7.28 AI Daily The optimism in the Crypto Assets market is rising, as the US-EU trade agreement boosts risk assets.

1. Headline

1. The US and Europe reach a trade agreement, eliminating market uncertainty.

U.S. President Trump and European Commission President Ursula von der Leyen have reached a new trade agreement, which includes key terms such as an additional $600 billion investment from the EU, U.S. military sales, and a unified 15% tariff on automobiles. This agreement will bring stable expectations and long-term confidence to transatlantic trade.

As soon as the news broke, crypto assets rebounded. After Bitcoin stabilized at a low of $115,000, it gradually climbed to consolidate in the $119,000-$120,000 range. Analysts believe that this agreement is sufficient to provide the market with the predictability it needs, eliminate the risk of further tariff increases, and instill confidence in investors. In the short term, Bitcoin is expected to break through the $120,000 mark and challenge the $122,000 high.

However, there has been no substantial breakthrough in the new round of trade negotiations between China and the United States. If the negotiations break down or strong rhetoric emerges, the price of Bitcoin may quickly fall back. Investors need to closely monitor developments and maintain a defensive strategy to cope with potential risks.

2. The Federal Reserve may restart the interest rate cut cycle in September to alleviate the pressure of economic slowdown.

Analysts at Swiss Bank Julius Baer expect that the Federal Reserve may restart its rate cut cycle at the policy meeting in September. A weakening economic outlook suggests that the Fed will implement a more accommodative monetary policy in the second half of the year.

Inflation and employment market data will become important references for the Federal Reserve's decision-making. Analysts point out that expectations of interest rate cuts have boosted market demand for cryptocurrencies. Once the Federal Reserve takes action, it will further uplift risk assets.

However, the interest rate cuts still have limited effects on alleviating the pressure of economic slowdown. The U.S. government may need to implement more fiscal stimulus measures to boost corporate confidence and consumer spending. At the same time, cryptocurrency regulation will be a key focus area in the future to prevent financial risks.

3. Hong Kong stablecoin license review may adopt an invitation system, with increased regulation.

Informed sources reveal that Hong Kong is brewing plans to adopt an invitation-based review for stablecoin license applications to strengthen regulation. This move aims to prevent systemic risks and maintain financial stability.

The "Stablecoin Regulation" will officially take effect on August 1, laying the legal foundation for the development of stablecoins in Hong Kong. However, industry insiders are concerned that overly lenient admission thresholds may lead to disorderly competition and speculative behavior, undermining Hong Kong's status as a financial center.

Analysis indicates that the invitation-based review will raise the entry threshold, ensuring that the recipients of licenses possess strength and integrity. At the same time, regulatory agencies will strengthen supervision over the issuance, reserve management, and auditing of stablecoins to maintain market order.

4. Ethereum suffers over $1.2 billion in capital outflow, trust crisis awaits resolution

Ethereum is facing unprecedented scrutiny. Since the launch of the ETF, Ethereum has seen a net sell-off, with outflows exceeding $1.2 billion. From core researchers to developer community organizations, as well as related businesses and investors, a significant trust crisis is emerging.

Analysts believe that Vitalik needs to provide direction and goals for different participants. Ethereum has become a massive decentralized business entity, unprecedented in history, posing an unprecedented challenge to the entire community and to Vitalik.

To rebuild trust, Ethereum needs to make breakthroughs in scalability, security, and decentralization, while also strengthening communication and collaboration within the ecosystem. At the same time, regulatory clarity and application expansion are also key to restoring confidence.

5. The crypto gaming sector is in trouble, and the token economic model is under scrutiny.

The gaming track has become exceptionally difficult, and all participants are losing confidence. Crypto games are forcing practitioners to either leave or launch greater innovations in a more challenging mode.

Industry insiders are calling for adjustments to the utility and unlocking terms of tokens. The existing unlocking mechanisms and utility have significant issues, far from the traditional IPO lock-up period. The token economic model is seriously harming retail investors and draining liquidity from the industry.

Analysis points out that the difficulties in the gaming sector reflect a stage of death in the underlying logic of the entire industry. It is no longer possible to rely on a major bull market for salvation; the industry needs to re-examine innovation and real application cases in order to achieve sustainable development.

