YM Lee

President Donald Trump has begun interview procedures for the final group of candidates, including White House economic adviser Kevin Hassett, to select a successor to Jerome Powell, whose term as chair of the U.S. Federal Reserve (Fed) ends in May next year. On the 9th (local time), according to the Financial Times (FT), President Trump and Treasury Secretary Scott Bessent are scheduled to interview former Fed governor Kevin Warsh on the 11th, and despite observations that Hassett remains a leading contender, the trend of expanding the candidate pool continues. Internal sources said the White House is still considering Fed governors Christopher Waller and Michelle Bowman, and Rick Rieder of BlackRock, among others, as candidates. On Air Force One, President Trump told reporters, "I'm seeing a few more people, but I have a sense of who I want." He had shown a favorable stance toward Hassett until recently, but the additional interview procedures have diluted the sense of certainty. The FT reported that some Wall Street investors worry that Hassett is too close to the president and may lean toward interest rate cuts. In the market, despite Hassett's recent remarks emphasizing the Fed's independence, there remains concern that "excessive stimulus could increase volatility in the government bond market." At a Wall Street Journal event the previous day, Hassett emphasized, "The most important duty of the Fed chair is independence from politics," and "data-driven judgment is important." Along with discussions on appointing a successor, attention is also focused on Secretary Bessent's future role. Multiple officials said that if Hassett becomes Fed chair, Bessent might concurrently serve as head of the National Economic Council (NEC) for the time being. President Trump has repeatedly stated that "he wants to appoint Bessent as Fed chair," so a scenario is also being discussed in which Hassett serves a shortened term and Bessent later moves into the role. This appointment process is taking place at a time when a third consecutive Fed rate cut is expected. The market sees a high probability that the federal funds rate will be lowered to 3.5%~3.75% at the Federal Open Market Committee (FOMC) meeting on the 11th (local time). President Trump has repeatedly said, "We have to lower interest rates to 1%," and the selection of the next chair is expected to have a significant impact on the direction of U.S. monetary policy.

Regulatory debate in the U.S. over token securities has intensified, sharpening disagreements between traditional financial firms and the crypto industry. HSBC said in a recent research report that "policy tensions over the regulation of tokenized equity in the U.S. are rapidly escalating." According to Cryptopolitan, HSBC analyzed in the report that regulatory approaches to tokenized real-world assets (RWA) and decentralized finance (DeFi) infrastructure have emerged as a key issue in internal SEC discussions. HSBC particularly assessed that the token securities market has moved out of the experimental phase and entered a point of friction between traditional finance and DeFi. According to HSBC analysis, at a recent meeting of the U.S. Securities and Exchange Commission (SEC) Investor Advisory Committee, opinions were sharply divided on how to regulate the tokenized stock market. Citadel Securities argued in a 13-page letter submitted to the SEC that "many DeFi trading protocols meet the legal definition of an 'exchange'" and that existing exchange obligations should be applied equally. Citadel Securities warned that "overly broad exemptions could create regulatory arbitrage and lead to parallel markets with inadequate investor protection." By contrast, Scott Boggess (Coinbase VP of Global Regulatory Policy) said that "decentralized trading models are structurally different from centralized exchanges and cannot be regulated by the same standards," emphasizing the need for a new regulatory framework that reflects DeFi features such as open-source-based systems and automated liquidity structures. Paul Atkins, a commissioner of the U.S. Securities and Exchange Commission (SEC), identified token securities as "a key pillar of the U.S. capital markets modernization strategy." On the premise that expansion of the tokenization market is inevitable, he said a new framework centered on regulatory consistency and compliance systems must be established. SEC commissioner Caroline Crenshaw, however, raised concerns about whether core elements of traditional regulation — market integrity, custody structures, and investor protection — can function adequately in a token securities environment. HSBC's report also mentioned expansion plans for its own Tokenized Deposit Service. It said the service is already operating in the U.K., Singapore, Hong Kong, and Luxembourg, and will expand to the U.S. and the United Arab Emirates (UAE) in the first half of 2026. HSBC analysts Dara Maher and Nishu Singla, who authored the report, diagnosed that "the likelihood that the SEC will allow a token securities trading market subject to laxer standards than existing exchanges is low." The two analysts concluded that U.S. regulatory conditions are likely to require a market structure based on a fully permissioned (permissioned) blockchain. They explained this is because regulators prefer a structure that allows direct oversight of developers and market activity. The SEC is expected to reach a conclusion on related matters within a few months. HSBC emphasized in the report that "while traditional finance, the DeFi camp, and U.S. regulators have different perspectives, they all agree on one forecast: the tokenization market will become much larger than it is today."

