4E: SEC delays approval of multiple crypto ETFs, stablecoins and institutional holdings become market focus

On August 19, the US Securities Supervision Commission (SEC) announced that it would postpone the consideration of a number of crypto ETF applications, including grey release of the proposed DOT trust into an ETF and Canary's HBAR ETF, and the decision was postponed until June 11. The market reaction was smooth, and investors' attention remained focused on stablecoin expansion and institutional entry.
US Treasury Secretary Scott Bessent said that stablecoins will significantly expand the use of the global dollar and drive up the demand for US debt. After the passage of the GENIUS Act, the supply of income-based stablecoins surged, USDe broke through 10 billion US dollar market value to third, and USDS nearly 4.80 billion US dollar ranked fourth.
In terms of capital, according to Lookonchain, BlackRock, BitMine and SharpLink bought 1.096 million ETH last week, worth $4.72 billion, accounting for 0.91% of the total ETH supply. During the same period, the market value of stablecoins expanded by $6.70 billion, and the volume of spot and contract transactions on the chain increased significantly month-on-month.
4E reminds investors that the progress of ETF approval, the expansion of stablecoins, and the trend of institutional funds are shaping a new pattern. Investors should pay attention to policies and capital flows, and rationally grasp the rhythm of the market.