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After years of vague and sometimes hostile regulatory attitudes, the cryptocurrency policy in the United States is undergoing a historic, top-down transformation. The U.S. Securities and Exchange Commission (SEC) has recently launched a series of significant initiatives aimed at fundamentally reshaping the landscape of digital assets in the U.S. with unprecedented force and speed.

At the core of this transformation is a massive reform plan called 'Project Crypto'; complementing it is the national tour roundtable 'Crypto on the Road', which dives deep into the industry; on the technical side, a brand new 'AI Task Force' has also been established, aiming to disrupt traditional market regulation models with cutting-edge technology. This series of coordinated actions clearly indicates that the U.S. is shifting from 'regulatory suppression' to 'proactive guidance', intending to attract back innovation and capital that had flowed out due to regulatory uncertainty, and to establish its leadership position in the global on-chain financial competition.

On August 1, 2025, Hong Kong once again made a significant move in the global fintech landscape. The highly anticipated stablecoin issuer licensing system under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance officially took effect today. This not only marks a new and more refined stage in Hong Kong's regulatory framework for digital assets but is also seen as a key step in consolidating and reshaping its ambition as a "global Web3 center."

However, behind this race to attract global capital and innovation, a more strategically imaginative question arises: although the current framework mainly focuses on stablecoins pegged to mainstream fiat currencies like the Hong Kong dollar or the US dollar, does it also quietly open a "window of opportunity" for the internationalization of the RMB?

Following the historic passage of three key cryptocurrency bills by the U.S. House of Representatives a few days ago, the Trump administration is preparing to drop a more powerful "depth charge." According to a major report by the Financial Times, U.S. President Trump is preparing to sign an executive order aimed at fundamentally reforming the retirement savings methods of Americans, allowing cryptocurrencies such as Bitcoin, gold, private equity, and other "alternative assets" to be included in the 401(k) retirement plan, which has a scale of up to 9 trillion dollars.

As soon as this news broke, it immediately ignited intense discussions in the global financial market and cryptocurrency community. This is not just a policy shift; it may also be a gateway to open up massive long-term capital inflows into the cryptocurrency market. The market is holding its breath to see whether this flood of retirement savings from American households will become the "strongest driving force" pushing the next round of the cryptocurrency bull market.

On July 17, 2025, U.S. local time, this day is destined to be recorded in the annals of global cryptocurrency development. After several days of intense political maneuvering and partisan negotiations, the U.S. House of Representatives, with unprecedented efficiency, passed three landmark bills during the legislative marathon dubbed 'Crypto Week.' This legislative 'triple victory' not only delineates a clear legal framework for stablecoins, market regulation, and financial privacy rights in the U.S., but is also seen as a clear signal: cryptocurrencies are accelerating their transition from a field full of uncertainties to a new era of compliance and mainstream acceptance.

On July 5, 2025, a seemingly distant fintech term—'What is a stablecoin'—unexpectedly topped the trending list on Chinese Douyin. In a country that strictly prohibits cryptocurrency trading and mining, this phenomenon undoubtedly sends a strong signal. It is like a stone thrown into a calm lake, creating ripples that quickly spread from the professional financial circle to millions of internet users' screens, triggering a phenomenon of 'national science popularization.'
This is not just a random trending event. Behind it is a dramatic shift in the global financial landscape, a competition between major powers for digital currencies, and a profound question: are stablecoins, viewed as 'on-chain dollars,' leading cryptocurrencies in an unprecedented manner from the gray area 'wilderness' into the mainstream financial arena, heralding their historic moment of 'normalization'?

Today, during the celebrations of Independence Day in the United States, President Donald Trump formally signed his most iconic and controversial legislation of his second term — the (One Big Beautiful Bill Act). This massive, 1,118-page bill not only includes a historic $3.3 trillion tax cut and $1.13 trillion in spending cuts but also raises the U.S. debt ceiling by $5 trillion in one go, causing significant tremors from Capitol Hill to Wall Street.
However, behind this massive storm surrounding traditional finance, taxation, and social welfare, an emerging field seems to be becoming the biggest potential winner — cryptocurrency. On the same day that the (One Big Beautiful Bill Act) was signed, House Speaker Mike Johnson announced that from July 14 to 18, an unprecedented 'Crypto Week' would commence, focusing on reviewing three bills critical to the future of the industry at an unprecedented pace.

