CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2201.13, down 1.9% (-43.33) since 4 p.m. ET on Tuesday.

One of 20 assets is trading higher.

Leaders: CRO (+1.4%) and HBAR (-0.4%).

Laggards: SOL (-5.3%) and UNI (-3.6%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

TLDR

• Tesla stock was flat at $421.80 on Wednesday as investors awaited developments on the Optimus humanoid robot with production planned for 2026.
• An X poll showed Optimus winning as investors’ most anticipated Tesla product for the year, beating Cybercab and semi-truck options.
• Tesla is converting its Fremont Model S and Model X production space into an Optimus factory targeting one million units annually.
• The company will discontinue the Model S and Model X to make room for Optimus production lines at the California facility.
• Tesla stock trades at 259 times earnings with a $1.4 trillion market cap as the company transitions from electric vehicles to AI robotics.

Tesla stock held steady at $421.80 on Wednesday morning. The lack of movement came as investors digested recent developments around the company’s humanoid robot project.

Tesla, Inc., TSLA

S&P 500 and Dow futures traded higher by 0.3% and 0.2% respectively. No analyst rating changes or price target adjustments hit the stock during the session.

The most interesting development came from social media. A poll on X asked investors which Tesla product excited them most for the year ahead.

Optimus won by a landslide. The humanoid robot beat out the Cybercab, semi-truck, and stationary storage in voting. Over 16,000 votes were tallied by early Wednesday.

The poll reflects growing anticipation around Tesla’s robotics push. CEO Elon Musk has repeatedly called Optimus the company’s future.

A Factory Transformation Underway

Musk outlined specific plans during Tesla’s January 28 earnings call. The company will convert Model S and Model X production space at its Fremont, California factory.

That space will become an Optimus manufacturing facility. The long-term target is one million robot units per year from that location alone.

Production should begin in 2026. Musk said Tesla plans to unveil the third generation robot in “a few months.”

The decision to retire legacy vehicle models shows serious commitment. Model S and Model X currently represent a small portion of Tesla’s sales. But discontinuing them marks a clear pivot point for the company.

Tesla is moving resources from traditional electric vehicles to AI-powered products. This includes both Optimus and the Robotaxi ride-hailing service.

The Numbers Tell a Stretched Story

Tesla’s market cap sits at $1.4 trillion. The stock trades at $430 per share based on recent pricing.

The company finished its 2025 fiscal year with non-GAAP earnings of $1.66 per share. That puts the stock at 259 times earnings.

Analysts project earnings of $2.12 per share for 2026. They forecast $3.00 per share by 2027. Even using those future estimates, Tesla trades above 100 times earnings two years out.

Tesla stock has gained 10% over the past 12 months. But it dropped about 2% following the January earnings report.

The earnings call generated one downgrade from Battleroad Research analyst Ben Rose. He cited higher capital spending on AI projects as a concern.

Tesla plans to spend $20 billion on new plants and equipment in 2026. That’s up from less than $9 billion in 2025.

The average analyst price target rose by about $4 after earnings. That increase represents less than 1% movement.

Experts believe the humanoid robotics market could reach $5 trillion by 2050. Musk wants Tesla positioned as an early mover in that space.

Other companies are already training humanoid robots for factory work. Some industry watchers speculate Optimus could perform real-world applications later in 2026.

Tesla’s vehicle business has declined as the company shifts focus. Musk appears comfortable with this transition.

The stock reflects a loyal shareholder base willing to wait for long-term potential. Whether current prices leave room for near-term gains remains unclear.

Tesla plans to unveil the third generation Optimus robot in the coming months.

Hong Kong is not waiting for consensus. The Hong Kong Monetary Authority is shifting from rulemaking to licensing, which changes the game for anyone planning a regulated stablecoin. 

If you are a bank, fintech leader, or institutional issuer considering a compliant launch, this guide explains exactly what the HKMA will test, what delays or blocks approval, and how to structure stablecoin development for long-term regulatory confidence. This is written for decision-makers who want clarity, not speculation.