Global cryptocurrency exchange Binance has announced it will delist some trading pairs citing liquidity and market quality management. The measure will take effect from December 12 at 12:00 PM Korean time (03:00 UTC). According to a Binance notice on the 10th (local time), the exchange decided to end support for a total of eight trading pairs that have shown weak trading activity through periodic monitoring: CHR/BTC, ENJ/BTC, HAEDAL/FDUSD, LISTA/BNB, POWR/BTC, PROVE/BNB, UMA/BTC, ZRX/BTC. Binance said it was "the result of a comprehensive review of various indicators, including liquidity and trading volume." Binance said that the delisting of a trading pair does not mean the delisting of the token itself. Users can still trade spot through other trading pairs that support the same asset.

Twenty One Capital (Twenty One Capital) entered the U.S. market through a SPAC merger, but on the first day its share price fell nearly 20%, highlighting uncertainty over the company’s value and business plans. On the 9th (local time), Cointelegraph reported that Twenty One Capital completed its merger with Cantor Equity Partners and began trading under the 'XXI' ticker, and that the opening price of $10.74 was far below the previous day's SPAC closing price of $14.27. The closing price was $11.42, a 19.97% decline over 24 hours, and in after-hours trading it rebounded 2.2% to $11.67, valuing the market capitalization at about $4 billion. Twenty One Capital is one of the most notable crypto asset-holding companies this year, with major investors including Tether (the issuer of USDT), Bitfinex, and Japan's SoftBank. Jack Mallers (Jack Mallers), founder of Strike (Strke), took the role of chief executive officer (CEO), and the company holds a total of 43,500 bitcoins (BTC), making it the third-largest among public companies. However, the company has not disclosed a specific business model. In a CNBC interview, CEO Mallers explained that the company is "not simply a treasury company," saying "we hold bitcoin but are also building an operating company." He said, "We see many opportunities in brokerage, exchanges, credit, lending, etc., and specific services will be announced soon." Twenty One Capital is an extension of a group of companies that follow the so-called crypto asset treasury company model. These companies entered the market with a strategy of holding large amounts of crypto assets such as bitcoin while simultaneously raising funds for additional purchases. These firms, which attracted attention through strategic purchases, drew notice when bitcoin prices hit record highs in October this year, but have come under downward pressure on their stock prices amid a recent crypto market correction. Nevertheless, CEO Mallers emphasized long-term growth potential. He said, "Bitcoin is the core opportunity and the market is not properly paying attention to it," and added, "Twenty One Capital will create shareholder value through a bitcoin-centric strategy."

The KOSPI turned lower intraday, pressured by selling from institutions and foreigners. The KOSDAQ index remained near flat. As of 11:00 a.m. on the 10th, the KOSPI stood at 4130.17, down 13.38 points (0.32%) from the previous day. The KOSPI rose to 4172.84 in early trading but turned lower during the session. In the Korea Composite Stock Price Index market, institutions and foreigners were net sellers of 198.1 billion won and 90.3 billion won, respectively. Individuals were net buyers of 276 billion won. Most of the market-cap leaders were down. Hanwha Aerospace (-2.71%), HD Hyundai Heavy Industries (-1.73%), Hyundai Motor (-1.63%), Naver (-1.41%), Samsung Biologics (-1.27%), SK Square (-1.24%), Kia (-0.89%), KB Financial Group (-0.87%), and Celltrion (-0.85%) were down. SK Hynix (2.56%) was strong on hopes for listing its treasury shares as American Depositary Receipts (ADR). The KOSDAQ index was trading at 931.9, up 0.55 points (0.06%) from the previous day. The KOSDAQ index was fluctuating around the 930 level. In the KOSDAQ market, foreigners and institutions were net sellers of 74.6 billion won and 48.5 billion won, respectively. Individuals were net buyers of 163.5 billion won. KOSDAQ market-cap leaders showed mixed movements. Samchundang Pharmaceutical (5.27%), ABL Bio (4.4%), Peptron (3%), Kolon TissueGene (2.6%), RigaChem Bio (1.8%), Rainbow Robotics (1.2%) were strong. Meanwhile, Voronoi (-2.48%), Rino Industry (-2.14%), Pharma Research (-2.06%), HLB (-1.93%), Robotis (-1.32%), and Alteogen (-1.31%) were weak. The won–dollar exchange rate stood at 1469.9 won. The exchange rate was hovering around the 1,470-won level during the session. Jin Young-gi, Hankyung.com reporter young71@hankyung.com

