Traders Brush Aside Traditional Views as Korean Crypto KOLs Drive Massive $USELESS Pump: Asia Morning Brief
South Korea’s Latest Crypto Craze: $USELESS
Meet South Korea’s newest altcoin fascination: $USELESS.
The country has a reputation for sparking altcoin booms—last year’s XRP rally is a prime example. Now, traders are flocking to a token that embraces its own futility, proudly calling itself “USELESS.”
Bradley Park, an analyst at DNTV Research in Seoul, told CoinDesk that $USELESS’s rise is tied to Korean crypto influencers, especially Yeomyung, a well-known KOL and liquidity provider.
“He jumped into USELESS early, weathered a 50% drop, and is now sitting on significant gains,” Park explained. “Most are waiting for a centralized exchange listing, because without it, there’s no real exit.”
Park has tracked Yeomyung’s wallet, noting his early confidence has inspired many Korean retail investors to copy his trades. Even wallets associated with insiders on Solana’s Jupiter are reportedly holding $USELESS, showing how Korean traders are maturing into global market players.
“I believe Korean investors are evolving beyond just being exit liquidity,” Park said.
Another figure in the spotlight is “Bonk Guy,” an early promoter of BONK. After going silent during BONK’s crash, he’s resurfaced to talk up $USELESS following its rebound. Park remains cautious, though, questioning his true intentions.
“Bonk Guy hyped LetsBONK initially,” Park said. “Then the price collapsed, and he vanished. Now that USELESS is recovering, he’s back again.”
Park sees the rise of tokens like Hyperliquid, Kaia, and memecoins such as $USELESS as signs that South Korea’s crypto market is maturing and playing a bigger role globally.
Unlike XRP, whose rally stemmed from legal clarity and regulatory narratives, USELESS is different. It doesn’t pretend to offer groundbreaking innovation. Instead, it taps into a mood of irony and disillusionment—a market weary of grand crypto promises.
With no roadmap, utility, or ambitions, USELESS has become a tongue-in-cheek bet on nothingness. Yet that honesty might make it feel more authentic than projects claiming to change the world.
Trump Pushes GENIUS Act for Swift Passage
Former U.S. President Donald Trump threw his weight behind the GENIUS Act this week, urging the House of Representatives to pass it quickly and without changes after its bipartisan approval in the Senate.
The bill—officially the Guiding and Establishing National Innovation for U.S. Stablecoins Act—sets reserve and compliance rules for U.S. dollar-backed stablecoin issuers. It’s the first significant crypto legislation to clear the Senate.
Trump framed the legislation as vital for making the U.S. a global leader in digital assets and attracting “massive investment.”
Despite broad Senate backing, the bill faces uncertainty in the House, where some Democrats want stricter rules for foreign-issued tokens and more limitations on who can issue stablecoins.
Not everyone is sold. In a CoinDesk editorial, Georgetown University finance professor James J. Angel criticized the GENIUS Act, citing fragmented oversight, redundant processes, and the exclusion of interest-bearing stablecoins.
Coinbase Rolls Out Merchant Crypto Payments Platform
Coinbase (COIN) announced Coinbase Payments this week, expanding its services for online merchants through its Ethereum layer-2 network, Base.
Coinbase Payments enables platforms like Shopify to accept USDC payments 24/7, without the need for in-depth blockchain knowledge. The service includes gasless checkouts, an ecommerce API, and an onchain payments protocol.
Coinbase aims to replicate the simplicity of traditional payment systems while reducing costs and speeding up settlements. The move places Coinbase in competition with fintech giants like Stripe and PayPal, as blockchain-based payments edge into mainstream commerce.
The launch strengthens Coinbase’s collaboration with USDC issuer Circle (CRCL). Circle’s shares surged 25% on the news, while Coinbase stock rose 16%. Coinbase noted that stablecoins processed $30 trillion in transactions last year—a threefold increase over 2023—and is betting big on programmable, dollar-pegged payments reshaping global finance.
Market Highlights
- Bitcoin (BTC): Climbed above $105,000 despite geopolitical tensions between Israel and Iran. Strong ETF inflows and key support at $103,650 underscore institutional confidence, according to CoinDesk Research.
- Ethereum (ETH): Rose 4% to hold above $2,500. Increased staking and accumulation signal growing investor conviction.
- Gold: Dipped 0.19% to $3,383.11 after the Fed left rates unchanged. Fed Chair Powell signaled no immediate policy changes.
- Nikkei 225: Fell 0.27% as Asia-Pacific markets showed mixed reactions to the Fed’s decision and Middle East tensions.
- S&P 500: Slightly declined by 0.03% to 5,980.87, with investors weighing rate policy and uncertainty around Trump-era tariffs.
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