# I. Outlook

## 1. Summary of Macroeconomic Trends and Future Predictions

Last week, the main theme of the global macro market was "U.S. economic resilience exceeds expectations + global inflation expectations resurge + U.S. Treasury yields rise." The U.S. added 172,000 non-farm jobs in May, far exceeding the market expectation of 80,000 to 90,000, with the unemployment rate remaining at 4.3%, indicating that the U.S. labor market remains strong. The market's expectations for the Federal Reserve to cut interest rates this year have further cooled, and there is even a renewed pricing of future interest rate hike risks, supporting U.S. Treasury yields and the dollar index. Meanwhile, energy prices remain a focal point for the global market. The disturbances in oil supply from the Middle East have not completely subsided. Although oil prices have retreated from previous highs, the rise in energy prices has begun to transmit to inflation in Europe and the U.S. The inflation rate in the Eurozone rose to 3.2% in May, and the market generally expects the European Central Bank to adopt a more hawkish stance at the June meeting. Gold remains at high levels, while U.S. Treasuries and global stock markets face certain pressures.

Next week, the global market will enter "Inflation Verification Week." The U.S. will release CPI and PPI data for May, which is the most important data window before the FOMC meeting on June 17. If inflation continues to exceed expectations, the market will further delay the timing of the Federal Reserve's interest rate cuts, and U.S. Treasury yields may continue to face upward pressure, keeping the dollar strong; conversely, if inflation shows a significant decline, it may alleviate recent market concerns about "re-inflation."

## 2. Market Changes and Warnings in the Crypto Industry

Last week was a clear risk release week for the crypto market. BTC quickly fell from around $73,000 in early June, dropping below $60,000 on June 5 for the first time since October 2024, with a weekly decline of about 13% to 20%. The core pressure came from a retreat in risk appetite in U.S. stocks, disturbances from oil prices and geopolitical risks, continuous outflows from the U.S. spot Bitcoin ETF, and concentrated liquidations of leveraged long positions. Around June 4, BTC fell below $62,000, triggering over $1.5 billion in leveraged liquidations within 24 hours, with BTC and ETH accounting for the majority; as of the evening of June 7, BTC returned to around $62,900 but still had not escaped the weak range.

The upcoming week is expected to focus on "fluctuation recovery + macro data verification." The key variables are the U.S. May CPI, PPI, and the market's re-pricing of U.S. Treasury yields and risk asset valuations; if inflation data is below expectations and ETF outflows slow, BTC may first recover to the $65,000 to $68,000 range. However, if ETF outflows continue significantly or CPI/PPI reinforce tightening expectations, the $60,000 support may still be repeatedly tested, and if broken, the market will refocus on the $55,000 to $58,000 area. For altcoins, funds are likely to remain cautious, with a few strong narratives in AI, stablecoins, and RWA potentially seeing structural rebounds, but overall still dependent on whether BTC can stabilize above $60,000.

## 3. Industry and Sector Hotspots

Last week, the focus in the crypto industry clearly shifted from "asset speculation" to "financial infrastructure upgrades." The most watched sectors are concentrated in four directions: stablecoin payments and settlements continue to heat up, institutions and the market are beginning to focus on the practical applications of stablecoins in cross-border payments, B2B settlements, and on-chain dollar systems; RWA (real-world assets) heat further increases, especially the tokenization of U.S. Treasuries, stocks, and commodities becoming a focal point of institutional discussions; AI Agent + Crypto enters the application landing stage, with market attention shifting from pure AI concepts to payment, trade execution, and on-chain collaboration infrastructure; at the same time, specialized DeFi and derivatives infrastructure continue to gain attention, including unified margin, prime brokerage, on-chain derivatives settlement, and institutional-level trading systems, reflecting that the market is transitioning from retail-driven to institutional and capital efficiency-driven development stages. Overall, this week, industry funds and narratives are more focused on the four major sectors of stablecoins, RWA, AI Agents, and institutional-level DeFi, while the heat of high-volatility narratives like Meme and SocialFi is significantly weaker than the aforementioned directions.

# II. Market Hotspot Sectors and Potential Projects for the Week

## 1. Overview of Potential Projects

1.1. Analyzing a total financing of $4 million, with investments from MEROV Capital, Stone Block, and Unicorn Venture—Kaisar Network, a decentralized GPU computing network aimed at AI and machine learning.