The American Federation of Teachers (AFT) urged a halt to legislation submitted to the Senate on crypto market structure, saying it could undermine protections for pension and retiree assets. The union argued the bill could weaken traditional securities regulation and allow unregistered trading of tokenized shares. On the 10th (local time), according to Decrypt, Randy Weingarten, president of the American Federation of Teachers (AFT), said in a letter to Senate leadership sent the previous day that the Responsible Financial Innovation Act "removes even the minimal protections for crypto assets and exposes the retirement assets of millions of households to serious risk." AFT is a national organization representing about 1.7 million teachers, college professors, nurses, and public-sector workers in the United States. Weingarten said the bill is structured to circumvent existing federal securities regulations. He warned the bill could allow companies to tokenize shares and distribute them on blockchains without being subject to registration, reporting, and other existing rules. The letter, first reported by CNBC, was submitted amid faltering negotiations over the bill. The Responsible Financial Innovation Act is a market-structure draft that allocates supervisory authority over digital assets between the SEC and the Commodity Futures Trading Commission (CFTC) and sets federal common standards for exchanges, brokers, custodians, and issuers. The Senate is coordinating with the goal of Senate Banking Committee review before year-end, but uncertainty is growing due to political and industry disagreements. The mood at the Blockchain Association policy summit was also mixed. Some industry groups publicly split over DeFi regulation, access to peer-to-peer transaction data, and the scope of compromises. Several groups reportedly said, "It would be better if the bill failed," and announced they were withdrawing prior support. The bill's prospects have weakened further due to changes in the political environment. Senator Cory Booker said that "the neutrality of regulatory agencies is being shaken as questions arise over whether the Supreme Court may allow the president to remove SEC and CFTC commissioners at will." Currently, Democratic seats at both agencies are vacant, and they are not expected to be filled at least until January next year. Meanwhile, the Supreme Court will begin hearing this week on the legality of President Trump's removal of former Federal Trade Commission (FTC) commissioner Rebecca Slaughter. Slaughter's spouse, Justin Slaughter, is reported to be pushing the market-structure bill at Paradigm.

JPMorgan said there is little evidence that the market structure has deteriorated despite the recent Bitcoin decline, rating the likelihood of a crypto winter as low. Industry experts acknowledged the short-term correction but said it is difficult to view the rally cycle as over. On the 10th (local time), Decrypt reported that JPMorgan analysts said concerns grew as Bitcoin fell to $81,000 last month, but "this correction is a meaningful decline, not a signal presaging long-term stagnation." Bitcoin is trading around $93,000, and the November price drop turned year-to-date returns negative for the first time since May 2023. The analysts said short-term overheating after the 2024 U.S. presidential election amplified the correction. Although market capitalization decreased by 20% or more and trading volume slowed, the size of stablecoins has increased for 17 consecutive months, indicating the market base remains intact. The report maintained a positive outlook on the market, saying, "the recent correction does not imply a structural collapse." This analysis aligns with the view that Bitcoin prices are deviating from the historical four-year halving cycle. On Myriad, the prediction market operated by Dastan, Decrypt's parent company, the probability of a crypto winter arriving by February 2026 was forecast at 6%, down sharply from 16% four days earlier. Institutions expressed similar views. Jeffrey Kendrick, head of digital assets at Standard Chartered, said, "this cycle is different from the past," adding that "crypto winter may remain in the past." However, the bank lowered its Bitcoin target to $100,000 by the end of 2025 and delayed the $500,000 target to 2030. An analysis also suggested that increased ETF-based investment enhances price stability. Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said, "ETF investors form a more stable holder base, contributing to reduced volatility."

