China\'s central bank is stepping up monitoring and tightening regulation as stablecoins could play a bigger role in cross-border payments. PBOC Research Bureau Director General Wang Xin said authorities should closely examine stablecoins\' impact on the international monetary system and cross-border settlement, and consider how regulation and international coordination should proceed. He also warned that weaponisation of payment tools could disrupt normal cross-border trade.

SpaceX’s initial public offering has emerged as a variable for gauging liquidity in the cryptocurrency market. It is drawing attention over whether it will pull more capital and interest away from crypto, or whether profits after listing will flow back into risk assets. Activity has already appeared on Hyperliquid, where the SPCX perpetual futures contract saw large open interest and volume. Analysts flagged near-term liquidity pressure, while others said a strong debut could bring money back to crypto.