JOON HYOUNG LEE

Ahn Do-geol, a Democratic Party lawmaker, said on the 30th, "Stablecoins will become a new growth driver for our economy beyond financial innovation." Ahn attended a forum on "The Use of Won Stablecoins by Corporations and Foreign Exchange Policy" held at the National Assembly Members' Office Building in Yeouido, Seoul, and said, "Stablecoins have overwhelming efficiency in terms of transaction costs, speed, and accessibility." He added, "Stablecoin innovation is already gaining momentum in the global market," and warned, "We must not miss the opportunity due to excessive concerns about stablecoins." Ahn reiterated the importance of stablecoins. He said, "Stablecoins offer various opportunities for companies," and "they will also expand transaction volumes by providing users with a convenient payment experience." He added, "If we hesitate further, dollar stablecoins will entrench their lead in the market, and countries ahead of us will encroach on the market," noting that "promptly incorporating and establishing won stablecoins within the regulatory system is the way to protect national competitiveness and monetary sovereignty." Regarding concerns about stablecoins, he said, "They can be adequately addressed." Ahn noted, "Some argue that won stablecoins could increase capital outflows and weaken the enforcement of foreign exchange policy," but "these issues can be sufficiently addressed through institutional measures and technical means." He went on to explain, "By building a transparent monitoring system using blockchain and establishing mechanisms such as pre-detection of suspicious transactions and the travel rule, risks can be managed sufficiently." He also mentioned the institutionalization of won stablecoins. Ahn said, "There is broad consensus on the need to introduce stablecoins," and "the Democratic Party is currently forming a Digital Assets Task Force (TF) to promote public discussion for legislation." He added, "Fortunately, the People Power Party has also shown strong interest in stablecoin bills," and said, "(there is) also a consensus in the opposition that a rapid establishment of a won stablecoin ecosystem is necessary."

Bitcoin recovers to the $112,000 range 10-year October average rise 22% On-chain indicators such as MVRV also positive "Will benefit from a rate-cut cycle" Bitcoin (BTC) prices have returned to an uptrend after one week. The market is dominated by the view that Bitcoin will show strength this October. There is also speculation that it could hit a new record high within the year. According to cryptocurrency market streaming site CoinMarketCap on the 29th, Bitcoin surpassed $110,000 that day and continued its rise, trading in the $112,000 range. Over the past weekend (27–28), it showed weakness and fell to the $108,000 range before successfully rebounding. Earlier, Bitcoin prices had continued to fall last week, heightening investor concerns. Some analyses suggested that Bitcoin's upward momentum weakened after the Fed's September Federal Open Market Committee (FOMC). Amid such concerns, U.S. spot Bitcoin exchange-traded funds (ETFs) saw net outflows of $900 million (about 1.3 trillion won) last week. It was the first weekly net outflow in five weeks. On-chain analytics firm Glassnode analyzed that "ETF inflows, which played a key role in absorbing (Bitcoin) supply, slowed sharply around the FOMC." However, growing expectations of rate cuts ahead of October appear to have fueled Bitcoin price gains. The Fed had initially hinted at the possibility of two additional rate cuts this year at this month's FOMC, but recent U.S. economic indicators such as second-quarter gross domestic product (GDP) were stronger than expected, leading to views that further rate cuts might be off the table. But the U.S. August personal consumption expenditures (PCE) price index released on the 26th matched the Dow Jones-compiled consensus, reviving the weakened prospect of rate cuts. 'Uptober' hopes grow The view that the 'Uptober' phenomenon is likely to repeat is gaining traction. 'Uptober' is a portmanteau of 'Up' and 'October' and refers to the phenomenon in which the cryptocurrency market generally shows strength every October. According to Coinglass, over roughly 10 years from 2013 to last year, Bitcoin's average October increase was 21.89%. Also, looking only at October, the only years Bitcoin's price did not rise were 2014 and 2018. On-chain indicators are also optimistic. A representative is the "market value to realized value (MVRV)," which divides Bitcoin market capitalization by realized capitalization (Realized Cap). A CryptoQuant contributor at XWIN Research Japan said, "(Bitcoin MVRV) ratio has returned to around 2.0," adding, "that zone is neither fear nor euphoria." He went on to analyze, "In past cycles, after an initial surge in (Bitcoin) prices, when MVRV adjusted in that zone the trend was reset and (afterwards) it entered a strong bullish phase." Generally, MVRV of 1.0 or less is considered undervalued, and 3.7 or more is considered overvalued. There is also analysis that if the U.S. rate-cut cycle becomes full-fledged, Bitcoin could break its record high within the year. On Polymarket, as of that day the probability that Bitcoin will exceed $125,000 within the year stood at 66.6%. It rose 6 percentage points from the previous day's 60.6%. U.S. cryptocurrency asset manager Grayscale said, "Rate cuts lower the opportunity cost of zero-yield assets and raise investors' risk appetite, which will benefit cryptocurrencies," adding, "(However) U.S. labor market weakness, high valuations in the stock market, and geopolitical uncertainty could act as downside risk factors in Q4."

