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

This week, the crypto market experienced a rollercoaster ride with an initial rise followed by a decline. At first, the strong performance of Bitcoin and Ethereum drove the market up, especially with DeFi tokens rapidly surging under favorable regulatory news. However, on Friday, the sudden escalation of the Middle East situation triggered a significant market correction, with most altcoins falling by more than 10%. Additionally, SharpLink Gaming's stock price plummeted by 70% due to a misunderstanding in financing, which somewhat dragged down Ethereum's performance.

This week, the focus is on stablecoins, the Aster project, and regulatory policy trends.

The topic of stablecoins continues to heat up. The U.S. Senate has passed the procedural vote on the "GENIUS Stablecoin Act," which is expected to complete the legislative process as early as next week. This bill has received support from advisors to the Trump administration and is likely to become the first comprehensive federal legislation in the U.S. targeting encryption assets.

In South Korea, the new president Lee Jae-myung has an open attitude towards the encryption industry. 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 also discuss the development of won-backed stablecoins with commercial banks. Companies like Kakao Pay and Kaia have seen a significant rise in their stock prices, being regarded as potential beneficiaries of the stablecoin development.

Traditional financial institutions have also shown a strong interest in stablecoins. In 2024, the total trading volume of stablecoins reached $27.6 trillion, surpassing the total transactions of Visa and Mastercard, attracting numerous companies to explore integrating them into payment systems.

The Aster project has completed the Au points airdrop snapshot, regarded as an important project in the BNB Chain ecosystem. This project integrates Astherus and APX Finance, and it is expected that AST will replace APX, although the specific conversion ratio has not yet been clarified. A similar coin exchange strategy was seen during the RBN exchange for AEVO, which brought considerable returns to investors.

In terms of regulation, the SEC chairman stated at the roundtable meeting that DeFi aligns with the American spirit, supports self-custody rights, and instructed to explore an "innovation exemption" framework. The SEC also requested SOL ETF issuers to submit revised forms, which may indicate that the ETF is about to be approved. These policy trends are seen as positive signals for the crypto market.

Overall, despite increased market volatility, factors such as the development of stablecoins and improved regulatory attitudes continue to have a positive impact on the industry. Investors can pay attention to relevant targets in South Korea, the progress of the Aster project, and quality assets within the Sol ecosystem.