2. Industry News

1. The short-term volatility of Bitcoin has intensified, and market divergence has increased.

The price of Bitcoin has been fluctuating in the past 24 hours, reaching a high of $119,500 and a low of $115,000. Traders have differing views on the market outlook; on one hand, there are concerns that strong inflation data or the Federal Reserve's interest rate hikes exceeding expectations will suppress risk assets; on the other hand, some investors believe that Bitcoin's attribute as an inflation hedge asset will regain favor.

Analysts point out that Bitcoin may maintain a range-bound volatility pattern in the short term. If it can effectively break through the $120,000 level, it will inject momentum for further upside; conversely, breaking below the $115,000 support may trigger further corrections. Investors need to closely monitor the significant U.S. employment and inflation data to be released this week, as these will be key factors influencing market sentiment.

Exchange data shows that the current funding rate for Bitcoin remains in a neutral range, reflecting a temporary balance of power between bulls and bears. However, the options skew indicator in the options market indicates that institutional investors have increased their concerns about the downside risks of Bitcoin in the next 30 days.

2. The activity on the Ethereum chain is increasing, and a recovery of the DeFi ecosystem is expected.

The price of Ethereum has continued to rise over the past week, currently hovering above $3900. Analysts believe that the significant increase in on-chain activity for Ethereum is the main reason driving the price up.

Data shows that the number of daily active addresses and transaction counts on the Ethereum chain have recently seen a significant rebound, reflecting an increase in user activity. Meanwhile, the total value locked in the DeFi ecosystem (TVL) has also halted its downward trend, with some popular protocols even experiencing a rebound in TVL.

Market participants point out that the recovery of the Ethereum ecosystem is primarily due to the improvement of the macro environment and the upcoming "Shapella" upgrade. Once inflationary pressures ease and the Federal Reserve adopts a dovish stance, Ethereum's safe-haven property as a crypto asset will be highlighted again. In addition, the Shapella upgrade will further enhance Ethereum's scalability and user experience.

However, some analysts remain cautious about the recovery of the DeFi ecosystem. They believe that DeFi currently still lacks killer applications, and user stickiness needs to be improved. Only by truly addressing practical pain points can DeFi achieve significant development.

3. Solana ecosystem tokens rally collectively, with SEND leading the charge.

On July 28, Solana ecosystem tokens collectively strengthened, with the SEND token performing the best, rising over 28% within 24 hours. Analysts believe that the strong performance of the SEND token is mainly due to its upcoming new product launch and positive prospects for ecological development.

SEND is a decentralized cryptocurrency payment network designed to provide users with fast, secure, and low-cost cross-chain transfer services. The project's latest roadmap indicates that it will launch a new mobile wallet application in August, supporting multi-chain asset management. In addition, SEND also plans to collaborate with several well-known cryptocurrency exchanges to further expand its user base.

Besides SEND, other tokens in the Solana ecosystem, such as CETUS and NAVI, have also seen varying degrees of increase. Analysts indicate that the Solana ecosystem is gradually gaining momentum, with its advantages of high performance and low transaction fees being favored by more and more projects. As projects within the ecosystem continue to materialize, the performance of Solana ecosystem tokens may continue to improve.

However, some investors are concerned about the rise of Solana ecosystem tokens. They believe that the current increase is too large and poses a bubble risk, advising investors to view it rationally and pay attention to controlling their risk exposure.

4. The Hong Kong "Stablecoin Regulations" will come into effect on August 1, with regulatory details to be announced.

The Hong Kong Special Administrative Region government is continuously advancing its regulatory framework in the digital asset sector. The highly anticipated "Stablecoin Regulation" will officially take effect on August 1, establishing a clear regulatory framework for stablecoin issuers.

According to the regulations, stablecoin issuers need to apply for a special license and comply with anti-money laundering, reserve requirements, disclosure obligations, and other provisions. The Hong Kong Monetary Authority will soon announce the specific details of the "Stablecoin Issuer Licensing System" to provide applicants with more detailed guidance.

Industry insiders believe that the introduction of the "Stablecoin Regulations" will create a favorable environment for the development of stablecoins in Hong Kong. On one hand, clear regulatory requirements help maintain market order and enhance investor confidence; on the other hand, as an international financial center, Hong Kong's stablecoin regulatory framework is expected to become a global benchmark.

However, some analysts are cautious about the effectiveness of the regulations. They point out that stablecoin issuers will need to bear higher compliance costs, which may affect Hong Kong's attractiveness in the global stablecoin competition. In addition, the regulatory arrangements for algorithmic stablecoins are still unclear, which could also restrict the development of related innovation projects.