Why Hong Kong’s Stablecoin Licensing Framework Changes Everything

Hong Kong is moving from regulatory intent to execution. According to a recent update reported by Yahoo Finance, the Hong Kong Monetary Authority is preparing to approve its first batch of stablecoin issuer licenses, with only a limited number of applicants expected to clear the initial review. This confirms that Hong Kong is not opening the market broadly. It intentionally selects issuers that demonstrate financial resilience, governance maturity, and operational readiness.

For enterprise and institutional issuers, this is a constructive shift. A selective licensing regime reduces uncertainty, limits regulatory arbitrage, and establishes a clear standard for what qualifies as a credible stablecoin issuer. Rather than competing in an overcrowded and loosely governed market, serious players now operate in an environment designed to reward discipline and long-term viability.

The illustrative licensing funnel above highlights how this framework reshapes competition. While interest in stablecoin issuance remains strong, only issuers with robust governance structures, compliant custody arrangements, and clearly defensible reserve models are likely to progress beyond the first regulatory filter. This changes how stablecoin development must be approached. Development is no longer a technical build followed by regulatory review. Licensing expectations now influence system architecture, reserve design, custody strategy, and operational controls from the earliest planning stages.

In practical terms, Hong Kong’s framework does not just regulate stablecoins. It determines who is qualified to participate in the market at all. Understanding what regulators evaluate next is therefore essential for any issuer aiming to move forward with confidence.

Understanding HKMA’s Expectations: What Regulators Actually Look For

HKMA’s licensing regime is more than a badge of approval. It defines how stablecoin development must be structured, governed, and operated within a regulated financial environment.

1. Clear Licensing Requirement

From 1 August 2025, the Stablecoins Ordinance took effect in Hong Kong. The regime requires authorization for parties carrying on regulated stablecoin activities in Hong Kong and, in certain cases, for issuers of Hong Kong dollar-referenced stablecoins issued offshore. A valid license from the HKMA is required to operate without enforcement risk.

2. Governance and Accountability

Issuers must demonstrate strong corporate governance with clearly defined accountability for financial, legal, and technology risk. Boards and senior management are expected to have direct responsibility for oversight and compliance. Anonymous or loosely coordinated governance structures do not meet HKMA expectations.

3. Full Reserve Backing and Transparency

Under the HKMA’s supervisory guidelines:

• Reserve assets must at all times equal or exceed the value of stablecoins in circulation.
• Reserve holdings must be disclosed and supported by regular independent attestations or audits.
• Custody arrangements must legally segregate reserve assets and protect them from creditor claims and misuse.

These requirements ensure that stablecoins operate as financial instruments with predictable backing and certainty of redemption.

4. AML and Operational Compliance

HKMA’s AML and counter-terrorist financing guidelines apply to licensed stablecoin issuers and include travel rule and operational AML controls. Issuers are expected to demonstrate compliance readiness before launch, not after issuance.

Taken together, these expectations place stablecoin development services firmly within institutional finance, where issuers must withstand detailed regulatory scrutiny across governance, reserves, custody, and operations.

Why Custody and Reserves Are the Real Differentiators

Custody and reserves determine whether a stablecoin is trusted or questioned. From a regulatory standpoint, the central concern is the protection of user funds. Reserve assets must be legally segregated, protected from issuer insolvency, and held in a manner that allows timely redemption under all conditions. Custody arrangements must clearly define who controls reserve assets, how access is governed, and how conflicts of interest are avoided. These structures are reviewed closely because they directly impact systemic risk. This is where an experienced stablecoin development company adds value beyond code delivery. Designing compliant custody and reserve frameworks requires coordination between legal, financial, and technical teams. Errors in this layer are costly and difficult to reverse once a licensing review begins.

Key Failure Points in HKMA Stablecoin Applications

Most stablecoin applications do not fail because of weak technology. They fail because regulators identify structural and operational risks that issuers underestimate.

