Compiled by: Nona
Fear and Greed Index: 57 (Greed)
Bitcoin Price: $115,228
BTC/ETH Spot ETF Fund Flow (7.31)
BTC Net Outflow: $114.83 M
ETH Net Inflow: $17.00 M
Regulatory/Macro
The Hong Kong (Stablecoin Regulation Bill) officially came into effect.
The Hong Kong (Stablecoin Regulation Bill) officially came into effect on August 1, establishing a licensing system for fiat-backed stablecoin issuers, improving the regulatory framework for virtual asset activities in Hong Kong to maintain financial stability while promoting financial innovation. After the implementation of the (Stablecoin Regulation), anyone issuing fiat-backed stablecoins in Hong Kong during business operations, or issuing fiat-backed stablecoins claiming to be pegged to the Hong Kong dollar outside of Hong Kong, must apply for a license from the Financial Commissioner. Relevant parties must meet requirements regarding reserve asset management and redemption, including properly segregating client assets, maintaining sound stability mechanisms, and handling redemption requests from stablecoin holders at face value under reasonable conditions. Relevant parties must also comply with a series of anti-money laundering and counter-terrorist financing, risk management, disclosure requirements, and audit and appropriate candidate requirements. The Financial Commissioner will consult further on the detailed regulatory requirements of the system in due course.
The Hong Kong Monetary Authority's official website has launched a record of licensed stablecoin issuers, with no issuers currently.
With the regulatory system for stablecoin issuers under the (Stablecoin Regulation) to be implemented on August 1, 2025, the business of issuing fiat-backed stablecoins will become a regulated activity requiring a license. Therefore, it lists relevant details of the regulatory system, including the licensing system for stablecoin issuers, supervision of licensed stablecoin issuers, and the record of licensed stablecoin issuers. The record of licensed stablecoin issuers contains the names and basic information of licensed stablecoin issuers, and the public can access the latest list of licensed institutions through the record. Currently, there are no licensed stablecoin issuers, and the relevant list will be updated in due course.
U.S. SEC Chairman Announces a Series of Regulatory Reform Plans to Adapt to Cryptocurrency Development
U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins announced a series of regulatory reform plans aimed at adapting to cryptocurrency and blockchain trading at the American Priority Policy Research Institute. Atkins stated that he has instructed the Commission to develop standards for determining whether cryptocurrencies fall under securities and to provide innovative exemptions and clear regulatory guidance for market participants. The newly established 'Project Crypto' will promote the modernization of securities regulations and quickly implement the White House's recommendations for federal support of digital asset trading. This initiative is considered a significant positive for the U.S. crypto industry, accelerating the integration of crypto assets with traditional finance.
Securities Times: The window for applying for Hong Kong stablecoin licenses has opened, and issuing banks are expected to be the first to be approved.
On August 1, the Hong Kong (Stablecoin Regulation) officially came into effect, and the Hong Kong Monetary Authority has released guidelines for licensed stablecoin issuers, clarifying the various thresholds for issuer license applications. Issuing banks such as Bank of China (Hong Kong), Standard Chartered Bank (Hong Kong), and HSBC are expected to be the first to apply and be approved for stablecoin issuer licenses. In addition, Chinese-funded banks, sandbox testing companies, large central state-owned enterprises, and major internet companies are also actively preparing to apply. Initially, brokers will mainly provide stablecoin trading, custody, and financing services. The application scenarios for stablecoins may include digital asset trading, cross-border payments in global trade, and tokenization of traditional assets. As of the end of July, 44 financial institutions have upgraded their Type 1 securities trading licenses.
Project/Company Updates
Tether has surpassed South Korea to become the 18th largest holder of U.S. Treasury bonds.
As of July 31, Tether has surpassed South Korea to become the 18th largest holder of U.S. Treasury bonds. Tether released its Q2 financial report yesterday, revealing that its U.S. Treasury bond holdings have exceeded $127 billion.
Citigroup Report: Estimates the size of the Hong Kong stablecoin market to be around $16 billion.
Citigroup releases a report on stablecoins, stating that the Hong Kong Stablecoin Regulation came into effect today, estimating the size of the Hong Kong stablecoin market to be around $16 billion (approximately HKD 125.6 billion), with upside risks. The report points out that given Hong Kong's relatively strict regulatory framework, companies with licenses, compliance practices, and credit business plans will be in a long-term competitive position. It is expected that the incremental size of the Hong Kong stablecoin market will be $16 billion, with fluctuations of $8 billion, depending on different instruments. Upside risks come from macro expansion of currency, increased external demand for the stability of the Hong Kong dollar, and a surge in 'on-chain' activities.
