Blockmedia

**South Korea's Household Debt-to-Income Ratio Exceeds Global Counterparts, Stifl**es Consumption Recovery SEOUL—Recent figures reveal that South Korea's household debt-to-income ratio vastly outstrips that of major economies, sparking concerns about its adverse effects on the domestic economy. The substantial debt burden hampers private consumption, causing a persistent stagnation in domestic demand. Data from the Bank of Korea, presented to the National Assembly’s Strategy and Finance Committee by Rep. Cha Gyu-geun of the Cho Kuk Innovation Party, shows that as of the end of 2024, South Korea's financial debt-to-disposable income ratio for households and non-profit institutions was 174.7%. In monetary terms, disposable income amounted to KRW 1,356.5 trillion, while financial debt was KRW 2,370.1 trillion. Disposable income refers to households and private non-profit organizations' net income after taxes, social insurance contributions, and non-consumption expenditures like loan repayments are deducted. Financial debt represents households' market-valued liabilities, calculated on a non-consolidated basis in the Bank of Korea’s flow of funds statistics. **Household Debt Trends: A Slight Decline in Ratio, but Ongoing Concerns** Examining recent trends, the debt-to-income ratio peaked at 194.4% by the end of 2021 before decreasing to 191.5% in 2022, 180.2% in 2023, and 174.7% by 2024's end. Although improving, the ratio remains alarmingly high compared to other OECD countries. In 2023, household debt rose from KRW 2,316.9 trillion to KRW 2,370.1 trillion, marking a 2.3% increase. However, disposable income's faster growth rate of 5.5%, increasing from KRW 1,285.8 trillion to KRW 1,356.5 trillion, helped lower the ratio. Despite these improvements, South Korea's household debt-to-income ratio still surpasses nearly all other developed countries. OECD data shows South Korea's ratio was 186.5% (provisional) at the end of 2023, topped only by Switzerland (224.4%), the Netherlands (220.3%), Australia (216.7%), Denmark (212.5%), and Luxembourg (204.4%). In contrast, South Korea’s ratio overshadows major economies such as the United States (103.4%), Japan (124.7%), Germany (89.0%), the United Kingdom (137.1%), and France (121.4%). Italy is among the most conservative in household debt with a ratio of 82.0%. **Structural Challenges Impede Consumption Recovery** Economic analysts caution that high household debt levels suppress consumption, hinder domestic demand, and slow economic growth. Bank of Korea Governor Rhee Chang-yong noted in a September 29 press briefing that private consumption growth is forecasted at just around 1.1% this year, potentially peaking at 1.6%, due to structural factors like household debt. Governor Rhee emphasized in a November 12 speech marking the central bank's founding anniversary that “the past practices of boosting the economy through excessive real estate investments must end,” highlighting the need to curb speculative housing investments. Similarly, Park Jung-woo, an economist at Nomura Securities, stated in a May 2023 report that "the rising costs of debt repayment and interest expenses have structurally eroded household purchasing power, making a consumption recovery unlikely." **Policy Implications and Future Outlook** Rep. Cha Gyu-geun pointed out, “While the ratio has been on a continuous decline, the actual reduction in debt occurred only in 2023.” He stressed that the government must avoid policies that expand debt, such as housing-related stimulus, to ensure sustainable household debt management. He added that proactive management could stabilize household debt levels, provided the administration resists leverage-based economic recovery strategies. South Korea remains among the OECD’s 32 member countries with the highest household financial burdens—raising concerns about the sustainability of consumption-led growth in one of Asia’s largest economies.