Domestic Web3 venture capital (VC) firm Aegis Ventures said on the 29th that it held a networking event, 'Web3 Wave', on the 24th at Seoul Pizza Hill in Gwangjin-gu, Seoul. The event was co-hosted by Aegis Ventures, Spartan Group, and AC Capital. AI infrastructure startup GAIB participated as a sponsor. Representatives from several cryptocurrency projects, including Line Next, Neo (NEO), IOST (IOST), and Hippo Protocol (HP), attended the event. Aegis Ventures said, "Participants freely discussed potential future collaborations," adding, "Investors discovered promising Web3 projects, and the projects sought new partnership opportunities." GAIB also made a presentation. At the event, GAIB announced that the total value locked (TVL) of its 'Final Spice' campaign surpassed $100 million. GAIB also announced collaboration plans with World Liberty Financial (WLFI), the cryptocurrency project of U.S. President Donald Trump's family, and strategies to expand a robot-based business model.

U.S. Ethereum (ETH) spot exchange-traded funds (ETFs) recorded net outflows for four consecutive trading days. On the 26th (local time), according to TraderT, on the previous day (25th) U.S. Ethereum spot ETFs saw net outflows of US$251,000,000 (about KRW 350 billion). It marks the fourth consecutive trading day of net outflows. Specifically, Fidelity FETH alone experienced net outflows of US$158,000,000. Grayscale ETHE recorded net outflows of about US$30,300,000. There were no ETFs that recorded net inflows.

U.S. Bitcoin (BTC) spot exchange-traded funds (ETFs) turned to net outflows in a single day. On the 26th (local time), according to TraderT, $252 million (about 350 billion won) flowed out of U.S. spot Bitcoin ETFs on the previous day (the 25th). It returned to net outflows just one day after turning to net inflows on the 24th. Specifically, Fidelity's FBTC saw the largest outflow with $115 million in net withdrawals. Bitwise's BITB and Ark Invest's ARK recorded net outflows of $80.5 million and $63 million, respectively. Grayscale's GBTC also recorded a net outflow of $43 million. Meanwhile, BlackRock's IBIT saw a net inflow of $81 million.

Recent analysis suggested that Bitcoin (BTC) upward momentum is weakening. On-chain analytics firm Glassnode said in its weekly report on the 25th (local time) that "Bitcoin entered a corrective phase after the rally led by the Federal Open Market Committee (FOMC) in September," adding that "the overall market structure indicates a gradual weakening of momentum." Glassnode emphasized the 'Realized Cap' metric. Glassnode said "the current 8% drawdown on-chain is modest compared to past cycles," and analyzed that "(it) occurred after three large capital inflows that pushed the realized cap up to 678 billion dollars." It added, "this is nearly double that of the previous cycle," and said, "long-term holders have already realized gains on 3.4 million bitcoins, showing the high dispersion and maturity stage of this rally." It identified the $111,000 range as the key support level. Glassnode said, "ETF inflows, which played a key role in absorbing supply, have sharply slowed around the FOMC," and "at the same time, selling by long-term holders has accelerated, creating an unstable balance in capital flows." It went on, "the $111,000 reference price for short-term holders is the key support," adding, "if demand from institutions and holders does not realign, there is a risk of a more severe market cooling."

