Weekly Market Highlights Review [6.9 - 6.13]: After a rise in the crypto market, a black swan event occurred, and the narrative around stablecoins and Sol ETF has heated up.

This week, the crypto market experienced a rise followed by a decline. At the beginning of the week, Bitcoin and Ethereum drove the market to rise, with the DeFi sector benefiting from favorable regulatory news and rapidly increasing. However, on Friday, the geopolitical situation in the Middle East suddenly escalated, triggering a black swan event in the market, leading to a drop of about 10% in most altcoins. In addition, SharpLink Gaming's submission of a prospectus to the SEC caused misunderstandings in the market regarding large-scale sell-offs, further exacerbating the decline of Ethereum.

This week's report focuses on three aspects: the rising narrative around stablecoins, the progress of the Aster project, and regulatory policy trends.

In terms of stablecoins, the U.S. Senate has passed a procedural vote on the "GENIUS Stablecoin Act," which could complete the legislative process as early as next Monday. This progress has driven the layout and speculation of stablecoin projects globally. South Korea has proposed the "Basic Digital Assets Act," allowing local companies to issue stablecoins, which has attracted market attention for projects like KakaoPay and Kaia. Meanwhile, traditional financial institutions are also beginning to explore integrating stablecoins into payment systems.

The Aster project has completed the airdrop snapshot of Au points. As an important project in the BNB Chain ecosystem, Aster is regarded as a high-performance DEX comparable to Hyperliquid. The project team has confirmed that $AST will replace $APX, but the specific conversion ratio has not yet been announced.

Regarding regulatory policies, the SEC chairman made an important speech at the "DeFi and the American Spirit" roundtable, emphasizing the compatibility of DeFi with the American spirit and clarifying some regulatory stances. In addition, the SEC has requested issuers proposing to launch a spot SOL ETF to submit a revised S-1 form, which may indicate that the SOL ETF could be approved within the next 3 to 5 weeks. This news has fueled market speculation on ETFs related to the corresponding tokens.

Overall, despite the short-term fluctuations in the market, the improvement in the regulatory environment and the advancement of new projects have still brought positive signals to the encryption industry. Investors can pay attention to stablecoin-related projects, the development of Aster, and quality assets within the SOL ecosystem.