5. The Bitcoin ecological blue-chip NFTs continue to strengthen, with Node Monkey leading the gains.

On July 28, Bitcoin ecological blue-chip NFT projects continued to strengthen, among which Node Monkey ( Nodesport ) performed the brightest, with the floor price rising by more than 60% in the past 24 hours.

Node Monkey is an NFT project based on the Bitcoin blockchain, with a total issuance of 3,030 pieces. The project aims to provide unique NFT representations for Bitcoin node operators and grant holders certain governance rights. As the popularity of Bitcoin ecosystem NFTs continues to rise, the floor price of Node Monkey is also increasing.

Apart from Node Monkey, other well-known Bitcoin ecosystem NFT projects such as Punks and CoinBunnies have also experienced varying degrees of increase. Analysts indicate that the sustained strength of Bitcoin ecosystem NFTs is primarily due to their unique scarcity and high community engagement.

Compared to the Ethereum ecosystem, the Bitcoin ecosystem's NFTs are still in a relatively early stage and have significant room for development. However, some investors express concerns about the bubble in Bitcoin ecosystem NFTs, believing that the current prices have deviated significantly from their intrinsic value, and investment should be approached with extra caution.

6. The native token OP of the Optimism network surges, launching on South Korean exchanges triggers liquidity.

The native token OP of the Ethereum Layer 2 scaling solution Optimism experienced a surge on July 28, with a single-day high increase of over 10%. Analysts believe that the surge of OP was mainly due to the announcement by a top cryptocurrency exchange in South Korea to launch OP trading pairs, which led to a significant influx of liquidity.

Data shows that the trading volume of OP tokens surged to over $340 million after the announcement of its launch, more than double that of the previous day. At the same time, the price of OP also briefly broke through the $0.8 mark.

In addition to the launch of the new exchange, the recent "Superchain Upgrade" completed by the Optimism network has also injected momentum into the rise of OP tokens. This upgrade significantly improves the performance and scalability of the Optimism network, which is expected to attract more DApps and users.

However, some analysts are cautious about the continued rise of the OP token. They believe that the current valuation of the OP token is already high, and the potential for future increases may be constrained. In addition, the Optimism network still faces many challenges in ecosystem development and user expansion, and the long-term value of the OP token remains to be tested by time.

7. Cryptocurrency market sentiment remains optimistic, the rotation of altcoin trends continues.

On July 28, the overall sentiment in the cryptocurrency market remained optimistic, with mainstream altcoins generally rising, and some tokens even experiencing a surge. Analysts believe this reflects investors' optimistic expectations for the future of cryptocurrencies, and the rotation of altcoins is expected to continue for a while.

Data shows that the top 100 altcoins by market capitalization have risen by an average of over 3% in the past 24 hours, significantly higher than the increases of Bitcoin and Ethereum. Among them, tokens like Vine, Zora, and Navi Protocol have surged by over 20%.

Investor sentiment optimism mainly stems from positive expectations regarding the macro environment. As inflationary pressures ease and the Federal Reserve slows down its rate hikes, risk assets are expected to gain breathing room. Meanwhile, the continuous development of the cryptocurrency ecosystem also brings growth momentum for altcoins.

However, some analysts have expressed doubts about the sustainability of the altcoin rotation market. They believe that altcoins generally lack intrinsic value support and have a higher risk of bubble formation. Furthermore, once the macro environment reverses, altcoins are likely to be the first to suffer a heavy blow. Therefore, investors need to be particularly cautious when participating in altcoin speculation and manage their risk exposure carefully.

III. Project News

1. ShellAgent 2.0 has reached over 500,000 applicants for the 5-day trial since its launch, and the threshold for AI application creation has dropped to a new low.

MyShell's newly launched ShellAgent 2.0 framework product has surpassed 500,000 trial applications within 5 days of going live. This product allows for the generation of AI applications through natural language interaction, completely eliminating the barriers to creating AI applications and opening the window of AI benefits for non-technical individuals.

The core innovation of ShellAgent 2.0 lies in the ability to generate AI applications with just a single click by simply expressing ideas or needs, without any coding required. Whether for beginners or professional developers, anyone can easily create their own AI works. Practical tests show that ShellAgent 2.0 outperforms similar products such as Lovable and Bolt.new.