1. Introduction

Kaisar is a decentralized GPU network designed to provide nearly unlimited computing power support for machine learning (ML) and AI applications.

Its core mission is to build a scalable, easily accessible, and highly efficient computing network by integrating independent data centers, crypto miners, and idle GPU resources from ordinary households.

Kaisar plans to aggregate over one million GPUs from the aforementioned different sources to form a powerful and decentralized AI computing infrastructure.

2. Brief Overview of the Protocol Framework

1.1 Key Components

Kaisar Zero Node

Kaisar Zero Node is a Chrome browser extension launched by Kaisar.

It allows users to:

• Track key metrics such as device location and online duration

• Participate in the decentralized AI computing network

• Monetize idle hardware resources

• Support the operation of decentralized infrastructure

Essentially, it is a lightweight entry point for ordinary users to access the Kaisar network.

Kaisar OneNode

Kaisar OneNode is Kaisar's GPU scheduling and management system, used to optimize AI computing power utilization in a decentralized manner.

Its system consists of:

• Provider (resource provider)

• Checker (verification node)

• Explorer (data platform)

which together operate on the PEAQ Blockchain to ensure network performance and reliability.

Kaisar Provider

The Provider is responsible for supplying GPU computing resources to the network.

These resources can come from:

• PCs

• Laptops

• GPU servers

• Bare metal GPU devices

Providers need to continuously report the device status to the PEAQ Blockchain and receive rewards based on their contributions.

Kaisar Checker

Kaisar Checker (verification node) is responsible for verifying the authenticity and availability of the resources provided by the Provider.

Its main tasks include:

• Checking GPU performance

• Verifying resource status

• Submitting Proof of Physical Work (PoPW)

The results are then written to the PEAQ Blockchain, and rewards are granted.

In simple terms:
The Checker acts as the "computing power audit node" in the Kaisar network.

Kaisar Explorer

Kaisar Explorer is an advanced web data platform.

Its functions include:

• Real-time viewing of on-chain data

• Checking network operational status

• Browsing node and GPU resource conditions

The entire Kaisar network operates on the PEAQ Blockchain.

PEAQ is a multi-chain Layer1 blockchain optimized for DePIN, supporting:

• Over 100,000 TPS

• Extremely low transaction costs

• Interoperability with ecosystems such as Polkadot, Cosmos, Solana, BNB Chain, and Ethereum through Wormhole

Kaisar Cloud (end users)

Kaisar Cloud is aimed at GPU computing resource leasing users.

End users can:

• Rent GPUs in the Kaisar network

• Complete orders using on-chain payments

• Manage cancellations and refund processes

All interactions are completed directly through the blockchain.

1.2 Kaisar Network Overview

1.2.1 Kaisar Cloud (end user process)

Order & Payment

Users submit GPU leasing requests and complete payments through their wallets.

Connect Container / Cluster

After payment is completed, users will automatically connect to the GPU container or cluster provided by the Provider.

Reporting

Users' GPU usage will continuously sync to the PEAQ Blockchain.

Refund Mechanism

If a refund is required:

• The system will complete the refund through the PEAQ consensus mechanism

• Refunds will be converted into platform points

• Users can use these points for discounts or benefits on future purchases

1.2.2 Kaisar Provider (resource provider process)

Register

Providers need to:

• Register GPU devices on the PEAQ Blockchain

• Connect their wallets

• Pay the worker registration fee

The entire process is deeply integrated with the PEAQ network.

Providing Services

After registration, Providers will open GPU computing power to end users in the network.

Report

Providers need to continuously sync GPU usage and operational status to the blockchain.

Reward Mechanism

Providers receive on-chain rewards based on resource contributions and operational reports.

1.2.3 Kaisar Checker (verification node process)

Checking

Checkers continuously verify whether the GPU resources provided by Providers are authentic and valid.

Proof of Physical Work (PoPW)

Checkers send performance testing tasks to Workers and update the verification results on-chain.

Their core role is:
To prove that these GPU resources genuinely exist and can operate normally.

Report

Checkers sync resource status and detection results to the PEAQ Blockchain.

Reward

Checkers receive on-chain rewards based on their verification and auditing contributions.

2.1 Kaisar Process

The overall process of Kaisar encompasses the complete journey from wallet connection, container purchase, to GPU service deployment and final usage. The entire system operates collaboratively through the blockchain, Checker nodes, and Worker nodes to ensure the security, authenticity, and resource availability of the deployment process.

