Stablecoin Buying Power Rises as BTC and ETH See Outflows

• South Korea has passed new legislation to protect investors in the crypto industry.
• Recent Bitcoin ETF applications have fallen short of expectations due to technicalities.
• Stablecoin buying power on exchanges is increasing as Bitcoin and Ethereum outflows rise.

South Korea Passes Crypto Legislation

South Korea has recently passed new legislation designed to protect investors in the cryptocurrency industry. The law was created with the intention of creating a more secure environment for those investing in digital assets, while also providing greater clarity around disclosure requirements and anti-money laundering regulations.

Recent Spot Bitcoin ETF Applications

Several recent applications for a spot Bitcoin exchange-traded fund (ETF) were rejected by the U.S. Securities and Exchange Commission (SEC). However, these applications are not completely out of contention yet, as the rejection was based on technicalities rather than any underlying issues with their plans.

Stablecoin Buying Power Increased

The flow of stablecoins into exchanges has been steadily increasing since late May and now stands at levels similar to last December’s peak. This increase indicates that there could be rising buying pressure in the market due to large Bitcoin and Ethereum outflows. These outflows have caused an influx of $4.6 billion worth of USDT, USDC, BUSD, and DAI into exchanges over June alone.

BNY Mellon’s Crypto Custody Venture

BNY Mellon’s recent venture into offering crypto custody services has come under scrutiny from the SEC due to certain rules that need to be followed when offering such services. The company is currently working with regulators to ensure that all necessary compliance measures are met before their service can launch fully.

Vodafone Cardano NFT Plans

Vodafone recently confirmed rumors that it is planning on launching its own non-fungible token (NFT) marketplace built using Cardano technology later this year. Revolut users will unfortunately not be able to access these tokens due to Revolut delisting Cardano, Polygon, and Solana from its US markets earlier this month