The most common failure points include:

• Late Regulatory Alignment: Applications stall when licensing considerations are addressed after development. HKMA expects regulatory intent to be reflected in system architecture, governance, and operating models from the outset.
• Inadequate Custody and Reserve Controls: Weak reserve segregation, unclear custodian responsibilities, or redemption mechanisms that are not stress-tested raise immediate red flags during review.
• Unclear Issuer Accountability: Applications falter when decision-making authority, risk ownership, or compliance responsibility is diffused or insufficiently documented.
• Operational Immaturity: Lack of audit readiness, untested reporting workflows, and limited incident response planning signal that the issuer is not prepared for regulated operations.

These failure points are rarely isolated issues. They are symptoms of an unclear execution strategy. For issuers pursuing regulated stablecoin development in Hong Kong, success depends on following a clear, compliance-led roadmap that aligns regulatory expectations, technical design, and operational readiness from the very beginning.

A Roadmap: From Concept to HKMA-Ready Stablecoin Development 

Issuers that succeed in regulated markets follow a structured and disciplined roadmap. Rather than treating licensing as a post-launch task, they align strategy, compliance, and execution from the outset, often in collaboration with an experienced stablecoin development company that understands regulatory expectations.

Phase 1: Regulatory Assessment: The first step is determining whether the proposed stablecoin activity falls within HKMA’s licensing scope. This includes analyzing the token’s reference currency, distribution model, and target users, as well as identifying any cross-border implications under the Stablecoins Ordinance.

Phase 2: Compliance-Aligned Architecture: Once licensing applicability is clear, development must align with regulatory expectations. This includes smart contract logic tied to reserve controls, audit-ready reporting systems, custody workflows, and AML compliance mechanisms designed to meet HKMA standards from day one.

Phase 3: Operational Validation: Before applying for a license, issuers should conduct internal stress testing, simulate redemption scenarios, and validate reporting processes. Operational readiness is as important as technical correctness, particularly under regulatory review.

Phase 4: Licensing and Ongoing Governance: Licensing is not the end of the process. Approved issuers are expected to maintain continuous compliance, governance oversight, and transparent communication with regulators as part of ongoing supervision.

Well-designed stablecoin development solutions reduce friction across every stage of this journey, helping issuers move from concept to regulated issuance with confidence and clarity.

Choosing the Right Development Partner Matters More Than Ever

• The development partner directly impacts HKMA licensing outcomes, not just technical delivery.
• HKMA reviews governance maturity, reserve design, custody controls, and operational discipline alongside code quality.
• Partners that treat compliance as a post-build task increase approval risk and rework costs.
• A capable stablecoin development company embeds regulatory alignment into its architecture from day one.
• Experienced firms reduce licensing friction by aligning technical execution with HKMA expectations.
• The right partner helps issuers remain license-ready throughout development, regulatory review, and post-approval operations.

This makes the final decision clear. In Hong Kong’s regulated market, choosing the right partner is not a technical choice. It is a licensing decision.

Final Thought: Regulation Is the Filter, Not the Finish Line

Hong Kong’s regulatory framework makes one thing clear. Stablecoin initiatives will succeed only if they are designed for licensing, governance, and operational resilience from the start. For serious issuers, stablecoin development is no longer about speed or experimentation. It is about execution that withstands regulatory scrutiny.

This is where partnering with Antier creates a clear advantage. As a trusted stablecoin development company, Antier delivers enterprise-grade Stablecoin Development Services and stablecoin development solutions aligned with HKMA requirements, helping issuers move from concept to compliant launch with confidence.

Ready to launch an HKMA-ready stablecoin? Talk to Antier and start with clarity, compliance, and control.

Since the publication of the Bitcoin whitepaper in 2008, crypto has offered the promise of open accessibility, neutral rules, and verifiability for everyone. While crypto has continued to hold true to this mission, trading platforms have since departed from this universal truth. Hidden restrictions, inconsistent withdrawals and shifting rules have eroded trust and created a system where true ownership is no longer a guarantee.

