Finance

South Korean memory-chip manufacturer SK Hynix executed the largest-ever U.S. initial share sale by a foreign entity, raising over $26 billion in American Depositary Receipts. The company's trading debut saw its shares surge 13% above the offering price to settle at $170 amid overwhelming investor demand totaling $200 billion. The milestone listing underscores the massive appetite among American investors for companies integrated into the artificial intelligence and data center infrastructure supply chain.

Cryptocurrencies showed signs of stabilization and growth, with Bitcoin and Ethereum rising nearly 3% over a seven-day period. Investor sentiment was supported by progress on domestic crypto policy and anticipation surrounding upcoming Senate legislative movements, following a historically weak performance in June. Concurrently, the SEC advanced its regulatory agenda to encompass tighter oversight regarding alternative trading systems and broker-dealer recordkeeping rules for virtual assets.

Circle Internet Group, the issuer behind the prominent USDC stablecoin, achieved a significant milestone by obtaining regulatory approval from the Office of the Comptroller of the Currency to establish a federally supervised national trust bank. Operating under the name Circle National Trust, the firm will be permitted to offer digital asset custody services under direct federal oversight. Executives noted that the license serves as a crucial step toward fully integrating blockchain technology and stablecoin reserves into the core U.S. financial system.