#打榜优质内容# The "dance" between policy and market

The development of the cryptocurrency sector has always been closely tied to the "tightening spell" of policies. As a key player in the global financial market, the dynamics of U.S. policies regarding cryptocurrencies have drawn significant attention. On May 19 of this year, the U.S. Senate passed the "GENIUS Act", which clearly defines stablecoins as non-securities and mandates a 1:1 reserve of U.S. dollars or short-term U.S. Treasury bonds, prohibits algorithmic stablecoins, and authorizes the Treasury to establish a "non-compliant stablecoin list." The introduction of this act fills the regulatory gap for stablecoins in the U.S., aiming to attract more institutional investors while solidifying the dollar's position in the digital realm. On July 18, Trump signed the "GENIUS Act" into law, establishing a federal unified regulatory framework that requires issuers to obtain OCC approval, reserves to consist solely of cash and Treasury bonds, and the CEO/CFO to be responsible for data authenticity. The implementation of this series of policies has had a profound impact on the cryptocurrency market trends. On one hand, the development of compliant stablecoins has received policy support, providing the market with more stable investment options; on the other hand, the prohibition of algorithmic stablecoins has reduced instability factors in the market, lowering the risks for investors.

Other countries, in addition to the United States, have also introduced relevant policies. The Hong Kong Legislative Council passed the "Stablecoin Ordinance" on May 21, 2025, requiring issuers to have a paid-in capital of HKD 25 million, with 100% of reserve assets held in segregated custody, and prohibiting high-risk activities. The ordinance officially came into effect on August 1, and the Monetary Authority began accepting license applications, with the first batch potentially issuing only 3 to 4 licenses, initially pegged to the Hong Kong dollar / US dollar. This move consolidates Hong Kong's position as an international financial center, attracting companies like Ant Group and JD.com to apply for licenses, and promoting the compliance development of the stablecoin market.

The EU's MiCA regulation will partially take effect on June 30, 2024, requiring stablecoin issuers to obtain authorization from member states, with reserve assets held in a 1:1 ratio. The daily trading limit for non-euro stablecoins is set at 200 million euros. By 2025, 53 institutions will have obtained licenses, including 14 stablecoin issuers, promoting the process of compliance in the cryptocurrency market in the EU region.

Countries like South Korea, Singapore, and the United Kingdom have also introduced corresponding stablecoin policies based on their own situations. These policies have, to some extent, regulated the cryptocurrency market and reduced market risks, but they have also imposed certain restrictions on market activity and innovation capabilities.