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Gate Research Institute: Metaplanet raises 30 billion yen to increase Bitcoin holdings｜South Korea's Central Bank suspends CBDC and turns to Korean won stablecoin
Crypto Market Overview
Trending Tokens on Junying
ARB Arbitrum (+16.39%, circulating market cap 1.775 billion USD)
According to Gate.io market data, the current quote for ARB tokens is 0.3579 USD, which has increased by 16.39% in the last 24 hours. Arbitrum is a layer 2 scaling solution built for Ethereum, designed to enhance Ethereum's functionality by reducing transaction fees and increasing transaction speeds. It uses Optimistic Rollup technology to execute transactions off-chain and then publishes the transaction data to the Ethereum main chain for validation and settlement.
ARB price has recently surged strongly, mainly benefiting from the inflow of funds and users driven by DeFi activities within the Arbitrum ecosystem and new incentive measures. With low transaction fees and high TPS, Arbitrum has attracted a large number of developers and liquidity, with the TVL of protocols like GMX and Radiant continuing to grow. Coupled with activities like "gTrade Week" that amplify trading volume, this has collectively pushed up the demand for ARB. Additionally, the ecosystem project Yapyo converts user social interactions into token rewards, further boosting market enthusiasm and driving ARB prices upward.
AAVE Aave (+7.3%, circulating market cap 4.187 billion USD)
According to Gate.io market data, the AAVE token is currently reported at 276.05 USD, with an increase of approximately 7.3% in the last 24 hours. Aave is a decentralized lending platform (protocol) built on the Ethereum blockchain, allowing users to borrow and lend encryption currencies and real-world assets (RWA) through smart contract compatibility.
The price of AAVE has steadily increased from around 250 USDT, peaking close to 280 USDT, with significant trading volume particularly around the 260 USDT and 270 USDT levels, indicating active capital inflow supporting the market trend and enhancing the reliability of the upward movement. On-chain data shows that as of June, Aave's active monthly loan volume reached a record high of 16.37 billion dollars; in the decentralized lending market, Aave holds a 62.6% market share, significantly ahead of Morpho and Spark, reflecting strong user stickiness and market recognition. At the same time, AAVE's cumulative fees and revenues also set new highs on June 21, reaching 1.37 billion dollars and 223 million dollars respectively, providing solid fundamental support for the price increase.
SPX SPX6900 (+6.62%, circulating market cap 1.245 billion USD)
According to Gate.io market data, the current price of the SPX token is $1.3337, with an increase of approximately 6.62% in the last 24 hours. SPX6900 is an emerging MEME coin inspired by the S&P 500 index, featuring community-driven and technological innovation, proposing an innovative SPX6900 index concept that holds 6,900 types of assets.
The price of SPX6900 has risen, mainly benefiting from improved economic data, a warming market sentiment, and positive earnings news resonating together, boosting investor confidence. From a technical perspective, after a period of consolidation, the bottom is gradually rising, indicating increased support strength, with funds willing to buy at higher price levels; the price has repeatedly broken through the key resistance near 1.3000 and reached a high of 1.3398, which has also attracted more momentum funds. If accompanied by increased trading volume, it would further confirm the bullish trend. On the macro front, the US stock market has rebounded strongly since the low in April and has reached a new all-time high, with the S&P 500 index closing at another record high on the 27th. As the risks are largely cleared by the first half of 2025, from tariff pressures to improved economic data, it has collectively enhanced the overall market risk appetite, becoming the core driver of SPX's rise.
Alpha Interpretation
Babylon Genesis Chain will adopt the EVM and CosmWasm dual virtual machine model to enhance the applicability of BTCFi*
Babylon's Genesis Chain will introduce a dual virtual machine architecture with EVM and CosmWasm to enhance compatibility and development flexibility for the BTCFi (Bitcoin Finance) ecosystem. Currently, CosmWasm has been launched on the mainnet, supporting the development of high-performance, Bitcoin-oriented smart contracts using Rust, which natively supports Bitcoin core libraries; the EVM part is planned to go live on the mainnet from the end of Q3 to early Q4 in 2025, with the development network already started and the test network to be opened shortly thereafter. The officials stated that this move will combine EVM's rich DeFi ecosystem and large developer community, further expanding Babylon's application scenarios and developer base within the Bitcoin ecosystem.
