YM Lee

The Bank for International Settlements (BIS) has presented a critical view on stablecoins. According to Coindoo on the 25th (local time), the Bank for International Settlements stated in a research report: "Stablecoins have not secured the three essential traits of money—singleness, resilience, and integrity," and, "Despite the increasing use of stablecoins, they could cause problems for monetary sovereignty and financial stability." According to the report, stablecoins operate based on a 'prepaid cash' model, which restricts financial flexibility, makes it difficult to respond dynamically to changes in demand, and can result in different values being traded depending on the issuer's credibility and collateral, thereby inevitably falling short in credibility compared to central bank money. However, the BIS did acknowledge the fast settlement and programmability of stablecoins. The report stated, "There are various advantages such as accessibility, fast settlement, programmability, and payments within capital-restricted regions. However, these features alone are not sufficient for stablecoins to act as a substitute for traditional money."

The United States NYSE Arca has proposed to the Securities and Exchange Commission (SEC) to list exchange-traded fund (ETF) products for Truth Social Bitcoin (BTC) and Ethereum (ETH). According to the official document from NYSE on the 24th (local time), NYSE Arca stated, "We propose to list and trade Truth Social Bitcoin & Ethereum ETF shares under Rule 8.201-E."

Global virtual asset (cryptocurrency) exchange Binance has announced that it will delist three virtual asset spot trading pairs, including CATI/FDUSD. On the 18th (local time), Binance stated through its official channel, "In order to protect users and maintain a high-quality trading market, we have conducted a periodic review of trading pairs, and as a result have decided to delist spot trading pairs such as CATI/FDUSD, ONE/BTC, and TLM/FDUSD." Trading services for these delisted pairs will be suspended from 3:00 (UTC) on the 20th.

The Solana (SOL) exchange-traded fund (ETF) from global ETF provider VanEck has been registered with the U.S. Depository Trust & Clearing Corporation (DTCC) under the ticker 'VSOL.' On the 18th (local time), CryptoSlate cited DTCC records and reported, "Currently, the VanEck Solana ETF is registered under the label 'VANECK SOLANA TR COM SHS BEN INT' and is categorized as industry standard settlement category 'D,' which indicates that trading and settlement are possible after approval by regulators and exchanges." VanEck has not yet announced an official launch date for VSOL trading, but Bloomberg analysts recently stated that if the amended S-1 application submitted to the SEC is processed swiftly, approval could be obtained within 3-5 weeks, and the product could be launched in July.

Spanish BBVA (Banco Bilbao Vizcaya Argentaria), one of the country's largest banks, has reportedly proposed virtual asset (cryptocurrency) investments to its clients. According to a Cointelegraph report on the 18th (local time), BBVA advised its high-net-worth clients to invest 3~7% of their portfolios in virtual assets and Bitcoin depending on their risk exposure, and it appears that many clients have actually earned considerable profits through this strategy. Philipp Meyer, Head of Digital and Blockchain Solutions at BBVA Switzerland, stated at a recent conference in London, "Since last September, we have been offering Bitcoin investment advice to private clients. Now we are increasing portfolio allocation for high-risk clients."

Recently, expectations have emerged that Strategy (MSTR), which is accelerating Bitcoin (BTC) purchases using funds raised via preferred stock issuance, could ultimately generate substantial profits. According to The Block, a virtual asset (cryptocurrency) specialist media outlet, on the 18th (local time), TD Cowen analysts stated, "Strategy recently raised $1 billion through a public offering of preferred stock (STRD, 10% annual non-cumulative dividend, non-convertible), and based on this, is promoting the purchase of Bitcoin. This is expected to serve as a channel for high-yield funds to flow into Bitcoin. If Bitcoin continues to rise against the dollar, future preferred stock issuance could result in significant profits for common shareholders." Currently, Strategy plans to raise a total of $84 billion in capital by 2027 through the company’s perpetual preferred stock programs: STRK (8% fixed dividend, convertible) and STRF (10% fixed cumulative dividend), with the recent STRD issuance set to secure even more funds.

An analysis suggests that Bitcoin must defend the $102,000 level to withstand downward pressure caused by macroeconomic conditions and geopolitical risks. According to a Cointelegraph report on the 18th (local time), global virtual asset (cryptocurrency) exchange Bitfinex said in a market report: "Recently, due to macroeconomic volatility and heightened military tensions between Israel and Iran, there are concerns over the potential downside risks of Bitcoin. This environment may create high-risk, high-reward opportunities if buying sentiment recovers and the upward trend continues," it explained. The report added, "If Bitcoin maintains the $102,000–$103,000 area, it would indicate that the market is effectively absorbing selling pressure."

