Navigating the New Crypto Reality: Stablecoin Usage, $HYPE acceleration, and Golden Age of Crypto [FP Weekly 31]
Recap of Four Pillars research content on Week 31, 2025
[Issue] Time for crypto/acc
Written by Heechang
A working group on Executive Order 14178 published a 166-page report today outlining how the U.S. can lead the blockchain industry and usher in a "Golden Age of Crypto."
The report's key messages can be grouped into four main needs for: (i) A Common Classification Framework for the Digital Asset Market, (ii) interlinking Banking and the Blockchain Industry, (iii) accelerating stablecoin adoption, and (iv) Guidelines for Illicit Finance and Taxation.
In the real world, the momentum of change is growing clearer, as collaborations between traditional financial institutions (e.g., JPMorgan Chase) and blockchain-based platforms (e.g., Coinbase, Robinhood) illustrate a significant move toward practical financial innovation.
Although countries like the U.S. are leading, Korea should take more action and maintain an open attitude - essentially saying, "let's take a proper look and try to understand this" - which is crucial. Only by beginning to understand it now can we hope to keep up with the rapid pace of change.
[Issue] $HYPErprinter go brrrrrr
Written by Ponyo
Hyperliquid generates about $600m~$900m in annualised revenue on 0.03% fees and funnels 97 % of it into HYPE buybacks.
Builder codes are a plug and play revenue stream: around 200 builders have earned ~$23m to date, with only a 100 USDC stake required.
HIP‑3 lets builders stake 1m HYPE to launch new markets and share up to 50% of the fees; CoreWriter gives smart contracts write access, burning gas along the way.
CEX perps pose short term competition, but Hyperliquid aims to be the backend liquidity layer for wallets and brokers, and institutions are already accumulating HYPE.
HYPE looking good here
[Issue] Mere Issuance of Stablecoin Won’t Work, Usage is Important (ASA News #3)
Written by Heechang, Moyed
[News#1] KOSCOM to Test Stablecoin Settlement System for Korean Capital Markets
Connect the Local Market to the Global Market (by Heechang)
[News#2] DBS Bank launches blockchain-based programmable rewards
DBS’ Programmable Reward and Synergy with Stablecoin (by Heechang)
[News#3] Morgan Stanley: Stablecoins Could Challenge Traditional Bank Deposits
Stablecoins vs Tokenized Deposits: Competition or Coordination? (by Moyed)
This Week’s Research
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