Solana (SOL) price decline is deepening. Analysts say whether Grayscale's spot Solana exchange-traded fund (ETF) application, which is scheduled for next month, will be approved could determine the future price direction. On the 26th, according to CoinMarketCap, Solana's price was trading at $192.91 as of 9:50 a.m., down 8.49% from the previous day. Compared with a week ago, it has fallen 22.25%. It is the first time Solana's price has fallen below $200 in about 20 days since the 7th of this month. The key is the review deadline for the spot Solana ETF scheduled for next month. The U.S. Securities and Exchange Commission (SEC) must decide on Grayscale's spot Solana ETF application by the 10th of next month. Cointelegraph reported, "The Rex Osprey Staking Solana ETF launched this July offers spot investment opportunities but is structurally less significant compared to a pure spot product," adding, "Grayscale's spot ETF has the potential to expand direct participation by institutional investors, increase liquidity, and boost market participation." Grayscale is not the only one awaiting review. The SEC plans to sequentially review spot Solana ETF applications filed next month by major asset managers such as Bitwise, 21Shares, and VanEck. The review deadline is the 16th of next month. U.S. crypto venture capital firm Pantera Capital said the introduction of spot ETFs could be a turning point for Solana. Pantera Capital said, "Institutional holdings of Solana are 1% of total supply, which is significantly lower than Bitcoin (16%) and Ethereum (7%)," and added, "With spot Solana ETF approval expected as early as Q4 this year, Solana will soon reach an 'institutional moment'."

U.S. President Donald Trump again criticized Jerome Powell, chair of the U.S. Federal Reserve (Fed). President Trump said on the 25th (local time) on his social media platform Truth Social, "Today's economic indicators came out very well," and "the success we are achieving is also tremendous." The U.S. Commerce Department announced that the finalized Q2 U.S. gross domestic product (GDP) growth rate for this year was 3.8%, far exceeding the Dow Jones compiled forecast (3.3%). President Trump emphasized the need for rate cuts. He said, "If it weren't for Powell, who is 'Too Late', we would by now have lowered rates to 2% and been in the process of balancing the budget," adding, "The good news is that despite Powell's incompetence, we are overcoming this"

U.S. Nasdaq-listed SharpLink Gaming said it will tokenize its equity via Ethereum (ETH). SharpLink Gaming said on the 25th (local time), "It will tokenize its common stock registered with the U.S. Securities and Exchange Commission (SEC) on the Ethereum blockchain." SharpLink said, "This will present a way for a listed company to create shareholder value with blockchain infrastructure, improve market efficiency, and lead capital markets," adding, "This aligns with the SEC's 'Project Crypto' agenda that supports blockchain, digital assets, and so on." The equity tokenization work will be handled by tokenization specialist Superstate. A SharpLink representative said, "We will tokenize the shares on the OpeningBell platform in cooperation with Superstate." OpeningBell is a tokenization platform developed by Superstate. Joseph Chalom, co-CEO of SharpLink, emphasized, "(Stock tokenization) shows our conviction." Chalom said, "We will enable shareholders to hold SharpLink shares directly on Ethereum," adding, "We believe this development can redefine market structure."

Solana (SOL) futures open interest (OI) has reached an all-time high. Cointelegraph reported on the 25th (local time), citing Coinglass data, that Solana's futures open interest stood at $71.8 million (about 100 billion won) as of that day. Cointelegraph said "(the open interest) is an all-time high" and reported that "the total open interest stands at $14.5 billion (about 20.4 trillion won)." However, Solana's spot price is declining. As of 11:35 p.m. that day, Solana was trading at $203.33 on CoinMarketCap, down 4.81% from the previous day. Compared with a week earlier, it was down 17.98%. Cointelegraph said, "If rising open interest and an increasing funding rate coincide amid falling prices, it could lead to an excessively leveraged market where long (buy) position investors are suddenly hit."

Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said the U.S. economy is in a 'weird environment (weird environment)'. Goolsbee attended an event in Grand Rapids, Michigan, on the 25th (local time) and said, "The U.S. economy is in a weird environment where the labor market is weakening and inflation is rising." Goolsbee said, "The biggest risk the U.S. central bank faces is 'stagflation (rising prices amid economic stagnation)'" and said, "(However) the economy is still on a 'soft landing' path where inflation falls while maintaining full employment." He also mentioned the possibility of interest rate cuts. Goolsbee said, "If we secure data that full employment is being maintained stably and there is a possibility that inflation will return to 2%, interest rates could be lower than current levels," and said, "But it is somewhat risky to bring forward the timing of cuts until such a trend becomes certain."

The White House is reportedly considering pro-crypto figures as candidates for the next Commodity Futures Trading Commission (CFTC) chair. Eleanor Terrett, host of Crypto in America, said on X on the 25th (local time) that "the White House is considering former CFTC commissioner Jill Sommers and National Credit Union Administration (NCUA) Chairman Kyle Hauptman as candidates for CFTC chair." Both former Commissioner Sommers and Chairman Hauptman are classified as pro-crypto figures. Terrett said, "Former Commissioner Sommers worked at the same consulting firm as current Securities and Exchange Commission (SEC) Chair Paul Atkins," and "Chairman Hauptman worked as a senior vice president at investment bank (IB) Jefferies, in charge of U.S. Treasuries and futures trading." She added, "Both candidates are known to have pro-crypto leanings." The CFTC is a major regulatory authority that oversees the cryptocurrency industry in the United States. The CFTC chair position has been vacant since June. Initially, the second Trump administration had named former CFTC commissioner Brian Quintenz as a candidate for the next chair, but his confirmation vote in the U.S. Senate has been delayed.

Steve Miran US Federal Reserve(Fed) board member argued that "the policy rate should be lowered quickly." In an interview with Bloomberg on the 25th (local time), Miran said, "I do not think the economy will collapse soon," and added, "(however) considering the risks, I would choose to act preemptively and lower rates in advance rather than wait until a major catastrophe occurs." Miran is a close aide appointed by U.S. President Donald Trump, and began his term as a Fed board member on the 16th of this month. Miran emphasized, "The neutral interest rate is gradually declining." He explained that the Fed's current policy rate (4.00~4.25%) far exceeds his estimate of the neutral rate. Miran said, "(Monetary) policy needs to be adjusted to the neutral rate," and "If policy remains overly restrictive for a long time, we will face a situation in which the unemployment rate rises meaningfully." The neutral rate refers to the real interest rate level that maximizes employment while not stimulating inflation.

Last week, initial unemployment claims in the United States came in well below market expectations. The U.S. Department of Labor said on the 25th (local time) that initial unemployment claims last week totaled 218,000. That was 15,000 fewer than the expert forecast (233,000). Compared with the previous week's revised figure (232,000), it was 14,000 fewer. Bloomberg said, "(Last week's figure) is the lowest since mid-July this year," adding that "the labor market has cooled, but layoffs have been relatively limited." Continuing unemployment claims, for those filing for unemployment benefits for two consecutive weeks, totaled 1,926,000. That was 2,000 fewer than the previous week's revised figure (1,928,000). It was 4,000 fewer than the market estimate (1,930,000). The number of new unemployment benefit claims in the United States fell to the lowest level since mid-July, which indicates that companies remain reluctant to lay off employees. Initial unemployment claims are an indicator of overheating in the U.S. labor market. An increase in unemployment claims can be interpreted as a sign that an overheated labor market is cooling. Experts are watching employment indicators such as unemployment claims to understand the impact of U.S. President Donald Trump's aggressive tariff policies on corporate decision-making.

The U.S. economy, which contracted in Q1 this year, recorded a larger-than-expected expansion in Q2. The U.S. Commerce Department said on the 25th (local time) that the final estimate of U.S. gross domestic product (GDP) growth for Q2 this year was 3.8% (annualized quarter-on-quarter). This is an upward revision of 0.5% percentage points from the revised estimate (3.3%) released at the end of last month. Compared with the advance estimate (3.0%) released at the end of July, it was revised up by 0.8% percentage points. It also far exceeded the 3.3% forecast compiled by Dow Jones. Earlier, U.S. GDP contracted by 0.5% in Q1 as imports temporarily increased ahead of tariff imposition. The reduction of such temporary inventory-building factors, leading to a decrease in imports, is cited as the main reason the Q2 GDP growth rate recovered. The U.S. releases GDP growth in three stages: advance, revised, and final estimates. The final estimate is calculated by incorporating economic activity indicators that were missing from the provisional estimates. Also, unlike South Korea, the U.S. publishes GDP statistics by annualizing the quarter-on-quarter growth rate.