Babylon, through a dual virtual machine architecture, not only maintains a deep integration with the underlying security of Bitcoin but also utilizes the ecological effects of the EVM to achieve faster application deployment. This strategy of "compatible with Bitcoin + connecting to Ethereum" is expected to attract both BTCFi and DeFi developers and user groups, jointly promoting the broader application of Bitcoin assets in cross-chain scenarios, and it has the potential to allow Babylon to gain a first-mover advantage in the BTCFi space.
The CBDC project led by the Bank of Korea has been suspended, shifting focus to the Korean won stablecoin.
The Bank of Korea originally planned to launch the second round of CBDC (Central Bank Digital Currency) testing in the fourth quarter of this year. However, due to increasing feedback issues from several banks participating in the first round of the "Han River Project" pilot, as well as the recent discussions in Congress and among the public about introducing a Korean won stablecoin, it has been decided to temporarily shelve the project to reduce the uncertainty brought about by unclear policy direction. Currently, KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, NH Nonghyup Bank, IBK Company, iM Bank, Suhyup Bank, and K-Bank are participating in the open blockchain and DIDIA project, leading the issuance of stablecoins in the banking sector, while Busan Bank, Gyeongnam Bank, and Toss Bank are also considering joining.
The Bank of Korea has temporarily suspended the CBDC test, which essentially reflects a shift in policy focus from "state-led" to "private innovation-driven" changes, highlighting South Korea's strategic emphasis on compliant stablecoins. With the Basic Law on Virtual Assets lowering the threshold, stablecoins are expected to be implemented more quickly in financial payments and cross-border scenarios. Compared to the central bank's single digital currency model, the Korean won stablecoin involves multiple banks and local tech forces, making it easier to achieve scalable applications in the ecosystem and among users. This not only enhances the competitiveness of the Korean won in the digital economy but also gives South Korea a first-mover advantage in the global stablecoin race.
Metaplanet issued 30 billion yen zero-interest ordinary bonds to purchase additional Bitcoin.
The Japanese listed company Metaplanet announced the issuance of zero-coupon ordinary bonds totaling 30 billion yen (approximately 208 million USD) to raise funds for purchasing additional Bitcoin. The company has newly acquired 1,005 BTC, valued at approximately 108 million USD, with an average purchase price of about 107,601 USD/BTC, bringing its total holdings to 13,350 BTC, which is approximately 1.4 billion USD at current market value. This additional holding has allowed Metaplanet to surpass Galaxy Digital (12,830 BTC) and CleanSpark (12,502 BTC), becoming the fifth largest publicly listed Bitcoin holder in the world.
Metaplanet has doubled down on Bitcoin by issuing zero-coupon bonds, marking another significant move in its "Bitcoin standard" strategy. This also reflects that some companies are actively accumulating encryption assets, leveraging the low-interest financing environment and the capital market's enthusiasm for digital assets. With total holdings exceeding 13,000 BTC, the company has further risen to the top five globally, and its Bitcoin reserves have become a core part of its balance sheet strategy. From a market perspective, this not only enhances Metaplanet's appeal to investors but also accelerates the trend of traditional financial institutions incorporating Bitcoin into their long-term strategic assets.
Gate Launchpool
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Project Introduction
Blum is a decentralized exchange (DEX) designed to simplify user operations through its innovative encryption trading and mining experience. It supports various tokens while eliminating the complexity of users switching between different blockchains or dealing with local token Gas fees. Blum integrates the features of centralized and decentralized exchanges, offering advanced features such as smart order routing, automated trading strategies, and social trading. Its native BLUM token grants users governance rights, trading fee discounts, yield farming opportunities, and exclusive NFT access.
Reference materials:
[Gate Research Institute](https://www.gate.com/learn/category/research) is a comprehensive blockchain and encryption research platform that provides readers with in-depth content including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.
Disclaimer Investing in the crypto market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate shall not be liable for any losses or damages resulting from such investment decisions.