Core Market Changes
USDT Supply Surges Against the Trend, USDC Growth Weakens, Compliance Advantages Temporarily Encounter Bottlenecks.
Yield-bearing Stablecoins Expand in Regulatory Gaps of 'Interest Ban': USDe Supply Soars, Coinbase and PayPal Package Interest as 'Rewards', Coinbase Launches 'Embedded Rewards SDK', Anchorage and Others Build Institutional Compliance Yield Channels Based on Tokenized Assets.
Privacy Becomes the New Focus: ZKP and DID Technologies Can Address Institutional Payment's Pain Point of 'Verifying Compliance Without Disclosing Information' and Alleviate Enterprises' Entry Concerns.
Market Landscape and Network Distribution
Total Market Value of Stablecoins Reaches $269.7 Billion, Weekly Increase of $2.6 Billion. USDT Accounts for 61.25%, USDC Follows with 23.92%.
Top Three Blockchain Networks: Ethereum ($135.8 Billion), TRON ($83.0 Billion), Solana ($11.4 Billion).
Fastest Growing Networks of the Week: Berachain (+96.57%), XRPL (+49.84%), Sei (+47.95%).
Key Trend Analysis
Privacy and Regulatory Balance
On-chain Transparency Exposes Corporate Finances and Supply Chain Privacy, Limiting Institutional Applications.
Coinbase Legal Calls for Upgrade (Bank Secrecy Act), Promoting Application of ZKP and DID Technologies to Achieve 'Compliance Verification Without Exposing Raw Data'.
Innovation Under Interest Ban
Yield-bearing Stablecoins (e.g., USDe) Circumvent 'Interest Ban' Restrictions by Relying on Exchange Funding Rates, Resulting in Significant Supply Growth.
Mainstream Platforms Indirectly Provide Yield: Coinbase Returns USDC Issuer Profits, PayPal Maintains 4.5% Annualized 'Rewards', Institutional Channels Link Tokenized Assets to Yields.
Hong Kong Regulatory Dynamics
(Stablecoin Regulations) Effective, Core Focus on 'Transparency and Full-Chain Regulation', Emphasizing Issuance Source Control, Differentiating Competition with the U.S. and Europe, Focusing on Scenarios like RMB Asset Tokenization.
Institutional Applications and Market Feedback
JPMorgan: Growth of DeFi and Asset Tokenization is 'Disappointing', Low Institutional Participation Faces Barriers Such as Cross-border Regulation and Legal Ambiguity.
Remitly: Integrates Stablecoins to Optimize Cross-border Payments, Launches Multi-currency Wallet Covering 170 Countries, Enhancing Capital Efficiency.
Tether CEO: USDT Transfers Account for 40% of All Network Blockchain Fees, Becoming an Anti-Inflation Tool in Emerging Markets.
Macroeconomic and Corporate Dynamics
Mizuho Bank: USDC Profit Margins Shrink, Distribution Costs Rise, Traditional Banks Intensify Competition.
U.S. Treasury Expands Short-term Treasury Issuance, Stablecoins Become New Buyers Driven by Regulatory Requirements to Hold Safe Assets.
New Products and Capital Movements: Privacy Payment Card Payy Launched, MetaMask or Collaborating with Stripe to Launch mmUSD; Tether Acquires EU-Compliant Exchange, Ripple Spends $200 Million to Acquire Stablecoin Payment Platform.
Regulation and Compliance
Paxos Fined $48.5 Million Due to Binance BUSD Partnership, Highlighting Stricter Compliance Reviews.
Trump Signs Executive Order Prohibiting Regulators from Restricting Banking Services to Crypto Firms Due to 'Reputational Risk', Promoting Equal Financial Support for the Industry.