The launch of this product has brought nearly a tenfold increase in new users for MyShell, with each new user creating an average of 5 AI applications using ShellAgent 2.0. The content has garnered over 60 million views across the internet, with more than 10,000 participants in the product launch live stream. The official token of MyShell, SHELL, is currently priced at $0.19, with a 30-day increase of 28.55%.

Analysts believe that ShellAgent 2.0 will accelerate the popularization process of AI applications, providing more people with AI creative capabilities and is expected to give rise to a new wave of AI innovation. However, it is also necessary to be vigilant about the potential risks related to copyright, privacy, and other issues.

2. The Hong Kong "Stablecoin Ordinance" will take effect on August 1, setting the tone for the development of global digital finance.

The Hong Kong Monetary Authority plans to announce the outline of the "Stablecoin Issuer Licensing Regime" on July 28, providing more detailed guidance for applicants. The "Stablecoin Ordinance" will officially take effect on August 1, bringing a new landscape to Hong Kong's stablecoin market and will have a significant impact on the development of global digital finance.

The new law classifies digital assets into two categories: "virtual assets" and "cryptographic assets", excluding financial instruments such as securities and digital fiat currencies, and grants the government the authority to formulate implementation rules. At the same time, it emphasizes strengthening requirements for cybersecurity, anti-money laundering, and counter-terrorism financing, with the goal of improving the relevant legal system, aligning with international regulatory standards, and helping Hong Kong to soon exit the FATF gray list.

Industry insiders say that as an international financial center, Hong Kong's move will set the tone for the compliant development of global digital assets. Stablecoins will become an important link connecting traditional finance and the crypto economy, paving the way for institutional investors to participate in the digital asset market.

However, some analyses point out that excessive regulation may limit innovation, and a balance needs to be sought between risk control and development. Hong Kong should seize this opportunity to lead the global digital finance development and establish clearer and more unified rules for the industry.

3. The Ethereum airdrop frenzy may come to an end, as the number of real users is limited.

The recent frequent airdrops and liquidity mining activities in the Ethereum ecosystem have driven a false prosperity. However, third-party research indicates that after the airdrops end, the user churn rate can be as high as 80%, which is not beneficial for founders and projects.

Taking Friendtech as an example, this was previously a project that had a significant impact and attracted attention in the market, but after the subsequent token launch and failure to maintain its price, all users have abandoned this application. The Restaking sector has also encountered similar bottlenecks, with a significant loss of TVL or a shift to new protocols after the airdrop ended.

The latest Metamask monthly active user data shows a significant decline from the peak of 30 million during the bull market to 1 million. The actual user base brought by airdrops and incentives is relatively limited, and people have begun to feel disgusted with the airdrop customer acquisition strategy.

Analysts point out that the airdrop frenzy may be coming to an end. Project teams should focus on cultivating real users and building sustainable business models, rather than overly relying on short-term customer acquisition methods. At the same time, they should also be vigilant about regulatory risks to avoid being seen as engaging in illegal securities issuance and other violations.

In the future, projects with real use cases and active communities will be more competitive. The Ethereum ecosystem needs more innovative application scenarios, rather than just a token economy model.

4. Sui ecosystem tokens are rising, SEND has a 24-hour increase of over 28%.

On July 28, Sui ecological tokens generally rose, with SEND increasing by 28.7% in 24 hours, currently priced at $0.6613; CETUS rising by 15.6% in 24 hours, currently priced at $0.137; NAVI increasing by 10.6% in 24 hours, currently priced at $0.06049; SHELL rising by 5.6% in 24 hours, currently priced at $0.001285.

Sui is a brand-new public chain oriented towards Web 3.0, developed by former Meta researchers, aimed at supporting large-scale distributed applications. Its core innovation is based on the new Move programming language, which enables higher parallelism and composability.

The Sui ecosystem is currently developing rapidly and has attracted many well-known projects to settle in. SEND is a decentralized exchange on Sui, CETUS is a gamified DeFi protocol, and NAVI is a distributed indexing protocol, serving as a decentralized derivatives exchange.

Analysts believe that the Sui ecosystem token has strengthened recently, benefiting from the overall market rebound on one hand, and reflecting the market's recognition of Sui's technological potential on the other hand. As a new generation public chain, Sui is expected to break through the existing blockchain bottlenecks in terms of scalability and security.

However, some voices point out that the Sui ecosystem is still in its early stages, and the token price has certain bubbles. Its future development prospects still need time to be tested, and the key lies in whether it can attract more high-quality applications to go online.

