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Finance

FSC holds emergency check on stock market plunge, urges restraint on credit provision

South Korea’s financial authorities launched an emergency market check after a sharp fall in local stocks. They urged financial companies to refrain from indiscriminate credit provision and to strengthen risk management. Authorities and related agencies agreed to stay alert to heightened volatility while guarding against excessive anxiety and sharp herding. They also said they would step up monitoring for market-disrupting activity and be ready to implement contingency plans quickly if needed.

Crypto

Kazakhstan to sell gold, cut share by 3 points as U.S. Treasury yields surge

Kazakhstan\'s central bank plans to cut gold\'s share of its foreign exchange reserves to 75% from 78% by year-end as surging U.S. Treasury yields boost the appeal of dollar assets. The country holds 386 tonnes of gold after halting sales in February 2025. The bank will execute about half of the planned reduction through options sales and the rest via spot sales, with volumes potentially affected if gold prices fall below $4,000 an ounce.

Crypto

Tether joins Kazakhstan digital finance pilot to pursue tenge stablecoin, RWA

Tether signed a memorandum of understanding with the National Bank of Kazakhstan and the Alatau city authority to pursue a tenge-linked stablecoin pilot and a real-world asset tokenization model. The parties plan to review stablecoin issuance cases in other countries and prepare a concept and pilot proposal, but have not named an issuer or a timeline. Kazakhstan is also expanding crypto-linked investments and running separate stablecoin and property tokenization pilots.