8 Major Commercial Banks Promote Joint Venture for Won-based Stablecoin
According to Economic Review, 8 major domestic commercial banks are moving to establish a joint venture for a won-based stablecoin. These include Kookmin, Shinhan, Woori, Nonghyup, Industrial Bank of Korea, Suhyup, Citibank Korea, and SC First Bank. They plan to launch a joint venture in cooperation with Open Blockchain, 2DID Association, and the Financial Security Institute. Currently, discussions on shared infrastructure are ongoing, and the joint venture is expected to materialize by the end of this year or early next year after legal system adjustments. While the issuance method for the won stablecoin is not yet determined, two models are being discussed: △Trust-based model (issuing after separately entrusting customer funds) △Deposit token model (linked with bank deposits).
US SEC Cryptocurrency Task Force Discusses Regulation with NYSE
Cointelegraph reported via X that the US Securities and Exchange Commission (SEC) cryptocurrency task force discussed regulatory measures with the New York Stock Exchange (NYSE). The discussions covered topics such as △tokenized stock trading △general listing standards for cryptocurrency spot ETPs △creating a fair competitive environment among market participants.
Stablecoin Regulation Bill GENIUS Sent to US House of Representatives
Eleanor Terrett reported that the GENIUS Stablecoin Regulation Bill was transferred from the US Senate to the House of Representatives on the 23rd (local time). The GENIUS bill imposes requirements such as obtaining licenses for stablecoin issuers, maintaining 100% reserves, mandatory annual audits for issuers with a market cap over $50 billion, and regulations on foreign issuers, drawing industry attention as a potential benchmark for US stablecoin regulation.
Bitgo Custody Assets Exceed $100 Billion..."Potential IPO in Second Half of the Year"
Bloomberg reported that Bitgo's custody assets surpassed $1 billion for the first time in the first half of the year, attributed to improved cryptocurrency regulatory clarity. Bloomberg noted that Bitgo is considering an IPO as early as the second half of this year following the perception shift in the cryptocurrency industry after the Trump administration's second term. Bitgo continues its international expansion and received equity investments from Hana Financial Group and SK Telecom in September last year.
ProCap BTC Founder "Submitted Documents to SEC for SPAC Merger and Listing"
Anthony Pompliano, founder of Pomp Investments, stated that he submitted documents (8-k) to the SEC to approve the business merger between ProCap BTC and the special purpose acquisition company Columbus Circle Capital Corp. If approved, it will be listed as ProCap Financial with the ticker CCCM. ProCap BTC previously announced plans to pursue a SPAC merger and hold up to $1 billion in BTC.
Ohio State Representative "Will Pursue BTC Reserves After Cryptocurrency Payment Tax Exemption"
Bitcoin News reported that Ohio State Representative Steve Demetriou said that if the state-level Bitcoin reserve bill (HB 116) is implemented, they will first pursue cryptocurrency payment tax exemption, followed by state-level BTC reserves. Steve Demetriou is the bill's proposer. The Ohio House Technology Innovation Committee unanimously passed HB 116 on the 18th, which includes tax exemption on cryptocurrency transaction capital gains up to $200 annually.
Bank of Korea "Stablecoins Have Potential as Payment Means, But Cautious from Financial Stability Perspective"
Herald Economic reported that the Bank of Korea, in its "First Half Financial Stability Report", acknowledged stablecoins' potential as a payment method while emphasizing the need for a cautious approach from a financial stability perspective. The bank identified key potential risks of stablecoins as △risk of "coin run" similar to bank runs △payment and operational environments easily exposed to risks. It also suggested that banks with financial infrastructure should first introduce stablecoins, adding that regulations should be established to minimize potential macroprudential and monetary policy risks without hindering innovations based on stablecoins.
Sahara AI Reveals SAHARA Tokenomics...8% Allocated to Airdrop
Decentralized AI+Blockchain platform Sahara AI has unveiled its native token SAHARA tokenomics. Key SAHARA utilities include △accessing or licensing data for AI model training △obtaining existing model usage rights △securing computing resources △ecosystem incentives △governance voting and proposal rights △validator staking. Total SAHARA supply is 10 billion, with 33.93% allocated to ecosystem development, 20.75% to community incentives, 19.75% to initial investors, 15% to core team and contributors, 8.15% to airdrop, 1.42% to Buidl Pad community, and 1% to liquidity and market stability.