With the global wave of Bitcoin (BTC) adoption, it appears that an increasing number of domestic companies are holding Bitcoin. According to Bitcoin Treasuries data on the 18th, the Bitcoin held by domestic listed companies amounts to approximately ₩1 trillion (678.34BTC), with many of the holders being IT and gaming companies such as BitMax, Wemade, Neowiz, Netmarble, Celltrion, and Danal. Since the introduction of spot Bitcoin ETFs last year, discussions regarding the clarity of virtual asset regulations have been actively ongoing in Korea. Recently, with the proposal of the Digital Asset Basic Act, it is anticipated that the industry will develop at a faster pace based on clearer regulations.

Kraken (Kraken), a longtime rival of Coinbase, has officially announced token launch and airdrop plans for its Ethereum (ETH) Layer 2 network, Ink (INK). According to The Block on the 18th (local time), the Ink Foundation emphasized, "We aim to envision a future that supports the decentralized finance (DeFi) ecosystem, where users manage everything themselves and the system moves in line with users’ success—covering everything from lending to trading." The maximum supply of Ink tokens is 1 billion, with an irrevocable and permanent cap that cannot be changed through governance.

It has been reported that Cathie Wood's ARK Invest sold Circle shares worth $44.76 million. According to digital asset-focused media outlet The Block on the 18th (local time), ARK Invest sold approximately 300,000 shares of Circle through three funds: ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF. According to Yahoo Finance data, Circle (CRCL) closed at $149.15, down 1.26% from the previous day, and is still trading at about five times its IPO price of $31.

Scott Bessent, the U.S. Secretary of the Treasury, projected that the stablecoin market will grow at a tremendous rate. On the 18th (local time), Secretary Scott Bessent emphasized via his X (formerly Twitter), "According to recent reports, stablecoins are expected to grow into a $3.7 trillion market by the late 2020s. The passage of the GENIUS Act will make this scenario even more realistic." He added, "A vibrant stablecoin ecosystem will also drive increased demand for U.S. Treasury Bonds that back stablecoins. This could help lower government borrowing costs and reduce the national debt."

Global financial firm Deutsche Bank, in collaboration with Axelar Network and Memento Blockchain, announced on the 18th the unveiling of DAMA 2 (Digital Asset Management Access), an Ethereum-based enterprise asset tokenization platform. DAMA 2 is an asset tokenization platform developed with regulatory compliance and user privacy protection as core design principles based on a public blockchain. It is designed to accelerate the introduction of tokenized funds, stablecoins, and real-world asset (RWA) tokenization-related services. The core service is a BaaS (Blockchain-as-a-Service) model that enables enterprises to seamlessly adopt asset tokenization. Security and confidentiality are enhanced through Memento Blockchain's ZK (Zero-Knowledge) technology, and the multi-chain token issuance and management infrastructure of Axelar allows asset tokenization to be implemented across various blockchains. Additionally, it offers a user-friendly interface and an app store-style smart contract library, enabling institutions to easily design and apply desired asset structures without complex development processes. Boon-Hiong Chan, innovation leader at Deutsche Bank's Securities and Technology division, stated, "DAMA 2 demonstrates the evolution of public blockchain for corporate finance, showing how leading-edge technologies can achieve operational resilience and regulatory goals through a single platform." Sergey Gorbunov, co-founder of Axelar Network, explained, "Asset tokenization is now moving beyond the experimental phase into real-world use. However, the proliferation of companies providing related services and the fragmentation of asset liquidity remain obstacles for both investors and asset issuers. DAMA 2 provides a unified solution that enables institutions to enter the asset tokenization market in compliance with regulations, while allowing secure and scalable operations across all blockchains."

Recently, Tron, which has been pursuing a US listing through a reverse merger with SRM Entertainment, granted board control to Justin Sun's father, Wake Sun, through a $100 million token transaction. On the 18th (local time), cryptocurrency-focused media outlet CoinDesk reported, citing documents submitted to the Securities and Exchange Commission (SEC), that “as a $100 million token payment public capital investment (PIPE) transaction proceeds at SRM Entertainment, a US-listed company located in Nevada and in the process of changing its name to Tron Inc., Wake Sun, Justin Sun's father, has gained board control.” According to the submitted documents, Wake Sun was appointed as chairman, while Zhihong Liu, strategic advisor to Tron DAO and CEO of stablecoin issuer TechTeryx, and Zayang, a senior executive of TronScan, joined as members of the board's audit, compensation, and nomination committees. An investment company owned by Wake purchased 100,000 shares of SRM Series B preferred stock using TRX tokens, with the shares being convertible into 200 million common shares. According to the Financial Times, the company plans to purchase and hold up to $210 million worth of TRX, similar to the strategy used by Bitcoin-based firms to build their corporate treasury.