Overall, Sui is seen as a strong competitor among the new generation of public chains, and its technological innovations are worth ongoing attention.

4. Economic Dynamics

1. The US and Europe reached a tariff agreement, alleviating trade tensions.

Economic Background: In recent years, trade relations between the United States and the European Union have been tense. The Trump administration has repeatedly threatened to impose tariffs on EU cars, leading to trade disputes between the two parties. Against this backdrop, the U.S. economy is experiencing slow growth, inflation remains at a high level, and the unemployment rate stays low.

Important Event: On July 28, U.S. President Trump and European Commission President Ursula von der Leyen reached a trade agreement framework. Both sides agreed to eliminate all tariffs on industrial goods in the coming years and to enhance cooperation in energy and agricultural trade. This agreement aims to ease the trade tensions between the two parties.

Market Reaction: This agreement has alleviated concerns about the escalation of the US-EU trade war, boosting investor confidence. US stocks rose after the market opened on Monday, with notable performance from automotive and luxury goods manufacturers. The cryptocurrency market was also uplifted, with prices of Bitcoin and Ethereum increasing.

Expert Opinion: The UBS Wealth Management Investment Director's Office stated that the recent surge in U.S. stocks reflects many potential positive news. However, they also remind investors to be prepared for possible market fluctuations in the coming weeks. While increased trade certainty has uplifted the market, U.S. tariff levels remain significantly higher than the general levels before the liberation day, and its economic impact is becoming evident.

2. The Federal Reserve may restart the rate cut cycle in September.

Economic Background: The US economy experienced the impact of high inflation and interest rate hikes in 2022. Since 2023, the inflation rate has cooled somewhat, but it is still above the Federal Reserve's target level of 2%. The unemployment rate remains low, and the economic recovery is on a positive track.

Important event: Analysts at Credit Suisse predict in their latest report that the Federal Reserve may restart its rate-cutting cycle at the September interest rate decision meeting. They believe that the weakening economic outlook means the Federal Reserve will implement more accommodative monetary policy in the second half of the year.

Market Reaction: Analysts' predictions have sparked expectations for interest rate cuts, driving the stock and cryptocurrency markets to rise. Investors generally expect that rate cuts will boost risk assets. However, some analysts express concerns about the inflation risks that may arise from too rapid rate cuts.

Expert Opinion: Jan Hatzius, Chief Economist at Goldman Sachs, stated that the likelihood of the Federal Reserve lowering interest rates in September is low, as the process of declining inflation rates is slow and the labor market remains tight. He expects the Federal Reserve to maintain interest rates until the end of the year, only starting to gradually lower rates in 2024. Citibank, on the other hand, believes that the Federal Reserve may begin its rate-cutting cycle in November.

3. Hong Kong's "Stablecoin Regulation" is about to take effect, regulatory policies are being introduced.

Economic Background: With the development of the digital economy, the application of stablecoins is becoming increasingly widespread globally. As an international financial center, it is necessary for Hong Kong to establish a regulatory system for stablecoins to standardize market order.

Important event: The Hong Kong "Stablecoin Regulation" will officially come into effect on August 1. The Monetary Authority will announce specific guidelines for the "Stablecoin Issuer Licensing System," clarifying the regulatory requirements for stablecoin issuers regarding anti-money laundering, reserves, information disclosure, and other aspects.

Market response: The introduction of the "Stablecoin Regulations" will create a favorable regulatory environment for Hong Kong's stablecoin market, which is conducive to attracting quality projects and promoting the development of digital finance in Hong Kong. However, some industry insiders are concerned that excessive regulation may affect the vitality of innovation.

Expert Opinion: Hong Kong Financial Development Council Chairman Huang Peizheng stated that stablecoins should play a "stable" role and should not become short-term speculative tools. He emphasized that Hong Kong will create a favorable environment for the development of stablecoins, ensuring that risks are controllable. Hong Kong financial legal experts believe that the "Stablecoin Ordinance" is beneficial for increasing market transparency and protecting investors' rights.

5. Regulation & Policy

1. The Hong Kong "Stablecoin Regulation" officially came into effect on August 1, marking the initial appearance of a regulatory framework.

