Weekly Market Highlights Review [6.9 - 6.13]: After a rise in the crypto market, a black swan event occurred, and the narrative around stablecoins and Sol ETF has heated up.

This week, the crypto market experienced fluctuations. Initially, Bitcoin and Ethereum led the market to rise, with DeFi tokens rapidly increasing due to positive signals released by the SEC chairman. Macroeconomic data also leaned towards interest rate cuts. However, on Friday, the geopolitical situation in the Middle East escalated suddenly, impacting the cryptocurrency market, with most altcoins falling by about 10%. Additionally, a company's filing with the SEC allowing shareholders to resell stocks in large quantities was misunderstood, triggering panic selling and causing the stock price to plummet by 70%, which to some extent dragged down Ethereum.

This week's report focuses on three aspects: the rising topic of stablecoins, updates on the Aster project, and developments in regulatory policies.

1. The popularity of stablecoins continues to rise.

The U.S. Senate passed the procedural vote on the "GENIUS stablecoin bill" with a vote of 68 to 30, which will initiate debate and a final vote in the entire chamber. If both parties can negotiate to shorten the debate time, the legislative process could be completed as early as next Monday. If the Senate ultimately passes it, the bill will be submitted to the House of Representatives for further review.

If the bill is ultimately passed, it will become the first comprehensive federal legislation in the United States aimed at encryption assets. A government advisor expressed support for the bill in a policy statement. With the GENIUS stablecoin bill about to pass, and the supportive attitude displayed by U.S. government agencies, other countries and regions, as well as banking enterprises, have quickly begun to lay out their plans in the stablecoin sector, and related topics are becoming increasingly heated.

1. South Korea Trends

The new President of South Korea has an open attitude towards the encryption industry and plans to establish a digital asset committee directly controlled by the president to promote industry policies. One important plan is to launch a stablecoin pegged to the Korean Won. The ruling party in South Korea has proposed the "Basic Law on Digital Assets" aimed at allowing local companies to issue stablecoins to enhance transparency and competitiveness.

The issuance requirements include: the company must have a capital of at least 500 million Korean Won, guarantee refunds through reserves, and obtain approval from the Financial Services Commission.

Background data shows that in the first quarter of 2025, the trading volume of dollar-pegged stablecoins in South Korea reached 57 trillion won (, approximately 41.5 billion USD ). By the end of 2024, about 30% of the South Korean population (, approximately 15.6 million people ), participated in digital asset trading, with 100,000 new investors joining the market each month. Nearly 60% of respondents indicated plans to increase their encryption holdings during the current president's term.

The Governor of the Bank of Korea will meet with executives from major commercial banks on June 23 to discuss the development of a stablecoin backed by the South Korean won. The central bank is working with relevant institutions to formulate a regulatory framework for stablecoins to ensure their stability and practicality. However, due to the possibility that the won-backed stablecoin may circumvent capital control measures, South Korea's attitude towards introducing the won stablecoin into the domestic economy is somewhat cautious.

Relevant targets worth paying attention to:

A certain payment platform is the financial technology division of a leading technology company in South Korea. Due to its digital wallet infrastructure and QR code payment system, it is widely regarded as a potential beneficiary of domestic stablecoin. After the announcement of the "Digital Assets Basic Law", its stock price rose by 29% in a single day, setting the highest rise in nearly a year.

A high-performance Layer-1 blockchain was formed by the merger of two large tech companies, backed by 250 million users. Recently, it announced plans to issue a stablecoin pegged to the Korean won. Core contributors of the project stated that following the launch of the native USDT, the team will fully promote the deployment of the Korean won stablecoin. The project's token has risen over 50% this week, confirming the market's strong recognition of its stablecoin narrative.

2. Traditional Institutions

In 2024, the total transaction volume of stablecoins reached $27.6 trillion, surpassing the combined transaction volume of the two major credit card companies in 2024. The low cost and streamlined payment process brought by stablecoins quickly attracted the attention of a large number of enterprises, which are actively exploring the integration of stablecoins into their payment systems.

2. Aster Project Updates

On June 13, the decentralized exchange (DEX) incubated by a certain exchange completed the airdrop snapshot of Au points ( obtained through deposits. This project is considered an important project in a certain public chain ecosystem, benchmarking against a certain high-performance DEX. The Aster project is integrated from a DeFi protocol incubated by a certain incubator's seventh phase and a financial project brand invested by a certain entity.

Currently, it is confirmed that a certain token will replace another token, but the specific conversion ratio has not been explicitly stated. There are rumors that the project party's contract test is for a 1:1 exchange, but half of it needs to be locked for six months. Considering the support from the CEO of a certain exchange and the need for ecological development, the replaced token may have a significant possibility of rising in the future.

Similar coin exchange strategies occurred at the beginning of 2024 when one token was exchanged for another, during which there was a significant arbitrage opportunity. The replaced token saw a remarkable rise in a short period, with the increase from the lowest point to the highest point being approximately 3 times.

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) 3. Regulatory Policy Progress

1. Key points from the SEC Chairman's speech at the "DeFi and the American Spirit" roundtable:

• The design philosophy of DeFi aligns with the American spirit, emphasizing economic freedom, private property rights, and innovation.
• Clearly, activities involved in PoW or PoS networks are not subject to federal securities law jurisdiction.
• Support users' self-custody rights and reduce legal risks for self-custody wallet developers.
• Explore the "Innovative Exemption" framework that allows eligible on-chain projects to operate legally.
• Acknowledge the innovation of DeFi technology and express the need to update the existing regulatory framework to accommodate on-chain activities.

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2. The SEC requires issuers planning to launch a spot SOL ETF to submit a revised S-1 form within the next week

This may indicate that the ETF will be approved within 3 to 5 weeks. The news also states that the SEC seems willing to accept proposals that include a staking mechanism.

The market has currently entered the ETF speculation cycle for relevant tokens. The earliest final deadline for the Sol ETF application is around October 11, 2025, and the likelihood of approval seems high. For SOL coin and high-quality assets in the ecosystem such as Raydium )RAY(, Orca )ORCA(, Jito )JTO(, Sanctum )CLOUD(, arrangements can be made at the appropriate time.

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