yet**](https://bsc.news/news/hsbc-redcoin-hong-kong-dollar-stablecoin) ![](https://storage.googleapis.com/papyrus_images/451afab0b6360815fdad4b6f77bfed2f22e1084041b856b7728848f173830325.jpg) HSBC has launched RedCoin, its first Hong Kong dollar stablecoin, through its PayMe platform with the ticker $RCHKD, allowing retail customers to use the digital currency for payments and transfers within the app. [**Switzerland Approves Its First Spot Bitcoin ETF**](https://bsc.news/news/switzerland-first-spot-bitcoin-etf-finma) ![](https://storage.googleapis.com/papyrus_images/9f8211260195e6c769af6c00618fb05bef675dc86b4eb64fa38194b6e525065b.jpg) Swiss regulator FINMA has approved BIT Asset Management's Bitcoin Fund ETF (ticker BBIT) for public offering in Switzerland, giving retail investors direct Bitcoin exposure through a regulated exchange-traded fund. [**Tron and Solana are the revenue kings**](https://bsc.news/news/tron-solana-weekly-blockchain-fee-revenue) ![](https://storage.googleapis.com/papyrus_images/599a782d1a6675ee3300a17d645e943bd5d1a43bb09f60e3cc80b105d8c771ab.jpg) Global blockchain networks earn $17.51M in fees each week, and three chains account for more than 70% of that total, with Tron, Solana and BNB Chain dominating fee revenue according to data from @chainspect\_app. [**Arbitrum Lands GenLayer in Major AI Blockchain Play**](https://bsc.news/news/genlayer-arbitrum-ai-blockchain-zksync) ![](https://storage.googleapis.com/papyrus_images/b82354a317271239911fe00af031dd40f6daa0f78d74d443e80216fc4509dd27.jpg) GenLayer is turning to Arbitrum for its AI-focused blockchain infrastructure after initially considering zkSync, marking a significant win for Arbitrum in the AI and blockchain integration space. What the Markets Think ---------------------- [**Bitcoin all time high by when?**](https://polymarket.com/predictions/all?via=BSCNews)**:** 5% odds that Bitcoin hits a new all-time high by December 31, 2026. With BTC hovering around $81,125 after a 4.20% drop this week, traders are pricing in a long wait before the next run past $126,000. [**Israel x Iran ceasefire continues through October 27?**](https://polymarket.com/politics/israel-election?via=BSCNews)**:** 87% probability the ceasefire holds through October 27. Markets are betting on calm even as geopolitical tensions usually rattle risk assets like crypto. [**Which party will win the House in 2026?**](https://polymarket.com/politics/midterms?via=BSCNews)**:** Democrats have a 93% chance of taking the House. A sweep could reshape crypto policy momentum depending on who chairs key committees when the CLARITY Act discussion resumes. The Big Story ------------- [**Ripple Brings New Settlement Liquidity to The XRP Ledger**](https://bsc.news/news/ripple-arf-rlusd-settlement-liquidity-xrpl) ![](https://storage.googleapis.com/papyrus_images/5d3766b835860b75cb861b80eb03b487595b4c087aa701989db4be1357e50c59.jpg) Ripple has partnered with settlement platform Arf to provide settlement liquidity for licensed cross-border payment companies on the XRP Ledger using Ripple's RLUSD stablecoin. The collaboration aims to accelerate real-time cross-border payments by giving payment firms programmatic access to dollar liquidity on XRPL infrastructure. Arf's platform is designed to reduce counterparty risk and settlement times for financial institutions moving money across borders. Ripple continues to position RLUSD as enterprise-grade settlement infrastructure rather than a retail stablecoin, targeting the $190 trillion annual cross-border payment market. Top Stories ----------- [**Crypto Tax Reform Gains Urgency as CLARITY Act Falters**](https://bsc.news/news/blockchain-association-crypto-tax-reform-clarity-act) ![](https://storage.googleapis.com/papyrus_images/0ec2d578fb62964861d18fec7089441e76cb0c1ea624c1b3bc2414d873469ad5.jpg) The Blockchain Association is calling on Congress to fix unclear crypto tax rules while the CLARITY Act remains stalled, saying existing rules are difficult to follow and need an overhaul. The industry group, which represents major crypto firms, argues that current tax treatment of digital assets creates confusion and compliance burdens that discourage adoption