Decentralized exchanges (DEXs) saw derivatives trading volume break record highs for two consecutive days. Wu Blockchain said on the 25th (local time) via its official X account, "The previous day (24th), derivatives trading volume on decentralized exchanges exceeded $67 billion (about 94 trillion won), setting an all-time high for the second day in a row." Wu Blockchain said, "In particular, ASTER, Lighter, and HYPE each recorded trading volumes of over $10 billion." It also mentioned potential money laundering. Wu Blockchain said, "The seven-day average trading volume of derivatives decentralized exchanges with daily trading volumes exceeding $1 billion increased by at least 80%, which suggests the possibility of 'wash trading (Wash Trading)'."

M2 Capital, a subsidiary of UAE-based investment firm M2 Holdings, is investing $20 million (about 28 billion won) in Ethena (ENA). According to CoinDesk on the 25th (local time), Ethena recently raised $20 million in funding from M2 Capital. Ethena is a synthetic stablecoin project based on Ethereum (ETH). CoinDesk said, "This investment follows M2's participation earlier this year in a fundraising plan for the Sui (SUI) blockchain ecosystem," adding, "and it came as the UAE continues to strengthen regulatory frameworks to attract crypto companies and investors." Meanwhile, Ethena, launched last year, has a total value locked (TVL) of $14 billion (about 19.6 trillion won). The Block said, "Ethena's stablecoin USDe and yield-generating token sUSDe are being steadily adopted in the decentralized finance (DeFi) sector."

Stablecoin payments company RedotPay has raised $47 million (about 66 billion won) in new investment. On the 25th (local time), Cointelegraph reported that RedotPay recently completed a $47 million fundraising. The investment round included Coinbase Ventures, Galaxy Ventures, and Vertex Ventures. RedotPay is a stablecoin payments startup founded in 2023. Cointelegraph reported, "RedotPay has acquired more than 5 million users since launching its service," and "(so far) has processed $10 billion (about 14 trillion won) in total payment volume (TPV)."

U.S. asset manager Capital Group (Capital Group) has emerged as the largest shareholder of "Japan's version of Strategy" MetaPlanet. Simon Gerovich, MetaPlanet CEO (CEO), said on the 25th (local time) via X (X), "Capital Group has become MetaPlanet's largest shareholder," adding, "The current (Capital Group's) stake is 11.45%, amounting to USD 500 million (about KRW 700 billion)." MetaPlanet said, "On the 17th a change occurred among the company's major shareholders." National Financial Services LLC, a subsidiary of U.S. asset manager Fidelity, became the second-largest shareholder. National Financial Services was originally MetaPlanet's largest shareholder. According to MetaPlanet's disclosure on the change of the largest shareholder that day, National Financial Services' stake in MetaPlanet fell from 12.9% to 7.4%. Meanwhile, MetaPlanet declared bitcoin accumulation last year and transformed from a hotel operator into a bitcoin investment company. The bitcoin MetaPlanet has acquired amounts to USD 1.958 billion (about KRW 2.7 trillion), which ranks 5th among listed companies worldwide by holdings.

Nine banks in the European Union (EU) will jointly develop a euro-based stablecoin. On the 25th (local time), Bloomberg reported that DekaBank, ING Group, UniCredit, Danske Bank and other EU banks, nine in total, announced they had formed a consortium to jointly develop a euro-based stablecoin. The consortium also established an office in the Netherlands for the stablecoin business. The consortium said, "The goal is to create a European alternative to the US-led stablecoin market and contribute to Europe's strategic autonomy in payments," adding, "We welcome participation from other banks." The consortium plans to launch the stablecoin in the second half of next year. Bloomberg said this was "a sign that European banks have begun to take an interest in digital assets just months after EU cryptocurrency market regulation began in earnest."

