Gate Research Institute: South Korea's Central Bank establishes a virtual asset group | eToro launches Ethereum US stock tokenization service

Crypto Market Overview

• BTC (+0.15% | Current Price 118,050 USDT): BTC is currently consolidating around 117,800 USDT, maintaining a high-level sideways pattern in the short term. The price is being suppressed by the MA 5 and MA 10 moving averages, and no significant breakout has formed yet. The MACD remains below the zero line, but the fast and slow lines are beginning to converge, with green bars shortening, indicating initial signs of short-term momentum recovery. Trading volume is sluggish, reflecting a heavy wait-and-see sentiment in the market. If it can break through 118,200 USDT with increased volume, it will open up upward space; conversely, if it drops below the support near 117,200, it may test the low around 115,500 in the short term. On July 29, BTC ETF had a net inflow of 79.98 million USD, with BlackRock's IBIT inflowing 157 million USD and Grayscale's GBTC outflowing 48.97 million USD.
• ETH (+0.90% | Current price 3,804 USDT): ETH has slightly rebounded above 3,800 USDT, with overall performance stronger than BTC. The current price has returned to the short-term moving average, but has not yet recovered the pressure of the MA 30 moving average. The MACD indicator shows a slight increase in the red bars after a low-level golden cross, with momentum slightly warming up. If the volume continues to increase, there is a chance to test the resistance area above 3,860-3,900 USDT; conversely, if it falls below 3,770, it will turn into a weak oscillating pattern. On July 29, ETH ETF recorded a net inflow of $218 million in a single day, with BlackRock's ETHA inflowing $223 million and 21Shares CETH outflowing $5.09 million.
• Altcoins: The overall market is experiencing fluctuations and consolidation, with mainstream coins showing mixed gains and losses. The fear and greed index has risen to 74, indicating optimistic sentiment but not overheating. In the short term, structural rotation may be maintained.
• Macroeconomic: On July 29, the S&P 500 index fell 0.30%, closing at 6,370.86 points; the Dow Jones index dropped 0.46%, closing at 44,632.99 points; the Nasdaq index decreased by 0.38%, closing at 21,098.29 points. As of July 30, 10:15 AM (UTC+8), the spot gold price per ounce is temporarily reported at 3,328 USD, with a 24H increase of 0.05%.

Trending Tokens on Juejin

PUMP Pump.fun* (+16.42%, circulating market cap 9.83 million USD)*

According to Gate's market data, the current price of the PUMP token is $0.002814, up 16.42% in the last 24 hours. Pump.fun is a decentralized meme coin issuance platform based on Solana, allowing users to create, publish, and launch tokens with one click, featuring no pre-mining, no team retention, and a fair launch mechanism. The platform emphasizes community-driven and experimental liquidity guidance, sparking significant participation from creators and speculators on Solana, and giving rise to several popular meme projects. Its native token PUMP serves as a vehicle for ecosystem buybacks and rewards, with functions for platform governance and value capture.

This round of increase may be related to the platform's continuous large-scale PUMP buyback. According to monitoring by EmberCN, Pump.fun has once again transferred approximately 12,000 SOL (around $2.16 million) from the transaction fee wallet to the buyback address. Since July 16, the platform has cumulatively utilized 129,100 SOL (approximately $21.5 million) to purchase about 3.828 billion PUMP, with an average buyback price of $0.0005. The large-scale buybacks and continuous capital investment enhance market confidence, driving short-term trading enthusiasm. In the short term, it is sustainable to pay attention to the support strength of its capital flow and buyback pace on the market.

ZBCN Zebec Protocol* (+15.87%, circulating market value 452 million USD)*

According to Gate's market data, the current price of the ZBCN token is $0.005212, with an increase of approximately 15.87% in the last 24 hours. Zebec Protocol is a real-time payment protocol built on Solana, focusing on streaming payroll, on-chain financial automation, and multi-chain payment infrastructure development. Its core product, Zebec Card, enables users to convert on-chain encryption assets into fiat currency in real time through a partnership with Mastercard, allowing seamless use in global consumption scenarios and supporting cross-chain asset loading. Zebec is also widely used in DAO payroll distribution, RWA dividends, and Web3 financial scenarios, emphasizing an efficient and compliant flow of funds experience.

This round of price increase may be related to Zebec's announcement of the integration of its Silver and Carbon card products with the 15 blockchain chains. The official statement indicates that the card now supports 15 blockchains, including Solana, Ethereum, SUI, etc., allowing users to load assets onto the Zebec card and spend them at locations that support Mastercard. The newly integrated blockchain is Octa.Space, further expanding its multi-chain payment coverage. In addition, Zebec has recently received positive recognition within the Algorand community and continues to promote the RWA and infrastructure narrative. Coupled with recent television advertising and active community operations, this has increased market attention and token demand. In the short term, attention can be paid to the progress of its payment network expansion and on-chain activity performance.

XDC XDC Network (+11.37%, circulating market cap 1.618 billion USD)

According to Gate's market data, the XDC token is currently priced at 0.09994 USD, having risen approximately 11.37% in the last 24 hours. The XDC Network is a hybrid Layer 1 blockchain aimed at enterprise-level financial scenarios, utilizing EVM-compatible architecture, focusing on trade finance, RWA, and compliance-oriented applications. Its consensus mechanism employs XDPoS (XinFin DeleGated Proof of Stake), combining high-speed transaction performance with a low-cost network, and has collaborated with several fintech and government projects, emphasizing the integration capabilities of on-chain and off-chain systems.

