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# Galaxy Digital CEO Predicts Stablecoins Will Disrupt FX Market in Five Years Mike Novogratz, CEO of Galaxy Digital, predicts that stablecoins could revolutionize the foreign exchange (FX) market within the next five years. In a U.Today report from October 27, Novogratz pointed out that traditional FX markets suffer from structural issues, such as slow transaction speeds and high fees. Stablecoins, which offer enhanced efficiency, could be a "game changer" in addressing these challenges, he contended. Novogratz emphasized that the global financial system is shifting toward digital currencies. He cautioned that countries rejecting stablecoins risk lagging in this transition. On social media platform X (formerly Twitter), Novogratz wrote, "If you want to participate in the global flow of change, you better get onboard quickly, or risk being left behind." The stablecoin market has experienced explosive growth in recent years, surging from a valuation of $10 billion in 2020 to approximately $230 billion as of 2023. # Intensifying Competition in the Stablecoin Space The stablecoin sector continues to draw new entrants, heightening market competition. Last month, Reuters reported that asset management giant Fidelity is contemplating the launch of a dollar-pegged stablecoin. Simultaneously, Ripple introduced RLUSD in December 2022. In the U.S., legislative initiatives such as the STABLE and GENIUS Acts are under discussion as lawmakers strive to create a regulatory framework for stablecoins. However, the market continues to grapple with trust issues following the collapse of the Terra/Luna project in 2022. Notably, Novogratz, who had endorsed the Terra/Luna project, accepted responsibility for its failure and paid $200 million in penalties to New York regulators. The stablecoin sector, despite its rapid evolution, must overcome past setbacks to establish itself as a cornerstone in the future of financial markets.

# SK Telecom Pledges Full Accountability for Losses Despite SIM Protection Service Subscription On the 27th, SK Telecom declared it would assume full responsibility for user damages despite subscriptions to its SIM Protection Service. This statement was released following emergency instructions by Acting President Han Duck-soo relating to a recent hacking incident. The company has joined forces with the Ministry of Science and ICT to devise additional countermeasures. "SIM Protection Service offers the same preventive effect as SIM replacement regarding damage prevention," an SK Telecom representative stated. "We pledge to fully guarantee its safety and take responsibility if illegal SIM cloning damages occur after service registration." As of 4:00 PM on the same day, the service had 5.54 million subscribers, representing approximately 24% of SK Telecom's total subscriber base of 23 million. # Collaborative Efforts to Guard Against Illegal SIM Cloning Launched in 2023 through collaboration with the Seoul Metropolitan Police Agency's Cyber Investigation Unit, the SIM Protection Service aims to prevent damages from unauthorized SIM cloning. Even if customer SIM information is stolen or copied, the service prevents unauthorized access to communication services using the customer’s identity on other devices. SK Telecom emphasized the service's advanced security capabilities and reiterated its commitment to fraud prevention. # Free SIM Replacement and New Measures for Travelers Beginning at 10:00 AM on the 28th, SK Telecom will provide free SIM replacements at over 2,600 T World stores nationwide. To mitigate potential inconvenience from high demand at physical locations, an online reservation system has been implemented. Currently, SK Telecom has around 1 million SIM cards in stock and plans to secure an additional 5 million by the end of May. The company also committed to continuously acquiring more SIM cards to meet customer demand. For international travelers, SK Telecom will ensure SIM replacements can be conducted without disruption at airport roaming centers, addressing concerns over illegal SIM clones abroad. However, the SIM Protection Service currently does not work with roaming plans. The company pledged to enhance the service by next month to make it compatible with roaming packages. # Strengthened Airport Support Amid Growing Concerns The Ministry of Science and ICT, in collaboration with the Ministry of Land, Infrastructure, and Transport, plans to increase the number of booths at international airports offering SIM replacement assistance. SK Telecom is also holding discussions with Incheon International Airport, which handles the highest volume of departing travelers. The company plans to expand manpower at roaming centers by 50% to better support customers. Should customers who fail to replace their SIMs before departure become victims of illegal SIM cloning while abroad, SK Telecom vowed to take full responsibility for any resulting damages. # Enhanced Accountability in Response to Cyber Incidents SK Telecom apologized to customers for the inconveniences caused by this cyber intrusion incident, reaffirming its dedication to addressing customer concerns and resolving the situation promptly. Meanwhile, the Ministry of Science and ICT, alongside a government-private joint investigation team, is thoroughly investigating the root cause. The findings will be disclosed transparently to the public to ensure accountability and resolution.