Eighteen years later, traders have learned to understand that fairness isn’t just a selling point, rather a system that needs to be verified. The next phase of crypto depends on systems where fairness is designed into the architecture itself, not retroactively justified.

It’s this promise and verifiability that rests as the core mission of Zoomex: a global crypto exchange that’s been trusted for over five years. From day one, Zoomex was built around a simple but increasingly rare belief that fairness must be felt, consistently delivered and provable at every step of the trading journey.

When fairness is designed into the system, users don’t need to ask for trust, they can verify it.

Fairness beyond marketing

Fairness often appears in slogans, but the culture of “trust me, bro” has made efforts feel more performative than practiced. But when fairness is embedded into a platform’s system, users get an experience that’s more than just marketing.

Zoomex has built fairness into its foundation, structuring the user experience around clear trading rules, transparent asset visibility and execution logic that behaves predictably across users and market conditions. Instead of relying on discretionary decisions or hidden exceptions, the platform emphasizes consistency. Regardless of how much crypto you hold, whether you’re a new or frequent holder, or simply looking for a long-term Dollar-Cost Averaging (DCA) opportunity, the same rules apply to all users.

This matters because most trading platform failures are not based on the underlying technology. They’re systematic. Exchanges don’t collapse because orders cannot be matched, rather they fail when friction makes rules unclear, access is restricted or users lose trust in the system.

By prioritizing clarity over complexity, Zoomex positions fairness not as an abstract value, but as a systematic guarantee.

Profit as a priority

There’s no single indication of fairness bigger than withdrawals. In the wake of FTX and other exchange mishaps, users have learned to ask the difficult questions: 

• “Can my profits be withdrawn?” 
• “Am I an exception to this rule?

These aren’t hypothetical questions. They reflect the learned and lived experience of any crypto trader.

Zoomex’s design starts from a different assumption: Earnings belong to the user, without friction or negotiation. Withdrawals are not framed as privileges or incentives, but as a baseline right of participation. It doesn’t matter if you hold 1 BTC or 0.00001 BTC – what matters is your participation in the network.

This principle has been reinforced by independent media coverage, including user case studies documenting successful large withdrawals. On X and in the media, Zoomex users have documented real-world proof that access holds up regardless of market conditions. Fairness, in this context, is measured not by what a platform claims, but by whether users can reliably convert trading success into usable capital.

Transparency as a system, not a dashboard

When it comes to transparency on centralized exchanges, users are often left to surface-level disclosures to determine the security of their assets.Transparency on trading platforms is important to reduce information asymmetry, ensuring that users understand how their assets are traded and secured, and why conditions affect their assets.

Zoomex emphasizes transparent asset displays, traceable order execution and clear reporting of outcomes. The goal is to give the essential information to traders. Though disclosures may feel overbearing, it’s designed for intelligent market decisions, allowing traders to see their positions, execute on strategies and see their decision outcomes without ambiguity. 

This approach aligns with a growing demand among experienced traders and institutional players who evaluate platforms based on structure, consistency and fairness. In this model, transparency is not a static feature, it’s a continuous system of visibility that supports informed decision-making.

Related: What “Proof Over Promises” Means in Practice

Even among institutional-grade traders, transparency needs to come with a degree of simplicity. Often complexity is mistaken for sophistication, but Zoomex understands that simplicity and sophistication are not mutually exclusive. 

Zoomex’s minimalist design strips away unnecessary friction while preserving professional-grade functionality. Execution flows are streamlined, interfaces are intuitive and rules are legible. This is not about reducing capability, but instead reducing the cognitive load so both institutional and retail traders are able to clearly execute their trades with the confidence they need.