Huaxing Capital: Applying to extend Hong Kong Securities and Futures Commission licenses 1, 4, and 9 to cover digital asset business
Huaxing Capital's head of proprietary investment, Shi Ziyuan, stated, 'The company will actively embrace Web3.0 and the digital asset industry, continuing to empower the Hong Kong digital industry ecosystem through investment banking services, strategic funds, direct investment expertise, and quality resources, applying to extend Hong Kong Securities and Futures Commission licenses 1, 4, and 9 to cover digital asset business; and looks forward to co-creating with industry participants, increasing investment and construction in digital asset financial infrastructure, on-chain ecology, and RWA assets.'
Bloomberg: Swedish payment giant Klarna considers restarting U.S. IPO as early as September.
Swedish payment giant Klarna Group Plc is considering restarting its initial public offering (IPO) in New York as early as September. The company is accelerating preparations for its initial stock sale, with discussions still ongoing, and specific details (including timing) have yet to be finalized. Klarna, which had previously suspended its IPO plans in the U.S., has stated through CEO Sebastian Siemiatkowski that Klarna will embrace cryptocurrency but has not yet determined a specific integration plan.
SharpLink Gaming's stock 'ETH concentration' has increased from about 2 to about 3.4, a 70% increase.
'ETH Version of MicroStrategy' SharpLink Gaming tweeted that the company aims to maximize shareholder value while increasing its Ethereum holdings as much as possible. To maintain full transparency, it does not only report the number of shares issued or the amount of Ethereum held but also tracks the amount of ETH contained within every 1,000 shares of equity, known as 'ETH concentration,' which shows how much Ethereum supports every 1,000 SBET shares. Since launching the Ethereum treasury strategy, SharpLink's 'ETH concentration' has increased from about 2.00 to about 3.40, a 70% increase.
Guotai Junan International issues its first digital native bonds by Chinese brokers, with a scale of up to $300 million.
Guotai Junan International completed its first public offering of digital native bonds issued by Chinese brokers, with an issuance scale not exceeding $300 million and a term of 3 years. This issuance adopts a direct issuance structure, priced in US dollars, and is settled through HSBC's Orion digital asset platform. Digital bonds are a type of bond issued using blockchain or distributed ledger technology, characterized by digitization, programmability, and automatic execution, offering higher transparency and reducing settlement risks and costs.
Strategy plans to raise $4.2 billion, with part of the net proceeds used to continue increasing Bitcoin holdings.
Strategy announced that it has signed a sales agreement, allowing it to issue and sell its variable-rate Series A perpetual preferred shares, with a par value of $0.001 per share (STRC stock), for a total issue price of up to $4.2 billion ('ATM Plan'). Strategy intends to use the net proceeds from the ATM Plan for general corporate purposes, including acquiring Bitcoin and as operating capital, and may also use the net proceeds to pay cash dividends on any category or series of preferred stock (excluding STRC stock) that the Strategy Board may announce or expect to announce.
In-depth & Forward-looking
Exclusive Interview with Hong Kong's Secretary for Financial Services and the Treasury, Chan Mo-po: How to promote Hong Kong's upgrade from a digital asset 'testing ground' to a global digital asset innovation hub through the 'LEAP' framework.
From departmental regulation to cross-institutional collaboration, from pilot exploration to ecological construction, Hong Kong's digital asset policy is achieving a qualitative leap. The iteration of digital asset policy is deeply rooted in a profound understanding of market rules. It is necessary to prevent risks through clear rules while allowing enough space for innovation, attracting global high-quality projects to settle in Hong Kong, and safeguarding the rights and interests of investors and the public.
Four Pillars: The U.S. welcomes the 'Crypto Golden Age'. How will South Korea follow?
Compared to these global financial innovation cases, South Korea remains behind. No substantial cooperation or integration initiatives have yet emerged among South Korea's banks, exchanges, fintech startups, and DeFi projects. Perhaps South Korean institutions need to at least try using private blockchain platforms (such as JPMorgan's private Kinexis network) to gain practical experience.
Opinions
Federal Reserve's Hawkish Stance: September Rate Cut Probability Plummets to 40%. Will the Crypto Bull Market Face Stress Tests?
The probability of a rate cut in September has sharply dropped from 68% before the meeting to 40%. The probability of a rate cut in October has also slipped from being 'a done deal' to 80%. This collapse in expectations is backed by the first instance since 1993 where two governors (Waller and Bowman) voted against maintaining the interest rate decision, indicating a historical divide, as well as the increasingly tense relationship between the White House and policymakers.
Ethereum's 10th Anniversary: 7 Dimensions Reveal Why the ETH Uptrend Has Just Begun.
Recently, ETH market buying has been exceptionally strong, with many listed companies and asset management institutions actively increasing their holdings, even making ETH a core part of their financial strategy. Meanwhile, ETH reserve concept stocks have surged, becoming new favorites in U.S. stocks.