The Banque de France said dollar stablecoins could undermine the sovereignty of the European Union (EU). On the 25th (local time), according to Bloomberg, François Villeroy de Galhau, Governor of the Banque de France, said in a recent interview with Le Grand Continent, "The potential risk Europe may face is privately issued, externally dependent currencies issued outside Europe, namely dollar stablecoins." Le Grand Continent is a periodical of the French think tank Geopolitics Research Group (GEG). Villeroy de Galhau emphasized, "European banks risk falling behind the United States in the rapid development of stablecoins." He added, "The stablecoin market is currently about $250 billion and could grow to trillions of dollars within a few years," and said, "The (stablecoin) discussion is only just beginning but is essential for the future of European sovereignty."

Exclusive interview with Zak Folkman, co-founder of World Liberty Financial (WLFI) WLFI, the Trump family's cryptocurrency project Co-host of 'Eastpoint Seoul 2025' Expressed willingness to cooperate with a 'won stablecoin' "We will further strengthen our partnership with Korea" "Where decentralized finance (DeFi) meets traditional finance (TradFi)." This is the slogan of World Liberty Financial (WLFI), the Trump family’s cryptocurrency project. Launched at the end of last year, World Liberty Financial rose to become one of the biggest topics in the global crypto industry in less than a year. This came as WLFI's aggressive business expansion coincided with the Trump administration's pro-crypto policy push. Domestically, World Liberty Financial drew attention when its native token WLFI and the stablecoin USD1 were listed simultaneously on Korean crypto exchanges Upbit and Bithumb earlier this month. The market capitalizations of WLFI and USD1 are respectively 4.9 billion dollars (about 6.8 trillion won) and 2.7 billion dollars (about 3.8 trillion won). World Liberty Financial participated as a co-host of the global web3 private conference 'Eastpoint Seoul 2025', held on the 22nd, together with Hashed, Bloomingbit, and the Korea Economic Daily. Bloomingbit met Zak Folkman, co-founder and COO of World Liberty Financial (WLFI), who visited Korea to attend the event, on the 24th for an exclusive interview. "Korea is a very interesting market" COO Folkman expressed strong interest in the Korean market above all and stated willingness to cooperate on the 'won-based stablecoin' that is being institutionalized domestically. He said, "I expect one or multiple Korean-style stablecoins based on the won to emerge," and explained, "Just as dollars and won are exchanged and traded now, cooperation between a won stablecoin and the dollar-based USD1 will occur in the future." He added, "There is a strong possibility of establishing a Korean branch," and said, "As business opportunities and partnerships in Korea expand, we plan to increase local hiring." He also said, "Korea is a very interesting market," and added, "More than 25% of the population trades cryptocurrencies, which is a penetration rate higher than any other market in the world." He continued, "To provide value to Korean users, World Liberty Financial needs deep connectivity," and said, "We will visit Korea frequently going forward to strengthen partnerships with Korea." Below is the Q&A with COO Folkman. Q: What is World Liberty Financial's goal? A: To narrow the gap between the traditional financial system and the web3/cryptocurrency industry. One aspect of this vision is building a retail application, as introduced in the keynote at the 'Eastpoint Seoul' conference. Web2 users are already familiar with convenient payment apps. Korea also has apps that make payments and trading easy. The app we are developing will maintain a web2-style user experience (UX) while being powered by web3 technology. Difficulties such as wallet creation and key management will be abstracted away from the user, but users will be able to enjoy all the benefits of self-custody wallets within the app. It is also important that users can use the money in the app, such as stablecoins, in everyday life immediately. For example, they should be able to buy coffee at Starbucks, grocery shop