Regulatory certainty as a priority

One of the biggest hurdles of wide-spread adoption for crypto is regulatory clarity. As countries continue to evolve their legal frameworks, traders have been best supported by trading platforms that have been forward thinking about regulation, not reactive. However, there needs to be a balance of what is necessary and what is excessively cumbersome for users to make their trades with confidence. Zoomex addresses this by offering optional KYC, allowing privacy-sensitive traders to participate without unnecessary barriers while still operating within a compliant framework.

This approach reflects a broader definition of fairness: respecting different user needs rather than imposing uniform identity requirements where they are not legally required. Fair systems expand access without compromising oversight, making regulatory compliance as a feature, not a roadblock.

This framework has been battle-tested and has stood the test of time through both bear and bull markets. Zoomex has withstood five years of stable operation, regulatory licensing across multiple jurisdictions and annual security audits conducted by independent firms such as Hacken. 

Privacy and compliance are more than just a marketing objective. Zoomex holds registrations including Canada Money Service Business (MSB), United States MSB and NFA and Australia AUSTRAC license, reinforcing its commitment to creating a system of precise fairness and consistency, regardless of your jurisdiction. 

Related: Zoomex expands derivatives offering and launches new initiatives for European users

Trust is not just built in the bull market, but during periods of stress. Platforms like Zoomex that maintain fairness through bull and bear markets are the ones that endure.

From the first trade to the latest withdrawal, fairness on Zoomex is experienced, not explained.

Zoomex is building precise systems of fairness and transparency – cultivating partnerships, international compliance and operational decisions that consistently reinforce values of precision and fairness. The result is a platform designed not just to perform, but to hold up under scrutiny and survive in all market conditions.

As the crypto industry continues to mature, trading platforms will continue to be judged based on their integrated systems, not just their marketed promises. As fairness becomes a design requirement, and not just a press release, Zoomex is prepared to be the platform that is ready for both institutional-focused and retail traders.

Sign up on Zoomex and explore a trading system where fairness, transparency and access are built into every layer. New users can receive up to 14,000 USDT in welcome rewar

BMNR stock price remains under pressure in early February as selling continues across crypto-linked equities. The stock is down nearly 25% over five days and more than 33% over one month, trading around $22.35.

While management defended recent crypto-led paper losses as part of a long-term strategy, market data suggests technical weakness is still driving investor behavior. And increasingly driving them away, despite a novel defense from BitMine Chairman, Tom Lee.

Ethereum Treasury Losses Spark ‘Feature, Not A Bug’ Defense

Concerns around BitMine’s balance sheet intensified after data showed heavy unrealized losses on its Ethereum treasury.

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As of February 3, BitMine had invested roughly $14.95 billion into ETH holdings. However, the current market value had fallen to around $8.53 billion, implying paper losses of more than $6.4 billion.

At the same time, Ethereum was trading near $2,200, well below BitMine’s average acquisition cost of roughly $3,800. This gap highlighted how deeply underwater the company’s treasury had become.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

These figures triggered criticism from market observers, who argued that such large unrealized losses could limit future upside and pressure shareholder returns. Some warned that accumulated ETH could eventually act as a selling supply.

In response, Chairman Tom Lee defended the strategy, stating that drawdowns are “a feature, not a bug.” He argued that crypto cycles naturally involve temporary losses and that BitMine is designed to accumulate through downturns to outperform over time.

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However, despite this explanation, BMNR stock failed to attract sustained buying interest after the comments.

OBV and CMF Show Buyers Stayed Away After the Breakdown

Market participation data suggests that investors began exiting even before the public debate intensified.

On-Balance Volume (OBV) tracks cumulative buying and selling pressure by adding volume on up days and subtracting it on down days. It reflects whether traders are accumulating or distributing.

From early December through late-January, OBV was forming higher lows, signaling steady accumulation. But between January 28 and 29, OBV broke below its rising trend line. This showed that possibly retail and short-term traders had started distributing shares.

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After OBV weakened, institutional-style capital followed.

Chaikin Money Flow (CMF) measures whether money is flowing into or out of an asset using price and volume. Readings above zero suggest accumulation, while negative values signal capital outflows.

