S. Korea's Central Bank Eyes Won Stablecoin; Altman's GPT-6 Unveiled
Bank of Korea Acknowledges Stablecoin Merits
South Korea's central bank is cautiously exploring the development of a won-denominated stablecoin, even as the ruling party pushes forward with digital asset legislation. Meanwhile, OpenAI's GPT-6 announcement had little impact on AI-related crypto tokens.
BOK Governor Supports Won Stablecoin with Caveats
Bank of Korea Governor Rhee Chang-yong publicly addressed stablecoins for the first time since the new administration took office. Speaking to parliament's finance committee, Rhee expressed support for a won stablecoin but urged a phased approach. He suggested banks should initially lead issuance before expanding to other institutions.
Rhee clarified that the central bank isn't against stablecoin innovation. He recognized the need for programmable money features in digital currencies. However, he cautioned that non-bank issuers could create opportunities for money laundering and regulatory arbitrage.
Digital Asset Legislation Gains Momentum
While the BOK takes a measured approach, the ruling Democratic Party is accelerating digital asset legislation. They are forming a special committee to advance stablecoin and cryptocurrency ETF bills, citing campaign promises and the need for coordinated action.
GPT-6 Memory Reveal Fails to Boost AI Crypto Tokens
OpenAI CEO Sam Altman unveiled that GPT-6 will feature persistent memory for personalized user experiences. Despite this, AI-focused cryptocurrency tokens saw little to no market reaction.
Worldcoin's Muted Response
Worldcoin, closely associated with Altman's projects, saw no change following the GPT-6 announcement. This highlights a disconnect between AI technological advancements and crypto market sentiment.
Asia-Pacific Crypto Developments
- China considers yuan-backed stablecoins to challenge US dollar dominance.
- SBI Holdings partners with Singapore startup to launch blockchain platform for tokenized stock trading by 2026-2027.
- Toyota Blockchain Lab unveils MON framework using Avalanche to transform vehicles into tradeable digital assets via NFTs.
- APAC Bitcoin mining shifts toward renewable energy despite China’s persistent underground operations accounting for 21% hashrate.
Additional Highlights
- Crypto organizations rally behind Trump’s CFTC pick Brian Quintenz despite Winklevoss twins’ opposition.
- Dogecoin drops 9% triggering $10 million in long liquidations.
- LIBRA meme coin spikes as US judge unfreezes $57.5 million from promoters.
- EminiFX founder Eddy Alexandre ordered to pay $228 million for fake AI Ponzi scheme.
- Harvard economist Kenneth Rogoff admits misjudging Bitcoin while criticizing US regulatory failures.