On July 7, 2026, in the trading hall of Seoul, Samsung Electronics presented a preliminary financial report that was almost like a declaration of the AI era: operating profit for the second quarter was approximately 89.4 trillion Korean won, a staggering increase of about 1810.2% year-on-year. The quarterly profit even surpassed the total of the past three years, and as the world’s largest memory chip manufacturer, it was written into the textbook of a booming market. However, at the same time, the ticker at the bottom of the screen was running in the opposite direction—during the trading session, the South Korean KOSPI index dropped by about 4%, and Samsung Electronics’ stock price fell by about 5%. On the day of the profit surge, there was a visible divergence between stock prices and performance. This set of numbers currently comes from a single source, and the specific reasons have not been clearly disclosed. On another screen, the Visa on-chain dashboard presented a starkly different picture: in June 2026, the adjusted on-chain dollar-denominated accounting tool transaction volume was about $1.79 trillion, with a month-on-month increase of about 63%, setting a new high; in the first half of this year, USDC, issued by Circle and regulated by the U.S., accounted for approximately 70% of such tools, while USDT accounted for about 25%, reflecting the growing penetration of more compliant dollar-backed instruments in payment and DeFi scenarios. However, all relevant data also comes from a single source, and the criteria for "adjusted" statistics have not been publicly disclosed, so potential biases need to be cautiously considered. With record corporate profits under pressure on stock prices on one side, and a continual spike in the usage of on-chain dollar tools on the other, how funds are being repriced between the traditional stock market and on-chain dollar accounting tools is becoming a new narrative thread for understanding the current market.

Samsungs' Profit Surge: Quarterly Exceeds Total of Three Years

In the preliminary financial report for the second quarter of 2026 released on July 7, Samsung Electronics delivered a set of numbers that could almost rewrite the company’s history: operating profit of approximately 89.4 trillion Korean won (about $58 billion), an annual increase of about 1810.2%. According to this summary from a single source, the profit for just one quarter surpassed the total profit of Samsung over the past three years, rendering the traditional concept of “cyclical recovery” seemingly powerless, replaced instead by an abrupt and almost distorted performance leap.

Putting these numbers back in the industry coordinate system provides a complete background. As the world's largest memory chip maker, Samsung's profit curve is almost highly synchronous with the demand for storage from AI servers and data centers. With the high demand for AI-related requirements in the second quarter of 2026, the semiconductor industry as a whole has entered a bullish cycle, which is a narrative widely accepted in the market. Even so, this annual increase of 1810.2% disclosed from a single source far exceeds the range of conventional industry fluctuations, and the rare scenario of quarterly profits compressing three years of results makes the subsequent contrast of “exploding profits but falling stock prices” an unavoidable starting point for observing changes in funding pricing methods.

Good News Day Turns into Plummeting Day: KOSPI and Samsung Fall Together

On the very day this preliminary report, which “compressed three years of earnings,” was thrown out, the market chose the completely opposite direction: according to data from a single source, on July 7, 2026, during trading, the KOSPI index in South Korea saw its decline extend to about 4%, while Samsung Electronics’ stock price dropped by about 5%. On one side were profits soaring more than tenfold year-on-year, and on the other, both the index and the leading stock dropped sharply. The sense of misalignment, where "a good news day becomes a plummeting day," is encapsulated in these simple numbers. For the South Korean stock market, which has consistently been highly sensitive to global economic expectations and tech valuations, such violent fluctuations are not unfamiliar. However, on the day of Samsung's profit surge, the impact felt much greater than a typical emotional correction.

At this time, the only explanatory framework available is a general market behavior framework, rather than a confirmed causal relationship: in many historical cases, terms like “good news has been exhausted” and “expectations have been front-loaded” are often used to describe such contrasts between performance and stock prices—where funds choose to cash out after sufficient gains and narratives have been fully told, rather than continuing to push prices higher after good news surfaces. However, it must be emphasized that currently, the specific triggering factors behind the decline in KOSPI and Samsung’s stock price, whether macro policy, geopolitical risks, or company-level potential negatives, have not been clearly disclosed through public channels; even the respective 4% and 5% drops on that day were recorded only by a single source. All interpretations based on this must be placed within the boundaries of uncertainty and data criteria risks; that day more closely resembled a mirror, briefly and sharply reflecting how funds reassess risk and return.

Visa Dashboard Soars: On-chain Transaction Volume at Historic High

Shifting the perspective from the Seoul trading hall to the on-chain realm, another screen was lit up on the same day. Visa's on-chain dashboard provided data from a single source showing that in June 2026, the adjusted volume of dollar-denominated accounting token transactions was about $1.79 trillion, expanding approximately 63% month-on-month, setting a new record since the dashboard's inception. While KOSPI and Samsung shares hesitated and withdrew in the face of high profits in traditional markets, the dollar-denominated on-chain funds saw a rare surge by the end of the second quarter, adding a set of highly contrasting data to the question of "where exactly are funds running?"

