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Stablecoins have become a parallel to the US dollar. Tokenization isn't just a marketing gimmick; it's the process of transforming capital into something programmable. Ethereum is becoming the invisible settlement layer behind open networks and enterprise financial experiments.

The SEC has delayed decisions on several crypto ETFs, including Bitcoin, Ethereum, Solana, XRP, Litecoin, and Dogecoin, pushing most deadlines into October. Regulators are working on new listing standards that could allow faster approvals of altcoin ETFs once rules are finalised.

China Merchants Bank (CMB), one of China’s biggest financial institutions has successfully set up its first crypto exchange in Hong Kong under its subsidiary company, CMB International Securities Limited.

The United States not only uses "clearer rules" to increase the attractiveness of the capital market, but also uses "a more fundamental view of rights" to reshape the attractiveness of talent.

In addition to the simple definition of stablecoin, it is also mixed with surrounding concepts such as blockchain, web3.0, RWA, US debt crisis, US dollar hegemony, decentralization, etc., which makes it suddenly more difficult to understand.

Qubic has just declared that it is planning an attack on the DOGE network, with plans of taking over 51% of the memecoin's hash power.

South Korea plans to submit a stablecoin regulation bill in October to allow banks and tech firms to issue and manage won-pegged stablecoins. Major banks are preparing for adoption and may partner with USDC issuer Circle to enable domestic and international crypto payments.

Why every fiat currency eventually fails, and how can Bitcoin break this cycle?

In 2025, the Hong Kong cryptocurrency industry showed a clear polarization. Traditional financial institutions actively embraced crypto businesses, while some Crypto Native practitioners chose to leave due to compliance pressure and cultural conflicts.

According to CoinDesk, Digital Asset, a bluechip financial blockchain provider, has successfully completed a test of its Canton Network, involving major financial institutions such as Goldman Sachs, BNY Mellon, DRW, Oliver Wyman, and Paxos. The pilot included 15 asset managers, 13 banks, four custodians, and three exchanges, enabling seamless transactions and settlements of tokenized assets, as well as handling fund registry, digital cash, repo, securities lending, and margin management transactions. The successful execution of over 350 simulated transactions demonstrated how a network of interoperable applications can seamlessly connect to enable secure, atomic transactions across multiple parts of the capital markets value chain. The test also showcased the potential benefits of using such a network to reduce counterparty and settlement risk, optimize capital, and enable intraday margin cycles. The growing interest in enterprise blockchain is driven by a renewed focus on tokenization, which involves realizing existing financial assets as blockchain-based tokens. Digital Asset CEO Yuval Rooz stated that Canton allows previously siloed financial systems to connect and synchronize in previously impossible ways while abiding by current regulatory guardrails. Additional pilot participants included abrdn, Baymarkets, BNP Paribas, BOK Financial, Cboe Global Markets, Commerzbank, DTCC, Fiùtur, Generali Investments, Harvest Fund Management, IEX, Nomura, Northern Trust, Pirum, Standard Chartered, State Street, Visa, and Wellington Management, with Deloitte acting as an observer and Microsoft as a supporting partner.