## Donald Trump Jr. and Conservative Investor Omeed Malik Launch Elite "Executive Branch" Club Donald Trump Jr., the eldest son of former President Donald Trump, and conservative investor Omeed Malik have launched an exclusive club for ultra-wealthy elites, according to Politico's October 26 report. Named the "Executive Branch," this club is headquartered in Georgetown, Washington, D.C., and held its inaugural meeting on Saturday evening. ## Founders and Membership The "Executive Branch" club was co-founded by Donald Trump Jr., Omeed Malik, and investors from Malik's venture fund, 1789 Capital. Prominent cryptocurrency entrepreneurs, such as the Winklevoss twins, are among the founding members. Malik, known for his conservative investment approach, has emphasized that his fund invests only in projects that align with traditional conservative values. Membership to the club is by invitation only, with an initiation fee reportedly set at $500,000. This exclusivity ensures that only high-ranking corporate executives and industry leaders can join. Politico reports that the club already has a waitlist, highlighting its elite appeal. ## Networking Focus and Political Ties The club's primary aim is to serve as a networking hub for influential individuals within the Trump administration. The launch event was co-hosted by Malik, Trump Jr., and venture capitalist David Sacks, who also serves as White House Cryptocurrency Advisor. Key founding members include David Sacks, the Winklevoss brothers, and tech investor Chamath Palihapitiya. Club ownership is shared by Malik, his business partner Chris Buskirk, Trump Jr., and Zach and Alex Witkoff—the sons of Trump confidant and Middle East envoy Steve Witkoff. The Witkoff brothers and Trump Jr. are also partners in World Liberty Financial (WLF), a decentralized finance (DeFi) venture. ## Participants and Political Figures Notable participants in the "Executive Branch" club include: - **Donald Trump Jr.**: Son of Donald Trump, entrepreneur, and co-founder of WLF. - **Omeed Malik**: Founder of 1789 Capital and influential conservative financier. - **JD Vance**: Republican senator from Ohio and current Vice President of the United States. - **Bernie Moreno**: Republican senator from Ohio. - **Vivek Ramaswamy**: Entrepreneur, former Republican presidential candidate, and co-founder of the Department of Government Efficiency (DOGE) with Elon Musk. - **Chris Buskirk**: Malik's business partner and entrepreneur. - **Zach Witkoff & Alex Witkoff**: Sons of Steve Witkoff, co-founders of WLF, and associates of Trump Jr. - **David Sacks**: Prominent venture capitalist and White House Cryptocurrency Advisor, recommended by Elon Musk. - **Winklevoss Brothers**: Founders of cryptocurrency company Gemini and prominent entrepreneurs. - **Chamath Palihapitiya**: Early Facebook executive and Silicon Valley venture capitalist supporting Trump and cryptocurrency. - **Karoline Leavitt**: White House Press Secretary. - **Steve Witkoff**: Real estate mogul, Trump confidant, and Middle East envoy involved in diplomacy, including efforts regarding the Ukraine ceasefire with Russian President Vladimir Putin. ## Exclusive Networking Opportunities The "Executive Branch" is designed to facilitate direct connections between members and influential Trump administration officials. The exclusive launch event attracted high-profile attendees, including White House Press Secretary Karoline Leavitt, who chose the club’s event over the White House Correspondents' Dinner held the same evening. ### Outlook The creation of the "Executive Branch" signifies the formation of a powerful conservative-centric network blending business and politics. With its substantial membership fees and high-profile founders from politics, technology, and cryptocurrency sectors, the club is poised to be a significant hub for policy-making and investment opportunities among the conservative elite.