More than half of Intercontinental Exchange (ICE) parent company Intercontinental Exchange's institutional clients indicated they are willing to use prediction-market data from Polymarket. On the 10th (local time), Bloomberg reported that Jeffrey Sprecher, CEO of ICE, said at the Goldman Sachs Financial Services Conference, "Of 10,000 customers, about 5,000 have shown interest in that data." ICE plans to provide prediction-market data to participants in traditional commodity markets such as crude oil, gas, and cocoa. Sprecher said, "We are working on structuring unstructured data as the market forms," and explained, "We judged it worth distributing in real time and are delivering it in a manner suited to institutional environments." ICE agreed earlier this year to invest up to $2 billion in Polymarket, valuing Polymarket at about $8 billion in that deal. Polymarket offers markets that allow betting on the outcomes of real-world events such as elections and sports, and trading volume surged during the 2024 U.S. presidential election period. While the core of the partnership is data distribution, ICE is also interested in Polymarket's tokenization and DeFi technology capabilities. Sprecher said, "Technology is core, and we wanted access to their engineering capabilities to understand how they build their systems." He emphasized, "This collaboration is about technological innovation, not sports betting." ICE plans to collaborate with Polymarket on tokenization projects going forward. The two sides are pursuing a strategy to expand the use of prediction data as a financial market sentiment indicator while offering new data products to institutional clients.

U.S. President Donald Trump once again publicly targeted Jerome Powell, chair of the U.S. Federal Reserve (Fed). On the 10th (local time), President Donald Trump said during a speech in Pennsylvania, "Chair Jerome Powell is still dragging his feet on rate cuts. His response is far too late. Even Jamie Dimon of Wall Street is now saying that rates should be lowered," he said. He gave a positive assessment of recent trade developments. He said, "Relations with China are not bad. China is again buying our products such as soybeans and beans."

U.S. President Donald Trump again emphasized that he would stick to the 'tariffs' policy. On the 9th (local time), President Trump said in a speech in Pennsylvania, "Tariffs are my favorite word. Through tariffs, many companies are returning to the United States. Through tariffs, the United States will be wealthy again, and I think trillions of dollars will pour into the United States," he said. He also emphasized diplomatic achievements. He said, "Through diplomacy with the Middle East, we have prompted massive capital investment. Just last year the United States was almost a dead country, but now it has risen to be a 'hot' country more than any other," he explained.

KOSDAQ is 'weak' The KOSPI is showing early-session strength thanks to buying by foreign investors. The KOSDAQ index is declining. As of 9:03 a.m. on the 10th, the KOSPI stood at 4,167.61, up 24.06 points (0.58%) from the previous day. The KOSPI, which opened at 4,159.05, up 15.5 points (0.37%) from the previous day, is showing an upward trend. On the Korea Exchange, foreign investors are net buyers of 24 billion won. Individual and institutional investors are net sellers of 26.6 billion won and 4.1 billion won, respectively. With SK Hynix (4.24%) leading gains, SK Square (1.08%), Samsung Electronics (0.92%), Doosan Enerbility (0.78%), LG Energy Solution (0.68%), and Samsung C&T (0.6%) are showing strength. Conversely, Hanwha Aerospace (-3.02%), Hyundai Motor (-1.63%), Samsung Biologics (-0.96%), KB Financial (-0.56%), and Naver (-0.4%) are trading lower. The KOSDAQ index is trading at 929.09, down 2.26 points (0.24%) from the previous day. The KOSDAQ began trading at 932.37, up 1.02 points (0.11%) from the previous day, before turning lower. In the KOSDAQ market, foreign and institutional investors are net sellers of 106.3 billion won and 38.9 billion won, respectively, pulling the index down. Individual investors are net buyers of 151.6 billion won. Most of the top market-cap KOSDAQ stocks, including Voronoi (-2.93%), Rainbow Robotics (-1.63%), HLB (-1.62%), Pharmaresearch (-1.54%), Alteogen (-1.42%), Ligachem Bio (-1.31%), Robotis (-1.23%), and ABL Bio (-0.91%), are mostly declining. The won-dollar exchange rate opened at 1,470 won, down 2.3 won from the previous session, and is trading in the 1,469-won range. On the 9th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 47,560.29, down 179.03 points (0.38%) from the previous session. The S&P 500 closed at 6,840.51, down 6 points (0.09%), and the Nasdaq closed at 23,576.49, up 30.58 points (0.13%). It is interpreted that caution has increased ahead of the U.S. Federal Open Market Committee (FOMC). From today, the FOMC will begin a two-day meeting. With the U.S. central bank (Fed) expected to cut the benchmark interest rate by 0.25% point, the market has already priced in the rate cut and is focusing on next year's rate path. The FOMC will release the Summary of Economic Projections (SEP) and the dot plot at this meeting. Han Ji-young, a researcher at Kiwoom Securities, said in a pre-market report, "Given upcoming events such as the December FOMC and Oracle's earnings release, a cautious, wait-and-see market is expected in the domestic stock market." Jin Young-gi, Hankyung.com reporter young71@hankyung.com