at a supermarket, or fill up at a gas station. That is why we plan to issue a World Liberty Financial 'debit card.' This card can be used for in-store payments, online shopping, and integrated with Apple Pay and Google Pay. The core idea is to enable anyone without crypto experience to enjoy the benefits of crypto. Q: What differentiates World Liberty Financial? A: There have been many attempts to fuse traditional finance with crypto. In less than a year since its founding, World Liberty Financial has implemented and demonstrated this through USD1 and other initiatives. For example, if someone wants to send money from overseas to Korea, USD1 can be a much more efficient option than bank transfers using the SWIFT payment system. USD1 is faster, cheaper, and more transparent than SWIFT. The existence of a governance token, WLFI, is also an interesting aspect. Users can not only enjoy benefits through USD1 but also share in the value of the WLFI protocol and become part of the ecosystem. "High likelihood USD1 will connect with won stablecoins" Q: Discussions on introducing a won stablecoin in Korea have intensified recently. What do you think about a won stablecoin? A: Cryptocurrencies, especially stablecoins, can be a payment method that is faster, cheaper, and more transparent than existing systems. Crypto, including stablecoins, has the potential to revolutionize all aspects of life—finance, culture, global trade. I think Korea will follow a path similar to the United States and Hong Kong. The world cannot adopt something new while Korea goes its own way alone. The U.S., Hong Kong, and Japan, and Taiwan are planning to issue their own stablecoins. If Korea wants to trade with these countries, it will have to follow stablecoin policies. This is like Korea not being able to choose not to use the Internet. When the Internet was first invented, there were opponents, but eventually you cannot communicate with the world without email. Stablecoins will be the same. There may be differences in speed, but eventually they will arrive at stablecoins. Q: What role do you see USD1 playing in Korea? A: I do not expect Koreans to use USD1 for grocery shopping or dining out domestically. Won stablecoins will inevitably be used domestically in Korea. But when Korea interacts with foreign countries, there is a high likelihood of linkage between USD1 and won stablecoins. Exchange between won and dollar stablecoins will become very important for tourism and everyday consumption. It is cheaper, easier, and faster than existing currency exchange methods. For example, a foreign visitor to Korea has to go to an exchange booth to change money into won. Exchange booths charge high fees of 5–6% while not adding real value and apply less favorable rates than the actual exchange rate. Exchange booths at airports add a premium simply for occupying space. Koreans face the same problem when visiting abroad. If they used USD1 and won stablecoins, they could exchange money much more conveniently and cheaply. Q: Which sectors in Korea do you plan to focus on for expanding partnerships? A: For now, we are focusing on retail. It is important not only to trade and invest in crypto but to activate everyday payments and remittances. We will expand partnerships later depending on the Korean market situation and regulatory clarity. What impressed me in Korea was how deeply crypto is already embedded in daily life. Just yesterday while walking, I saw someone trading crypto on a cellphone using the Bithumb app. I have never seen that in the U.S. You do not see people walking around in New York or Miami watching crypto charts on their phones. At the end of the interview, COO Folkman's World Liberty Financial tattoo on his left arm caught the eye. It was the eagle logo that symbolizes World Liberty Financial. When asked about it, COO Folkman said, "I got the tattoo about four months ago," and laughed, "Yesterday someone asked if they could take a picture of the tattoo." He added, "I am not the only one with the World Liberty Financial tattoo. Two other team members also have the same eagle logo tattoo," and said, "It is a symbol that shows we believe this is not a short-term project but a lifetime commitment."