and innovation. Without legislative clarity, crypto users face uncertainty on basic questions like when to report gains and how to handle different token types. [**Trump And World LibertyFi Face Fresh Legal Challenge**](https://bsc.news/news/circle-shareholder-sues-trump-world-liberty-financial) ![](https://storage.googleapis.com/papyrus_images/a54ee5ce85d1c7c82963fe00eeed1ea3399e38ca99a3ec5a923a365aa6691dc5.jpg) A Circle shareholder has filed a federal lawsuit against Donald Trump and World Liberty Financial, alleging the project's WLFI token sale violated securities laws and breached fiduciary duties. The suit claims Trump used his position to promote an unregistered security and that the project misled investors about regulatory status and business prospects. World Liberty Financial raised roughly $470 million in its token sale earlier this year. [**Solana switches on Alpenglow, built to settle trades in a blink**](https://bsc.news/news/solana-alpenglow-mainnet-150ms-finality) ![](https://storage.googleapis.com/papyrus_images/6a9ca1c8e21b3454f8d9445e3578731cf8a0960a867c96bf24912896f3947d76.jpg) Alpenglow, a new consensus protocol built by Anza, went live on Solana mainnet on October 21, replacing the TowerBFT system and targeting 150-millisecond finality for transactions. The upgrade is designed to make Solana significantly faster for high-frequency trading and payment applications where every millisecond counts. Validators running outdated clients will need to upgrade to remain compatible with the network. Deep Dive of the Week --------------------- [**Filecoin Vs Google Drive On Cost, Privacy And Permanence**](https://bsc.news/post/filecoin-vs-google-drive) ![](https://storage.googleapis.com/papyrus_images/72c8909bf0f9c2bfd60a3c4920bb0e498c6e4fcd5e6579b23e4563dd192f085e.webp) Filecoin and Google Drive cost roughly the same per terabyte, but they differ sharply on who controls your data and how long it stays online. Google Drive is simpler and encrypts files for you while keeping the keys, while Filecoin offers onchain proof that your files are stored but requires you to manage your own encryption. The choice comes down to whether you prioritize convenience or verifiable, censorship-resistant permanence. By the Numbers -------------- **$4.02B:** Ondo Finance now has $4.02B in tokenized real-world assets in circulation, up 5.74% over the past 30 days, placing Ondo second among tokenization platforms behind Securitize. **$55M monthly:** Zebec Network's stablecoin payroll product now processes about $55 million a month, pointing to steady growth in crypto-based payments infrastructure. **100,000 farms:** More than 100,000 Indian farms are now registered on the Cardano blockchain, a milestone announced by the Cardano Foundation as part of its agricultural traceability efforts. **7% to 7.7% APY:** Staking STRK on Starknet currently delivers roughly 7% to 7.7% annual rewards, with withdrawals taking seven days after unstaking. **46% staked:** Nearly 46% of NEAR's circulating supply remains staked despite a sharp cut to rewards last year, according to Bitwise data. **3% chance:** Bitcoin has a 3% probability of hitting $130,000 or higher in 2026 according to Polymarket pricing as of October 22. On Our Radar ------------ **Ledger lending:** Ledger has added Crypto Loan to its wallet app, letting users borrow stablecoins against wrapped Bitcoin without selling their holdings, with loans powered by Morpho's lending protocol. **ICP activity bounce:** Internet Computer is facing criticism over adoption, but its on-chain activity is recovering, with data from Santiment showing a pickup in active addresses. **CZ on AI phishing:** Binance founder Changpeng Zhao says the crypto industry may be focusing on the wrong AI threat, arguing that AI-powered phishing is a bigger immediate risk than quantum computing breaking encryption. **Cardano copper bet:** Toto Finance is asking Cardano's community treasury to fund a copper reserve through a 22 million ADA governance proposal, worth about $5 million. _Until Monday._ --- *Originally published on [The BSCN Debrief](https://paragraph.com/@bscnalpha/bscn-debrief-hsbc-launches-retail-stablecoin)*