HashKey’s HKEX Milestone Signals USDT’s Strengthening Role in Asia’s Regulated Crypto Ecosystem
In a landmark development for Asia's digital asset landscape, HashKey Holdings, Hong Kong's first fully regulated cryptocurrency exchange, has successfully cleared its listing hearing with the Hong Kong Stock Exchange (HKEX). This pivotal approval, secured as of early December 2025, establishes HashKey as the city's premier licensed virtual asset exchange and positions it to dominate the institutional and retail market. The exchange's rapid ascent to become Asia's leading digital asset platform is significantly bolstered by heavyweight backing from traditional finance titans, including JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International. This move is not merely an exchange listing; it represents a profound validation of the regulated cryptocurrency sector by one of the world's premier financial hubs. The implications for stablecoins, particularly USDT (Tether), are substantial and bullish. HashKey's fully regulated status and its impending public listing on a major traditional exchange create a powerful, compliant on-ramp and off-ramp for institutional capital. As a regulated venue, HashKey will necessitate deep liquidity in major trading pairs, with USDT/HKD and USDT/USD pairs expected to be central to its offering. This institutional gateway will dramatically increase the legitimate demand and utility for USDT within Asia, cementing its role as the primary settlement and trading vehicle in regulated environments. The involvement of blue-chip backers like JPMorgan further bridges the gap between traditional finance (TradFi) and digital assets, lending unprecedented credibility to the entire ecosystem in which USDT operates. Furthermore, this development accelerates Hong Kong's ambition to become a global crypto hub, setting a regulatory benchmark that other jurisdictions may follow. A publicly listed, regulated exchange provides a transparent and auditable node in the crypto economy, addressing longstanding concerns about market integrity and investor protection. For USDT, this translates into enhanced trust, broader adoption in structured financial products, and increased velocity within a secure, supervised framework. The liquidity funnel created by HashKey's expansion will likely strengthen USDT's peg stability and its foundational position in Asian crypto markets. In summary, HashKey's HKEX listing is a watershed moment that legitimizes and scales the infrastructure supporting major digital assets like USDT, paving the way for the next wave of institutional adoption and integration into the global financial system.
HashKey Secures HKEX Listing, Becoming Hong Kong’s Largest Crypto Exchange
HashKey Holdings, Hong Kong's first fully regulated crypto exchange, has cleared its listing hearing with the Hong Kong Stock Exchange (HKEX). The approval positions HashKey to dominate as the city's premier licensed VIRTUAL asset exchange, backed by heavyweights JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International.
The exchange has rapidly ascended as Asia's leading digital asset platform, topping Frost & Sullivan's 2024 rankings for onshore crypto trading and on-chain services. Its ecosystem spans trading, asset management, tokenization, and custody—bolstered by HashKey Chain, an ethereum Layer-2 network designed for compliant real-world asset tokenization.
With support for 80+ cryptocurrencies including BTC, ETH, and SOL, HashKey offers institutional-grade liquidity, OTC trading, and 24/7 settlements. Its Bermuda subsidiary expands access to 72 additional asset classes, cementing global ambitions. Retail trading approval in August 2023 marked a turning point, with volumes now rivaling unregulated competitors.
Former Citi Analyst Counters Arthur Hayes' Tether Solvency Concerns
A former Citi crypto analyst has challenged Arthur Hayes' recent warnings about Tether's solvency, arguing the claims misrepresent the stablecoin issuer's financial structure. Joseph, who authored extensive Tether research during his tenure at Citi, provided a detailed breakdown of the company's balance sheet via social media platform X.
The rebuttal centers on Tether's disclosure methodology. Unlike traditional corporate balance sheets, Tether's published reserves follow a "matching" framework specifically designed to demonstrate USDT backing—not comprehensive asset holdings. This approach intentionally excludes equity investments, Bitcoin reserves, mining operations, and corporate cash buffers.
Tether's profitability has surged with rising interest rates, according to the analysis. With approximately $120 billion in Treasury holdings yielding 4%, the company generates nearly $10 billion annual profit—a remarkable output for its 150-person workforce. Joseph estimates Tether's equity valuation could range between $50-100 billion, noting the company has considered capital raises.
Crypto Lending Hits $25B as Transparency Reshapes Market
The crypto lending market has surged to $25 billion in outstanding loans by Q3 2024, a 200% increase year-to-date. Tether dominates with 60% market share ($14.6B), while CeFi platforms like Nexo and Galaxy drive growth through audited financials—a stark contrast to the opaque practices of previous cycles.
DeFi lending mirrors this expansion, reaching $41B in loans. Yet the sector remains below its $37B peak from Q1 2022, suggesting room for recovery as institutional confidence builds.
