📊 Market Trends
The global cryptocurrency market continues to fluctuate, with Bitcoin slightly rising by 1% to $114,798, and Ethereum rebounding by 4.36% to $3,650, breaking through the key resistance level of $3,600. The safe-haven attributes of stablecoins are highlighted, with USDT trading at a 0.5% premium on some exchanges, and funds accelerating towards compliant assets.
📰 Core Dynamics

  1. Hong Kong Stablecoin License Applications Enter Sprint Period
    After the Hong Kong (Stablecoin Regulation) takes effect, the Monetary Authority disclosed that dozens of institutions have initiated the application process, needing to submit complete materials by September 30, with the first batch of licenses expected to be issued in early 2026. Key requirements are clear: licensed institutions must maintain 100% high liquidity reserves (cash + government bonds maturing within 3 months), disclose asset composition daily, and meet a financial threshold of not less than 25 million HKD in paid-up capital or 1% of the face value of the circulating stablecoins, whichever is higher. Bank of China (Hong Kong), Standard Chartered Bank, and Ant Group, as well as JD.com Coin Chain, have become popular applicants, with the Monetary Authority emphasizing that approvals will focus on the maturity of submitted materials, initially issuing only 'a few licenses.'

  2. US GENIUS Act Implementation Strengthens Dollar Hegemony
    The US (Guiding and Establishing the National Innovation Act for US Stablecoins) (GENIUS Act) officially takes effect, requiring US dollar-backed stablecoins to be 100% pegged to the US dollar or short-term US Treasury bonds, expanding demand for US Treasuries through a mandatory reserve mechanism. This move is interpreted as a key step in the 'digital dollar' strategy, with leading projects like Circle and Paxos raising the cash ratio in their reserves to over 50%, and USDC's market capitalization exceeding $114.5 billion. The SEC simultaneously terminated its investigation into PayPal's stablecoin PYUSD, confirming that 'fiat-backed + non-yielding' stablecoins can be exempt from securities registration, clearing obstacles for traditional institutions to enter the market.

  3. EU MiCA Regulations Define Stablecoin Red Lines
    The EU released guidelines for the (Markets in Crypto-Assets Regulation) (MiCA), stipulating that asset-referenced tokens (ARTs) must report if their daily trading volume exceeds 5 million euros, with a three-month average daily trading volume exceeding 200 million euros triggering an exit mechanism. Non-euro stablecoins cannot exceed 1 million transactions per day, and stablecoins using PoW consensus must pay a carbon tax. Important stablecoin issuers must meet conditions such as over 10 million investors and a market capitalization exceeding 5 billion euros, with bank deposits in reserve assets not lower than 60%. As a result, USDT has suspended trading on some EU exchanges, while USDC is adjusting its reserves to meet the 'euro asset ratio of no less than 30%' requirement.

  4. China Promotes Coordination Between Digital Renminbi and Stablecoins
    The People's Bank of China proposed in its work meeting for the second half of the year to promote interconnectivity between digital renminbi and compliant stablecoins, planning to conduct cross-border settlement tests in the Guangdong-Hong Kong-Macau Greater Bay Area, exploring a 'fiat + stablecoin' dual-track model. Companies like Xiongdi Technology have already implemented applications, such as Shenzhen Metro piloting foreign passengers using Hong Kong dollar stablecoins to scan for rides, with the system automatically completing real-time exchanges with digital renminbi, reducing exchange rate losses by 70%. The policy clearly requires stablecoin issuers to connect to the central bank's anti-money laundering system, with institutions like Lianlian Digital applying for licenses in Hong Kong to layout bridging solutions.


🔍 Market Outlook
Global stablecoins enter a 'compliance race,' with Hong Kong setting Asian benchmarks, the US establishing rules through case law, and the EU building the strictest framework. Short-term market volatility will increase inflows into compliant stablecoins, while long-term attention should be paid to the September 30 deadline for Hong Kong applications and the early 2026 licensing issuance milestone. The logic of the US GENIUS Act expanding demand for US Treasuries through stablecoins is becoming apparent, the trading volume restrictions of EU MiCA may reshape the market landscape, and China's 'fiat + stablecoin' pilot may become a new paradigm for cross-border payments.
⚠️ Risk Warning
The Monetary Authority reminds licensed institutions to strengthen liquidity management, ensuring redemptions are completed within 5 working days under extreme market conditions. China clearly defines activities related to virtual currencies as illegal financial activities, and participants should be cautious of policy risks.
(Information sourced from public channels and does not constitute investment advice)#稳定币 #币安HODLer空投TOWNS