4E: The market value of USDT breaks through 160 billion dollars, and the global crypto financial landscape is being reshaped

On July 21, according to 4E observation, the crypto market has recently ushered in a number of milestones, with stablecoins, IPOs, on-chain data, and regulatory expectations all heating up. Institutional participation and policy evolution are jointly driving the crypto industry to deepen reform.
According to the official announcement of Tether, the market value of USDT has exceeded 160 billion US dollars, setting a new record high. CEO Paolo Ardoino said that this is a "key node for the reconstruction of global financial liquidity". At the same time, the total amount of contracts held on the Ethereum chain also exceeded 52 billion US dollars on July 20, setting a new record, and the active level on the chain continued to rise.
The crypto industry has also ushered in a new round of IPO boom. Exchange and media giant Bullish has filed a prospectus with the US SEC to list on the New York Stock Exchange. Bullish was founded by Block.one and Silicon Valley veteran investor Peter Thiel, and the shareholder lineup behind it includes Founders Fund, Thiel Capital, Alan Howard, Nomura Securities, etc. This move is seen as an important signal that the US capital markets are further opening up to the crypto industry.
At the policy level, the US House of Representatives has passed the "CLARITY Act", the "GENIUS Act" and the "Anti-CBDC Surveillance National Act", of which the GENIUS Act is about to be signed into law by Trump. The White House will also release its first crypto policy report on July 22. US Treasury Secretary Vincent said that "the dollar is about to go online", which will strengthen the crypto continuation of the dollar as a global reserve currency.