What is even more noteworthy is the structure rather than just the scale. The same group of single-source data from Visa states that in the first half of 2026, adjusted dollar-denominated accounting token trading volume had USDC, issued by Circle and regulated by the U.S., accounting for about 70%, while Tether's USDT accounted for about 25%. In payment scenarios and DeFi agreements, the more compliance-oriented USDC is overwhelmingly dominating the on-chain dollar accounting tool space, indicating that some risk appetite has not disappeared but rather continues to be carried and transferred through more regulated dollar tokens. This set of data still carries significant criteria risk—the so-called “adjusted” brief only indicates that some transaction types or noise may have been excluded; specific definitions have yet to be publicized, and all current numbers are only from Visa’s single dashboard, necessitating later cross-verification with other on-chain data services. Nevertheless, even under such premises, observing this “soaring” dashboard makes it evident: funds are rewriting their flow trajectory in the on-chain world using a new accounting tool and path.

Market Tides Retreat While On-chain Warms Up: Funding Preferences Being Rewritten

That was the on-chain story; pulling the lens back to the Korean stock market in the same quarter: in the second quarter of 2026, Samsung Electronics reported an extraordinary achievement of approximately 89.4 trillion Korean won in operating profit, a year-on-year surge of about 1810.2%, and quarterly profit exceeding that of the last three years. However, on July 7, the day the financial report was released, the share price dropped about 5% during trading, with the KOSPI index also dipping to around 4%. The specific reasons for this pullback have not been publicly disclosed, but as investors peered at these startling figures from a single source, they also saw a red line on the Visa dashboard indicating an adjusted on-chain dollar token transaction volume of about $1.79 trillion, an increase of about 63% month-on-month in June. It is quite natural to propose a narrative hypothesis: after the logic of AI was interpreted to a high point, funds began to withdraw some risk budget from concentrated bets on South Korean tech and export-heavy stocks while also exploring new means of bearing dollar risk on-chain. This comparison of “the stock market retreats, the on-chain warms up” resembles a rewriting of the preference curve rather than simple good or bad news.

If we zoom in on the structure of on-chain dollar accounting tools, the logic of this preference rewriting becomes somewhat clearer. In the first half of 2026, the same single-source data from Visa pointed to a key structure: among the adjusted dollar token trading volume, USDC accounted for about 70%, while USDT accounted for about 25%. Given that the specific criteria for “adjusted” have yet to be publicized and there are statistical risks involved, this ratio at least indicates that the USDC, issued by Circle and under U.S. regulation, is more readily viewed by institutional payments and some DeFi participants as a “relatively safe on-chain position,” meeting both dollar accounting needs and the minimum trust threshold required for counterparties and the regulatory environment. From the perspective of risk appetite, if certain institutions and high-net-worth investors feel pressured by expectation exhaustion in AI-themed stocks, they have reason to slightly adjust their positional structures without fully exiting: reducing some exposure to high-prospect targets like Samsung, freeing up a little space to attempt to utilize on-chain dollar tools like USDC to accommodate short-term liquidity and settlement needs. However, it must be emphasized that the Visa briefing only provides transaction volume and proportion data, without any funding account-level traceability information. We cannot prove how much funding directly migrated from the South Korean stock market to on-chain dollar tools; we can only view this set of comparisons within the overlapping timeframes of the stock market pullback and on-chain trading expansion as a window to observe changes in funding preferences, rather than a verified conclusion of funding flow.

The Next Scene After the AI Frenzy and On-chain Explosion

When placing Samsung Electronics’ Q2 2026 profits of about 89.4 trillion Korean won, a year-on-year surge of approximately 1810.2%, and quarterly profits exceeding the total of the previous three years next to the South Korean KOSPI's drop of about 4% and Samsung’s stock price drop of about 5%, alongside the adjusted on-chain dollar tool transaction volume in June 2026 of approximately $1.79 trillion and a month-on-month increase of about 63%, with USDC’s share around 70% and USDT approximately 25%, the two worlds simultaneously send a signal: the market is repricing the growth narrative while also rewriting what asset types it is willing to use to bear risk. Standing at this point in time on July 7, 2026, we can only interpret terms like "good news has been exhausted," "expectation exhaustion," and "changes in funding preferences" as narrative attempts based on single-source data, rather than verified conclusions. What truly tests this narrative will be whether Samsung’s profit curve continues to run at high levels in the following quarters, whether the Korean stock market repairs or further weakens, and whether USDC and USDT maintain their current proportions in on-chain trading or experience reversals. All key numbers currently come from the same public briefing, and the details of the “adjusted” criteria have not yet been disclosed. The specific drives behind Samsung's stock price decrease and the surge in on-chain trading volume also lack official explanations. Under such informational conditions, any investment decisions that directly associate the stock market pullback with the expansion of on-chain dollar tools require high prudence while always bearing in mind that what we describe is merely an ongoing market narrative subject to verification, not a concluded fact.

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