In the summer of 2025, a global financial competition surrounding stablecoins is rapidly intensifying at an unimaginable pace. As the US Senate historically passes the (GENIUS Act), paving the way for the compliance of dollar stablecoins and triggering a stock price surge for issuers like Circle, a strong shockwave crosses the Pacific, sparking profound reflection and anxiety from top to bottom in China, which had previously imposed the strictest bans on cryptocurrencies.
From the first public mention by the governor of the People's Bank of China, to the former governor's warning about 'dollarization', and to corporate giants JD.com and Ant Group's high-profile announcement of applying for stablecoin licenses, a major debate on 'how to respond to the impact of dollar stablecoins' is rapidly unfolding in China's political, business, and academic circles. This is not just a discussion about technical routes, but also a strategic shift concerning future monetary sovereignty and global financial discourse power. In this global competition that has already begun, who will break through first?

On the long journey of Web3 towards mainstream adoption, 'payments' have always been the most anticipated yet most challenging track. For a long time, the industry's dream has been to build a seamless bridge that allows ordinary people to easily use crypto assets in the real world, similar to using credit cards.
In June 2025, this dream seemed to welcome two completely opposite footnotes. On one side, the payment giant Mastercard, in collaboration with leading oracle Chainlink, grandly announced a monumental blueprint to enable over 3 billion cardholders worldwide to directly 'swipe their cards to buy coins'. On the other side, however, the highly praised U card service provider Infini quietly announced the complete shutdown of all its card payment services, causing an uproar in the community.

In the current global landscape, the U.S. attitude towards cryptocurrency is presenting an unprecedented, complex, and controversial dual narrative. On one hand, the strategic layout at the national level is quietly advancing, with the White House publicly confirming that the highly anticipated 'U.S. Bitcoin Reserve' plan has made substantial progress. On the other hand, President Donald Trump's personal financial world is being thoroughly reshaped by cryptocurrency on an unprecedented scale.
According to the latest financial disclosures, cryptocurrency has not only become the Trump family's second largest source of income after traditional hotel businesses, but its value even accounts for 60% of his total wealth. The close overlap between national strategy and the president's personal interests has sparked intense political storms in Washington and left global markets curious and concerned about America's next move.

Once upon a time, when Bitcoin mining was mentioned, the world's gaze would invariably turn to China. However, with China's complete withdrawal from the mining industry in 2021, the end of one era also heralded the beginning of a new one. Today, the global Bitcoin mining map is undergoing a profound, complex, and geopolitically colored reshaping.
This is no longer a solo act dominated by a single country, but a global 'computing power war' involving energy powers, sovereign nations, and even cryptocurrency giants. In this new competition, the U.S. and Russia are engaged in a new 'bipolar struggle,' while the Himalayan nation of Bhutan has emerged with an astonishing 'national mining' model, and stablecoin giant Tether is making a billion-dollar bet for the position of the world's largest mining company.

After more than two years of exploration and groundwork, Hong Kong is making a full sprint towards its grand goal of becoming a 'global digital asset center' with a more determined and systematic posture. In June 2025, the Hong Kong Special Administrative Region government officially published (Hong Kong Digital Asset Development Policy Declaration 2.0), which is not only a continuation and deepening of the first policy declaration in 2022 but also marks the official transition of Hong Kong's digital asset strategy from the 'testbed' stage to a new journey of 'institutionalization, scaling, and globalization.'
The core of this (Declaration 2.0) is the proposal of a four-strategy framework called 'LEAP,' aimed at building a trustworthy and innovative digital asset ecosystem through optimizing legal regulation, expanding tokenized products, advancing application scenarios, and developing talent cooperation. This series of measures not only provides a clear roadmap for global practitioners to enter the Asian market but also ignites tremendous enthusiasm in the capital market, signaling the accelerated arrival of Hong Kong's Web3 era.