The Hong Kong Special Administrative Region government will launch the legislative process for the "Stablecoin Ordinance" in early 2025, aiming to establish unified regulatory rules for stablecoin issuers. After several months of public consultation and review, the ordinance will officially take effect on August 1. As the world's first legal framework specifically targeting stablecoins, its introduction marks a key step for Hong Kong in the regulation of digital assets.

The core content of the "Stablecoin Regulation" includes: requiring stablecoin issuers to hold an equivalent amount of fiat currency or other high-quality assets as reserve assets; implementing anti-money laundering and counter-terrorism financing measures; and strengthening information disclosure obligations. Issuers must apply for a license from the Hong Kong Monetary Authority and are subject to ongoing supervision. The regulation stipulates that issuing or promoting stablecoins without approval may result in fines and imprisonment.

Industry insiders generally believe that the introduction of the "Stablecoin Regulation" will inject vitality into the Hong Kong stablecoin market, attracting more issuers and users. At the same time, strict regulatory measures will also increase market transparency and enhance public confidence in stablecoins. However, some issuers express concern about the cumbersome procedures and high costs associated with applying for licenses, fearing it will increase the burden of compliance costs.

Financial law expert Zhang Weiqiang from Hong Kong stated: "Stablecoins are an important infrastructure for the digital economy and must be properly regulated. The 'Stablecoin Regulation' has established a first-mover advantage for Hong Kong, which is beneficial for attracting quality projects to settle here, but regulatory bodies also need to balance industry concerns and create a good environment for healthy industry development."

2. The U.S. GENIUS Act has been officially signed, establishing a regulatory framework for the development of stablecoins.

On July 18, 2025, U.S. President Trump officially signed the "GENIUS Act" (, which ensures the uniformity of regulation in the emerging digital asset industry. This is the first time that the United States has established a comprehensive regulatory framework for digital assets such as stablecoins at the federal level. The act will take effect 180 days from the date of signing and will establish clear regulatory rules for the development of stablecoins.

The main contents of the GENIUS Act include: requiring stablecoin issuers to conduct a comprehensive audit every two years and report reserve status to regulatory authorities; stipulating that stablecoin issuers must hold sufficient high-quality liquid assets as reserves; strengthening compliance requirements for anti-money laundering and combating the financing of terrorism; and granting regulatory authorities the power to impose penalties for violations, among others.

The introduction of this bill aims to maintain financial stability, protect consumer rights, and create a favorable environment for the development of stablecoins. Industry insiders believe that clear regulatory rules will enhance investor confidence and facilitate the widespread application of stablecoins in areas such as payments and settlements. However, there are also concerns that excessive regulation may stifle innovation and hinder industry development.

Mary Marcus, head of digital assets at Goldman Sachs, stated: "The GENIUS Act sets the basic ground rules for the development of stablecoins, which will help attract more institutional investors and promote the long-term healthy development of the industry. However, regulators need to balance innovation and risk when implementing the detailed rules to avoid imposing undue restrictions on the industry."

) 3. The South Korean Democratic Party submits its first special bill on stablecoins.

On July 28, 2025, Ahn Doo-jae, a member of the National Assembly from the Democratic Party of Korea, officially submitted the draft bill on the "Legal Framework for the Issuance and Circulation of Value-Stable Digital Assets." This is Korea's first systematic legislative proposal addressing the entire process of issuance, circulation, and regulation of stablecoins denominated in Korean Won, marking the official commencement of Korea's stablecoin regulatory process.

The main content of the bill includes: standardizing the qualification requirements for stablecoin issuers, requiring them to hold equivalent fiat currency or high-quality assets as reserves; clarifying the legal status of stablecoins and bringing them under financial regulatory oversight; strengthening compliance obligations for anti-money laundering and combating the financing of terrorism; and granting regulatory authorities the power to impose penalties for violations, among others.

The purpose of the proposed legislation is to maintain financial stability, protect investors' rights, and create a favorable environment for the development of stablecoins. The South Korean government's previous regulatory stance on stablecoins has been relatively cautious, and this special legislation is seen as a signal of South Korea's formal embrace of digital assets.

Korean financial law expert Park Se-yeon stated: "Stablecoins have certain financial attributes and must be subject to appropriate regulation. This legislation establishes fundamental rules for the development of stablecoins in Korea, which is beneficial for attracting high-quality projects to settle, while also providing a legal basis for regulatory agencies to exercise their duties."

However, some industry insiders have expressed concerns about certain provisions of the bill, believing that overly strict regulatory measures may stifle innovation and impact industry development.