Koreans Pile Into Stablecoin Frenzy; CRCL Trading Tops, ENA Demand Jumps

TheCryptoTimes2025-08-11 tarihinde yayınlandı2025-08-11 tarihinde güncellendi

In South Korea, stablecoins and related tokens have been growing in demand very quickly. In June, Circle’s stock, known as CRCL, was the most traded foreign stock by Korean investors. At the same time, the native token of Ethena Labs, called ENA, saw a big increase in buying in the region .

As noted by the research analyst at Four Pillars, a Seoul-based web3 research and development firm, Korean investors bought about $443 million worth of Circle (CRCL) shares after it went live in June. 

Market watchers believe that the primary reason behind this frenzy is the recently passed GENIUS Act in the U.S. and increasing demand of stablecoins for DeFi trading, cross-border transactions, and the evolving fintech landscape. 

ENA and USDe’s Surging Demand in Korea

As stablecoin issuers are not paying interest to users under new rules under the GENIUS Act, they are looking for newer ways to earn yield on their stablecoins. This ban on yield payments is causing a major shift in the crypto market with stablecoins like USDe gaining traction. 

Ethena’s USDe stablecoin has swiftly surged to $10 billion in market cap with this latest demand. A prominent crypto trader Cas Abbé pointed out in a X post that the “reason behind this growth is GENIUS Act approval, which prohibits issuers from providing yields on stablecoins.”

As per CoinMarketCap data, USDe is now the third largest stablecoin by market cap with it reaching 10 billion in total supply faster than any other stablecoin. In the last 1 month, USDe made up 26% of all new stablecoin supply. 

Ethena, the DeFi protocol behind USDe stablecoin, also started a program called Stablecoin X. It raised over $360 million, with 260 million planned for buying back ENA tokens. This buyback equals around 6.7% of all ENA tokens.

This move has brought a strong bullish move to the ENA token price as it rose about over 140% in the last month as per market data. Now trading around $0.81 per token, ENA’s market cap has exceeded $5.4 billion.

Also Read: Arthur Hayes Adds $7.45M in ETH, Boosts DeFi Tokens Holdings

İlgili Okumalar

Circle’s Allaire says USDC’s network effects will be hard for Open USD to replicate

Circle CEO Jeremy Allaire asserts that USDC's established network effects, built over nearly a decade through investments in liquidity, regulatory compliance, and developer infrastructure, present a significant barrier for new entrants like Open USD. He argues stablecoin success depends on these ecosystem strengths rather than just fee structures or governance models. Allaire cites data showing USDC dominated dollar-denominated stablecoin transaction volume in Q1 2026. While welcoming Open USD, he expresses skepticism about large consortium governance models, citing potential inefficiencies, and emphasizes that Circle's core partnership with Coinbase remains strong. He concludes by reiterating Circle's commitment to supporting a multi-issuer ecosystem through its infrastructure.

ambcrypto19 dk önce

Circle’s Allaire says USDC’s network effects will be hard for Open USD to replicate

ambcrypto19 dk önce

Dogecoin price sinks to 2023 lows – Can DOGE hold above $0.067?

Dogecoin (DOGE) fell to $0.069, its lowest price since October 2023, following a broader market crash, breaching the key $0.07 support. It later slightly recovered to $0.071. The decline was driven by strong sell-side pressure, with a 32% surge in trading volume to $819 million and a negative buy-sell delta. This triggered over $5 million in long liquidations. Despite initial capital outflows from futures, the 12-hour timeframe showed a net inflow of $10.7 million as some traders opened new positions. However, sellers dominate the spot market. The daily RSI entered deeply oversold territory at 21, indicating extended weakness. The analysis suggests if current conditions persist, DOGE could drop further toward $0.067. For a bullish reversal, it needs to close above the $0.074 resistance level.

ambcrypto49 dk önce

Dogecoin price sinks to 2023 lows – Can DOGE hold above $0.067?

