Weekly Market Highlights Review【6.9 - 6.13】: After a general rise in the crypto market, a black swan event occurred, increasing the narrative around stablecoins and Sol ETF.

This week, the crypto market experienced a rollercoaster of rises and falls. At the beginning of the week, Bitcoin and Ethereum drove a market-wide increase, and DeFi tokens experienced a brief surge due to favorable regulatory news. However, on Friday, the sudden escalation of tensions in the Middle East triggered panic in the market, causing most altcoins to drop by about 10%. Additionally, a company submitted financing documents to the SEC, which was misinterpreted as a large-scale sell-off, resulting in its stock price plummeting by 70%, dragging down the price of Ethereum as well.

This week, the main focus is on the following hotspots:

1. The narrative of stablecoins continues to rise.

The U.S. Senate passed the procedural vote on the "GENIUS stablecoin bill," which may complete the legislative process as early as next Monday. This will become the first comprehensive federal legislation in the U.S. targeting encryption assets. As the bill is about to pass, other countries and institutions are also laying out their plans in the stablecoin space.

1. South Korea

The new president of South Korea has an open attitude towards the encryption industry, and the ruling party has proposed the "Basic Law on Digital Assets," allowing local companies to issue stablecoins. The governor of the Bank of Korea will discuss the development of won-backed stablecoins with executives from commercial banks.

Projects worth paying attention to include:

• Kakao Pay: As a digital wallet and payment platform, it is seen as a potential beneficiary of domestic stablecoins. After the announcement of the bill, the stock price rose by 29% in a single day.

• Kaia(KAIA): A high-performance public chain formed by the merger of Kakao and LINE, plans to issue a stablecoin pegged to the Korean won. This week's rise exceeded 50%.

2. Traditional Institutions

In 2024, the total trading volume of stablecoins reached $27.6 trillion, surpassing the total of Visa and Mastercard. More and more enterprises are beginning to explore the integration of stablecoins into payment systems.

2. Aster Project

The decentralized exchange project Aster, incubated by a certain trading platform, has completed the snapshot for its token airdrop. This project is regarded as an important project within a certain public chain ecosystem, benchmarking against Hyperliquid's high-performance DEX. There are reports that the project party's test contract is a 1:1 exchange, but half of it needs to be locked for six months. If it receives strong support from a certain trading platform, the related tokens may have significant rise potential.

Three, Regulatory Policies

1. The SEC Chairman delivered an important speech at the "DeFi and the American Spirit" roundtable.

• Emphasize the alignment of DeFi design philosophy with the American spirit.
• Clarify that PoW and PoS network activities are not subject to federal securities law jurisdiction.
• Support users' self-custody rights
• Explore the "innovation exemption" framework, allowing qualified on-chain projects to operate legally.
• Acknowledgment of the need to update the regulatory framework to adapt to on-chain activities.

2. The SEC requires the issuers of the proposed spot SOL ETF to submit a revised S-1 form, which indicates that the ETF may be approved within 3-5 weeks. The SEC also seems willing to accept proposals that include staking mechanisms.

The market has entered the ETF speculation cycle. The earliest deadline for the SOL ETF application is around October 11, 2025, and the approval possibility is relatively high. Related tokens such as SOL, RAY, ORCA, JTO, CLOUD, etc., can be strategically positioned at the right time.