Daily Market Wrap | Oct. 31

IQ and Frax have launched KRWQ, the first Korean won-pegged stablecoin on the Base network. This stablecoin is also available multichain via LayerZero, though it is not yet accessible within Korea.

Hong Kong's Securities and Futures Commission (SFC) is closely monitoring digital asset treasuries. The regulator has issued warnings about high stock premiums and is planning investor education initiatives, along with potential new guidelines.

JPMorgan has introduced Kinexys Fund Flow, a new system designed for real-time private fund settlement utilizing blockchain technology. The bank successfully completed its first transaction using this system with Citco, marking an expansion of its tokenization efforts.

Bitcoin is currently trading at $109,000. This comes as demand for U.S. spot Bitcoin ETFs appears to be fading and following a hawkish tone from Federal Reserve Chair Jerome Powell after the Fed's recent rate cut. In contrast, Solana has experienced an 8% drop, despite the launch of new spot ETF products.

dYdX has announced plans to enter the U.S. market by the end of 2025. The platform intends to offer spot trading with fees set between 50 and 65 basis points. However, perpetual futures trading will remain prohibited until regulatory changes occur.