# Bitcoin Set to Compete Beyond Gold, Eyeing $30 Trillion Treasury Market Bitcoin is positioning itself to rival not just gold, but also U.S. Treasuries and other traditional savings instruments, according to insights from a leading digital asset executive. On June 14, Cointelegraph reported that Hunter Horsley, CEO of digital asset investment firm Bitwise, emphasized Bitcoin's expanding competitive field. "Bitcoin is vying for space within the $23 trillion gold market and the $30 trillion U.S. Treasury market," Horsley asserted. Horsley elaborated, "Bitcoin's potential isn't limited to gold. It stands as a new store of value, extending into the $30 trillion-plus Treasury market." He made these remarks in response to economist Mohamed El-Erian’s recent commentary on shifting capital flows within U.S. Treasuries. **Bitcoin's Reach Beyond Gold** Referencing El-Erian, Horsley pointed out that U.S. Treasuries no longer serve as the reliable safe-haven indicator for risk-averse investors they once were. Instead, investors are increasingly turning to traditional inflation hedges like gold and silver amid economic and geopolitical uncertainties. In a public statement on Twitter, Horsley underscored this view: > "The opportunity for Bitcoin goes beyond gold. It’s tapping into the $30T+ Treasury market as a store of value." > — Hunter Horsley (@HHorsley) June 13, 2025 El-Erian had previously noted that Treasuries might not remain the go-to safety benchmark, highlighting a pivot in investment choices. # Geopolitical Tensions and Fiscal Policies Drive Bitcoin Adoption Bitcoin's appeal is surging amid heightened geopolitical tensions and significant government spending. Investors are increasingly looking to Bitcoin as a hedge against inflation and credit risks associated with fiat currencies. Under the Trump administration, the introduction of the "Big Beautiful Bill" added around $2.5 trillion to deficit spending, pushing the U.S. national debt nearer to $37 trillion. Critics argue that such fiscal policies are unsustainable and may jeopardize the nation's financial health in the long run. Notably, Elon Musk joined the chorus of critics, spotlighting vulnerabilities in current fiscal strategies. # Rising Bond Yields Reflect Market Uncertainty Rising U.S. debt and policy maneuvers have spurred increased volatility in the U.S. Treasury market. In April, Treasuries experienced a sell-off following the announcement of new tariffs and surging national debt. Investors offloading Treasuries in bulk drove bond yields up, signifying growing concerns over lending to the U.S. government. The higher yields demanded by investors reflect the heightened risks. This confluence of factors creates fertile ground for alternative assets like Bitcoin. As traditional safe havens such as Treasuries and gold face challenges due to fiscal strain and geopolitical tensions, Bitcoin is increasingly being seen as a credible store of value and hedge against systemic risks.

# Geopolitical Risks Escalate Amid Israeli Airstrikes on Iran, Raising Concerns for South Korea's Economy The escalation of geopolitical risks following Israeli airstrikes on Iran has intensified concerns about potential disruptions to South Korea’s energy supply, expanding trade deficits, and broader economic vulnerabilities. According to international reports, Israel conducted an airstrike on Tehran, Iran, on October 13, resulting in significant fatalities among Iran’s military leadership. In response, Iran has launched a robust counteroffensive against Israel. # Impact of Rising Global Uncertainty With global trade already destabilized by U.S. tariffs under the Trump administration, experts warn that South Korea’s export sector—already fragile—could face amplified challenges due to the conflict in the Middle East. Although exports to the Middle East made up just 2.9% of South Korea’s total exports in 2022, the country’s significant reliance on imported energy is a critical vulnerability. Approximately 70% of South Korea’s energy imports are derived from the Middle East, exposing the nation to substantial risks from the region. If the conflict intensifies in the Middle East, volatile crude oil prices could disrupt energy supplies, heightening inflation and undermining economic stability. # Oil Prices Surge Post-Airstrike Following news of Israel’s airstrikes, international crude oil prices spiked. By midday on October 13, global oil prices surged 10.7% from the previous trading day, reaching $76.8 per barrel. In response, South Korea's Ministry of Trade, Industry, and Energy convened an emergency meeting to evaluate energy supply chains, oil price fluctuations, and contingency measures. Officials confirmed that crude oil and liquefied natural gas (LNG) imports remain unhindered, with tankers in the Middle Eastern waters operating normally. However, authorities are preparing for adverse impacts if military conflicts escalate. The ministry is actively reviewing the nation’s strategic oil reserves and industry-wide emergency preparedness to mitigate risks to domestic energy supplies. # Risks to Trade Balance and Corporate Logistics A prolonged war in the Middle East threatens to push energy import costs higher, potentially driving South Korea’s trade balance into deficit territory. In September, South Korea's exports fell 1.3% year-on-year to $57.27 billion, largely due to U.S. tariff measures. Despite imports declining at a sharper rate of 5.3%, resulting in a $6.94 billion trade surplus, high energy prices could quickly turn this surplus into a deficit, experts warn. Further compounding risks, key maritime logistics routes could face blockades under wartime conditions, leading to export delays and increased shipping costs, translating into financial strain for South Korean businesses. The Ministry of Trade has responded by holding a “Special Export Countermeasures Meeting” to closely monitor production, exports, and maritime logistics while preparing targeted support measures for affected sectors. # Government Activates Crisis-Response Mechanism On October 13, Lee Hyung-il, Acting Minister of Economy and Finance, chaired an “Emergency Status Review Meeting” with key government agencies, including the Ministry of Foreign Affairs, the Financial Services Commission, the Bank of Korea, and others. The government has activated a joint crisis response task force, initiating a 24-hour monitoring system spanning financial markets, real economy conditions, global energy trends, and diplomatic developments. Officials aim to preemptively identify signs of instability in energy supplies and exports, leveraging cross-departmental collaboration to minimize economic fallout. # Long-Term Economic Concerns Economists caution that prolonged geopolitical instability in the Middle East could dampen South Korea’s growth prospects. Koo Ki-bo, professor of global trade at Soongsil University, warned, “An increase in international oil prices could lead to trade deficits, currency depreciation, and higher domestic inflation, ultimately placing downward pressure on economic growth rates.” South Korea’s pronounced exposure to Middle Eastern risks underscores the urgent need for diversified energy import sources and strategic economic safeguards to navigate escalating global uncertainties.