AI-themed cryptocurrency prices are surging on news of NVIDIA's large investment in Intel. According to CoinMarketCap on the 19th, NEAR Protocol (NEAR) is trading at $2.96, up 10.65% from the previous day as of 12:07 AM. NEAR Protocol is an AI agent project and has the largest market capitalization among AI-themed cryptocurrencies. Other AI-themed cryptocurrencies such as BitTensor (TAO) and Fetch.ai (FET) are also showing gains. Specifically, BitTensor is trading at $369.1, up 6.35% from the previous day as of 12:07 AM. At the same time, Fetch.ai is trading at $0.6721, up 6.55% from the previous day. NVIDIA announced on the previous day (18th) that it will purchase $5 billion worth of Intel common stock at $23.28 per share. NVIDIA's stake in Intel is estimated to be around 4%. NVIDIA will use this investment as an opportunity to jointly develop AI semiconductors with Intel. Regarding this, U.S. crypto outlet CoinDesk said, "For the cryptocurrency industry, NVIDIA's performance is one of the indicators that reflects market sentiment," adding, "(NVIDIA's investment in Intel) can be reflected in the cryptocurrency market more broadly than just the AI theme."

The U.S. Dogecoin (DOGE) exchange-traded fund (ETF) recorded about $6 million (approximately 8.4 billion won) in trading volume within 1 hour of its launch. Eric Balchunas, a Bloomberg ETF analyst, said on X on the 18th (local time), "The Dogecoin ETF's (within 1 hour of launch) trading volume reached about $6 million," adding, "It exceeded expected trading volume in just 1 hour." Balchunas described the Dogecoin ETF's trading volume as "surprisingly robust." He said, "Most ETFs have first-day trading volumes of $1 million or less."

Analysis suggests that Bitcoin (BTC) price could enter a correction phase if it fails to break above $117,000. On-chain analytics firm Glassnode said on the 18th (local time) via its official X account, "Supply on the Bitcoin 'Cost Basis Distribution Heatmap' is concentrated in the $117,000 range," adding that "(at that price level) it forms a major resistance zone." Glassnode analyzed that "(if the $117,000) range is broken, it could lead to a thin supply area above." It added, "(however) if the breakout fails, there is a risk that the correction phase will be prolonged."

The Bhutan government has transferred US$100 million (about KRW 140 billion) worth of Bitcoin (BTC) to a new wallet. On the 18th (local time), according to on-chain analytics firm Lookonchain, the Bhutan government transferred 913 BTC to two new wallets that day. The Bitcoin transferred by the Bhutan government that day is currently valued at US$100.7 million. Analysis suggests the Bhutan government may have started additional Bitcoin sales. The Bhutan government has recently sold Bitcoin repeatedly. Earlier, Bhutan began mining Bitcoin using surplus electricity in 2017. Lookonchain said, "(The Bhutan government) still holds 9,652 BTC." It is currently valued at US$1.13 billion (about KRW 1.6 trillion).

Kevin Hassett, chair of the White House National Economic Council (NEC), supported the Federal Reserve's (Fed) decision to cut interest rates. Hassett said in an interview with CNBC on the 18th (local time) that "(a 0.25 percentage point cut in the policy rate) was likely a prudent decision." Hassett added, "A 0.25 percentage point cut represented fairly broad consensus and is a good first step toward much lower rates," and, "The key is to move toward the goal slowly but steadily while watching the data." Earlier, the Fed cut the policy rate by 0.25 percentage point the previous day (17th). It was the Fed's first rate cut in nine months since December last year. The Fed presented the median year-end policy rate forecast at 3.6%. This is a 0.3 percentage point downward revision from the 3.9% announced in June. Considering this, it appears that two more 0.25 percentage point rate cuts will take place within the year.

Plasma, a blockchain dedicated to stablecoins, will hold a token generation event (TGE) on the 25th. Plasma said on the 18th (local time) that it will launch its own token Plasma (XPL) on the 25th of this month. The Plasma mainnet beta version will also be launched on the same day. Plasma said "(token) supply 10% was sold to community members through a public sale" and "with the mainnet beta launch, an additional 25,000,000 tokens will be distributed for small depositors." Plasma is a layer-1 blockchain project optimized for Tether (USDT). Earlier, Plasma raised $370,000,000 (about 510 billion won) in July through a token public sale. A Plasma representative said, "Plasma is building a new global financial system for everyone," and explained, "On the first day of the (mainnet beta) launch, $2,000,000,000 worth of stablecoins will be activated."

Last week, U.S. initial unemployment claims came in below market expectations. The U.S. Department of Labor said on the 18th (local time) that initial unemployment claims for last week were 231,000. This figure is 10,000 fewer than the experts' forecast (241,000). Compared with the previous week's revised figure (264,000), it is 33,000 fewer. Continuing unemployment claims, counting those claiming benefits for two consecutive weeks, were 1,920,000. That is 7,000 fewer than the previous week's revised figure (1,927,000). Compared with the market estimate (1,950,000), it is 30,000 fewer. Initial unemployment claims are an indicator that can gauge overheating in the U.S. labor market. An increase in unemployment claims can be interpreted to mean an overheated labor market is cooling. Experts are watching employment indicators such as unemployment claims to assess the impact of U.S. President Donald Trump's aggressive tariff policies on corporate decision-making.