Hong Kong's two licensed stablecoin issuers diverged on retail access. HSBC launched RedCoin via PayMe on October 23 with HK$80.58 million circulating and HK$81.58 million in reserves. Anchorpoint's HKDAP remains institutional, showing HK$6.11 million circulating and HK$7.21 million in reserves. HSBC targets PayMe's 3.3 million users while Anchorpoint requires authorized distributors and wallets.

Canada published a draft stablecoin regulation in the Canada Gazette on October 24. It bans issuers from paying direct or indirect returns to holders. Nonfinancial issuers must register with the Bank of Canada and hold reserves in the pegged currency at a one to one ratio at banks. Banks and trust companies are exempt, and their tokenized deposits may earn interest. Rules are expected in 2027.

The SEC's crypto asset regulation public comment period ended October 20 with 171 comments, 165 coded. 70 percent showed conditional support, 8 percent explicit opposition, and 5 percent explicit support. The proposal would create a dedicated public financing framework for crypto assets with registration exemptions and a securities exit safe harbor.

EU lawmakers advanced a plan for a Critical Raw Materials Centre funded with €2 billion in the next long term budget. It could take equity stakes in raw material companies, hold stockpiles and track supplies across the bloc. Lead lawmaker Mohammed Chahim said private investors, member states and the European Investment Bank must add funding for the plan to succeed.

Senator Cynthia Lummis said Democrats had sought to reduce the annual funding cap under the crypto regulatory framework to $50 million from $75 million and to add a $200 million lifetime cap. Republicans accepted both measures and wrote them into the CLARITY Act. Lummis criticized Democrats for ultimately voting against the provisions, which they had previously championed, saying the rules are designed to strengthen retail investor protections.

Huo Xing Finance reports that the California Department of Financial Protection and Innovation (DFPI) has filed a comment letter opposing the SEC's "Regulation Crypto Assets" proposal, saying the plan would erode investor protections and curb state-level oversight of token offerings. DFPI Commissioner KC Mohseni said California rejects any effort by federal regulators to weaken state regulatory authority and consumer safeguards. Under the proposal, eligible issuers could raise up to $5 million over four years through a startup exemption. A separate crypto financing exemption would allow issuers to raise up to $75 million within 12 months. Issuers would be required to disclose project details, risks and other information investors need to assess an offering, and certain financings would also require financial statements and ongoing reporting. Federal securities laws would leave states' authority intact to investigate securities fraud, deceptive practices and illegal broker-dealer activity. Blockchain payments company Ripple, crypto exchange Coinbase and exchange operator Nasdaq all support the revised proposal. The DFPI said nearly 200 new crypto-related scams have been added to its fraud tracking list, a 30% rise from a year earlier.

Securitize launched 12 tokenized U.S. stock products on Solana, covering Apple, Microsoft, Nvidia, Tesla, Meta and others. Each token maps to one real share held in a separate account that will not be lent out. Trades settle in USDC via approved Solana wallets, with Jump Trading as market maker. Verified investors must convert tokens into formal shares to exercise full rights.

Israeli Prime Minister Benjamin Netanyahu said Israel is exploring blockchain and cryptocurrency to get around potential international banking sanctions. The remarks signal government interest in using digital assets for cross-border financial activity.