[Digital Today reporter Hyunwoo Chu (추현우)] Competition for digital currency sovereignty around stablecoins is heating up simultaneously on global and domestic fronts.

The United States is pushing to bring dollar-based stablecoins into the mainstream through the GENIUS Act, aiming to extend dollar dominance into the digital space. Europe has activated its MiCA framework, and Japan has legislated for banks to issue stablecoins. Global financial firms such as JPMorgan and Citi are also moving to secure blockchain-based corporate payment infrastructure and have defined stablecoins as next-generation payment infrastructure.

• [19th anniversary/Digital currency era (1)] Stablecoins move into full swing... war for the digital payment ecosystem • [19th anniversary/Digital currency era (2)] Global stablecoins accelerate... South Korea urgently needs institutionalisation • [19th anniversary/Digital currency era (3)] Race to pre-empt stablecoins... banks and fintech form a 'united front'

In South Korea, legislation of a Digital Asset Basic Act to introduce a won stablecoin is being pursued. But lawmaking is being delayed by differences over the issuer, reserve asset requirements and how supervisory authority should be divided. The Bank of Korea is sticking to a bank-led "51 percent rule" and prioritising a CBDC (Project Hangang), while the fintech and exchange industries are calling for non-bank participation to be allowed.

Even amid a legislative vacuum, competition to secure an early foothold has already begun. Hana Financial is moving first by forming a banking consortium and pursuing cooperation with Circle, while KB Financial has completed a technical verification of Circle Mint. Private-sector players such as Dunamu, Toss, Kakao and Hecto Financial are focusing on securing their own mainnets and payment infrastructure. In a dynamic described as "legislation defines the market, but infrastructure pre-empts the market," a leadership battle between won and dollar stablecoins is intensifying.

The issue that most heated up the global cryptocurrency market was the U.S. Clarity Act passing a Senate committee. With the bill clearing a political hurdle and expectations rising for mainstream acceptance, a strongly bullish view spread for XRP on the back of a "surge in RWA". Bitcoin had a week of losing direction as geopolitical risks collided with institutional selling. In South Korea, KB Financial completed verification of stablecoin payments and remittances, firing a signal flare for traditional finance to enter the cryptocurrency market in earnest.

• Senate passes market structure bill, but long road to legislation remains • Clarity Act clears U.S. Senate hurdle... a look at 'three altcoins that benefit' • a16z: "The Clarity Act will be a boon not only for crypto but across the United States"

But it is not all optimism. After the committee passage, a conflict-of-interest provision for public officials emerged as a new issue during the floor process, and industry analysts warned that "clearing a committee does not guarantee legislation." Whether the Clarity Act will win final passage within the year remains uncertain, and the market is watching a processing deadline being discussed as July 4.

Interest in beneficiary altcoins also surged on expectations the bill will pass. In the market, XRP, Solana and ADA were repeatedly cited as tokens that could directly benefit from a provision exempting certain assets from being treated as securities. In some cases, their weekly gains outpaced bitcoin.

• Bitcoin slips below $78,000... $80 billion wiped off crypto market cap on Hormuz tension • Crypto ETPs see $920 million outflows despite positive U.S. economic news... selling 집중 on bitcoin • "Not selling is poison"... Michael Saylor hints at possibility of selling bitcoin

Bitcoin rode a roller coaster all week. As expectations rose for a climb toward $90,000 on hopes the Clarity Act would pass, geopolitical tensions in the Strait of Hormuz sharply escalated. Bitcoin quickly fell below $78,000, and more than $80 billion in market value evaporated across the overall cryptocurrency market.

Comments from Michael Saylor also shook the market. He signalled the possibility of selling, a shift from his previous stance that he would hold bitcoin indefinitely. An explanation followed that it would be "a partial sale to secure strategic funding," but the psychological shock to the market was significant given his symbolic status as the largest corporate holder of bitcoin.

• "XRP will shock the market"... '10 dollars' ultra-bullish view spreads as RWA surges to $3.6 billion • XRP is not dead yet... analyst: "up to 1,298 percent rally possible" • Ripple CEO highlights 'XRP differentiators'... speed, fees and interest stand out

As tokenised real-world assets (RWA) on XRPL (XRP Ledger) surged in a short time to $3.6 billion, an ultra-bullish view spread quickly among analysts that "XRP will head toward $10." Ripple's CEO highlighted three differentiators for XRP—speed, low fees and institutional interest—expressing confidence.

Some analysts raised the possibility of a rally of up to 1,298 percent and discussed a long-term upside scenario. Comparative data saying XRP's cumulative 10-year gain reaches 23,500 percent, outpacing not only bitcoin but also traditional assets such as gold, Tesla and Apple, also drew investor interest. Among financial-sector engineers, even extreme optimism emerged that "XRP at $300 is possible," based on a scenario in which the Clarity Act is fully implemented.

• Who leads the next bull market?... 10 cryptocurrencies tipped as 1,000-times candidates in 2026 • JPMorgan: "Ethereum and altcoins' underperformance versus bitcoin will continue for a while"... why? • Ethereum downside risk grows... bears warn of an additional 20 percent drop

Recently, talk of "1,000-times candidate coins in 2026" has heated up among investors, focusing attention on small and mid-cap altcoins. But JPMorgan said "the underperformance of altcoins, including Ethereum, versus bitcoin will continue for a while," offering a cool-headed assessment. For Ethereum, sentiment is mixed, with bears warning of the possibility of an additional 20 percent decline.

With bitcoin dominance still holding at a high level, experts share the view that clear signals of bitcoin's advantage weakening must come first to judge that altcoin season has truly begun.