Another unfortunate situation that's uncomfortable that I've been talking about, capitulating at the low is this one.

Bitmart, they now have creditors. Congratulations. Bitmart suggests restructuring weeks after closure announcement. So, I've been telling you the story of Bitmart. I won't entirely reiterate it, reiterate it. This is one of those exchange failures that kind of happened quietly. Bitmex had their orderly, uh, closed down. The Sendex had their own situation.

But Bit Bitmart had that controversy as to whether they were or were not solvent. We still cannot speak to that.

But they have now hired White and Case as restructuring council.

The exchange is considering creditor distributions alongside a phased restart, right? Creditor distributions. Nothing says a successful relaunch or reopening of your exchange like announcing who the creditors are first, right? This, this gives us a little PTSD of the FTX Voyager Blockfi, uh, Celsius days where there's effectively, uh, paybacks to people and maybe there are partial paybacks. This is the real bear market stuff, and of course,

happened right before the market went massively to the upside. But they are talking about interestingly, restarting the exchange, right? Maybe they saw the price go up and they're like, oh, we got to get some of that.

Right? We can't uh, we can't capitulate at the dead lows. But it's interesting, if they're going to have creditor distributions, we don't know necessarily who those creditors are. They could be customers, they could be vendors, they could be lenders.

But you do not have creditors and start hiring counsel if you're likely completely solvent and have no problems with your balance sheet. So we're going to see what happens there, but still looking relatively ugly for Bitmart. Next, we have a couple stories around stable coins. Standard Charter becomes first bank to distribute Hong Kong dollar stable coin. Now we've talked about the fact that stable coins are eating the world, but we are yet to see much popularity of stable coins

that are backed by anything other than the dollar. This is a Hong Kong dollar stable coin that will be used for tokenized fund subscriptions, asset manager settlement, internal treasury transfers and cross-border payments. So interestingly, this is not yet a retail stable coin that's backed by the Hong Kong dollar, but it is one that will be used very, very heavily with uh eligible institutions and partners and backed by a massive institution here in Standard Charter.

So, I think that uh, this is just yet another small story in the advancement of stable coins, but I think it is a signal that we will see stable coins beyond US dollar back stable coins becoming extremely popular over time. It makes sense that they will. Uh, but I do think that we will still see largely dominance in the US dollar back stable coins. But stable coins are moving forward all across the world in many different iterations, and this is an unstoppable force of nature.