Weekly Market Highlights Review [6.9 - 6.13]: The crypto market rose broadly but encountered a black swan, with narratives around stablecoins and Sol ETF heating up.

This week, the cryptocurrency market experienced fluctuations. At the beginning of the week, Bitcoin and Ethereum drove the market to rise, especially DeFi tokens which surged rapidly under favorable regulatory conditions. However, on Friday, the escalation of the situation in the Middle East triggered a black swan event, causing most altcoins to drop by about 10%. In addition, SharpLink Gaming's financing plan was misunderstood as a large-scale sell-off, triggering panic selling, which in turn affected the price of Ethereum.

This week's highlights include the ongoing discussion around stablecoins, updates on the Aster project, and new developments in regulatory policies.

The U.S. Senate has passed the procedural vote on the "GENIUS Stablecoin Act," which could complete the legislative process as early as next Monday. If ultimately passed, this will become the first comprehensive federal legislation on encryption assets in the United States. As this bill is about to pass, other countries and institutions are also accelerating their layout in the stablecoin sector.

In South Korea, the ruling party has proposed the "Basic Law on Digital Assets" aimed at allowing local companies to issue stablecoins. About 30% of the country's population participates in digital asset trading, indicating a solid market foundation. The Bank of Korea will also discuss the development of stablecoins backed by the Korean won with commercial banks. Against this backdrop, projects such as Kakao Pay and Kaia are gaining market attention.

In terms of traditional institutions, the total transaction volume of stablecoins will reach $27.6 trillion in 2024, surpassing the combined volume of Visa and Mastercard, attracting the attention of many enterprises.

The Aster project has completed the airdrop snapshot for Au points. This project is an important part of the BNB Chain ecosystem and is benchmarked against Hyperliquid's high-performance DEX. $AST will replace $APX, but the specific conversion ratio has not yet been determined.

Regarding regulatory policies, the SEC chairman stated at the roundtable that the design philosophy of DeFi aligns with the American spirit. The SEC also clarified that PoW and PoS network activities are not subject to federal securities laws and supports users' self-custody rights. Furthermore, the SEC has requested Sol ETF issuers to submit amended S-1 forms, which may indicate that the ETF will be approved in the short term.

In summary, this week the crypto market experienced a brief rise before encountering the impact of geopolitical factors, but the related topics of stablecoins and Sol ETF continue to gain traction, bringing new points of interest to the market.