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LINK $8.44 +0.62%
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hot_img The Korea Exchange examines the technical feasibility of temporarily banning short selling and reducing price limits

According to the Korea Herald, the Korea Exchange conducted an internal review on July 29 regarding the technical feasibility and system requirements for a temporary ban on short selling and narrowing the price limit (currently at 30%) to address the recent severe fluctuations in the stock market. Sources familiar with the matter stated that "only technical feasibility was confirmed," and it was not a prerequisite for implementation, but rather a screening process during the review of available emergency measures.Recently, the South Korean stock market has continued to plummet, causing increasing damage to individual investors. During a meeting of the National Assembly's Administrative Committee, several lawmakers urged authorities to consider a temporary ban on short selling and to restart the Securities Market Stabilization Fund. A national petition to suspend short selling garnered over 10,000 signatures within two days of being made public. However, the ban on short selling conflicts with South Korea's goal of being included in the MSCI developed market index; a previous 17-month short selling ban from November 2023 to March 2025 had led to MSCI downgrading South Korea's market accessibility rating. The exchange's officials stated that they have not received any related requests from the government and have not formally discussed a short selling ban.

Bernstein lowers Circle's target price to $140, determining that the threat from Open USD will weaken

According to The Block, Bernstein has lowered Circle's target price from $190 to $140 while maintaining an outperform rating. Analyst Gautam Chhugani stated that the threat posed to Circle by the Open USD Alliance, supported by over 140 institutions including Visa, Mastercard, and Stripe, is lower than market expectations. As of July 28, Circle's closing price was $64.32.The end-of-quarter supply of USDC for the second quarter was approximately $73 billion, down from $77 billion in the first quarter, with the average supply rising to about $76 billion. The average SOFR for the second quarter decreased to 3.62%, the reserve return rate fell to 3.46%, and reserve income rose to approximately $655 million. The USDC balance on Hyperliquid has increased from $5 billion in mid-May to over $6 billion, generating about $210 million in annualized gross reserve income, of which approximately $190 million is directed to the exchange according to the revenue-sharing agreement.Bernstein has reduced its forecast for USDC supply at the end of 2026 by 37% to $83 billion and lowered its 2028 forecast to $170 billion; the adjusted EBITDA forecast for 2026 has been cut by 12% to $602 million, and the earnings per share (EPS) forecast has been lowered from $1.98 to $0.92. However, the firm expects that by 2035, the total supply of stablecoins will reach $4 trillion, with Circle holding about a 30% share. Additionally, Circle received final approval from the OCC in July to establish Circle National Trust.
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