Market report for traders
🔮 BTC, ETH, and Altcoins
Over the last 7 days, Bitcoin ends at AU$174,000 moving -4.66% at the time of writing. Meanwhile, Ethereum ends at AU$6,309 moving -10.03% week-on-week. On the Altcoin side, Solana -7.45%, Dogecoin -9.90%, and XRP -10.34% change.
🗞 What’s happening in the news?
💴 Japan Set to Approve First Yen Stablecoin
Japan’s Financial Services Agency (FSA) is reportedly preparing to approve the country’s first yen-pegged stablecoin as early as this fall, according to the Nihon Keizai Shimbun. Fintech company JPYC will register as a money transfer business with the regulator, paving the way for the launch. The stablecoin is designed to maintain a 1:1 peg with the yen, backed by liquid assets such as bank deposits and government bonds. Stablecoins have been a key focus of regulatory progress in 2025, with the US, Hong Kong, and now Japan moving toward formal oversight.
💠 JPMorgan: Ethereum Poised for Stablecoin Growth
According to a research note published last week, JPMorgan analysts believe Ethereum is emerging as one of the strongest ways to gain exposure to stablecoin growth. They wrote: “We think ether is emerging as a direct way to gain exposure to the expected meteoric growth in stablecoins as the Ethereum network hosts most of these stablecoin assets, directly as the L1 or indirectly through some L2s.” Data from DefiLlama shows that US$138 billion (AU$212 billion) worth of stablecoins are currently issued on Ethereum, representing 51% of the US$270 billion (AU$415 billion) global market. JPMorgan projects that the sector could grow to US$500 billion (AU$769 billion) by 2028, while Standard Chartered has forecast an even faster trajectory, predicting US$750 billion (AU$1.15 trillion) by the end of 2026. Analysts also highlighted that stablecoins have expanded for eight straight months, outpacing growth in the broader crypto market as adoption and use cases continue to mature.
🛡️ US Treasury Eyes Digital ID in DeFi
According to a consultation published this week, the US Department of the Treasury is exploring how digital identity tools could be applied to DeFi, as directed by the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, signed in July. One option under review is embedding identity credentials into DeFi smart contracts, allowing Know Your Customer (KYC) and Anti-Money Laundering (AML) checks to be verified before transactions occur. The agency noted: “Treasury welcomes input on any matter that commenters believe is relevant to Treasury’s efforts.” Treasury stated digital IDs could lower compliance costs and improve privacy, though it acknowledged challenges such as data protection and regulatory balance. Public comments are open until 17 October 2025.
📖 What we’ve been reading
S&P Dow Jones in talks to bring tokenized indexes to exchanges, DeFi: Exec
S&P Dow Jones Indices is exploring partnerships with major exchanges, custodians and DeFi protocols to launch tokenized versions of its benchmarks.
Thailand’s Digital Tourist Wallet Rolls Out, With Crypto Link Still Stuck in Sandbox
Bangkok’s push to revive tourism now includes an e-money wallet for foreign visitors, with a crypto conversion feature still under regulatory review.
US Treasury’s Bessent backpedals: Bitcoin buying still possible
US Treasury Secretary Scott Bessent clarified that the department was exploring budget-neutral ways to buy Bitcoin, contradicting an earlier comment that tanked the market.
*Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.*
