4E: USDT market capitalization surpasses 160 billion USD, Bullish plans to go public in the US, global crypto financial landscape is being reshaped

ChainCatcher message, according to 4E observations, the crypto market has recently welcomed several milestone developments, with stablecoins, IPOs, on-chain data, and regulatory expectations all heating up. Institutional participation and policy evolution are jointly driving deep changes in the crypto industry.

According to an official announcement from Tether, the market capitalization of USDT has surpassed $160 billion, setting a new historical high. CEO Paolo Ardoino stated that this is "a key point in the reconstruction of global financial liquidity." Meanwhile, the total value of Ethereum on-chain contracts also broke $52 billion on July 20, setting a new record, with on-chain activity continuing to rise.

The crypto industry is also experiencing a new wave of IPO enthusiasm. The exchange and media giant Bullish has submitted a prospectus to the U.S. SEC, planning to list on the New York Stock Exchange. Bullish was co-founded by Block.one and Silicon Valley veteran investor Peter Thiel, with a shareholder lineup that includes founder funds, Thiel Capital, Alan Howard, and Nomura Securities. This move is seen as an important signal of the U.S. capital market further opening up to the crypto industry.

On the institutional side, Bitwise data shows that as of Q2 2025, 125 publicly traded companies collectively hold 847,000 BTC, valued at $91 billion. This quarter, 46 new companies entered the market, with an average holding price of $107,754, reflecting a growing demand for Bitcoin as a mainstream financial asset.

On the policy front, the U.S. House of Representatives has fully passed the "CLARITY Act," "GENIUS Act," and "Anti-CBDC Surveillance National Act," with the GENIUS Act soon to be signed into law by Trump. The White House will also release its first crypto policy report on July 22, with U.S. Treasury Secretary Yellen stating that "the dollar is about to go on-chain," which will strengthen the dollar's role as a global reserve currency in a crypto context.

Federal Reserve Chairman Powell and European Central Bank President Lagarde will deliver important policy speeches this week, with the market closely watching for responses to recent inflation, tariffs, and digital currency policies. Meanwhile, the altcoin season index has risen to 52, indicating further capital diversion, with Bitcoin social media discussions accounting for over 43%. Analysts warn to pay attention to short-term pullback risks.

4E reminds investors: market bullish and bearish information is intertwined, and one should be cautious of short-term mispricing caused by emotional fluctuations, while rationally seizing medium to long-term structural opportunities.