ambcrypto49 dk önce

Former Ethereum Foundation enterprise team launches Ethereum Institutional

Former Ethereum Foundation enterprise team members have launched Ethereum Institutional, an independent non-profit organization aimed at accelerating institutional adoption of Ethereum, its Layer 2 networks, applications, and broader ecosystem. It will serve as a neutral point of contact, offering financial institutions technical guidance, ecosystem intelligence, and engagement support for long-term infrastructure decisions involving tokenization, stablecoins, and on-chain finance. The founding team, which previously built the Ethereum Foundation's enterprise engagement function, will scale its work through five core areas: Institutional Engagement, Institutional Intelligence, Ethereum Ecosystem and ETH Marketing, Industry Discovery and Requirements, and Events and Convenings. The non-profit is backed by anchor funders Bitmine, SharpLink, and Ethereum co-founder Joseph Lubin. This launch follows recent Ethereum ecosystem developments, including the Ethereum Foundation's organizational restructuring and the creation of Ethlabs, an independent R&D organization. These initiatives reflect a broader strategy to support specialized, independent organizations that advance Ethereum's long-term adoption.

ambcrypto1 saat önce

Former Ethereum Foundation enterprise team launches Ethereum Institutional

ambcrypto1 saat önce

Is Riot Platforms’ 500 BTC sale an early warning for Bitcoin’s Q3?

The article discusses how the shift from Bitcoin mining to AI is emerging as a risk for Bitcoin in Q3 2026, highlighted by Riot Platforms' recent sale of 500 BTC (worth ~$30 million). Despite Bitcoin's price falling below $57k, Riot's stock outperformed, closing Q2 up 120%. The company sold more BTC than it mined last quarter, reducing its treasury to fund AI and data center investments. This reflects a broader trend where miners, facing pressure as Bitcoin's market price sits below the estimated $78k production cost, may increasingly use BTC reserves as cash to diversify into AI. The rising Bitcoin hashrate further squeezes miner profits, potentially accelerating this strategic pivot. Riot's sale could be an early warning of this structural shift heading into Q3.

ambcrypto1 saat önce

Is Riot Platforms’ 500 BTC sale an early warning for Bitcoin’s Q3?

ambcrypto1 saat önce

The Largest Upgrade Since The Merge? How Glamsterdam Will Affect Ethereum and Regular Users?

The upcoming Glamsterdam upgrade, scheduled for late 2026, is considered Ethereum's most significant change since The Merge. It focuses on fundamentally restructuring Ethereum's block production, transaction execution, and gas pricing to enable major scalability improvements while preserving decentralization. The upgrade centers on three key innovations: * **Enshrined PBS (ePBS)**: Moves the Proposer-Builder Separation mechanism into the protocol's core, eliminating reliance on external relays. This reorganizes the block pipeline, extending the time window for processing execution payloads, which is crucial for safely increasing block capacity. * **Block-Level Access Lists (BALs)**: Attaches a "map" to each block, declaring in advance which state data its transactions will access. This enables potential parallel transaction processing and faster node synchronization, breaking a key performance bottleneck. * **Gas Repricing**: Introduces a more accurate resource pricing model by separating computation costs from state storage costs. This discourages uncontrolled state growth by making operations that create permanent data (like new accounts) more accurately reflect their long-term network burden. Together, these changes aim to solve the core challenges of increasing Ethereum's throughput (e.g., raising the Gas Limit) without overburdening node hardware or increasing centralization risks. They prepare the infrastructure for higher capacity, targeting a credible post-upgrade capacity of up to 200 million Gas. For users, the impact will be nuanced: * General transaction fees may become lower and more stable as block space increases. * Simple transfers could see cost reductions, while state-intensive operations (like contract deployment) may become relatively more expensive due to the new gas model. * Gas fee estimations by wallets will become more accurate. * L2 networks could benefit long-term from increased data blob capacity. * Standardized logs for all ETH transfers (EIP-7708) will improve tracking for wallets and exchanges. Ultimately, Glamsterdam represents a foundational shift, not a simple block size increase. It seeks to expand Ethereum's capacity by re-engineering its underlying mechanics, maintaining its commitment to decentralization while enabling significant performance gains.

marsbit3 saat önce

The Largest Upgrade Since The Merge? How Glamsterdam Will Affect Ethereum and Regular Users?

marsbit3 saat önce

İşlemler

Spot
活动图片