A Quick Look at Cryptocurrency Industry Dynamics: Regulation, Adoption, and Innovation Coexist

Applications for stablecoin licenses in Hong Kong are booming, but the number of licenses issued initially will be limited. Hong Kong's Stablecoin Ordinance came into effect on August 1st. As of the end of August, the Hong Kong Monetary Authority (HKMA) had received 77 applications for stablecoin issuer licenses from banks, technology companies, securities firms, and asset management firms. The HKMA reiterated that only a small number of licenses will be issued during the initial phase of the ordinance and recommended that well-prepared institutions submit formal applications by the end of September. Hong Kong Legislative Council member Ng Kit-chung stated that Hong Kong's stablecoin regulations are very strict, and the number of licenses issued is very limited. He stated that one license may be issued early next year. The Legislative Council will also initiate legislative procedures for offline OTC services as soon as possible next year. The 2025 Global Cryptocurrency Adoption Index, released by blockchain data analysis firm Chainalysis, shows that India has topped the global cryptocurrency adoption rankings for three consecutive years, while the United States has jumped from fourth place last year to second this year. The Asia-Pacific region saw a 69% year-on-year increase in total on-chain crypto transactions over the past year, making it the fastest-growing region, with India, Vietnam, and Pakistan contributing significantly.

U.S. SEC and CFTC Joint Statement Supporting Crypto Spot Trading

On September 3rd, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a joint statement explicitly supporting their registered trading platforms to conduct trading of some crypto spot assets. The statement noted that SEC-registered national securities exchanges, CFTC-registered designated contract markets, and foreign trading platforms are not prohibited from offering crypto spot product trading services, and relevant platforms can proactively contact the two agencies to discuss further details.

ECB President Calls for Addressing Risks of Non-EU Stablecoins

ECB President Christine Lagarde called on EU policymakers to address regulatory gaps in stablecoins, particularly those not included in the EU's MiCA framework. She emphasized that stablecoin issuers should not be allowed to operate in the EU if they have not established "robust equivalence mechanisms" in their source jurisdictions. These mechanisms should include ensuring that EU investors can redeem at face value and that the issuer provides sufficient reserves. Bridgewater Associates founder: Cryptocurrency may become an alternative to the US dollar. In response to an interview with the Financial Times, Bridgewater Associates founder Ray Dalio stated that US debt and inflation risks have entered the end of a "major cycle" and that unchanged policies could lead to a debt-induced "economic heart attack." He noted that cryptocurrencies, due to their limited supply, may become alternative currencies when the supply of the US dollar increases and demand decreases, making their value attractive compared to fiat currencies. Mastercard's Head of Crypto in Europe: Developing Our Own Blockchain Not Ruled Out Mastercard's Head of Crypto in Europe, Christian Rau, stated in an interview that the company views cryptocurrency as a potential payment technology rather than a revolution, and that its strategy remains centered on "secure and compliant payments." Rau stated that stablecoins are beneficial clearing tools that can improve cross-border payments, but cannot replace the compliance and dispute protection of traditional networks. As for whether the company will launch its own blockchain, Rau stated that there are currently no public plans, but he does not rule out the possibility. Ondo Launches Over 100 US Stock and ETF Tokens on Ethereum. Ondo Finance announced the launch of Ondo Global Markets, listing over 100 US stock and ETF tokens on Ethereum and will soon support BNB Chain and Solana. The Ondo Global Markets platform is open to qualified investors in Asia Pacific, Europe, Africa, and Latin America, but excludes retail and institutional participants in the US and UK. WLFI Token Launches, Justin Sun's Address Frozen. World Liberty Financial announced the official launch of the WLFI token on September 1st, with an initial circulation of approximately 24.67 billion tokens, representing approximately 24.7% of the total token supply. However, on-chain data shows that addresses controlled by World Liberty Financial have blacklisted addresses associated with Justin Sun. Sun Yuchen responded that his address was only used for exchange deposit testing and was not involved in any trading. He also called on the team to unlock the tokens. Disclaimer: The content of this article is for reference only and does not constitute any investment advice. Investors should view cryptocurrency investments rationally based on their own risk tolerance and investment goals, and should not blindly follow the trend.