Merlin Chain Increases BTC Staking Vault Limit from 50 BTC to 100 BTC
Bitcoin Layer 2 solution Merlin Chain announced the opening of a second BTC staking vault, expanding the total deposit limit from 50 BTC to 100 BTC. This limit increase is in response to the early closure of the first BTC staking vault and rapidly increasing community demand. Currently, Merlin Chain's BTC staking program offers a maximum annual yield of 21% (APY), with reward distribution scheduled for October this year.
Falcon X Joins Partners for Launching Institutional Cryptocurrency Payment Platform
Cryptocurrency prime brokerage firm Falconx has joined as a launch partner for the institutional cryptocurrency payment platform Lynq, according to Cointelegraph. Lynq's launch partners include Crypto.com, Galaxy, and Wintermute. Lynq aims to provide solutions addressing regulatory framework changes and counterparty risks.
NYSE Submits TruthSocial BTC·ETH ETF Documents
The New York Stock Exchange (NYSE) has submitted a 19b-4 (review request) for TruthSocial BTC and ETH ETF, the social media company of former US President Donald Trump, according to BWE News.
Ledger Enters Sponsorship Contract with US NBA Team
Cryptocurrency hardware wallet manufacturer Ledger has entered into a sponsorship contract with the San Antonio Spurs, a US professional basketball (NBA) team, as reported by Bloomberg.
FTX·Alameda Deposit 907 Million SOL to Coinbase
Addresses related to FTX and Alameda deposited 62,496 SOL (approximately $9.07 million) to Coinbase about 4 hours ago, according to On-Chain Lens. This address currently holds 110,195 SOL (approximately $16.07 million).
Low Attendance at US Digital Assets Subcommittee 'Cryptocurrency Market Structure Hearing'
More than half of the committee members did not attend the hearing on cryptocurrency market structure held by the US House Financial Services Committee's Digital Assets Subcommittee, according to Cointelegraph. Subcommittee Chair Cynthia Lummis held a hearing on 'Exploring a Bipartisan Legislative Framework for Digital Assets Market Structure' on the 24th (local time), but only 5 out of 11 subcommittee members attended due to other schedules.
20-Something Arrested for Robbery Using 'Coin Trading' as Bait
A robbery case using cryptocurrency trading as bait occurred, and the police have launched an investigation, according to SBS News. According to the Yongin Western Police Station, Mr. A and his accomplices lured a victim who had been trading coins online and stole a bag containing 70 million won.
Altcoin Season Index at 17....Down 3 Points from Previous Day
The 'Altcoin Season Index' from cryptocurrency information platform CoinMarketCap is currently at 17, down 3 points from the previous day. The Altcoin Season Index is determined by comparing the price fluctuation rates between the top 100 coins by market cap (excluding stablecoins and wrapped coins) and Bitcoin. If 75% of the top 100 coins have a higher increase rate than Bitcoin over the past 90 days, it is considered the Altcoin Season; otherwise, it is the Bitcoin Season. The closer to 100, the more it is considered the Altcoin Season.
Crypto 'Fear and Greed Index' at 66...Greed Continues
The self-calculated 'Fear and Greed Index' from cryptocurrency data provider Alternative recorded 66, up 1 point from the previous day, continuing the greed phase. The index indicates extreme market fear closer to 0 and extreme optimism closer to 100. The Fear and Greed Index is calculated based on volatility (25%), trading volume (25%), social media mentions (15%), surveys (15%), Bitcoin market cap proportion (10%), and Google search volume (10%).
BTC Daily Average Hash Rate at Yearly Low
As of the 25th, Bitcoin's (BTC) daily average hash rate recorded 661.26 EH/s, marking the lowest point this year. This is the lowest level since October 18 last year.
Coinness Market Briefing on June 25th
As of 9 AM on June 25th, Bitcoin is trading at $106,083, up 0.70%. Among the TOP100 coins by market cap, the TOP3 24-hour gainers are SEI (+25.47%), SYRUP (+15.96%), and APT (+12.99%).