2.1.1 Initiating the Deployment

Connect to Wallet

End users first need to connect their wallets through the Console Portal to begin the deployment process.

Buy New Container

Subsequently, users can purchase new GPU container services in the Console Portal.

2.1.2 Transaction Handling

Issue Transaction

The Console Portal sends a transaction request to the blockchain to record the purchase action.

Transaction Details

The blockchain is responsible for recording transaction details and ensuring the integrity and security of transaction data.

2.1.3 Container Deployment

Request to Expose Ports

The Console Portal sends a request to the VPN system to open the necessary network ports for the new container.

Deploy New Container

The Console Portal then notifies the Checker node to start the deployment process.

The Checker will further issue deployment instructions to the Worker Node and complete the container deployment on the corresponding GPU device.

2.1.4 Notification & Connection

Deployment Confirmation

Once the container deployment is complete, the system will send a deployment success notification to the user.

Connect to Container Service

Users can then connect to the newly deployed GPU container service.

2.1.5 Service Utilization

Request to Container Service

Users can continuously send AI or computing task requests to the GPU container.

Request Result

Once the container service completes the computation, it will return the results to the user.

2.2 Architecture Layers

Kaisar Network adopts a layered architecture design, with the overall process starting from front-end user requests, passing through the security layer, API gateway, back-end services, and GPU infrastructure, ultimately completing AI computing scheduling and task processing.

The overall process is as follows:

1. Users access the network through different entry points based on their identities:

• Explorer: A public data platform for viewing network capacity, statistics, and reports

• Kaisar Cloud Portal: For GPU users (GPU Consumer)

• Worker Portal: For GPU providers (GPU Provider)

1. All requests first pass through the VPN and Firewall to ensure network access security, while the IAM identity system verifies user permissions.

2. Requests then enter the API Gateway. This gateway operates in a clustered mode to achieve high availability and load balancing.

3. The API Gateway distributes requests to different back-end service modules through a Round-Robin mechanism, including:

• Service Management

• Worker Management

• Billing

• Monitoring & Alert

• Logging

• Analytics

These services support multi-instance operation to enhance concurrent processing capabilities.

5. The system routes tasks to the corresponding modules based on request types. For example, GPU computing tasks are distributed to the GPU Cluster through Worker Management.

6. Certain operations requiring immutable records or higher security will further interact with the PEAQ Blockchain.

7. After the request is completed, results will be returned to the front-end interface through the API Gateway. For asynchronous tasks, the Portal will maintain a connection with the API Gateway via WebSocket and receive results in real-time once the task is completed.

2.2.1 Security Layer

The security layer ensures access security and permission control for the entire Kaisar network.

Key technical components include:

• MESH VPN: Enables secure communication

• Firewall: Controls network traffic

• Wallet Login: Completes identity authentication and authorization through wallets

The MESH VPN has the following features:

1. High Robustness
   The network can still operate normally even if some nodes fail.

2. High Scalability
   Adding new nodes does not significantly affect overall performance.

3. Low Latency
   Direct connections between nodes reduce data transmission paths.

4. Load Balancing
   Network traffic can be automatically distributed to avoid congestion.

2.2.2 Backend Layer

The backend layer supports the core business logic and GPU management of the Kaisar Network.

Providers (GPU Providers)

Responsible for providing GPU computing resources and connecting as Worker Nodes to the network.

Technical stack includes:

• Docker

• Kubernetes

Cluster / GPU Management

Used for unified management of Worker Node clusters.

Primarily implemented based on Kubernetes.

Fault Monitoring

Continuously monitors GPU resource status and anomalies through Kaisar Checker Nodes.

Autoscaling

The system dynamically adjusts computing resources based on GPU demand.

Technical stack includes:

• Kubernetes

• HPA (Horizontal Pod Autoscaler)

2.2.3 Infrastructure Layer

The infrastructure layer is responsible for actual GPU computing resources and task scheduling.

GPU Pool

Composed of numerous GPU devices, used to execute AI and computing tasks.

Technical stack includes:

• Nvidia GPU

• CUDA

Orchestration

Used for unified management of GPU resource pools and task scheduling.

Technical stack includes:

• Kubernetes

• Docker

2.2.4 Frontend Layer

The frontend layer is responsible for user interaction and system display.

Authentication Service

Implements user identity authentication and permission management through wallet integration.