From January 30 onward, CMF fell sharply and remained below zero. This confirmed that large buyers were reducing exposure as the BMNR price approached key support. Both indicators aligned with the chart structure.

BMNR had been forming a head-and-shoulders pattern through December and January. When price failed near the neckline and then broke down on February 2 (gap-down formation), OBV and CMF confirmed the move.

In sequence, retail volume weakened first, large capital exited next, and prices collapsed afterward. The “feature, not a bug” ETH treasury narrative did not reverse this flow-driven sell-off.

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Key BMNR Stock Price Levels Define the Next Move

After breaking the head-and-shoulders neckline and the rising trend line, the BMNR stock price resumed its broader downtrend, a projected dip of over 30%.

Several levels now define the outlook. On the downside, initial support sits near $19.26 if the BMNR stock price doesn’t reclaim $22.52 on the daily timeframe. Below $19.26, the next major level stands near $16.71, which aligns with the full technical projection of the bearish pattern.

If selling pressure accelerates, extended downside could reach toward $9.87, pushing the stock into single-digit territory. On the upside, recovery remains difficult.

The first resistance lies near $22.52. The BMNR stock price must reclaim this level to slow the decline. Above that, resistance appears near $25.07 and $28.66. These zones would need to be cleared to signal early stabilization.

A broader trend shift would require a move above $34.46, followed by confirmation near $42. For now, both OBV and CMF remain weak, showing that buyers have not returned in force. Until capital flows turn positive and key resistance is reclaimed, technical pressure is likely to dominate BMNR stock price behavior.

Blockchain intelligence platform TRM Labs completed a $70 million Series C funding round, valuing it at $1 billion, becoming the latest crypto company to reach unicorn status.

The investment round was led by seed investor Blockchain Capital, with participation from Goldman Sachs, Bessemer Venture Partners, Brevan Howard Digital, Thoma Bravo, Citi Ventures and Galaxy Ventures, according to a Wednesday news release.

TRM Labs seeks to equip public and private institutions with AI solutions that combat cybercrime. The company defends against illicit activities that increasingly rely on automation.

“At TRM, we’re building AI for problems that have real consequences for public safety, financial integrity, and national security,” wrote Esteban Castaño, co-founder and CEO of TRM Labs.

“This funding allows our world-class team — and the people who will join us next — to innovate alongside institutions on the front lines of the most consequential threats, and expand the potential of AI to meaningfully improve how our critical systems are protected.”

The $70 million round shows that capital is flowing into blockchain analytics platforms seeking to stop the spread of AI-fueled scams and cyberattacks, including from large traditional institutions.

Related: Fake MetaMask 2FA security checks lure users into sharing recovery phrases

TRM Labs to expand global workforce, advance AI compliance and investigation tools

TRM is a San Francisco-headquartered company with hubs in Los Angeles, New York, Washington, London and Singapore.

It said the new capital will be used to expand its global workforce of AI researchers, data scientists, engineers and financial crime experts.

The company will also advance its AI-powered investigations to disrupt illicit activity and advance its solutions that help institutions manage financial crime risks.

Related: CZ proposes fix to address poisoning after investor loses $50M

Crypto phishing scams see resurgence due to generative AI advancements

Crypto phishing scams have been a long-standing issue in the industry, which saw a resurgence following advancements in generative AI. They involve hackers sharing fraudulent links with victims to steal sensitive information, such as crypto wallet private keys.

In December, a Bitcoin (BTC) investor lost his entire retirement fund to an AI-fueled romance scam known as a “pig butchering.” In this case, the scammer used AI-generated images to emotionally manipulate the victim into sending over his Bitcoin.

Still, the falling number of incidents suggests that investors are becoming better at safeguarding their assets from attackers.

Losses to phishing scams decreased 83% year-on-year, falling to $83.3 million in 2025, from $494 million in 2024, according to a report from Web3 security tool Scam Sniffer

Magazine: Meet the onchain crypto detectives fighting crime better than the cops