[Digital Today reporter Hyunwoo Choo] The centre of gravity in the global digital asset market has clearly shifted from legislation to rules. After the Clarity Act stalled in the Senate, U.S. financial authorities moved without waiting.

The Federal Reserve (Fed) released a proposed rule ahead of the GENIUS Act taking effect that would require tokens issued by payment stablecoin issuers to be fully backed by reserve assets. The SEC and the CFTC continued their respective rulemaking work. The market wrestled with the bigger variable of interest rates. As the U.S. 10-year Treasury yield surged to its highest level in 19 years, bitcoin failed to settle above $85,000 and paused in the $83,000 to $84,000 range. In the meantime, a “$1,000 debate” surrounding XRP held readers’ attention the longest again this week.

• “Fill stablecoins 100 percent with Treasuries”...Fed releases full-reserve asset proposal • United States to push overseas expansion of dollar-based stablecoins • As Clarity Act stalls, SEC and CFTC go their own ways...fill crypto regulatory vacuum

The most significant policy news this week was the Fed’s stablecoin proposal. As follow-up steps to the GENIUS Act signed by President Donald Trump in July 2025, the Fed unveiled a framework that would mandate payment stablecoin issuers to fully back their tokens with permitted reserve assets. Permitted reserve assets include short-term U.S. Treasuries and high-quality liquid assets. It also includes standardised capital requirements and risk management standards to address credit risk and operational risk, as well as a separate application process for banks under Fed supervision when issuing stablecoins.

The GENIUS Act is set to take effect on Jan. 18, 2027. It means the era of “stablecoins that only need to be issued” is ending and a period is beginning in which reserve asset management that is effectively equivalent to banks is required.

The same trend points to a strategic intention by the U.S. government. According to a Bloomberg report, the Trump administration is reviewing a plan to partner with private companies to support the overseas spread of dollar-pegged stablecoins. The Treasury Department, the State Department and the U.S. International Development Finance Corp. (DFC) are cited as possible participants. The goals are to strengthen the dollar’s reserve currency status, increase demand for U.S. Treasuries and expand stablecoin issuers’ reserve assets. In addition, a trend was confirmed in which the SEC and the CFTC continue their independent moves to fill a legislative vacuum.

• BlackRock: “AI boom to fuel new crypto demand”

AI agent payments were highlighted as a new source of demand for stablecoins. BlackRock said in a September report that when AI agents buy data and computing resources, stablecoins with price stability could play a leading role.

• Coinbase CEO: “Bitcoin could reach $400,000 by 2030” • Bitcoin $500,000 forecast resurfaces...weighing feasibility • Bitcoin pauses, altcoins rebound...LTC, LINK, NEAR “soaring”

Bitcoin, which topped $85,000 last week for the first time in 8 months, came under pressure from the bond market this week. Still, separate from short-term volatility, long-term projections remain aggressive. Coinbase CEO Brian Armstrong maintained his earlier forecast that bitcoin could reach $400,000 by 2030. He cited multiple variables, including halving cycles. As a “bitcoin $500,000 forecast” was discussed again the same week, the debate over feasibility also reignited. Meanwhile, as bitcoin paused, some altcoins such as Litecoin (LTC), Chainlink (LINK) and Near (NEAR) showed relative strength, with signs of sector rotation.

• Cardano to repeat 2020 accumulation pattern?...Analyst: “Room for 1,050 percent rise” • Shiba Inu attempts to break 2-year downtrend...expectations for an “October rally” rise

Technical analysis articles on altcoins also continued ahead of October. One analyst said Cardano is reproducing an accumulation pattern seen just before a sharp rise in 2020, suggesting room for a 1,050 percent gain. Shiba Inu is attempting to break a downtrend that has lasted 2 years, and an analysis said it is on track for its best third-quarter performance in 5 years. In the market, statistics citing an average October return of 167 percent in the past are again being circulated. But a repeat of past patterns is not guaranteed. With interest rates at the highest level in 19 years, whether risk appetite will hold is a more important variable. It is safer to treat such projections as a “realm of possibility”.

• XRP trading surges in South Korea, surpasses Coinbase...even claims that “Seoul controls XRP”

XRP took centre stage in the domestic market. At the time of compilation, Upbit’s XRP spot trading value was $224.22 million, 29.3 percent ahead of Coinbase at $173.38 million. Binance was the largest of the three exchanges at $306.13 million. This led to claims that “Seoul controls XRP”.

• Lee Hyeong-il: “Digital asset taxation to take effect in January next year”...staking criteria also being prepared for notice • Fractional investment OTC exchange ‘Nexchange’ launched...Jung Yoo-shin appointed as first CEO

Digital asset taxation resurfaced as a key issue. Deputy Prime Minister and Minister of Finance and Economy Hyeong-il Lee (이형일) reaffirmed that digital asset income taxation will be implemented as scheduled from Jan. 1, 2027. The government said it is preparing a notice on taxation standards for detailed transaction types such as staking and airdrops. Criticism from the opposition continued. The People Power Party said the government has not been able to estimate the number of people subject to taxation and the expected tax revenue, and lawmaker Soo-young Park (박수영) criticised it, saying, “They are trying to impose taxes without even knowing how much tax revenue effect there is or how many people will be taxed.” The government’s position is that the tax burden for most young people will be minimal, and the dispute over implementation is expected to continue until year-end.

In institutional finance, the infrastructure for the fractional investment market advanced a step. On Sept. 29, Nexchange, a preparatory corporation for a fractional investment over-the-counter exchange, was launched. Led by Nextrade, 21 institutions participated, and Jung Yoo-shin (정유신), a visiting professor at Sogang University’s Graduate School of Business, became the first CEO. Under the revised Electronic Securities Act, issuance and distribution of tokenised securities (STO) will begin in February 2027. The Nextrade consortium and the KDX consortium submitted applications for final approval in August.