Hong Kong hoses down stablecoin frenzy, Pokémon on Solana: Asia Express

Tokenized Pokémon card market gains momentum on Solana

The tokenization of physical collectibles is quietly gaining momentum, with Pokémon cards based on the globally popular Japanese gaming and anime franchise emerging as a standout use case. On Solana, a new wave of platforms is turning real-world assets (RWAs) like Pokémon cards into non-fungible tokens.

One of the leading platforms in this niche is Collector Crypt, which has processed nearly $95 million in total volume in under a year, according to a Dune Analytics dashboard by X user zKayAPE. The platform specializes in tokenizing Pokémon cards into NFTs, each of which is claimed to be redeemable for its physical counterpart. Much of the activity is driven by its digital gacha feature, inspired by Japan’s capsule-toy vending machines, where users test their luck by trading a fixed amount of money for randomized items.

An X user shares drawing a valuable Charizard Pokemon card in a Solana-based gacha application. — *X user draws a $3,400 Charizard card on Collector Crypt’s Pokémon gacha. (Trollidan.sol*)

These platforms function like onchain versions of Japan’s oripa shops (short for “original pack”), which combine blind-box card gambling with instant resale opportunities. The blockchain versions enhance this model by offering automated buybacks at 80–85% of card value, allowing collectors to pursue rare cards with near-instant liquidity.

“The secondary marketplace activity is growing too and while it is still smaller than gacha, it has recorded marketplace volumes totalling up to $440k as a sector,” zKayAPE said on X.

“Emporium recorded a $11.3K top sales for Mario Pikachu card and a top sales of $9.3K was also recorded on Collector Crypt for a Poncho Pikachu card recently.”

FTX creditors in China can head to Backpack to get their money back

Backpack Exchange has launched a claim sale channel for FTX creditors in China, offering an alternative route to accessing funds amid delays in formal payouts.

Suni FTX Creditor champion details breakdown of funds attributed to restricted jurisdictions — *Chinese investors account for 82% of restricted jurisdiction claims. (Sunil Kavuri*)

Backpack’s channel operates independently of the FTX estate’s bankruptcy proceedings. Instead of processing redemptions, Backpack allows creditors — particularly those in jurisdictions facing restrictions — to sell their claims to an “independent institutional buyer.”

On July 2, the FTX Recovery Trust filed a motion to freeze payouts to creditors in a list of 49 “restricted” jurisdictions, including China.

Outspoken FTX creditor Sunil Kavuri said that about $470 million worth of claims belong to these restricted jurisdictions, with Chinese investors accounting for the majority of the pie with $380 million. Around 70 objections have been filed against the estate’s attempt to withhold payouts, mostly from Chinese creditors.

Since Backpack’s July 18 announcement launching its claims sales portal, users have shared screenshots showing successful withdrawals of funds that have been inaccessible since the FTX collapse. One user said their recovery arrived at a 10% discount.

Backpack has used similar strategies to attract former FTX customers. In May, the exchange opened claims for FTX EU users, allowing them to redeem euro balances after completing Know Your Customer (KYC) verifications. Backpack acquired FTX EU in January 2025.

The next round of official FTX creditor distributions is scheduled to begin on Sept. 30.

Tokenize to exit Singapore after licence denial

Another cryptocurrency exchange is exiting Singapore’s increasingly selective regulatory regime. The Straits Times reported on July 20 that Tokenize Xchange is shutting down operations by Sept. 30, after the Monetary Authority of Singapore (MAS) refused to grant it a crypto license.

Singapore's Super Tree Grove at Gardens by the Bay — *Singapore’s crypto exodus continues. (Coleen Rivas*)

Tokenize raised $11.5 million in 2024, intending to expand its headcount. However, its entire 15-person Singapore team will now be let go.

Tokenize is joining a growing list of firms exiting the Lion City, relocating staff and resources to Malaysia. The company also reportedly claimed it will seek regulatory approval from Abu Dhabi Global Market of the United Arab Emirates (UAE).

The central bank set a June 30 deadline for all crypto businesses to get licensed, even if they solely served overseas users and denied service to local users.

The local outlet estimates that around 500 crypto professionals will relocate from Singapore to more permissive jurisdictions like Hong Kong or the UAE.

Hong Kong’s stablecoin euphoria needs to calm down

Only a few issuers will be licensed under Hong Kong’s new stablecoin regime, the city’s de facto central bank said, warning investors not to fall for excessive hype, vague proposals or fraud.

With the Stablecoins Ordinance set to take effect on Aug. 1, Hong Kong’s top financial regulator is sounding the alarm over mounting market euphoria and misinformation surrounding the city’s incoming stablecoin licensing regime.

In a July 23 blog post, Eddie Yue, chief executive of the Hong Kong Monetary Authority (HKMA), said many stablecoin proposals received so far remain “overly idealistic” and lack concrete use cases, technical competency, or viable implementation plans. While dozens of institutions have contacted the HKMA to express interest in becoming licensed issuers, Yue said that only a select few will make the cut.

Yohan Yun

Yohan Yun is a multimedia journalist covering blockchain since 2017. He has contributed to crypto media outlet Forkast as an editor and has covered Asian tech stories as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking, and experimenting with new recipes.