Crypto’s October 23 news includes a bank-issued stablecoin reaching retail customers, new access to prediction markets, and a security incident that interrupted Initia’s operations. This roundup covers announcements and fresh disclosures made on October 23, 2026.
HSBC Brings Its Hong Kong Dollar Stablecoin to PayMe
HSBC launched RedCoin, trading under the ticker RCHKD, on October 23, introducing a Hong Kong dollar stablecoin through its PayMe payment app. Wallet activation will become available to more than 3.3 million PayMe users over the coming days, allowing transfers between users and purchases through a network of over 100,000 merchants. The bank also plans to introduce RedCoin to its Hong Kong mobile banking app later this year and enable subscriptions to tokenized investment products.
Malaysia and Thailand Join Singapore’s Digital-Money Payments Initiative
Singapore’s Monetary Authority announced that Malaysia’s and Thailand’s central banks have joined BLOOM, expanding government participation in the cross-border payments initiative. Their work will address how institutions exchange and settle tokenized deposits and regulated stablecoins across different countries and networks, including the identity checks and transaction controls involved. The announcement also outlined a broader participant group that includes Ripple, Visa, Mastercard and the World Bank Group.
Phantom Begins Giving U.S. Users Access to Kalshi Markets
Phantom began rolling out Kalshi event-contract trading to U.S. customers on October 23, with access scheduled to widen over the following weeks. Users must complete Kalshi’s identity checks and can fund positions through their Phantom Cash accounts using the CASH stablecoin, which is converted into fiat currency for settlement. Some market categories will be unavailable in Michigan, Nevada and Washington, making the selection dependent on a customer’s location.
Initia Pauses Its Network Following Unauthorized Token Minting
Initia suspended its main blockchain and connected rollups on October 23 while investigating a security incident. Co-founder Ezaan Mangalji said preliminary findings indicated that an attacker had created unauthorized tokens and transferred approximately $2.7 million worth of AUSD, ETH and USDC out of the network before operations stopped. He said the minting vulnerability did not apply to native INIT tokens, while the team continued assessing the incident with security specialists, validators and exchanges.
UK Regulator Proposes Updated Guidance on Crypto Financial Crime Risks
The Financial Conduct Authority opened a consultation on October 23 proposing changes to its Financial Crime Guide, including guidance addressing cryptoassets and artificial intelligence. The proposed revisions cover fraud prevention, sanctions, money laundering and data security, with the crypto provisions also reflecting the UK regulatory regime expected from October 2027. Responses are due by December 24, 2026, after which the regulator plans to publish its feedback and final guidance.
Netanyahu Discloses Request for a Blockchain Contingency Plan
In an interview broadcast on October 23, Israeli Prime Minister Benjamin Netanyahu said he had requested a plan examining blockchain as part of preparations for possible economic sanctions. His comments specifically addressed the prospect of banking restrictions and the country’s ability to maintain financial activity under such conditions. He provided no implementation timetable or details about the networks, currencies or organizations that might be involved.
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