The Legislative Council of the Hong Kong Special Administrative Region passed the Stablecoin Bill on May 21, 2025, marking Hong Kong as the world's first jurisdiction to establish a full-chain regulatory system for fiat currency stablecoins.

A major reshuffle in the stablecoin market has begun.

For established public chains, there is a dual pressure of continuing to grow while maintaining the market. For new public chains, it is a period of rapid expansion with wild market growth.

The minimum registered capital is HK$25 million, and the issuer must apply for a license from the Hong Kong Monetary Authority.

Explain how stablecoins have evolved from “on-chain cash” to an important variable that influences US fiscal policy.

Comprehensively analyze the underlying logic behind this round of BTC hitting new highs, and look forward to the potential market trends in the second half of the year.

Stablecoins have entered an era of “having laws to follow”.

“This uptrend is more rational and may be more sustainable.”

After the GENIUS Act was passed, Trump’s USD1 started to make its big moves the next day.

Deeper changes and insights beyond the spotlight.

There is a preliminary consensus on multiple LRC20 tokens, and the early ecosystem already has a sense of BRC20.

In general, the PT leveraged mining strategy of AAVE+Pendle+Ethena is not a risk-free arbitrage strategy, in which the discount rate risk of PT assets still exists. Therefore, participating users need to objectively evaluate, control the leverage ratio, and avoid liquidation.

Stablecoin legislation is used as a model for successful U.S. crypto regulation. But in a larger narrative, it is the opening of a dollar extension strategy.

Concerns will soon be cleared, standards will be mastered, and the era of great gold inflows seems to be imminent.

Argentine President Milley closes investigation into Libra scandal.

The founder participated in the formulation of the GENIUS Act, and the price of FXS doubled within the month.