# Putin and Trump Discuss Global Tensions on Trump’s 79th Birthday Call Russian President Vladimir Putin commemorated former U.S. President Donald Trump’s 79th birthday by initiating a personal phone call. Lasting approximately an hour, the leaders deliberated on pivotal global issues, including the Israel-Iran conflict and measures to resolve the war in Ukraine. Trump revealed the conversation on his social media platform, Truth Social, on October 14. He stated, “President Putin kindly called me this morning to wish me a happy birthday.” He further mentioned, “More importantly, the discussion centered on his well-informed perspective on Iran. We spoke at great length.” Highlighting common concerns, Trump emphasized, “Putin, like me, believes the war between Israel and Iran must come to an end. I also underlined that his war (Ukraine) should reach a conclusion.” # Key Topics: Middle East Tensions and Iran Nuclear Threat Yuri Ushakov, Putin's foreign policy aide, provided more details, confirming that Putin briefed Trump on his recent dialogues with leaders from Iran and Israel. The Russian president proposed a “mutually acceptable solution” to the Iranian nuclear issue, targeting to alleviate tensions between Tehran and Washington. “The escalating situation in the Middle East was central to their conversation,” Ushakov stated. “President Trump expressed significant concern over the region’s rising instability, describing it as ‘highly troubling.’” Despite a tentative willingness to resume negotiations on Iran’s nuclear program, the sixth round of U.S.-Iran talks originally slated for October 15 in Muscat, Oman, has been canceled. Oman’s Foreign Minister Badr Albusaidi announced via X (formerly Twitter), “The meeting between Iran and the U.S., set for October 15 in Muscat, will not take place. However, diplomacy and dialogue remain the only path to sustainable peace.” # Brief Discussion on Ukraine War The phone call also broached the ongoing war in Ukraine. According to sources, Putin briefed Trump on the latest updates from Russia-Ukraine peace negotiations in Istanbul, including agreements on prisoner exchanges. “We postponed detailed discussions on Ukraine until next week,” Trump announced on Truth Social. “Nevertheless, a major prisoner exchange is expected soon.” The conversation highlights Putin's active engagement in global geopolitics and Trump’s continued interest in international diplomacy. While no immediate breakthroughs were achieved, the exchange hints at ongoing backchannel communications addressing some of the world’s most pressing conflicts.

