Avalanche has struck a notable agreement with Mirae Asset Global Investments, a major player in South Korea’s financial sector, to tokenize exchange-traded fund (ETF) products. This collaboration aims to develop onchain asset management and settlement platforms leveraging the Avalanche blockchain.
Mirae Asset Group stands as one of the largest independent asset managers in South Korea, overseeing assets totaling approximately 1.024 quadrillion Korean won, or over $730 billion. Its global investment branch, Mirae Asset Global Investments, manages foreign investments amounting to 430 trillion won (around $306 billion).
Ranked among the world’s top ETF issuers, Mirae Asset’s international arm holds a prominent position, placed 12th by revenue and 15th by assets under management (AUM) according to ETFdb data. These rankings underscore the scale and influence of Mirae Asset in the global ETF arena.
Simultaneously, decentralized finance (DeFi) activities on the Avalanche network have surged, with its decentralized exchange (DEX) volume ranking in the top five globally, surpassing platforms like Hyperliquid and Arbitrum. This momentum highlights Avalanche’s growing role in the DeFi ecosystem.
In other significant news across Asia’s crypto landscape, Hong Kong-based OSL Group has completed the acquisition of Koinsayang, a licensed Indonesian cryptocurrency exchange. This strategic move grants OSL regulatory approval to operate within Indonesia and paves the way for expansion into areas such as real-world asset (RWA) tokenization—a sector where Indonesia ranks highly in global interest.
Alongside this, South Korea’s Naver Financial is preparing to acquire Dunamu, the operator behind Upbit, the country’s leading crypto exchange. Naver also plans to launch a won-backed stablecoin and expand its digital finance services, building on its established payment platform, Naver Pay, and its ownership of LINE messaging app.
On the topic of stablecoins, the Hong Kong Monetary Authority (HKMA) has officially denied recent social media claims about the launch of an offshore Chinese yuan (CNH) pegged stablecoin in the city. HKMA emphasized these reports as ‘fake news’ and clarified no such authorization has been issued under Hong Kong’s regulatory framework.
The stablecoin in question, recently promoted by AnchorX, is actually licensed in Kazakhstan—not Hong Kong—as confirmed by AnchorX and Kazakhstan’s Astana Financial Services Authority. Hong Kong’s stablecoin licensing regime, effective since August 1, 2025, has yet to grant any licenses, maintaining a cautious regulatory stance.
The Chinese yuan operates through two primary markets: the onshore yuan (CNY) within mainland China, and the offshore yuan (CNH) traded outside the mainland, with Hong Kong as the main hub. Approval of a CNH-backed stablecoin in Hong Kong would be a significant development, though the HKMA remains prudent given broader regulatory considerations.
Meanwhile, in Singapore, the central bank has responded cautiously to inquiries about the impact of the US’s new stablecoin legislation (GENIUS Act) on the city-state’s crypto competitiveness. MAS Chairman Gan Kim Yong highlighted that Singapore continues to monitor international regulatory dynamics closely, signaling a measured approach to adopting foreign regulatory equivalence for stablecoins.
Singapore’s existing framework for stablecoins, finalized in 2023, prioritizes value stability and safeguards by differentiating regulated stablecoins from speculative tokens. Further legislative steps and public consultations are planned to solidify this regulatory landscape.