Logging Service

Records system behavior and on-chain logs.

Console Portal

Serves as the main user interaction interface for:

• GPU service purchases

• Resource management

• Network operations and monitoring

3. Core Workflows

3.1 Kaisar Checkers

Kaisar Checkers are responsible for detecting the status of GPU/CPU devices provided by Providers, including:

• Uptime

• Bandwidth

• Performance

And submit proof of device operation to the blockchain to earn rewards. Their core goal is to ensure the authenticity, stability, and service quality of Container services in the Kaisar network.

Detection Mechanism

Checkers will perform checks in the following scenarios:

• During registration: Verify Container configuration

• Standby state: Random sampling

• Operational state: Real-time analysis of service quality and performance

Detection methods include:

• Directly reading GPU/Container performance data

• Simulating real user running test tasks

Based on the results:

• Verify node authenticity

• Affect resource scheduling priority

• Penalize low-quality services

After completing tasks, Checkers will sign results with private keys and submit them to the blockchain, with most consistent results earning rewards.

Workflow

1. Checkers connect wallets holding NFT Licenses

2. Stake KAI Tokens

3. Obtain network authentication information

4. Connect to Kaisar VPN

5. Query Worker Node workloads

6. Submit PoPW (Proof of Physical Work) to the blockchain

7. Earn on-chain rewards

3.2 Kaisar Cloud

End users connect their wallets through the Console Portal and pay for GPU computing costs. The system will then:

• Create a new Container

• Collaborate with VPN, blockchain, and Checker nodes

• Send deployment requests to the Provider's Worker Node

• Complete GPU Container deployment

Once deployment is complete, users will receive:

• "Container is deploying…"

• "Your Container has been deployed successfully."

Status notifications. End users can then use the GPU computing services provided by Providers.

Supported Container Types

• Worker Node (single-node GPU container)

• Worker Cluster (multi-node GPU cluster)

• Mobile Node (mobile resource node, future support)

3.3 Kaisar Providers

Providers supply actual GPU/CPU physical devices to the Kaisar Network, also known as Containers. This is the core execution layer for actual AI computing, rendering, and application operation.

Provider Requirements

Containers need to meet:

• High availability

• Fast startup capability

• Sufficient GPU/CPU performance

• Stable low-latency network environment

The system will dynamically select the most suitable Container based on:

• Performance

• Latency

• Cost

• User experience

Worker Node Registration Process

1. Provider registers a new Worker Node

2. Request sent to the Kaisar Network

3. Console Portal returns initialization script

4. Worker Node executes the script and connects its wallet

5. The node requests Peer information from the blockchain

6. Executes Benchmark testing tasks

7. Submits performance results

8. Completes node registration

Tron Comments

Kaisar's advantage lies in its attempt to build a decentralized GPU computing network aimed at AI and machine learning scenarios, integrating independent data centers, miners, and personal idle GPU resources, combined with the PEAQ blockchain, Checker verification mechanism, and Kubernetes scheduling system to achieve on-chain scheduling, authenticity verification, and automated scaling of GPU resources. Its containerized deployment and Worker Cluster design also enhance scalability for AI inference and distributed computing scenarios.

However, its disadvantages are also apparent, including high dependence on GPU node stability, network bandwidth, real-time scheduling efficiency, and resource quality control. While the Checker and PoPW mechanisms enhance credibility, they also increase system complexity. Additionally, the decentralized GPU market itself is highly competitive, and long-term stability in computing power supply, low-latency experience, and real developer demand must still be addressed.

## 2. Key Project Details for the Week

2.1. Brief Analysis of AWARP, led by Animoca—A sovereign-level on-chain financial and RWA infrastructure network aimed at Southeast Asia and emerging markets.

Introduction

AWARP is building "sovereign-level" on-chain financial infrastructure for Southeast Asia and emerging markets, focusing on Laos and the ASEAN region.

Its core directions include:

• RWA (real-world asset) tokenization

• Compliant stablecoin settlements

• Cross-border payments

• Digital identity (Digital ID)

• National-level public chain infrastructure

Through LADT, AWARP is promoting the on-chain tokenization of assets such as minerals, renewable energy, and AI data centers, while strengthening on-chain clearing, liquidity networks, and compliant payment systems.

