Summary of key developments in the crypto ecosystem over the past 24 hours.

【Traditional financial institutions accelerate deployment of stablecoin infrastructure】Barclays has invested in Ubyx, focusing on cross-issuer stablecoin settlement. Essentially, banks have realized that stablecoins will inevitably move toward large-scale settlement within traditional finance.

【Major investment banks begin directly participating in ETF issuance】Morgan Stanley has submitted ETF applications for Bitcoin and SOL. This is more than just selling a product; it indicates that the threshold for institutional capital entry has been lowered again, and liquidity is indeed a solid positive factor.

【Passive fund pressures on companies like MSTR are easing】MSCI temporarily will not exclude crypto treasury companies from its indices, so passive funds tracking these indices won't be forced to exit. Short-term risk appetite is indeed more willing to be aggressive.

【Regulatory progress in the US is moving forward】The Senate's Market Structure Bill is up for a vote, but DeFi, ethical clauses, and stablecoin yield provisions are still being debated. In the short term, increased predictability is positive, but long-term outcomes depend on the final wording of the legislation.

【Korean regulation accelerates】Considering implementing a "freeze first, investigate later" mechanism, which will significantly restrict arbitrage opportunities in gray-area manipulation. The benefit is that compliant exchanges and legitimate market makers will benefit relatively.

【SOL ecosystem is vying for its stablecoin dominance】Jupiter launched JupUSD, with BlackRock tokenized assets occupying a key position in reserve asset allocation. What does this reflect? DeFi is seriously working to turn stablecoins into its settlement backbone.

【Circle issues additional USDC on the SOL chain】An issuance of 1 billion tokens at once. Usually, such operations support on-chain activity positively, but the key question is whether these supplies can translate into real trading demand or are just liquidity arbitrage.

【Frequent risks with multi-signature wallets】$27.3 million was moved via Tornado Cash, even affecting Aave's withdrawals and leveraged positions. In the short term, the market will tend to favor protocols with high transparency and strong risk control.

【Security audits become a prerequisite for project funding】CertiK and YZi Labs jointly launched a $1M audit subsidy program. What does this indicate? To gain investor trust, security infrastructure must be solid first.

【Quantum security narratives are being pre-priced】qLABS launched Quantum-Sig Wallet, reflecting market anticipation of future-level risks and a proactive approach. Wallet security will continue to be a hot track.

【Short-term market outlook】Bias toward bullish but with rising volatility. Underlying support comes from ETFs and systemic bank participation of long-term funds, but regulatory uncertainty and security incidents will make short-term corrections more likely. Asset selection will be more cautious. When chasing highs, be sure to control leverage and single-point risks.