Paul Atkins, commissioner of the U.S. Securities and Exchange Commission (SEC), signaled swift action on cryptocurrency policy priorities early next year. On the 9th (local time), according to The Block, Atkins said, "I haven't seen anything yet," and that many policy efforts will begin to bear fruit next year. Atkins said at the Blockchain Association policy summit in Washington, D.C., "the seeds sown this year will sprout and grow next year," explaining that the SEC's review and整理 of various cryptocurrency-related measures will be put into full swing. He presented a 'token classification proposal' last month to distinguish the securities status of virtual assets, and is concurrently pursuing 'Project Crypto,' aimed at a comprehensive overhaul of digital asset regulations. In particular, he named the introduction of the 'innovation exemption' as a top priority for the new year. This is a system that allows cryptocurrency and fintech projects to experiment conditionally with reduced regulatory burdens for a certain period. Atkins said, "I hope to be able to unveil the system around the end of January next year." The SEC's direction is seen as contrasting with the tenure of former chairman Gary Gensler. At that time, the SEC treated many tokens as securities and filed lawsuits against major companies, and the industry criticized that regulatory uncertainty had intensified. In contrast, Atkins has continued to prioritize regulatory clarity and to pursue a market-friendly structure. However, the token classification proposal and adjustments to jurisdictional scope must be discussed in parallel by Congress. Currently, the Senate is discussing a cryptocurrency market-structure bill that would delineate supervisory authority between the SEC and the Commodity Futures Trading Commission (CFTC), aiming for review by the Senate Banking Committee within the year, but progress is uncertain. Atkins said, "We will see what conclusions Congress reaches."

Paul Atkins, a commissioner of the U.S. Securities and Exchange Commission (SEC), said that many virtual asset issuances (ICOs) do not constitute securities, suggesting the regulatory scope could be reorganized. According to Decrypt on the 10th (local time), Atkins said at the Blockchain Association's annual policy summit, "Three types of token-based ICOs are not included in the definition of a security." Atkins reiterated the "token taxonomy" he released last month, explaining that three types—network tokens, digital collectibles, and digital tools—do not have securities characteristics. He said, "This is precisely the type of issuance we want to encourage," and added, "These ICOs are not securities, so they fall outside SEC jurisdiction." Atkins said, "ICOs encompass four token types overall, but three of these are under the Commodity Futures Trading Commission (CFTC)'s oversight," and "the SEC only needs to oversee 'tokenized securities' that represent existing securities on-chain." This suggests there may be room to ease the token issuance environment in the U.S., independent of the cryptocurrency market structure bill. ICOs were a primary means for companies to raise funds during the 2017 crypto market surge, but they were effectively curtailed by a series of lawsuits the SEC filed alleging unregistered securities sales. The remarks are being interpreted as a signal that the regulatory environment could shift. The SEC has already been reviewing ways to allow some ICOs under exemptions or safe harbors through "Project Crypto." Under the token taxonomy, tokens considered non‑securities include decentralized network-based tokens; digital collectibles reflecting internet memes, characters, and topical subjects; and digital tools with practical functions such as tickets and memberships. This broadens the types that can be distributed to general investors via ICOs compared with before. The private market is already moving quickly. Coinbase acquired the token issuance platform Echo in October for about $375 million and then launched an ICO issuance platform accessible to U.S. users. The industry is watching the possibility of the ICO market restarting, regardless of the outcome of the Senate market-structure bill.