This round of the price increase may be related to the listing of XDC on CEX and the expansion of its narrative in the RWA track, with trading opening on July 30. This follows the recent invitation of one of its co-founders to share his practical experience in pushing for the on-chain integration of real assets at the New York Stock Exchange, which has raised market attention on its enterprise-level landing capabilities. In addition, the XDC Network will host an online forum on the same day themed "Real Yield, Real Assets, Real Adoption," focusing on the integration trends between Web3 and RWA, further reinforcing its ecological positioning. Driven by multiple news items, short-term attention can be paid to its subsequent performance in trading activity, RWA application progress, and institutional support.

Alpha Interpretation

The Bank of Korea has established a virtual asset task force to respond to the accelerated legislative process for the Korean won stablecoin.

The Bank of Korea announced the establishment of a "Virtual Asset Group" under the Financial Payment Bureau and renamed the former "Digital Currency Research Room" to "Digital Currency Room" to systematically address the legislative discussions related to the Korean won stablecoin. The officials stated that the Virtual Asset Group will act as a bridge between the central bank and institutions such as the government and the National Assembly, actively participating in the formulation and communication of the regulatory framework for stablecoins and virtual assets, marking a further advancement in South Korea's cryptocurrency policy.

This organizational adjustment reflects that the Bank of Korea is shifting from an academic research orientation to a more practical policy participant, especially in the context of stablecoins becoming the focus of global financial regulation. Strengthening policy coordination and risk response mechanisms is particularly crucial. In recent years, the Korean won stablecoin has attracted significant attention from local technology and financial groups, including the Kakao-supported Klaytn ecosystem and Shinhan Bank's participation in cross-border settlement projects, both of which promote the development of stablecoins in practical applications and increase the demand for compliance and regulatory frameworks.

The newly established group will help clarify the role distinction between central bank digital currency (CBDC) and privately issued stablecoins, and may participate in subsequent institutional constructions such as regulatory sandboxes, anti-money laundering regulations, and cross-border payment pilot projects. Overall, this structural reform not only represents the Bank of Korea's proactive layout in digital asset governance but also indicates that it will play a more active role in the future in stablecoin legislation, regulatory enforcement, and technical testing, paving the way for the integration of the Korean won stablecoin into the mainstream financial system.

eToro will launch stock tokenization services on Ethereum, accelerating the integration of RWA track with on-chain finance.

The trading and investment platform eToro announced a major upgrade, planning to launch "24 hours × 5 days a week" stock and ETF trading services, and will tokenize the first batch of 100 popular U.S. stock assets. Users will be able to freely buy and sell these tokenized stocks during non-trading hours, breaking the traditional market time restrictions. These assets will be issued in ERC20 format on the Ethereum blockchain and will support transfers, staking, and DeFi applications, significantly enhancing the liquidity and composability of the assets. eToro stated that this upgrade is an important strategy towards a tokenized future, aiming to create a more flexible and open investment experience for global users.

It is worth noting that, in addition to eToro, several projects in the industry have made substantial progress in the tokenization of assets. Among them, xStocks has completed the integration with multiple exchanges through the Solana blockchain, becoming the first to achieve cross-platform circulation and on-chain trading of stock tokens. This development reflects that tokenization is gradually moving from concept to usable infrastructure and paving the way for future multi-chain asset integration.

In addition, eToro also announced a collaboration with the Chicago Mercantile Exchange Group (CME Group) to launch futures contracts based on spot prices in certain European markets, providing users with longer-term and more flexible risk management tools. Overall, eToro is expanding its comprehensive layout in the RWA sector through extended trading hours, on-chain issuance, and futures product expansion, promoting the integrated development of traditional finance and blockchain.

Linea ecosystem DEX infrastructure accelerated deployment, Etherex will issue the token REX on August 6.

Etherex announced on July 29 that its official website etherex.finance is officially launched, and it is expected to launch its native token REX on August 6, officially entering the liquidity infrastructure construction of the Linea and Ethereum ecosystems. As a decentralized trading platform, Etherex focuses on the zkEVM scaling solution Linea, providing diversified liquidity pool options to attract users to participate in LP construction in the early stages and lay out this emerging Layer 2 network. The official slogan "The chain is Linea" highlights its clear ecological focus strategy, aiming to become one of the most influential DEX projects on Linea.

The launch of the official website and the token preview means that Etherex will accelerate its expansion in the Linea ecosystem, while providing users with deeper trading liquidity and potential token incentives. Future developments can focus on the specific design of its REX token economic model, whether it will receive support from the ecological fund, and the collaborative progress with other infrastructure projects in Linea, serving as key references to evaluate whether Etherex can stand out in the DeFi competitive landscape.
Reference Material:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• YNA, https://www.yna.co.kr/view/AKR20250728141400002?input=1195m
• Investing, https://www.investing.com/news/company-news/etoro-expands-245-trading-plans-tokenized-stocks-on-ethereum-93CH-4157860
• X, https://x.com/etherexfi/status/1949953828863787502
• Gate, https://www.gate.com/launchpool/NEKO?pid=344

Disclaimer Investing in the crypto market involves high risks, and it is advised that users conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate is not responsible for any losses or damages resulting from such investment decisions.