[News Brief] Jul 28, morning | South Korea's KOSPI Closes Down 10.84%

South Korea's KOSPI Closes Down 10.84%

According to PANews, based on Bybit market data, Japan's Nikkei 225 closed on July 28 down 2,566.27 points (3.95%) from the previous session at 62,364.92.

South Korea's KOSPI closed down 732.12 points (10.84%) at 6,023.63. At one point during intraday trading, losses exceeded 11%, pushing the index below the 6,000 level.

So far this month, the KOSPI's cumulative decline has approached 30%. Among major stocks, SK Hynix fell more than 14%, while Samsung Electronics dropped more than 13%.

Citadel Securities Raises Possibility of a 25bp Fed Rate Hike

Citadel Securities said the Federal Reserve could deliver a 25 basis point rate hike at this week's meeting.

According to PANews, citing Wall Street Insight, Citadel Securities macro strategy head Frank Plyte said in a report that such a move could reinforce Fed Chair Kevin Warsh's commitment to price stability and show that the Fed no longer relies on the practice of signaling its moves to the market in advance.

He said markets may be underestimating the possibility of a hawkish shift by the Fed, adding that a rate hike this week would cause a bigger shock than postponing it until September.

A rate hike could weigh on risk assets broadly, and the crypto market is also closely watching the Fed's decision and remarks.

Trump Says Military Strikes on Iran Could Resume if Talks Fail

President Trump said he has sufficient time and patience for negotiations on a new agreement with Iran, but warned that if talks fail, the United States could resume military strikes against Iran.

According to PANews, citing Xinhua News Agency, Trump told reporters aboard Air Force One on the 27th that current U.S.-Iran talks are “going well,” adding that “something is likely to happen. If that happens, that would be a good thing; if not, we go back to where we were two days ago.”

Trump also said the U.S. military has adequate ammunition stockpiles and has secured large quantities of various types of munitions. The remarks suggest Middle East tensions could escalate again if ceasefire negotiations with Iran stall.

Stablecoin Market Cap Falls by $7.7 Billion in June

Stablecoin market capitalization declined by $7.7 billion in June, marking the largest monthly drop since the Terra collapse in 2022. Meanwhile, adjusted transaction volume hit a record high of $1.79 trillion.

According to Forbes, total stablecoin market capitalization fell from about $300 billion in May to about $290 billion. USDT declined from about $190 billion to $184 billion, while USDC fell from $80 billion to $74 billion.

The decrease in market cap is attributed to the impact of the GENIUS Act, which prohibits yield payments on payment stablecoins, and to idle capital moving into tokenized Treasury funds offering yields of around 4% annually. The size of related funds has expanded from $11 billion in March to about $16 billion currently.

During the same period, adjusted stablecoin transaction volume rose 63% month over month and 125% year over year. In the first half, USDC accounted for about 70% of adjusted transaction volume, while USDT accounted for about 25%.

Citi projects that if payments adoption, rather than speculative demand, becomes the key growth driver, stablecoin market capitalization could reach $1.9 trillion by 2030.

Solido Money Suffers Attack, About 293.7 Million SUPRA Stolen

According to blockchain security firm PeckShield, Solido Money was attacked over the weekend, resulting in the theft of about 293.7 million SUPRA.

Of that amount, about 220 million SUPRA was transferred to a wallet suspected to be a Gate deposit address. Solido Money said about 90% of the stolen funds belonged to the foundation.

BlackRock ETF Wallet Transfers $271 Million in Crypto to Coinbase Prime

Odaily, citing Onchain Lens monitoring, reported that a BlackRock ETF wallet transferred more than $271 million worth of crypto assets to Coinbase Prime.

The transfer included 3,310 BTC worth about $216 million and 28,400 ETH worth about $55.68 million. Onchain Lens said the move may indicate a potential sale.

U.S. Senate Republicans Seek Floor Vote on CLARITY Act This Week

According to Odaily, Fox Business's crypto reporter said on X that U.S. Senate Republicans are seeking to bring the CLARITY Act to the floor this week and secure Democratic support.

The CLARITY Act is legislation designed to clarify U.S. crypto market structure and regulatory jurisdiction, and the industry is watching closely to see whether it will reduce regulatory uncertainty.

Securitize Subsidiary Obtains SEC-Registered Investment Adviser Status

PANews, citing The Block, reported that Securitize subsidiary Securitize Capital has officially obtained SEC-registered investment adviser status.

With this registration, Securitize will be able to expand cooperation with asset managers and institutional investors on tokenized investment strategies. Securitize CEO Carlos Domingo said the move marks an important step in the platform's expansion.

Securitize's U.S. platform now includes an SEC-registered investment adviser, an SEC-registered broker-dealer and alternative trading system (ATS), an SEC-registered transfer agent, and fund administration services. Securitize previously went public through a SPAC merger on July 2.

U.S. Spot Ethereum ETFs See Daily Net Inflow of $9.23 Million

PANews, citing SoSoValue data, reported that U.S. spot Ethereum ETFs recorded total net inflows of $9.23 million on the 27th, U.S. Eastern Time.

By product, BlackRock's ETHA saw the largest net inflow at $11.75 million. ETHA's cumulative net inflows reached $11.42 billion.

Meanwhile, Invesco's QETH recorded net outflows of $2.52 million. QETH's cumulative net inflows stood at $22.1 million.

Total net assets of spot Ethereum ETFs were $10.65 billion, equivalent to 4.53% of Ethereum's total market capitalization. Cumulative net inflows were recorded at $11.19 billion.

BitMine Receives 7,500 ETH From BitGo

Odaily reported that BitMine received 7,500 ETH from BitGo four hours ago.

The assets were worth about $14.61 million. Odaily added that BitMine has continued accumulating ETH this week.