- Hong Kong (Stablecoin Regulation) Effective: On August 1, 2025, the Hong Kong (Stablecoin Regulation) officially comes into effect, requiring stablecoin issuers to hold 100% fiat currency or high-liquidity asset reserves and undergo quarterly third-party audits, with violators facing fines and imprisonment. This marks a new phase in Asia's digital asset regulation, promoting a regulatory triangle among Hong Kong, Singapore, and Japan for stablecoins. The market predicts that compliant stablecoins may attract over $20 billion in institutional funds, while unauthorized projects may face on-chain liquidity depletion.
- Federal Reserve launches CBDC sandbox testing: On August 1, the Federal Reserve, in conjunction with six major banks, launched a prototype testing for a digital dollar, focusing on verifying offline payment functionality and privacy protection mechanisms. Test data shows that anonymous transactions based on zero-knowledge proofs can achieve a processing capacity of 160,000 transactions per second, but require three times the computational power of traditional systems, leading to a short-term decoupling of the leading stablecoin USDT, with price fluctuations reaching 2.3%, raising market concerns about central bank digital currencies squeezing the survival space of private stablecoins.
- Bitcoin futures premium rate decreases: On August 1, the U.S. reactivated the "301 clause" reciprocal tariffs, imposing tariffs of 15%-50% on EU machinery, South Korean batteries, and Southeast Asian textiles, with only Japan exempted. This move led to an 8% decrease in the Bitcoin futures premium rate, with the correlation between the crypto market and macroeconomics breaking the 0.7 correlation threshold, highlighting the impact of geopolitical and international trade situations on the prices of crypto assets like Bitcoin.
- Solana Seeker phone and Web3 hardware revolution: On August 4, the Solana Seeker phone was released, indicating the rise of the Web3 hardware market, which is expected to create a hardware market worth hundreds of billions in the future. The emergence of this phone demonstrates that Web3 devices need to integrate security chips, biometrics, and ecological incentives, providing new hardware support and application scenarios for the development of Web3, potentially promoting broader use of cryptocurrency in daily payments and transactions.
- Institutional capital reshaping the market: BlackRock's ETF scale surpasses $50 billion, coupled with a Bitcoin corporate reserve race, driving the de-retailization process of the crypto market. The significant influx of institutional capital is changing the landscape and investment style of the cryptocurrency market, as their professional investment strategies and risk management capabilities may have a more stable and long-term impact on market prices.
Major recent events involving Trump
- Implementation of reciprocal tariffs: On July 7, 2025, Trump announced new tariff rates on 14 economies and extended the tariff imposition deadline to August 1. On July 8, he reiterated on social media that the August 1 deadline was set and would not be postponed, while stating that a new 50% tariff would be imposed on all copper imported into the United States. Subsequently, he announced specific tariff rates for some countries, such as imposing a 25% tariff on products from Japan and South Korea, and different rates on products from Kazakhstan and other countries.
- Plan to launch a crypto digital dollar: According to a report by Reuters on July 23, Trump plans to launch a government-backed crypto digital dollar to counter the Federal Reserve's digital dollar project, and he also plans to create a digital dollar foundation to oversee the blockchain network supporting this currency, while also intending to launch crypto digital gold to bolster trust in the dollar and ensure its status as a global reserve currency.
- Establishment of the "National Declassification Committee": On November 24, 2024, Trump signed an executive order to establish the "National Declassification Committee," which consists of multiple members aimed at regularly reviewing classified documents and declassifying as many as possible, with any documents that cannot be declassified requiring a reasonable explanation. This move is seen as a defense of his handling of classified documents and has raised questions among U.S. government insiders and legal experts about its legality and impact on American democratic institutions.
- Facing legal lawsuits and trials: Trump is facing multiple legal lawsuits and trials, including the "hush money" case and business fraud case. In the "hush money" case, he was convicted of 134 counts of illegal use of campaign funds on November 5, 2024. In the business fraud case, the Trump Organization and its CFO were found guilty of 34 felony counts, while he himself faces 25 felony counts, with the trial set to begin on November 7, 2025. Additionally, he faces 70 felony counts related to the "Capitol Hill riot" incident.
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