U.S. Stablecoin Regulation Finalized; Ethereum Large-Scale Upgrade Delayed The U.S. Office of the Comptroller of the Currency has finalized the implementing rules for the GENIUS Act, the legislation governing stablecoins. The rules will take effect on January 18, 2027, imposing requirements on covered issuers regarding reserve assets, redemption procedures, custody, risk management, and reporting frameworks. Existing issuers are provided with certain transition provisions, but they must still ensure their applications are substantially complete and await regulatory approval. U.S. dollar-pegged stablecoins serve as critical settlement infrastructure in the crypto market, directly impacting liquidity for exchanges, decentralized finance, and international remittances. While this final rule clarifies “who can legally issue” stablecoins in the U.S., it may also increase costs and regulatory burdens for issuers. The market impact must be viewed in two phases. In the short term, it is less a catalyst for immediate capital inflows and more a practical milestone for issuers and financial institutions to prepare applications, secure capital, and establish custody infrastructure. Medium-term, entry becomes easier for bank-affiliated players and major payment firms, expanding the potential integration of regulated stablecoins into institutional services. Conversely, smaller or foreign issuers will face higher barriers to serving U.S. customers. In the crypto market, attention will increasingly focus not only on Bitcoin and Ethereum prices but also on where dollar-denominated liquidity providers are concentrated. On the technical front, the Ethereum Foundation has delayed the launch of the Glamsterdam upgrade on the Hoodi testnet. Originally scheduled for October 26, the date is now undetermined as developers seek to further assess the impact of a change known as EIP-8037 on existing smart contracts. This modification relates to how costs are calculated when creating new states during transactions. Although no issues have occurred on the mainnet, some deployed applications may have hardcoded assumptions based on older fee structures, prompting developers to proceed with caution. This delay does not signify that Ethereum development has stalled. Rather, it highlights a hallmark challenge of mature public infrastructure: ensuring thorough validation of impacts on existing applications when altering network capacity or fee design. While testnet delays are often oversimplified as price events, prioritizing long-term security strengthens trust among institutional investors and enterprise users. Going forward, key milestones to monitor include the new Hoodi implementation date, mainnet rollout timeline, and updates from major client software providers. In derivatives markets, Webull announced plans to partner with Kalshi to offer crypto-related perpetual futures—such as Bitcoin—to eligible U.S. customers starting in November. Perpetual futures are futures contracts with no expiration date and do not involve holding actual Bitcoin. Profits and losses are determined through margin, liquidation mechanisms, and funding rates, making risk management more complex than direct spot purchases. Nevertheless, the significance lies in providing access to crypto derivatives through regulated U.S. exchanges and clearinghouses via channels similar to traditional securities accounts. Across regulation, foundational technology, and financial products, the crypto market is further transitioning from a speculative arena toward a structured, institutionalized ecosystem.