4E: Hong Kong Monetary Authority promotes real-name regulation of stablecoins, U.S. SEC approves physical redemption mechanism

ChainCatcher message, according to 4E observations, the Hong Kong Monetary Authority recently announced that from August 1 to September 30, 2025, it will open the first batch of stablecoin issuer license applications, officially launching the Hong Kong stablecoin regulatory system. Compared to the previous "white list" concept, the regulatory scheme is stricter, requiring all compliant stablecoin holders in Hong Kong to undergo real-name verification, aimed at enhancing anti-money laundering and counter-terrorism financing capabilities. The Monetary Authority also stated that if technology and regulatory measures mature in the future, related requirements may be relaxed.

International regulation is also accelerating. The U.S. SEC recently approved a physical redemption mechanism for cryptocurrency ETPs and raised the position limit for some Bitcoin ETP options to 250,000 contracts. This move by the SEC is seen as a way to lower costs and arbitrage thresholds for ETF issuers and market makers, which is expected to attract more institutional liquidity into the cryptocurrency market.

On the funding side, institutions are still entering the market intensively. Strategy announced the purchase of approximately $2.46 billion worth of 21,021 Bitcoins, increasing its total holdings to 628,791 Bitcoins, solidifying its leadership position in the "Bitcoin treasury." Meanwhile, the trading volume of BTC/USD during U.S. trading hours has risen to 57.3%, indicating a continued increase in the dominance of dollar-based funds in the market.

On the other hand, Ethereum is also receiving significant attention. Glassnode data shows that the proportion of open contract positions for Ethereum has risen to nearly 40%, reaching a new high since April 2023. Standard Chartered Bank analysts believe that treasury-type companies are continuously increasing their holdings of ETH, reflecting its rising strategic position in asset allocation. If the inflow of funds remains strong, ETH is expected to break through the $4,000 mark.

4E reminds investors: The global compliance trend and traditional financial mechanisms are rapidly penetrating the Web3 market, and mainstream assets may exhibit stronger institutional logic. Attention should be paid to regulatory dynamics and fund flows, to seize structural market opportunities, while being wary of short-term corrections triggered by overheating sentiment.