# Minnesota Lawmakers Fatally Shot in Suspected Politically Motivated Attack: Anti-Trump Protests Canceled Amid Security Concerns **"Horrific violence like this has no place in America," says Trump.** (New York and San Francisco) - In a tragic incident highlighting the growing political tensions in the United States, a Minnesota state legislator and her spouse were fatally shot in their home by an intruder, believed to be motivated by political reasons. The attack on October 14 coincided with a day of heightened political activity, including national anti-Trump protests and celebrations for the 250th anniversary of the U.S. Army. Minnesota Governor Tim Walz confirmed during a morning press briefing that Representative Melissa Hortman, a prominent Democrat and former Minnesota House Speaker, and her husband were killed in the shooting, which authorities are attributing to political motives. # The Attack in Detail According to the Associated Press, the suspect approached the couple's residence in Brooklyn Park, a suburb of Minneapolis, early in the morning and opened fire. State Senator John Hoffman, who resides in the neighboring city of Champlin, was also injured in a related attack by the same individual, local authorities reported. Around 2 a.m., police responding to the scene found Representative Hortman and her husband shot. Despite being transported to the hospital, both succumbed to their injuries. Senator Hoffman underwent surgery for his injuries. Police revealed disturbing details about the assailant's methods. The suspect donned a police-like uniform and drove what appeared to be a marked police vehicle, complete with tasers, badges, and tactical vests designed to resemble law enforcement. The suspect remains at large, and authorities are currently pursuing leads. At approximately 3:35 a.m., the suspect was spotted in the nearby area in a vehicle with emergency lights activated. A shootout ensued between the alleged gunman and the police, but the suspect managed to flee. Upon investigating the suspect's fake police car, officers discovered troubling evidence, including pamphlets for an anti-Trump protest organized under the slogan "No Kings" and a list of legislators and public officials targeted for potential violence. # Anti-Trump Protests Canceled As fears of further attacks mounted, Minnesota authorities took the extraordinary step of urging citizens to avoid attending any planned demonstrations. Consequently, organizers canceled all anti-Trump protests scheduled across Minnesota, citing safety concerns. The incident underscores the increasingly volatile political climate in the United States, where ideological divisions and acrimonious rhetoric threaten to spiral into acts of violence. # Victims' Roles in Minnesota Politics Representative Melissa Hortman had been an influential figure in Minnesota's Democratic-Farmer-Labor Party (DFL), the state’s Democratic affiliate. Since her first election in 2004, she served for nearly two decades, ascending to a leadership role as House Speaker. State Senator John Hoffman, also a member of the DFL, was elected in 2012 and currently serves as the chair of the Senate Human Resources Committee. The New York Times highlighted that the attack targeted two prominent figures in the Minnesota legislature, where Democrats and Republicans hold nearly equal sway. The Senate currently comprises 34 DFL seats and 33 Republican seats, while the House has a 67-66 divide, with one vacancy. # President Trump's Reaction President Donald Trump, who was a central figure of both the day's planned celebrations and the demonstrations, addressed the tragedy on Truth Social, framing the attack as a targeted assault on public officials. "I’ve been briefed on the horrific targeting of our state legislators," Trump wrote, adding that Attorney General Pam Bondi and the FBI had launched a full investigation. "We will hold those responsible accountable to the fullest extent of the law." The President condemned the violence, stating, "This kind of horrific violence has no place in America," and extended thoughts and prayers to the "great people of Minnesota." # Growing Concerns Over Political Violence This chilling act of political violence serves as a grim reminder of the deepening divisions and escalating risks in the U.S. political landscape. With bipartisan calls for unity frequently drowned in partisan rancor, the question remains: how can America address its fractures before the next spark leads to an even greater conflagration?

# Escalation in Middle East: Intensifying Israel-Iran Airstrikes Heighten Regional Tensions Tensions between Iran and Israel are escalating due to a series of intensifying airstrikes. According to reports from foreign media, including The Washington Post and the Associated Press, Israeli airstrikes began early on the 13th, initially targeting Iranian nuclear facilities, air defense systems, and other military objectives. By the 14th, these strikes expanded to include critical energy infrastructure vital to Iran's economy. The Tasnim News Agency, connected to the Iranian Revolutionary Guard Corps, reported that Israeli drones struck the South Pars Gas Field, the world's largest natural gas reserve, located in southern Iran, causing a significant fire. This marked the first significant attack on Iran's refining infrastructure by a foreign adversary since the Iran-Iraq war in the 1980s. Given that Iran consumes most of its natural gas domestically, this attack is expected to severely impact its domestic energy market. # Years of Preparation Behind Israeli Strikes Israel appears to have meticulously prepared for these operations over several years. Mossad, Israel's intelligence agency, reportedly smuggled weapons into Iran before the airstrikes, using them to disable Iran's surface-to-air missile defense systems. The Israel Defense Forces (IDF) stated that it had hit more than 150 targets as part of its air campaign. Over the past two days, the strikes included hundreds of raids, killing several high-ranking Iranian military officials along with nine nuclear scientists and experts involved in Iran's nuclear program. According to Iran's ambassador to the United Nations, the death toll from the airstrikes has reached at least 78, with over 320 injured. While the total civilian and military casualties remain undisclosed, Iranian state television reported that 60 people, including 20 children, lost their lives when a 14-story residential building in the village of Shahid Chamran was struck. # Israeli Leaders Issue Bold Warnings In a televised speech, Israeli Prime Minister Benjamin Netanyahu vowed to "target