Stablecoin legislation accelerates, Decentralized Finance receives Favourable Information, market focuses on Aster and SOL ETF

This week, the crypto market first experienced a general rise, followed by a shock from a geopolitical Black Swan Event. DeFi Tokens briefly pumped under favourable information from regulations, but subsequently, most alts fell by about 10%. Ethereum was also affected by the big dump in related stocks.

This week's market hotspots are mainly focused on stablecoin policies, the Aster project, and regulatory trends.

The U.S. Senate passed a procedural vote on the "GENIUS Stablecoin Act," which could complete legislation as early as next week. The bill has received support from government advisors and is expected to become the first comprehensive federal legislation on crypto assets in the United States.

The South Korean government is also actively promoting the development of stablecoins. The ruling party has proposed the "Basic Law on Digital Assets," allowing local companies to issue stablecoins. The Bank of Korea will also discuss the development of Korean won-backed stablecoins with commercial banks. Companies like KakaoPay and Kaia are receiving market attention in this context.

In the traditional financial sector, the trading volume of stablecoins has surpassed that of Visa and Mastercard, attracting numerous institutions to explore the integration of stablecoin payment systems.

The Aster project has completed the airdrop snapshot and is receiving significant attention as an important DEX project in the Binance ecosystem. Its Token AST will replace APX, presenting potential arbitrage opportunities.

Regarding regulation, the SEC chairman stated at a roundtable that DeFi aligns with the spirit of America and clarified some regulatory policies. The SEC also requested SOL ETF issuers to submit revised documents, indicating that the ETF may be approved in the short term.

Overall, stablecoin policies, emerging DEX projects, and regulatory attitudes are the main focus of the current market. Investors should pay attention to investment opportunities related to these subjects, but also be wary of risks brought by uncertain factors such as geopolitical issues.