Good morning, Asia. This is what news is doing in the markets:
In the period prior to the Blockchain Week of Korea de Seoul, discussions about a Korean stable cattle were among the main narratives.
The idea has political weight, positioning local coins as digital alternatives to the US dollar. However, despite enthusiasm, most Asian currencies are hindered by capital controls that make them inappropriate for global circulation. That leaves Hong Kong’s dollar as the only really usable Stablecoin base in the region.
In Korea, a bill to legalize Stablecoins is arriving through the country’s legislative agencies. Legislators are clear that the initiative is not intended to globalize the WN; Use at the high seas is impossible due to Korea’s subsequent rules aimed at preventing capital flight. The re -dolarization of South America through the USDT is an example of something that legislators in Korea do not want.
On the other hand, it is launching as a defense of monetary sovereignty against dollar -based tokens. The head of the Central Bank of Korea says that it is not against Won Stablecoins, but has concerns about foreign convertibility.
But the same restrictions that preserve sovereignty also block international utility. Korea’s Won cannot circulate on the high seas without triggering the same capital flight risks that marked the economy in 1997.
Without carving a special jurisdiction or sandbox where such Token could flow freely, imitating the state of Sar of Hong Kong, a KRW Stablecoin will remain confined to the domestic market.
The paradox extends to other Asian currencies. Taiwan’s new dollar is locked inside its borders. The Renminbi is only partially convertible, restricted in the capital account, so Beijing depends on the offshore CNH market. In each case, the local proposals of Stablecoin attend an internal policy agenda, but cannot climb worldwide.
Hong Kong stands out. Its dollar is completely convertible, backed by a currency board that ties the US dollar (within a negotiation band) through extensive reserves.
Capital flows have no restrictions, and HKD is already widely used internationally in bond markets and cross -border settlements. A tokenized HKD would be the only Asian stable capable of circulating worldwide, joining internal policy needs with international liquidity.
The irony is that the capital controls designed to protect monetary sovereignty ultimately reinforce the domain of the stable backed by dollar. Unless regional governments are willing to liberalize, the HKD is still the only local currency that can challenge the USDT and USDC in a global stage.
But then, what is the point? With its plug, the HKD is a de facto The US dollar Stablcoin already.
Market movements
BTC: Bitcoin is quoted at $ 112K as ETF flows become negative. Investors withdrew $ 363 million from BTC ETFs when the week began, according to data selected by Sosovalue.
ETH: ETH has a performance less than BTC in the short term, since the speculative demand is softened and the feeling of risk weakens, even when long -term conductors such as rethinking and the DEFI remain supportive.
Gold: Gold is rising to new maximums, driven by the expectations of American tariff cuts, a weaker dollar and the demand for a safe shelter in the middle of the macro uncertainty.
Nikkei 225: The Asia-Pacific markets fell on Wednesday, with Nikkei 225 of Japan 0.33% as the actions in the region tracked their American counterparts.
S&P 500: American actions were stable on Tuesday night after the S&P 500 finished a three -day winning streak and retired from records.
In another part of Crypto:
- US CFTC Moves to involve Stablecoins in the tokenized collateral thrust (Coindesk)
- Morgan Stanley will enable Bitcoin, Ethereum and Solana trade through E*Trade (Decrypt)
- The Binance Changpeng Zhao co -founder refutes Yzi Labs’s statement will assume external capital (the block)