Core Element Analysis

USDA Analysis

USDA is a stablecoin launched by the Laos National Digital Technology Group (LADT) in collaboration with NewPay, adopting a 1:1 peg to the U.S. dollar and fully backed by U.S. dollar deposits, U.S. Treasuries, and cash equivalents. Its core goal is not merely to issue a stablecoin but to attempt to build a regional digital financial infrastructure that integrates Web2 payment systems with Web3 on-chain finance around the Southeast Asian market. USDA supports direct minting through U.S. dollars and some ASEAN fiat currencies (such as the Lao Kip, Thai Baht, Singapore Dollar, Vietnamese Dong, etc.) and plans to gradually expand to markets in Laos, Cambodia, Thailand, Vietnam, and Indonesia for cross-border payments, mobile payments, on-chain clearing, and digital asset circulation.

Its core advantage lies in having a strong foundation in real business and government resource support. LADT is jointly promoted by the Lao Ministry of Finance, Ministry of Technology, and Lao NewPay United Technology, and has been authorized by the Lao government and central bank to issue stablecoins while participating in local digital financial legislative construction. As the main application carrier of USDA, NewPay has become a leading digital payment platform in Laos, covering over 100,000 merchants and 1 million consumers, providing more than 30 types of life services including government services, QR code payments, and utility bill payments, playing an important role in Laos' mobile payment infrastructure.

In terms of economic model, USDA does not adopt the traditional pure on-chain DeFi circular model but emphasizes the integration of "real cash flow + on-chain finance." In addition to the circulation of the stablecoin itself, the transaction income generated from NewPay's offline payment scenarios and some RWA revenues will also enter the Treasury system to support the MEK ecosystem, staking rewards, and deflationary buyback mechanisms. This means that the value support for USDA comes not only from on-chain capital games but also attempts to introduce cash flows from real-world payment networks and regional economic activities.

In terms of security and transparency, USDA emphasizes compliant operations, including:

• On-chain transaction monitoring and risk assessment

• Third-party audits

• Monthly reserve disclosures

• 100% reserve backing

• Bank insurance coverage for reserve assets

• Smart contract security audits

Additionally, since USDA is deployed in the Ethereum ecosystem, its transaction records have public verifiability, further enhancing transparency.

Overall, the core logic of USDA is not simply to create a U.S. dollar stablecoin but to leverage government support, NewPay's payment network, and ASEAN cross-border trade demand to build a "regional on-chain payment and financial clearing system" aimed at the Southeast Asian market.

Project Feature Analysis

According to CAICT data, among the more than 80,000 blockchain projects launched globally, only about 8% are still operational; among these surviving projects, about 97% lack external real income sources.

Unlike traditional DeFi projects where "income enters the Treasury and then drives token appreciation through buybacks," AWARP's LADT economic model introduces real cash flow from NewPay. NewPay is Laos' leading mobile digital payment platform, currently with a monthly payment scale exceeding $17 million and over 500,000 active users.

This means that, in addition to the revenue generated by the Web3 ecosystem itself, a portion of NewPay's traditional business income will also continuously flow into the Treasury. The Treasury will then:

• Provide staking users with returns above the market average (settled in MEK)

• Continuously conduct MEK buybacks and deflationary mechanisms

Thus promoting the scarcity and value enhancement of MEK.

Its core logic lies in: no longer relying solely on on-chain capital cycles but attempting to bring real-world payment business cash flows into the Web3 economic system.

Web2 Economic Circle

ASEAN USD can be minted through U.S. dollars and some ASEAN fiat currencies, including:

• Singapore Dollar (SGD)

• Thai Baht (THB)

• Vietnamese Dong (VND)

• Lao Kip (LAK)

Its reserve assets are entirely composed of:

• U.S. dollar deposits

• U.S. Treasuries

• Cash equivalents

Achieving full collateralization.

Businesses can open a LADT Account to exchange ASEAN fiat currencies or U.S. dollars for ASEAN USD.

When businesses deposit fiat currencies or U.S. dollars into the account, LADT will issue an equivalent amount of ASEAN USD, a process known as "Minting," which will also increase the market circulation of ASEAN USD.

Conversely, when businesses wish to redeem ASEAN USD back to U.S. dollars or ASEAN fiat currencies, they can deposit ASEAN USD into the LADT Account and apply for redemption of the corresponding fiat currency, a process known as "Burning," meaning ASEAN USD will exit circulation.

Additionally, some newly minted ASEAN USD will also be introduced into the NewPay ecosystem for offline mobile payments and retail consumption, thereby enhancing the liquidity and usage scale of the stablecoin in real business scenarios.

