South Korea's $KOSPI down 44% in 40 days. $2 trillion wiped.
That's not a correction. That's structural.
When a major economy's equity market implodes this fast, it's not just "risk off" โ something fundamental broke. Whether it's liquidity, policy, or contagion, markets don't move like this without a catalyst.
Watch how this bleeds into global risk appetite. Crypto's been decoupling narratives for months, but when trad markets crack this hard, nothing stays isolated for long.
The Stablecoin Margin War: Circle, USDC, Coinbase, Open USD and Visa Explained
Stablecoins are usually described as digital dollars.
That misses the business model.
Circleโs USDC is backed by cash and short-term Treasuries.
Those reserves earn interest.
That interest is the engine of the business.
In Q1 2026, Circle generated $694.1 million in total revenue and reserve income, according to the Decentralised News framework.
$652.5 million of that came from reserve income.
That is roughly 94% o...