August 10 - 15, 2025 Cryptocurrency Industry Report

I. Global Regulatory Dynamics: Policies and Technological Innovations Coexist

  1. The Hong Kong RWA Platform Goes Live, Opening a New Era of Asset Digitization
    On August 12, the Hong Kong Web 3.0 Standardization Association officially launched the world's first registration platform for Real World Assets (RWA) and released three core standards, including the 'RWA Tokenization Business Guidelines.' The platform pioneers a three-in-one framework of 'Dataization - Assetization - Financialization,' with the first batch of projects covering renewable energy assets (Xiexin Energy's 82MW photovoltaic power station), cultural IP (Hangzhou Guoda City Square advertising space), and government bonds (Hong Kong Green Bond pilot), reducing financing costs by 30% and improving clearing efficiency by 80%. Standard Chartered Bank and Zhong An Insurance have applied for stablecoin licenses, planning to integrate RWA payment scenarios and promote offshore RMB stablecoins (CNHC) as cross-border settlement tools.

  2. The US SEC Launches 'Project Crypto,' Restructuring Regulatory Framework
    On August 5, the US Securities and Exchange Commission (SEC) announced the launch of 'Project Crypto,' a fast-track initiative aimed at implementing new regulations for cryptocurrency assets within months, covering stablecoins, DeFi, and derivatives. Key measures include: clarifying the classification framework for cryptocurrency assets, allowing the issuance of tokenized securities; supporting personal self-custody of assets while abolishing restrictive rules; streamlining the licensing application process to promote the development of 'one-stop' financial platforms. This move aims to attract Wall Street institutions back and solidify the US's dominant position in the cryptocurrency finance sector.

  3. EU MiCA Amendment Takes Effect, Free Exchange of Compliant Stablecoins
    The MiCA supplementary amendment passed by the EU in June officially took effect on August 7, allowing compliant stablecoins (like USDC, EURS) to be freely exchanged within the EU without the need for fiat currency intermediaries. The EURCV issued by Société Générale has been integrated into platforms like Bitstamp, becoming an important tool for cross-border payments. However, the EU still prohibits non-euro stablecoins from being used for everyday commodity payments, and transactions exceeding 5 million euros in a single day require additional regulation.

II. Market Data Refresh, Compliance and Technological Innovation Coexist

  • Scale and Structure: As of August 15, the global stablecoin market cap surpassed $250 billion, with daily trading volume exceeding $33 billion, marking the first time it has exceeded the combined total of Visa and Mastercard. USD stablecoins (USDT, USDC) account for over 85%, but compliant currencies (like USDC) are steadily increasing their market share, while USDT's share has dropped to 62% due to transparency issues regarding reserves.

  • Technological Breakthrough: Cross-chain protocols (LayerZero) and RWA tokenization have become new growth points, with 30% of new issued stablecoins integrating reserves of US Treasuries, gold, and other assets, yielding annual returns of 4%-8%. The Shanghai Data Exchange is exploring the tokenization of charging piles and green energy projects, promoting on-chain verification and fragmented investments.

III. Regional Policy Dynamics and Industry Impact

  1. Hong Kong: From Cryptocurrency Hub to Compliance Center
    The Hong Kong Monetary Authority plans to explore currency internationalization through offshore RMB stablecoins. The JD stablecoin (JDBC) has been piloted for cross-border trade settlement on the 'JD Global Sale Hong Kong and Macau Station,' reducing the settlement period from 30 days to 2 days. Ant Group reportedly submitted its application for a Hong Kong stablecoin license on August 7 and simultaneously launched a sandbox test in Singapore, planning to issue a compliant stablecoin pegged to the Hong Kong dollar.

  2. United States: Traditional Giants Accelerate Entry, Reshaping Industry Ecology
    The dollar stablecoin jointly launched by institutions like JPMorgan and Visa is entering the testing phase, with cross-border settlement costs reduced by 90%. The RWA stablecoin issued by BlackRock has a management scale exceeding $50 billion, integrating US Treasuries, corporate loans, and other assets, yielding an annual return of 5.2%. The (GENIUS Act) allows non-bank institutions to issue stablecoins but requires approval from the Federal Reserve, which may trigger market competition between banks and technology companies.

  3. Singapore: Licensing System and Risk Isolation
    Continuing from the 2020 (Payment Services Act), stablecoin issuers are required to apply for licenses and isolate reserve assets. In 2025, anti-money laundering requirements will be strengthened, attracting institutions like Circle and Paxos to establish Asia-Pacific headquarters, supporting DeFi and cross-border payment scenarios.

IV. Technological Iteration and Industry Restructuring

  • Explosive Growth of RWA: On the first day of the Hong Kong RWA platform's launch, on-chain asset scale exceeded $5 billion, attracting participation from institutions like Goldman Sachs and Temasek. Huaxi Securities predicts that the platform will unleash trillions of dollars in asset liquidity, driving the emergence of innovative products such as virtual asset ETFs.

  • Compliance Forces Innovation: Institutions like Circle and Paxos have passed the EU EMI licensing review, making USDC the first US dollar stablecoin compliant with MiCA standards. Tether, having not obtained EU licenses, was forced to delist USDT trading pairs in the European market, further enhancing the market share of compliant currencies.

  • Bitcoin and Ethereum Hit New Highs: On August 14, Bitcoin's price broke through $124,000, reaching a historic high before retreating to $121,868, with a 24-hour increase of 1.7%. Ethereum's price briefly surpassed $4,300, hitting a new high since November 2021, with analysts predicting a maximum target price of $20,000.

  • Active Stablecoin Trading: As of August 9, the total trading volume of stablecoins reached $5 trillion, nearing the full-year level for 2024, with a market cap growth to $255 billion. Circle announced its Q2 financial report, revealing a 90% year-over-year increase in USDC circulation to $61.3 billion, with revenue up by 53% year-over-year, driving a single-day stock price increase of over 96%.

VI. Expert Opinions and Future Challenges

  • Risk Warning: The Bank for International Settlements indicates that stablecoins lack central bank backing, making them susceptible to money laundering, potentially undermining monetary sovereignty. Guotai Junan Securities' Guan Tao emphasizes the need to be wary of 'regulatory arbitrage' and capital outflow risks, as stablecoins are unlikely to alter the trend of a multipolar international monetary system.

  • Trend Prediction: The Hong Kong Monetary Authority expects to issue the first batch of licenses in early 2026, while the US 'Project Crypto' will promote increased industry concentration, and the global stablecoin market cap is expected to reach $3.7 trillion by 2030. Technologically, cross-chain protocols and AI risk control will be key to compliance and efficiency improvements.


Summary: From August 10 to 15, 2025, the global stablecoin industry exhibits three main characteristics: 'regulatory compliance, technological scenario application, and market institutionalization.' The launch of the Hong Kong RWA platform, the restructuring of policies by the US SEC, and Bitcoin's price breaking historical highs mark the industry entering a new phase of 'compliance-driven growth.' In the future, the global influence of stablecoins will depend on the dynamic balance between regulatory coordination, technological innovation, and the competition among sovereign currencies. Differentiated strategies from Hong Kong, the US, and the EU will shape a new ecosystem within the industry.