The institutional blockchain Canton Network conducted an experiment on collateral reuse using tokenized U.S. Treasuries (collateral reuse). On the 10th (local time), Cointelegraph reported that in this second test led by Digital Asset, the function of processing on-chain financial transactions in real time by combining multiple stablecoins was verified. A total of five on-chain transactions were executed in this test. In the first July test, a mechanism for settling financial transactions by combining tokenized U.S. Treasuries and Circle's U.S. dollar stablecoin USDC was confirmed. In the second test, the types of stablecoins were expanded to procure various on-chain liquidity, and it showed that tokenized U.S. Treasuries could be moved instantly among multiple counterparties and collateral could be reused. Kelly Mattison, head of business development at Digital Asset, said, "This test is part of a gradual step toward a new market model," adding, "Real-time collateral reuse is significant in that it can eliminate structural delays in existing financial markets." Justin Peterson, Chief Technology Officer of Tradeweb, also explained, "Confirmation of expanded stablecoin liquidity and real-time collateral reuse is a blueprint showing how the structure of institutional finance may be reorganized in the future, beyond technical verification." The test included Bank of America, Citadel Securities, Cumberland DRW, Virtu Financial, Société Générale, Tradeweb, Circle, Brail, M1X Global, and others. They are institutions belonging to the Canton Network industry working group and are jointly developing on-chain financial infrastructure. Canton Network has expanded its foothold in the tokenization market this year. Developer Digital Asset on December 4 secured about $50 million in strategic investment from BNY, iCapital, Nasdaq, and S&P Global. This is additional funding for network expansion following the $135 million fundraising earlier in the year. Also, Franklin Templeton decided in October to migrate its U.S. money market fund tokenization platform 'Benji Investments' to the Canton Network. According to RWA.xyz under the Bank for International Settlements (BIS), Canton Network currently reflects more than $370 billion worth of tokenized real-world assets on-chain, far ahead of major public chains such as Ethereum, Polygon, and Solana.

The blockchain Tempo (Tempo), led by payment company Stripe, opened a public testnet and is moving to expand global payment infrastructure. On the 10th (local time), according to Decrypt, Tempo, jointly designed by Stripe and Paradigm, has been built as a network optimized for payments and the use of stablecoins, and companies such as OpenAI, Shopify, and Visa participated in its technical direction from the early stages. The Tempo team announced additional partners including Mastercard, UBS, and Klarna with the testnet release. In particular, Swedish fintech firm Klarna plans to launch the Tempo-based stablecoin 'KlarnaUSD' next year and is preparing for its introduction along with Tempo's mainnet schedule. Matt Huang, project lead and co-founder of Paradigm, said, 'The Tempo testnet has reached a stage that anyone can access,' and 'We have been designing new infrastructure with partners experimenting with cross-border payments, tokenized deposits, and AI-based payment flows.' Tempo is compatible with the Ethereum Virtual Machine (EVM) and has core structures such as dedicated block space optimized for payments and functions to maintain low-cost fees. It is also designed so that network fees can be paid in stablecoins rather than volatile native tokens, increasing predictability in the payment process. Brian Hamilton, president of Coastal Bank in Washington state, said, 'Through collaboration with Tempo, we can experiment with and co-develop next-generation financial infrastructure,' and 'It is important to provide new capabilities across the fintech ecosystem beyond speed efficiency.' Tempo offers a variety of payment scenarios as basic functions, including micropayments, global remittances, agent-based commerce, and tokenized deposits. It also includes a browser-based stablecoin issuance feature, increasing asset issuance accessibility for payment companies and financial institutions. Currently, the network is composed of four validators operated by the Tempo team, and it plans to expand external participants, including independent validators, at the mainnet stage. Stripe is known to have raised US$500 million in October to develop Tempo. At the same time, Ethereum Foundation researcher Dankrad Feist joined as a technical advisor to support mainnet optimization. Stablecoin issuer Circle is also developing the payment-specialized blockchain Arc, and Visa, BlackRock, and Goldman Sachs are participating in its testnet.