# U.S. GDP Growth Data Under Trump’s Second Term Faces Scrutiny Amid Economic Concerns The looming release of the U.S. first-quarter GDP growth rate has garnered significant attention as fears mount regarding a potential economic slowdown under President Donald Trump’s second term. This follows widespread concerns about early indications of weakening U.S. economic momentum, even before the full effects of the administration's tariff policies have taken hold. On April 26, Bloomberg reported that the U.S. Commerce Department will reveal the advance estimate of GDP growth for the first quarter (January to March) on April 30. Initial projections suggest that the GDP growth rate may have increased by only 0.4% on an annualized basis compared to the previous quarter. This represents a sharp decline from the 2.4% growth in the fourth quarter and marks the weakest performance since the second quarter of 2022. Anna Wong, an analyst at Bloomberg Economics, attributed part of this slowdown to the Trump administration’s announcement of tariff hikes. She mentioned, “The warning on higher tariffs seems to have prompted firms to boost imports, exacerbating the trade deficit, which ultimately dragged down economic growth.” # Growing Economic Stagnation and Recession Fears The stagnant growth trend underscores the potential for broader concerns about a sluggish economy and the possibility of a recession in the U.S. This sentiment is further mirrored in key U.S. asset classes. Equities, bonds, and the dollar have all recently exhibited a “triple weakness,” heightening market anxieties. Adding to the bearish outlook, the International Monetary Fund (IMF) has revised its 2023 forecast for U.S. economic growth, lowering it by 0.9 percentage points from its January estimate to 1.8%. A Bloomberg survey indicated a 45% probability of a recession within the next 12 months, further underscoring the precariousness of the current economic environment. # Calls for Policy and Market Stability Amid Uncertainty Experts emphasize the need to resolve trade-related uncertainties and restore faith in economic policy to mitigate risks. Brett Ryan, Senior Economist at Deutsche Bank, stated, “Resolving the trade war and building policy credibility are critical steps needed to enable robust economic growth.” Domestic sentiment and consumer activity are also seeing noticeable shifts. Data from Google suggests that searches for terms like "global financial crisis" and "Great Depression" are on track to hit record levels, reflecting heightened public unease. CNBC reports predict a rise in recession-related content and even a potential increase in divorce rates tied to financial strain. Yahoo Finance added that while U.S. economic indicators remain relatively resilient for now, pessimistic outlooks are gaining traction in multiple surveys. # Goldman Sachs Sees Slowdown Manifesting Later in the Year Goldman Sachs projects signs of economic deterioration to become more apparent by mid-to-late summer. The firm highlights inflation, weakening consumer activity, and job market softening as key factors likely to suppress growth. It also emphasized that most major economic distress signals tend to emerge roughly four months after triggering events. # Global Attention Fixed on Implications of GDP Report The GDP announcement will likely have a pivotal influence on the trajectory of U.S. economic policies and broader market sentiment. As investors and policymakers worldwide closely monitor these developments, the data may serve as a bellwether for the broader health of the global economy.

