Korea’s $USELESS Craze Signals a Shift in Altcoin Culture
South Korea’s crypto scene has a new obsession: $USELESS.
Following last year’s massive rally in XRP, Korean traders are now turning their attention to a token that leans into irony — a memecoin that literally calls itself “USELESS.” And it’s gaining serious traction.
Seoul-based DNTV Research analyst Bradley Park says the $USELESS phenomenon is deeply tied to local crypto influencers, particularly Yeomyung — a key opinion leader (KOL) and liquidity provider.
“He jumped in early, held through a 50% drop, and is now sitting on big paper gains,” Park told CoinDesk. “Most of them are just waiting for a centralized exchange listing. Without that, there’s no real exit.”
Yeomyung’s early conviction has sparked copy-trading among Korean retail investors. Even wallets tied to insiders on Solana’s Jupiter platform are holding positions — a sign that Korea’s traders are becoming more sophisticated.
“I don’t think Korean investors are just exit liquidity anymore,” Park said. “They’re becoming global market participants.”
Another familiar face, “Bonk Guy,” known for his early promotion of BONK, has reappeared to promote $USELESS after its price bounce. Park, however, questioned the timing of his support. “He went quiet after the BONK crash — and now that $USELESS is recovering, he’s suddenly interested again.”
The rise of Hyperliquid, Kaia, and meme tokens like $USELESS points to a broader evolution in Korea’s role in crypto. Park believes this isn’t just chaos — it’s a reaction to fatigue with promises from traditional tokens.
“USELESS has no roadmap, no utility, no pretense. That honesty is what makes it resonate. It’s an ironic bet — and maybe the most honest one in crypto right now.”
Trump Backs GENIUS Act, Calls for Immediate House Passage
Former President Donald Trump voiced strong support for the GENIUS Act on Truth Social this week, urging the House to pass the bill without delay or amendments.
The bipartisan legislation — short for Guiding and Establishing National Innovation for U.S. Stablecoins — establishes reserve requirements and compliance frameworks for dollar-backed stablecoins. It’s the first major crypto bill to pass the U.S. Senate.
Trump called it a “major step” toward making the U.S. a digital asset leader, claiming it will attract “massive investment” and drive “big innovation.”
While Senate support was robust, the bill’s future in the House remains uncertain. Some Democrats are exploring amendments to impose stricter oversight on foreign tokens and limit who can issue stablecoins.
Critics say the bill has structural issues. Georgetown professor James J. Angel wrote in a CoinDesk editorial that the GENIUS Act is flawed due to fragmented oversight across dozens of regulators, exclusion of interest-bearing stablecoins, and overlapping rulemaking.
Coinbase Launches USDC Payments Platform for Merchants
Coinbase (COIN) unveiled Coinbase Payments on Wednesday, a new merchant tool built on its Ethereum layer-2 chain, Base.
Designed for global ecommerce platforms like Shopify, the product allows merchants to accept USDC 24/7 without dealing with gas fees or needing deep blockchain knowledge. Features include gasless checkouts, a plug-and-play API, and an onchain settlement engine.
Coinbase says the system aims to mimic the ease of traditional payments while reducing costs and offering near-instant settlement. With this launch, Coinbase joins the ranks of Stripe and PayPal in pushing blockchain-based financial infrastructure into mainstream payments.
The launch also strengthens Coinbase’s partnership with USDC issuer Circle (CRCL), whose shares jumped 25% on the announcement. Coinbase stock rallied 16%. According to the company, stablecoins processed over $30 trillion in transactions last year — triple the figure from 2023.
Market Snapshot
- Bitcoin (BTC): Rebounded to $105,000 despite ongoing geopolitical stress between Israel and Iran. Key support held at $103,650 amid strong ETF inflows.
- Ethereum (ETH): Rose 4% to stay above $2,500. Record staking and accumulation point to growing investor confidence.
- Gold: Edged down 0.19% to $3,383.11 after the Fed kept rates steady. Chair Powell signaled a cautious approach amid steady economic indicators.
- Nikkei 225: Dropped 0.27% as Asia-Pacific markets reacted to Fed signals and Middle East tensions.
- S&P 500: Dipped 0.03% to 5,980.87 with investors weighing interest rate uncertainty and Trump’s renewed push for tariffs.