<Today's major economic schedule> ▶︎10 (Wed): △South Korea November unemployment rate (KST 08:00), △Canada interest rate decision (local time 09:45, KST 23:45), △US crude oil inventories (local time 10:30, KST 11th 00:30), △US FOMC and interest rate decision (local time 14:00, KST 11th 04:00), △FOMC press conference (local time 14:30, KST 11th 04:30) <Today's major cryptocurrency schedule> ▶︎10 (Wed): △Bitensor (TAO) halving, △Kaia (KAIA) AMA, △Linea (LINEA) token unlock of 1,380,000,000 tokens

RWA (real-world asset) tokenization infrastructure company Real Finance raised $29 million aiming to build an infrastructure layer to facilitate institutional adoption of tokenized assets. The company plans to use the funds to expand compliance systems and operational infrastructure and to develop a full-fledged RWA platform. According to Cointelegraph on the 9th (local time), digital-asset investor Nimbus Capital committed $25 million in this round, with Magnus Capital and Prikaz Group participating. Real Finance intends to build the technical infrastructure to make it easier for institutions to adopt tokenized assets based on this investment. Real Finance has presented a short-term goal to tokenize $500 million worth of real-world assets. That is about 2% of the current total tokenization market. Currently, the RWA market is heavily weighted toward U.S. Treasuries, private loans, and alternative investment funds, and tokenized listed equities and other asset types are gradually expanding as well. According to data from the Bank for International Settlements (BIS), the market size of tokenized products based on money market funds has grown about tenfold since 2023. Large financial institutions such as Goldman Sachs and BNY Mellon have also entered the tokenized money market fund market, reinforcing the growth trend. Expectations for the expansion of the RWA-related ecosystem are also growing. Chris In, co-founder and CEO of Plume, told Cointelegraph in an interview, "The number of RWA holders this year is understood to have increased more than tenfold compared to the start of the year," and "demand is rapidly increasing in nontraditional asset classes such as GPUs, energy assets, and mineral rights." Binance Research's data analyzed that if regulatory clarity in the U.S. is strengthened, more institutions are expected to enter the tokenization market. The industry predicts that with increased institutional participation and infrastructure improvements, the RWA market could continue strong growth next year.

On-chain trading data from prediction market platform Polymarket appears to have been double-counted on major analytics dashboards, leading to reported trading volumes that are inflated compared with reality. Paradigm researchers analyzed that duplicate events arising from Polymarket's smart contract architecture are not being correctly distinguished by many data providers. According to Cointelegraph on the 8th (local time), Paradigm researcher Storm said, "Most major dashboards are double-counting Polymarket volume," adding, "This is not due to wash trading but is a problem with the on-chain data structure itself." He explained that when a trade is executed on Polymarket, 'OrderFilled' events occur for both the maker and the taker, and some data dashboards treated these as separate trades and summed them twice. Smart contracts emit two types of events to represent the same trade from different perspectives, but many block explorers and data analytics platforms have failed to separate them and have simply aggregated them as 'total volume.' This has resulted in both nominal trading volume and cash-flow metrics being measured higher than they actually are. Storm noted, "Polymarket on-chain data is multi-layered and involves complex interactions, making it difficult to interpret accurately with general block explorers alone." He explained that Polymarket trades take various forms beyond simple swaps, including 'split' and 'merge' where cash and opposing positions are mixed, causing duplicate events during tracking. Recently Polymarket has been viewed as a 'success story' despite volatility in spot and derivatives markets, but the possibility that its volume metrics were inflated raises questions about its growth trajectory. ICE (Intercontinental Exchange) recently valued Polymarket at 9 billion dollars, citing cumulative volume of 25 billion dollars as justification. However, if Paradigm's analysis is correct, those figures may also require some adjustment. Dune Analytics' figure of 3.7 billion dollars for November trade volume may also include duplicates, the analysis suggested. Storm said, "DeFi Llama, Allium, Blockworks, and many Dune dashboards were double-counting volume." He emphasized that as prediction markets rapidly evolve into regulated financial instruments, the industry must establish transparent and consistent data standards.