4E: The Hong Kong Monetary Authority promotes the real-name supervision of stablecoins, and the US SEC releases the physical redemption mechanism

On July 30, according to 4E Watch, the Hong Kong Monetary Authority recently announced that the first batch of stablecoin issuer license applications will be opened from August 1 to September 30, 2025, officially launching the Hong Kong stablecoin regulatory system. Compared with the previous "whitelist" concept, the regulatory scheme is stricter, and all Hong Kong stablecoin holders' identity compliance needs to be verified by real name, aiming to enhance anti-money laundering and anti-terrorist financing capabilities.
International regulation is also picking up speed. The US SEC recently approved the use of physical foreclosure mechanism for crypto-asset ETPs, and raised the position limit of some bitcoin ETP options to 250,000. The SEC's move is seen as lowering the cost and arbitrage threshold for ETF issuers and market makers, which is expected to attract more institutional liquidity into the crypto-asset market.
In terms of funds, institutions are still entering the market intensively. Strategy announced the purchase of 21,021 bitcoins at about $2.46 billion, raising the total position to 628,791, solidifying its "bitcoin treasury" leadership position. At the same time, the turnover share of BTC/USD in the US trading session has risen to 57.3%, indicating that the dominance of the market by funds in the US dollar area continues to increase.
4E reminds investors that global compliance trends and traditional financial mechanisms are rapidly penetrating the Web3 market, and mainstream assets may show stronger institutional logic. We should pay attention to regulatory dynamics and capital trends, grasp structural conditions, and be wary of short-term pullbacks caused by overheated emotions.