Avalanche inks deal with Mirae Asset’s global investment arm
Mirae Asset Global Investments has signed a memorandum of understanding with Ava Labs, the developer of the Avalanche blockchain, to tokenize fund products and build onchain asset management and settlement systems.
Mirae Asset Group is one of South Korea’s largest independent asset managers. The total assets under management (AUM) in the group’s umbrella are estimated at 1.024 quadrillion Korean won (over $730 billion). Mirae Asset Global Investments, which handles the group’s overseas investments, as the name suggests, contributes 430 trillion won (about $306 billion).
The global investment arm is also a top 12 exchange-traded fund issuer in the world based on estimated revenue, and 15th by AUM, as of Thursday, according to data from ETFdb.
Meanwhile, decentralized finance on Avalanche has been booming. Its DEX volume was ranked among the top five on Thursday ahead of Hyperliquid and Arbitrum.
Asia’s crypto giants in major acquisition moves
Hong Kong-based OSL Group announced on Wednesday that it acquired Koinsayang, a licensed cryptocurrency exchange in Indonesia.
The deal gives OSL regulatory approval to operate in Indonesia, where it plans to expand into areas like real-world asset (RWA) tokenization. Indonesia was ranked second in RWA interest in 2024, and contributed over 10% of global traffic flows, according to CoinGecko. It also ranked seventh in Chainalysis’ 2025 crypto adoption rankings.
OSL is one of 11 licensed digital asset trading platforms in Hong Kong and was the first to receive approval under the city’s regulatory framework. Its move into Indonesia comes as South Korea’s internet giant Naver is reportedly preparing to acquire Dunamu, the operator of Upbit, the country’s largest cryptocurrency exchange.
Naver Financial, the company’s fintech arm, is also expected to launch a won-backed stablecoin and broaden its digital finance offerings. Naver already operates the payments platform Naver Pay and is the parent of LINE, Japan’s dominant messaging app. LINE recently announced a partnership with Kaia blockchain on a stablecoin initiative.
HKMA denies stablecoin rumors
The Hong Kong Monetary Authority has dismissed rumors that an overseas Chinese yuan (CNH) stablecoin has been authorized in the city.
“Recently, social media posts have claimed that the world’s first offshore renminbi-pegged stablecoin has been launched in Hong Kong. Please note, this is fake news,” a machine translation of the HKMA statement reads.
Hong Kong’s de facto central bank did not name the project in question, but AnchorX, which recently announced the launch of its offshore yuan stablecoin, issued a clarification to state that its CNH token is licensed in Kazakhstan, not Hong Kong.
As Magazine reported, AnchorX announced in February that it had received in-principle approval to issue a CNH-pegged stablecoin in Kazakhstan. In June, the Astana Financial Services Authority confirmed that AnchorX was granted a stablecoin issuer license.
Hong Kong’s Stablecoin Ordinance took effect on Aug. 1, but no licenses have been issued so far. Since the rules came into force, the industry has speculated about the possibility of a licensed stablecoin pegged to the Chinese yuan, particularly the offshore yuan (CNH).
The yuan operates on two distinct markets. The onshore yuan (CNY) circulates within mainland China under strict controls, while the offshore yuan (CNH) trades outside the mainland, with Hong Kong serving as its largest market. A CNH-backed stablecoin in Hong Kong would not require direct access to the onshore market, but it would still be a sensitive step given Beijing’s broader restrictions on cryptocurrencies.
The HKMA is expected to adopt a cautious approach in the early stages and approve only a handful of licenses, mirroring the Securities and Futures Commission’s management of its crypto exchange licenses.
Singapore sidesteps questions on GENIUS Act
Singapore’s central bank has stopped short of saying how the new US stablecoin law will affect the city-state’s competitiveness, or whether it will pursue equivalence with American rules, in a written parliamentary reply.
Responding to a question from MP Victor Lye, Deputy Prime Minister and Monetary Authority of Singapore (MAS) chairman Gan Kim Yong said the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act is expected to boost adoption of stablecoins, but added that “it is too early to tell the scale and scope” at this point.
Gan said Singapore’s own framework, finalized in 2023, aims to ensure value stability and distinguish regulated stablecoins from speculative crypto tokens. Legislative amendments to formalize the framework are still pending, with a public consultation planned later this year.
The GENIUS Act includes a foreign equivalence clause that allows the US to recognize stablecoin issuers from jurisdictions with comparable regulatory standards. Gan did not say whether Singapore will seek such recognition, signaling that MAS is taking a wait-and-see approach to stablecoin developments.
“Stablecoin regulatory developments in the US and Europe are still relatively new. MAS is following these developments closely, and will consider appropriate regulatory cooperation on the safe and secure cross-border use of regulated stablecoins,” Gan said.
Yohan Yun
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