By: Sam Reynolds & AI Boost
Compiled by: Deep Tide TechFlow
Key information:
South Korea's influence in the altcoin market continues to manifest, with the rise of the $USELESS token driven by key opinion leaders (KOLs) and retail investors.
President Trump supports the (GENIUS Act), aimed at regulating stablecoins and enhancing U.S. leadership in the digital asset space, although the bill's future in the House of Representatives remains uncertain.
Coinbase launched Coinbase Payments, providing merchants with a new platform to accept stablecoins, further solidifying its position in the global payment market.
Good morning, Asia. Here are the latest updates on market dynamics:
Welcome to the (Asia Morning Brief), a daily summary covering important news and market dynamics during the U.S. trading session. For a more detailed overview of the U.S. market, please refer to CoinDesk's (Crypto Americas Diary).
South Korea has long been known for its significant influence in the altcoin market, from last year's frenzy that drove XRP prices up 400% to the current obsession with a token that calls itself 'USELESS.'
According to Bradley Park, a Seoul analyst at DNTV Research, the $USELESS craze is closely related to South Korea's cryptocurrency key opinion leaders (KOLs).
At the center of it all is South Korea's KOL and liquidity provider Yeomyung. He invested early in $USELESS and held on after a 50% retracement, now seeing significant paper gains.
I now hold 2.8% of $USELESS, officially surpassing @theunipcs to become the largest holder.
However, I still won't sell.
The era of BONK and USELESS is coming.
$pump has always been 'useless.'
---Yeomyung (@duaud9912)
"He made a fortune during the Trump coin craze, and on $USELESS, he also profited from providing early liquidity, now just holding and waiting," Park said in an interview with CoinDesk. "They are all waiting for the launch of centralized exchanges (CEX), because without it, there is no real exit channel."
Park tracked Yeomyung's wallet activity and noted that his early conviction inspired retail investors in Korea to follow suit. Even wallets associated with insiders from Solana's Jupiter platform (JUP, current price $0.40957) are holding $USELESS. This phenomenon reflects a broader evolution of market behavior in Korea.
"I truly believe that Korean users are no longer just 'bag holders' in this market," he said. "They are starting to understand the market and are gradually growing into real global players."
In this story, another key figure is Bonk Guy, an early promoter of BONK. As the price of $USELESS rebounds, he reappears and passionately promotes it on Twitter. However, some Korean traders, including Park, question his sincerity.
"Bonk Guy was the first to promote LetsBONK," Park said. "But he went silent after the price crash. Now that $USELESS is rebounding, he suddenly shows interest again."
Park also mentioned that the rise of Hyperliquid, Kaia, and now Solana-based meme coins like $USELESS indicates that Korea is no longer a secondary market.
Park stated that unlike the rise of XRP, which relied on clarity from U.S. law and the narrative of regulatory easing during the Trump era, the $USELESS craze seems more like a genuine reflection of today's market attention and fatigue rather than mere chaos.
With no roadmap, no real utility, and no illusion of a larger vision, $USELESS embodies a meme-driven disillusionment: a collective disregard for the promises of traditional cryptocurrencies and a sarcastic bet on 'nothing.' Ironically, this bet seems more honest than many tokens that claim to change the world.
Trump supports the (GENIUS Act)
On Tuesday, President Trump posted on Truth Social supporting the (GENIUS Act). The bill had previously passed in the Senate with bipartisan support, which Trump called an important step toward establishing U.S. leadership in the digital asset space.
Trump urged the House to pass the bill 'at lightning speed,' stressing that there should be no modifications and demanding that the bill be sent to his desk for signing without delay or additional provisions.
This statement shows strong support from the executive branch for the (Guiding and Establishing National Innovation for U.S. Stablecoins, abbreviated as the (GENIUS Act)). The bill introduces reserve and compliance requirements for USD-backed stablecoin issuers and became the first significant cryptocurrency legislation to pass the Senate.
Trump described the bill as key to driving 'huge investments' and 'significant innovations,' believing it will help the U.S. gain global leadership in digital assets.
Despite strong bipartisan support in the Senate for the bill, its fate in the House remains unclear.
Democratic lawmakers are considering possible revisions, including stricter regulations on foreign-issued tokens and restrictions on potential issuers.
However, the bill also faces criticism. In a recent CoinDesk editorial, Georgetown University finance professor James J. Angel stated that the (GENIUS Act) has flaws, including oversight by 55 regulatory bodies, redundant processes, exclusion of interest-bearing stablecoins, and inefficient joint rule-making mechanisms.
Coinbase launches merchant payment platform
Coinbase (ticker: COIN) launched Coinbase Payments on Wednesday, a new merchant payment solution based on its Ethereum Layer 2 network Base.
According to CoinDesk, the platform is specifically designed for global e-commerce platforms like Shopify, allowing for 24/7 acceptance of USDC (U.S. dollar stablecoin) payments without requiring merchants to have blockchain expertise. Its features include gas-free stablecoin checkout, e-commerce API engine, and on-chain payment protocols.
Coinbase stated that the system aims to replicate traditional payment rails while reducing costs and providing 24/7 settlement services. This move puts Coinbase at the forefront of competing with fintech companies like Stripe and PayPal to modernize payments through blockchain infrastructure.
Additionally, the product launch deepened Coinbase's partnership with USDC issuer Circle (ticker: CRCL). Following the announcement, Circle's shares rose by 25%, while Coinbase's stock increased by 16%. Coinbase stated that the volume of transactions processed in stablecoins last year reached $30 trillion, three times that of the previous year, and bets that programmable, dollar-pegged payment methods will continue to disrupt the global financial system.
Market dynamics:
Bitcoin (BTC): Despite escalating tensions between Israel and Iran, Bitcoin is exhibiting a V-shaped rebound, with prices rising above $105,000. According to technical analysis data from CoinDesk Research, strong ETF inflows and a key support level of $103,650 highlight institutional investors' confidence amid market volatility.
Ethereum (ETH): Ethereum rose by 4%, staying above $2,500, despite the tense situation in the Middle East. Record staking volumes and ongoing capital accumulation indicate growing investor confidence amid market volatility.
Gold: Gold fell by 0.19% to $3,383.11. The Federal Reserve kept interest rates unchanged at 4.25%-4.5%, with Chairman Powell stating that there will be no policy adjustments in the near term, emphasizing that the economy remains strong despite trade tensions.
Nikkei 225 Index: Japan's Nikkei 225 Index fell by 0.27% on Thursday, with mixed performances in the Asia-Pacific markets, weighed down by the Federal Reserve's pause on interest rate hikes and tensions between Israel and Iran.
S&P 500 Index: The S&P 500 Index dipped 0.03% to 5,980.87 points. The Federal Reserve maintained interest rates, with Powell adopting a wait-and-see approach, while uncertainty remains over Trump's tariff policies.