# U.S. Bitcoin Spot ETFs See Over $3 Billion Net Inflows This Week Investor interest has surged, propelling over $3 billion (approximately 4.3 trillion KRW) in net inflows into U.S. Bitcoin spot exchange-traded funds (ETFs) this week, according to market data. On April 26, Farside Investors reported on X (formerly Twitter) that Bitcoin ETFs had recorded $3 billion in net inflows over the past week. Notably, Friday alone (April 25) saw $380 million in inflows, reflecting rising enthusiasm from institutional and retail investors. "For the week, that is $3.0 billion of net inflow for the Bitcoin ETFs," Farside Investors highlighted, sharing a comparative chart of Bitcoin ETF flows. # Largest Bitcoin ETF Inflow Since November 2024 On-chain data analytics platform Sosovalue confirmed this influx, as reported by crypto media outlet *The Block*. The $3 billion net inflow marks the largest weekly inflow into Bitcoin-focused ETFs since November 2024, signaling increased institutional demand. Analysts attribute this momentum to growing expectations of future Bitcoin price appreciation. In a recent interview with CNBC, Jay Jacobs, Head of U.S. Equity ETFs at BlackRock, commented, “With global uncertainty increasing, commodities like gold and Bitcoin are expected to trend upward.” He noted that investors are seeking assets with price movements less correlated with traditional asset classes. # Bitcoin Gains Over 10% This Week Amid Market Optimism Bitcoin price-action mirrored this investor enthusiasm. According to CoinMarketCap, Bitcoin rose over 10% this week, closing at $93,953—its highest level in months. Market experts cite several factors driving both the inflow into Bitcoin ETFs and the broader upward momentum in BTC prices. These include global economic uncertainties, declining trust in traditional asset classes, and improved investment sentiment toward Bitcoin as a hedge and alternative store of value. As the largest cryptocurrency by market capitalization continues to outperform, its role as a key pillar for diversification in a turbulent financial landscape remains solid.

# Yen Gains Ground as Safe-Haven Currency Amid Trade Policy Shifts The shift in U.S. tariff policies has led to a decreased demand for the dollar, positioning the Japanese yen as a rising safe-haven asset for investors. As volatility in global financial markets intensifies due to trade tensions, coupled with expectations of Japan’s economic recovery and potential interest rate hikes, analysts anticipate continued yen strength. ## Increased Interest in Yen-Denominated Savings and ETFs On the 27th, financial sector reports indicated growing investor interest in yen-denominated savings accounts and yen-exposed exchange-traded funds (ETFs). Investors who capitalized on the yen’s weakness last year, when it traded in the 800–900 won range per 100 yen, are now reaping profits as the exchange rate surpasses 1,000 won. The combined yen deposit balances at Korea's top five banks—KB Kookmin, Shinhan, Hana, Woori, and NH NongHyup—stood at 867.3 billion yen as of the 24th, down 59.3 billion yen from 926.6 billion yen at the end of the prior month. When converted to won, this marks a 600 billion won decrease. Yen deposit balances have been declining steadily due to the yen’s appreciation, with a sharper reduction recently. Compared to the end of last year, when they exceeded 1 trillion yen, balances have shrunk by 152.7 billion yen (15 trillion won), now settling in the mid-800 billion yen level. ## Banks Roll Out Competitive Forex Products Forex deposit accounts offer significant benefits, such as preferential exchange rates during transactions. Travel cards tied to these accounts are gaining popularity among consumers for their convenience in currency conversion and overseas spending. At Hana Bank, the "Million Dollar Account" allows deposits in up to 10 currencies from a selection of 28. For non-face-to-face transactions, the bank offers exchange rate discounts through the year’s end: 50% for yen and euros, and 80% for U.S. dollars. These accounts also accrue interest based on the currency type. Hana Card’s "Travelog" card applies the bank's standard exchange rate at the time of conversion from won to foreign currencies. While converting back to won incurs a 1% fee, the product remains popular for ease of use. Woori Bank provides the "FX Care Deposit" account, which adjusts the foreign currency purchase amount based on exchange rate fluctuations. It offers preferential rates—80% for automated foreign currency purchases and 50% for general transactions. Foreign currency cash withdrawal fees are waived for funds deposited for over a month, with