all Iranian regime objectives." Meanwhile, Israeli Defense Minister Israel Katz warned, "If Iran continues its missile launches, Tehran will burn." # Iran Retaliates but Faces Strategic Limitations In response to the Israeli airstrikes, Iran launched hundreds of ballistic missiles and dozens of drones toward Israel between the night of the 13th and the early hours of the 14th. According to the IDF, most of the missiles and drones were intercepted or failed to hit their targets. However, at least one missile reportedly struck a key military base in central Tel Aviv. The Iranian assault resulted in three fatalities and over 170 injuries on the Israeli side. Iran's semi-official Mehr News Agency issued further warnings, stating, "If there is any collaboration in thwarting Iran's attacks on Israel, we will target U.S. and French military bases and warships." Notably, Iran faces significant constraints in responding to Israel. Over the past year, Iran has suffered severe military and strategic setbacks, including the loss of key allies in Lebanon and Syria, making large-scale retaliation challenging. # U.S.-Iran Nuclear Talks Canceled Amid Crisis Amid the escalating hostilities, the sixth round of nuclear negotiations between the United States and Iran, originally scheduled for the 15th in Oman, has been canceled. # U.S.-Russia Dialogue on Middle East Crisis Russian President Vladimir Putin and U.S. President Donald Trump held a 50-minute phone call to discuss the escalating tensions in the Middle East. Yuri Ushakov, Putin's foreign policy adviser, disclosed that Putin briefed Trump on recent conversations with leaders from both Iran and Israel. Putin suggested seeking a mutually acceptable resolution to Iran's nuclear program. President Trump described the Middle East situation as "highly unstable." According to Ushakov, neither the U.S. nor Russia ruled out the possibility of resuming negotiations over Iran's nuclear initiatives. These developments mark a significant inflection point for Middle East geopolitical stability, with further escalation threatening to spiral into a prolonged conflict.

# U.S. Stablecoin Legislation, GENIUS Act, Heads for Senate Final Vote on June 17 The U.S. Senate is poised to cast a decisive vote on the much-anticipated stablecoin legislation, officially named the GENIUS Act, on Tuesday, June 17. Should the Senate pass the bill, it will proceed to the House of Representatives and, upon approval, require the President's signature to become law potentially by mid-July. Major media outlets reported on June 13 that the GENIUS Act cleared the Senate's cloture vote on June 11, allowing the bill to move forward to a full Senate vote within a 30-hour window. Consequently, Senate leadership has scheduled the final vote for June 17. # Legislative Process and Next Steps If the Senate passes the GENIUS Act, the amended legislation will then be presented to the House of Representatives. The House typically takes one to two weeks during its legislative session to review and vote on bills. Should the House approve the Senate's version without any further amendments, the bill will proceed directly to the President for signing. If the House proposes additional amendments, a conference committee with members from both chambers will be convened to reconcile any discrepancies, potentially delaying the legislative process by several weeks or even months. # Timeline for Passage Under the current legislative timeline, the House is expected to vote between June 24 and July 1, followed by the President's signature between July 7 and July 14. If a conference committee is needed, the President’s signature might be delayed until late July or early August. Given that Congress begins its summer recess in early August, any delays beyond this period may postpone the finalization of the GENIUS Act until mid-August or later. The GENIUS Act marks a significant milestone in stablecoin regulation, with its journey through Congress being closely monitored by policymakers, industry stakeholders, and global markets.

# Wall Street Predicts Rate Cuts After Jerome Powell's Term Ends in May Wall Street analysts are anticipating potential interest rate cuts soon after Jerome Powell’s term as Federal Reserve Chair concludes in May next year. Historically cautious in adjusting monetary policy, the Federal Reserve is expected to implement two or three rate reductions this year, with more potentially under new leadership. # Powell’s Successor May Introduce Bold Policy Changes Former President Donald Trump has publicly pressured Powell for more aggressive rate cuts. It is widely expected that Powell's successor may quickly implement such measures, aligning with Trump’s policy preferences. Market activity reveals increasing bets on these changes. Notably, trading volume has surged in SOFR futures contracts, focusing on simultaneous selling of March 2026 contracts and buying June 2026 contracts. This suggests a belief in rate cuts occurring between these periods. Last Thursday, SOFR trading volume exceeded 60,000 contracts, marking the second-highest level in history. # Key Federal Reserve Meetings on the Horizon Powell’s final Federal Open Market Committee (FOMC) meeting is scheduled for April 28–29, 2024, with the next meeting set for June 16–17. Market participants are closely monitoring the period immediately following Powell’s term, expecting the new Fed Chair to act decisively in lowering rates. Trump has previously criticized Powell, asserting in April that Powell’s “term ending is far too late.” Though Trump recently stated he would not remove Powell from office, he continues to pressure the Federal Reserve for rate cuts and plans to nominate a successor soon. # Recent Rate Policy Overview The Federal Reserve raised interest rates rapidly in 2022 and 2023, with a total increase of 425 basis points. By late last year, the Fed implemented three rate cuts, stabilizing the federal funds rate in the 4.25%–4.5% range throughout 2024. These actions aligned with evolving labor market trends and inflation dynamics. According to a Bloomberg survey, economists predict incremental rate cuts—likely 25 basis points—this September and again in December. The Federal Reserve’s March projections already indicated the possibility of two rate reductions by year-end. # Upcoming Federal Reserve Policy Update Looking ahead, the Federal Reserve’s next monetary policy meeting is scheduled for next Wednesday. While a rate hold is widely expected, markets are closely watching for updated economic forecasts and indications on how the appointment of a new Chair could influence future policy directions.

