South Korea’s long-awaited Digital Asset Basic Act (DABA), a sweeping framework meant to govern crypto trading and issuance in one of Asia’s most active digital asset markets, has been delayed amid disagreements among regulators over stablecoin issuance. The most significant disagreement centers on who should have the legal authority to issue KRW-pegged stablecoins, according to a Korea Tech Desk article. The Bank of Korea (BOK) argued that only banks with majority (51%) ownership should be permitted to i ...

Group 1 - Visa has launched a "Stablecoins Advisory Practice" as the stablecoin market surpasses $300 billion, indicating increased engagement from banks and financial institutions with digital currencies [1] - The advisory practice is designed to meet client demand, with Visa working with dozens of early clients and expecting to expand to hundreds [2] - The advisory services include strategy development, technical architecture, operational readiness, and implementation support, helping clients assess the alignment of stablecoins with customer needs [3] Group 2 - Stablecoins are increasingly utilized for payments, cross-border transfers, and business-to-business settlements, especially in regions with currency volatility [4] - The global stablecoin market capitalization is currently at $309.85 billion, with Tether's USDT holding a 60.10% market share and a market cap of $186.23 billion [4] - Visa has been actively involved in stablecoin initiatives, including piloting USDC settlement on blockchain networks and supporting over 130 stablecoin-linked card programs across 40 countries [6] Group 3 - Visa's program is set to expand in 2026, targeting banks and financial institutions that rely on expensive correspondent banking networks [7] - The push for stablecoin adoption has been bolstered by regulatory clarity in the U.S., particularly following the signing of the GENIUS Act, which established formal rules for stablecoin issuance [7]

Core Viewpoint - Chinese tech giants, including Alibaba-backed Ant Group and JD.com, have halted plans to issue stablecoins in Hong Kong due to government concerns regarding the rise of cryptocurrencies [1] Group 1: Company Actions - Ant Group and JD.com are among the major companies that have paused their stablecoin issuance plans [1] - The decision reflects a broader trend among tech firms in response to regulatory scrutiny [1] Group 2: Regulatory Environment - The Hong Kong government has expressed concerns about the increasing prevalence of cryptocurrencies, prompting companies to reconsider their stablecoin strategies [1] - This regulatory stance indicates a cautious approach towards the integration of digital currencies in the financial system [1]

Core Insights - Paxos experienced a significant error by minting 300 trillion PYUSD tokens, which is more than twice the global GDP, but the issue was resolved within 30 minutes [1][6] - The incident raised concerns about the control and oversight of stablecoin issuance in the DeFi space [2][4] Incident Details - The error occurred during a "routine internal transfer," likely due to a typographical mistake where an operator intended to mint 300 million tokens but mistakenly entered 300 trillion [3] - The sudden increase in PYUSD's circulating supply led to Aave freezing new deposits of the stablecoin, while other protocols flagged the anomaly [3] Aftermath and Regulatory Response - Paxos confirmed that no customer funds were affected and that the supply quickly returned to approximately 253 million tokens [4][6] - The New York Department of Financial Services (NYDFS) is reviewing the incident, highlighting the potential for issuer-level mistakes to impact the broader industry [4][5]

Group 1: Core Insights - Arthur Hayes, co-founder of BitMEX, highlights a significant opportunity with the governance token ENA, which recently surged to $0.87, marking an 8.3% daily gain and over 20% growth in a week [1][2] - The listing of Ethena's USDe, a $13 billion synthetic dollar token, on Binance is a critical development, enabling the activation of a fee switch that will allow revenue sharing with ENA token holders [2][3] - Hayes indicates that the upgrade could unlock up to $500 million in buybacks for ENA, with Ethena generating $54 million in revenue in August and lifetime revenues exceeding $480 million since its launch [3][4] Group 2: Trading Activity and Predictions - Hayes has been actively trading ENA, purchasing 2.14 million tokens for $1.75 million at $0.816 each, shortly after selling 7.76 million tokens for a profit of $1.65 million, indicating his confidence in the project [4] - Hayes predicts that ENA could reach $1.50 in the near future, reflecting a bullish outlook on the token's potential [4] Group 3: Market Position and Technical Analysis - Ethena's USDe token valuation has increased from $5.5 billion in mid-July to nearly $12.9 billion, establishing it as the largest non-fiat-backed dollar asset [5] - ENA has been trading in a rising channel since late August, recently breaking above $0.83, indicating bullish momentum and heightened volatility [6] - The on-balance volume (OBV) is rising, suggesting strong buyer interest, with potential targets of $1 and $1.50, representing a 70% upside from current prices [7]