Web3 Economic Circle

LADT's Web3 economic system is built on protocols compatible with EVM (Ethereum Virtual Machine), allowing users to borrow base assets by staking crypto assets, while also earning returns by providing liquidity to the protocol. This lending platform is called "Mek Finance."

As previously mentioned, some ASEAN USD will enter the NewPay ecosystem for real payment scenarios, while another portion will flow into Mek Finance to build an on-chain lending and yield system. Meanwhile, the profits generated by Mek Finance will further provide higher returns for high-net-worth users.

Retail users can use:

• BTC

• ETH

• Certain crypto assets designated by Mek Finance

As collateral to borrow ASEAN USD. Users can then stake ASEAN USD and MEK in combination to earn returns settled in MEK.

It is important to note:
While collateralized assets can activate borrowing capabilities, if the account becomes insolvent, the collateralized assets may be partially liquidated.

Mek Finance will also attract users to stake ASEAN USD through higher yields. The initial staking mechanism requires users to:

• 30% in MEK

• 70% in ASEAN USD

Users can choose:

• To receive all returns after the 90-day lock-up period ends

• Or exit early but lose part of the returns

Additionally, a portion of the transaction fees generated by NewPay, as well as RWA revenues corresponding to reserve assets, will continuously flow into the Treasury. Meanwhile, the Treasury will continuously conduct MEK buybacks and deflationary operations to enhance the scarcity and long-term value of MEK.

Tron Comments

AWARP's advantage lies in its attempt to build "sovereign-level on-chain financial infrastructure" around Laos and the ASEAN market, integrating real payment scenarios from NewPay, the ASEAN USD stablecoin system, and the Mek Finance lending protocol to merge Web2 payment cash flows, RWA revenues, and Web3 on-chain finance, while covering cross-border payments, RWA tokenization, digital identity, and national-level blockchain infrastructure, demonstrating strong regional grounding and real business support.

However, its disadvantages are also apparent, including high dependence on regional regulation, fiat reserve management, and stablecoin compliance systems, while the overall economic model is complex and requires long-term maintenance of liquidity and yield balance between NewPay, Treasury, MEK, and ASEAN USD. Additionally, its ecosystem expansion still heavily relies on the adoption of the Southeast Asian market and whether real business scales can continue to grow.

# III. Industry Data Analysis

1. Overall Market Performance

1.1. Spot BTC vs ETH Price Trends

BTC

ETH

# IV. Macroeconomic Data Review and Key Data Release Points for Next Week

Macroeconomic Review from June 1 to June 7, 2026

United States

• Non-farm Employment (May): Added 172,000 jobs, significantly higher than the market expectation of about 85,000, with the unemployment rate remaining at 4.3%, indicating that the labor market remains resilient.

• ISM Manufacturing PMI (released June 1): Continues to reflect weak manufacturing activity, with the market paying attention to signs of slowing U.S. economic growth.

• Strong employment data pushed U.S. Treasury yields higher, further cooling market expectations for short-term interest rate cuts by the Federal Reserve.

Key Data Release Points for Next Week (June 8 to June 14)

United States

June 10 (Wednesday)

• CPI (May Consumer Price Index) 🔥

• Currently the most watched data by the global market, which will directly affect expectations for the June FOMC meeting.

June 11 (Thursday)

• PPI (May Producer Price Index)

• Initial jobless claims

June 12 (Friday)

• University of Michigan Consumer Confidence Index (preliminary)

# V. Regulatory Policies

United States

• The CFTC has approved the first regulated perpetual futures product in the U.S., marking the formal further inclusion of crypto derivatives into the U.S. compliance financial system.

• U.S. regulators continue to advance the implementation of a coordinated regulatory framework between the SEC and CFTC, with market structure legislation and stablecoin implementation details remaining core topics.

Japan

• Japanese regulatory authorities have proposed a new regulatory framework discussion plan for crypto ETFs while promoting the expansion of yen stablecoin ecosystems, indicating further acceleration of the integration between traditional finance and the crypto market.

European Union

• Only a few weeks remain until the final full implementation of MiCA (July 1), with member states accelerating the conversion of CASP (Crypto Asset Service Provider) licenses and compliance preparations.

• The European Parliament entered a critical review phase for the digital euro in June, with discussions on digital currency legislation heating up.