# Ripple and SEC Close to Settlement After Prolonged Legal Battle Ripple's long-standing legal dispute with the U.S. Securities and Exchange Commission (SEC) appears to be nearing resolution after over four years. Both parties have recently submitted a joint settlement proposal to the court. Pro-Ripple attorney John E. Deaton, as reported by CoinGape on the 14th, estimates a 70% chance that Judge Analisa Torres will approve the settlement. # Key Settlement Details The proposed settlement stipulates that Ripple will use $125 million in escrowed funds. Of this, $50 million will serve as a civil penalty paid to the SEC, while Ripple will reclaim the remaining $75 million. Both parties emphasized that this settlement would save judicial resources and conclude the lengthy litigation. # Settlement Reactions Attorney John Deaton expressed his views on the settlement, mentioning his hope that the SEC would acknowledge its formerly aggressive stance on cryptocurrency regulation. Meanwhile, former SEC official Marc Fagel criticized the agency’s justification for its policy shift, arguing that citing political circumstances and elections in the settlement documents is "weak from a legal standpoint." # Market and Legal Expert Opinions Market sentiment is largely positive about Judge Torres likely approving the joint motion. Legal expert Bill Morgan commented that although the settlement's core argument is heavily procedural, the likelihood of approval remains high. This settlement could set an important precedent for future regulatory dealings with cryptocurrencies, indicating a possible shift in the industry's interaction with the SEC. Investors and industry stakeholders are keenly awaiting the court's decision, which could signify the end of a contentious chapter in cryptocurrency regulation.

# Circle CEO Jeremy Allaire Eyes Partnerships with Major Retailers Amid Stablecoin Payment Innovations Jeremy Allaire, CEO of Circle, the company behind USD Coin (USDC), has revealed plans to expand partnerships with major retail players to drive the adoption of stablecoins in the payment sector. Amid rapid advancements in blockchain-based payments, Allaire's strategy aims to enhance Circle’s influence within the merchant ecosystem. Speaking with Bloomberg TV on the 13th, Allaire remarked, “There’s significant opportunity to collaborate with major enterprises in a world connected by new internet-based currencies.” He highlighted that Circle is already collaborating with leading companies in the technology, payments, and financial sectors, and plans to secure more partnerships moving forward. # Amazon and Walmart Considering Stablecoin Initiatives Retail behemoths Amazon and Walmart are reportedly exploring the development of their own stablecoins in the U.S. If these initiatives come to fruition, they could provide advantages in payment speed and cost efficiency. Walmart has declined to comment, and Amazon has not yet responded to inquiries. Meanwhile, the e-commerce platform Shopify has integrated USDC as a default payment option, further promoting the use of stablecoins in retail transactions. This step emphasizes Circle’s dedication to boosting USDC's adoption in payments. # Regulatory Winds Shift in Favor of Stablecoins On the regulatory front, there is growing support from the U.S. Congress for the stablecoin industry. The Senate is set to vote on related legislation on October 17. If the law passes, it could significantly boost the use of stablecoins for merchant payments, cementing their role in daily transactions. # Circle's Wall Street Debut Draws Massive Attention Founded in 2013, Circle went public last week on the New York Stock Exchange, drawing extensive market interest. The company’s stock soared approximately 300% in its first week, showcasing robust investor enthusiasm. As stablecoin adoption surges, Circle’s initiatives to form closer ties with retailers and the increasing regulatory endorsement underscore the transformative potential of blockchain technology in revolutionizing payment systems.