an additional annual fee exemption of up to $2,000. NH NongHyup Bank offers the "Travelry Deposit" with 100% preferential rates for won-to-foreign currency deposits and 50% for withdrawals. The deposit’s dollar-denominated interest rate is relatively low at 0.01%, but the accompanying Travelry Check Card waives international brand fees and ATM cash withdrawal fees for up to 10 monthly transactions. Shinhan Bank’s "FX Change-Up" account provides up to a 50% exchange rate discount, and its "SOL Travel Check Card" applies a 100% discount on conversions from won to foreign currency (50% for foreign currency back to won). Meanwhile, KB Kookmin Bank offers up to a 90% discount for major currency exchanges when done via non-face-to-face channels. ## Speculation Boosts Yen Appreciation Data from the U.S. Commodity Futures Trading Commission (CFTC) indicate that speculative long positions on the yen have reached record levels, signaling growing investor sentiment for further dollar weakness and yen strength. This suggests that investors are increasingly viewing the yen as a long-term bet on appreciation. Goldman Sachs has also emphasized the yen’s unique position as the optimal hedge against U.S. recession risks and trade policy uncertainties. ## Yen-Exposed ETFs See Robust Gains ETFs tied to the yen have shown solid returns, fueled by the currency’s appreciation and resulting exchange rate gains. According to the Korea Exchange, Hanwha Asset Management’s "PLUS Japan Yen Ultra-Short-Term Treasury Bond (Synthetic)" ETF recorded an 8.83% return over the past three months. Similarly, yen-exposed ETFs like KB Asset Management’s "RISE U.S. 30-Year Treasury Yen-Exposed (Synthetic-H)" and Korea Investment Management’s "ACE U.S. 30-Year Treasury Yen-Exposed Active (H)" posted returns of 8.66% and 8.19%, respectively. With the yen’s growing allure as a safe-haven asset, markets are closely watching how investors navigate global uncertainties and whether this currency’s strong performance will persist in the months ahead.

# AI Pioneer Geoffrey Hinton Cautions Against AI Risks, Urges Enhanced Safety Measures by Big Tech (Seoul = Yonhap News) — Geoffrey Hinton, a renowned artificial intelligence (AI) researcher and often referred to as the "Godfather of AI," has issued new warnings about the dangers posed by rapid AI advancements. Hinton, who earned a Nobel Prize in Physics last year for his groundbreaking contributions to AI, likened current AI systems to "baby tigers"—innocent yet potentially dangerous as they grow. In an interview with CBS News on the 26th (local time), Hinton expressed his concerns about the existential threats presented by swiftly evolving AI technologies. Known as a prominent "doomer" for his cautionary stance on AI catastrophes, Hinton was instrumental in developing large language models (LLMs), a core technology in AI learning systems. Hinton's illustrious career, marked by foundational contributions to machine learning, earned him the Nobel Prize in Physics. He also served as a vice president at Google until he left the company in 2023. Since then, Hinton has been outspoken about the risks of AI potentially surpassing human intelligence. During the interview, Hinton used a striking metaphor to describe humanity's current relationship with AI technology: “The best emotional analogy for understanding this is to think of ourselves as people raising a very adorable baby tiger. If you can't be absolutely certain that this baby won't grow up to kill you, then you ought to be concerned.” He further highlighted a 10% to 20% chance that AI could eventually overpower humanity. “People don’t fully understand this yet. They fail to grasp what’s coming,” Hinton warned ominously. # Big Tech Criticized for Favoring Profits Over AI Safety Hinton directed his remarks at major tech companies, including Google, Elon Musk’s xAI, and Sam Altman’s OpenAI, criticizing them for prioritizing profits over safety. He condemned their lobbying efforts to weaken AI regulations and expressed disappointment with Google’s new stance on AI military applications. Hinton urged these companies to significantly boost their investments in AI safety research, suggesting that one-third of computing energy should be devoted to safety studies, emphasizing the crucial need to balance innovation with caution. As AI technology continues to accelerate, Hinton’s warnings bring to light growing concerns within the academic community and beyond about the ethical and existential impacts of these advancements. According to Hinton, it is imperative to implement extensive measures to ensure that humanity remains in control of its creations.