The U.S. stablecoin bill, GENIUS Act, which passed the Senate with bipartisan support, now heads for a vote in the House. On the 18th (local time), Forbes reported, "The bill for establishing national innovation guidelines for stablecoins in the United States, the GENIUS Act, was approved by the Senate by a vote of 68 to 30. The legislation passed with support from both parties and now heads to the House for a final vote." The GENIUS Act faced a brief setback when some Senate Democrats withdrew support after last month's announcement by the Emirates Support Fund that it would invest $2 billion in Binance through the Trump Family’s World Liberty Financial stablecoin. Nevertheless, the bill was ultimately passed. Some Senate Democrats wanted to include an amendment in the bill to prevent the president and their family from benefiting through stablecoins, but this provision was not included in the final bill. However, provisions preventing lawmakers and their families from profiting are included.

The U.S. Securities and Exchange Commission (SEC) is accepting public comments on the exchange-traded funds (ETF) for XRP and Solana proposed by Franklin Templeton. According to a Cointelegraph report on the 18th (local time), the SEC stated in submitted documents that it is soliciting feedback from stakeholders regarding proposed rule changes related to Franklin Templeton's XRP and Solana ETFs. If the SEC's notice is published in the Federal Register, the deadline for determining whether Franklin Templeton's ETFs will be approved is expected to be postponed to around July.

SynFutures (F) has been officially selected for the Binance Alpha platform. On the 15th (local time), Binance Alpha announced via its official channels that "SynFutures has been listed on Binance Alpha" and that "Users with more than 241 Alpha Points can apply for a 5,000 F token airdrop on the Alpha event page starting at 8:00 (UTC) on the 15th." Applying for the airdrop uses 15 Binance Alpha Points. Users must confirm their application on the Alpha event page within 24 hours, or they will be considered to have forfeited the airdrop. After the airdrop, a variety of events including a SynFutures token trading competition are scheduled to be held.

According to the Token Mindshare (a metric that quantifies a specific token's influence within the virtual asset market) Top Gainers on Kaito, an AI-powered Web3 search platform, as of the 15th, the top 5 virtual assets attracting the most attention are AIXBT, BNKR, NEWTON, VIRTUAL, and KAITO. The AI agent project AIXBT has recently seen a surge in mentions, as many users have been invoking its AI agent on X (formerly Twitter). Another AI agent project, BNKR, has also experienced a sharp increase in user interest and activations, resulting in a dramatic rise in mindshare. The AI-based automation agent platform NEWTON, built by Web3 infrastructure company Magic Labs, has recently reached 1 million registered users and is garnering significant attention from investors. Virtual Protocol has attracted investor interest following its listing on Forks Finance. With this listing, users are now able to deposit and use VIRTUAL tokens as collateral in virtual asset transactions. Additionally, investors are also paying attention to projects such as SAPIEN, LOUD, VADER, and SFUND.

Even amid the Israel-Iran conflict, the major indicator of market sentiment in the virtual asset (cryptocurrency) market—the Crypto Fear & Greed Index—remains at the greed level. As of the 15th, the Crypto Fear & Greed Index stands at 60, maintaining greed despite geopolitical tensions and a downtrend in Bitcoin. This is in stark contrast to last year, when the index plunged to fear levels amid sharp market declines triggered by Israel-related geopolitical conflict. Anonymous market analyst Zastax commented, “Bitcoin does not seem to be paying attention to the Israel-Iran conflict yet. So far, it does not appear to have significantly affected selling pressure, but it is necessary to keep an eye on how the market trend develops next week.”

Jeremy Allaire, CEO of Circle, stated that the 'iPhone moment' for stablecoins is imminent. On the 15th (local time), Jeremy Allaire, CEO of Circle, emphasized through his X (formerly Twitter) account, "Stablecoins are the most useful form of currency in history, and just as the emergence of 'programmable mobile devices' brought about innovation in the past with the 'iPhone moment,' the time is coming when people will realize the opportunity of 'programmable digital dollars'."

According to an analysis, Bitcoin (BTC) has demonstrated solid fundamentals even in the wake of Israel's recent invasion by Iran. On the 15th (local time), Cryptome, an analyst at the on-chain analysis platform CryptoQuant, said, "Based on the exchange net inflow and outflow indicators, there has been no significant change in the market so far, nor has there been a large influx of Bitcoin. While open interest has dropped slightly, overall, it remains robust, and investors are maintaining their positions even in the face of war news." He added, "The market currently views the situation as a 'localized conflict,' so there are no major large-scale outflows. So far, things are looking optimistic."