4E: The market value of USDT has exceeded 160 billion US dollars, and the reshaping of the global cryptocurrency financial landscape is underway

On July 21st, according to 4E observations, the cryptocurrency market has recently experienced multiple milestone developments, including stablecoins IPO、 On chain data and regulatory expectations are heating up comprehensively, and institutional participation and policy evolution are jointly driving the deepening transformation of the encryption industry. According to Tether's official announcement, the market value of USDT has exceeded 160 billion US dollars, setting a new historical high. CEO Paolo Ardoino stated that this is a "key node in the global financial liquidity restructuring". At the same time, the total holdings of Ethereum on chain contracts also exceeded $52 billion on July 20th, breaking historical records, and the on chain activity continued to rise. The cryptocurrency industry has also ushered in a new round of IPO frenzy. Bullish, an exchange and media giant, has submitted a prospectus to the US SEC for listing on the New York Stock Exchange. Bullish was founded by Block.one in collaboration with veteran Silicon Valley investor Peter Thiel, and its shareholder lineup includes the founder's fund Thiel Capital、 Alan Howard, Nomura Securities, etc. This action is seen as an important signal of further opening up of the US capital market to the cryptocurrency industry. At the policy level, the US House of Representatives has fully passed the CLARITY Act, GENIUS Act, and Anti CBDC Surveillance National Act, among which GENIUS Act is about to be signed into law by Trump. The White House will also release its first cryptocurrency policy report on July 22, with US Treasury Secretary Besson stating that "the US dollar is about to go live" and will strengthen the encrypted continuation of the US dollar as a global reserve currency.