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

This week, the crypto market experienced fluctuations with a rise followed by a fall. At the beginning of the week, Bitcoin and Ethereum drove a broad market increase, particularly the DeFi sector, which saw a rapid surge due to favorable regulatory news. Macroeconomic data also generally leaned towards interest rate cuts. However, on Friday, the geopolitical situation in the Middle East suddenly escalated, triggering a black swan event in the market, causing most altcoins to drop by about 10%. Additionally, the prospectus submitted by SharpLink Gaming to the SEC caused panic in the market, leading to a 70% drop in its stock price, which somewhat dragged down Ethereum's performance.

This week's report will focus on three hot topics: the ongoing rise of stablecoin discussions, the progress of the Aster project, and trends in regulatory policies.

Topic of stablecoins continues to heat up

The U.S. Senate passed the procedural vote for the "GENIUS Stablecoin Act" with 68 votes in favor and 30 votes against, which will initiate debate and a final vote in the full chamber. If both parties can agree to shorten the debate time, the bill could complete the legislative process as soon as June 17. If the Senate ultimately passes it, the bill will be submitted to the House of Representatives for further review.

This is expected to become the first comprehensive federal legislation in the United States targeting encryption assets. Advisors to the Trump administration have expressed support for the bill, and Trump himself hopes to sign the stablecoin legislation before August. With the bill on the verge of passing and the supportive stance of the U.S. government, other countries and companies are quickly starting to position themselves in the stablecoin arena, and the related topics are becoming increasingly intensified.

In South Korea, the new president Lee Jae-myung has an open attitude towards the crypto industry and plans to launch a won-pegged stablecoin. The ruling party in South Korea has proposed the "Digital Asset Basic Law," allowing local companies to issue stablecoins. About 30% of the South Korean population participates in digital asset trading, indicating a solid market foundation. The governor of the Bank of Korea will discuss the development of a won-backed stablecoin with executives from major commercial banks.

In this context, the stock prices of related companies such as KakaoPay and Kaia have surged. KakaoPay, as a digital wallet and payment platform, is seen as a potential beneficiary of domestic stablecoin, with its stock price rising 29% in a single day. Kaia has announced plans to issue a won-pegged stablecoin, with its token rising more than 50% this week.

In traditional institutions, the total transaction volume of stablecoins reached $27.6 trillion in 2024, surpassing the combined transactions of Visa and Mastercard. The low cost and simplicity of stablecoins have attracted significant attention from businesses, exploring their integration into payment systems.

2. Aster project progress

The decentralized exchange Aster has completed the airdrop snapshot for Au points. This project is regarded as an important project within the BNB Chain ecosystem, benchmarking against the high-performance DEX Hyperliquid. Aster is integrated from Astherus, incubated by Binance Labs, and APX Finance. There are reports that $AST will replace $APX on a 1:1 basis, but half of it needs to be locked for six months. Considering the development needs of the Binance ecosystem, there is potential for APX to rise subsequently.

Similar coin exchange strategies occurred during the RBN exchange for AEVO. At that time, the price of RBN was 0.7U, while AEVO was around 2.3U. RBN could be staked on the official website for two months to convert to AEVO at a 1:1 ratio, which created significant arbitrage opportunities. RBN experienced an approximate rise of 3 times in the short term.

3. Regulatory Policy Trends

SEC Chairman Paul Atkins delivered an important speech at the "DeFi and the American Spirit" roundtable.

1. Point out that the DeFi design concept aligns with the American spirit, emphasizing economic freedom and innovation.
2. Clearly, activities participating in PoW or PoS networks are not under the jurisdiction of federal securities laws.
3. Support users' rights to self-custody digital assets.
4. Indicate the exploration of the "Innovative Exemption" framework, allowing eligible on-chain projects to operate legally.
5. Acknowledge the innovation of technologies such as smart contracts and indicate the need to update the regulatory framework to adapt to on-chain activities.

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

The market has entered the ETF speculation cycle for related tokens. The deadline for the Sol ETF application is approximately October 11, 2025, and the likelihood of approval is relatively high. Investors can pay attention to the Sol coin and quality assets such as Raydium, Orca, Jito, and Sanctum.