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

Mars Finance News: According to 4E observations, the Hong Kong Monetary Authority recently announced that from August 1 to September 30, 2025, it will open the first batch of stablecoin issuer license applications, officially launching Hong Kong's stablecoin regulatory system. Compared to the previous "whitelist" proposal, the regulatory plan is more stringent, requiring all Hong Kong compliant stablecoin holders to undergo real-name verification, aimed at enhancing anti-money laundering and counter-terrorism financing capabilities. The Monetary Authority also stated that if technology and regulatory methods mature, related requirements may be relaxed. International regulation is also accelerating. The US SEC has recently approved crypto asset ETPs using physical redemption mechanisms and raised the position limit for some Bitcoin ETP options to 250,000 shares. The SEC's move is seen as lowering costs and arbitrage thresholds for ETF issuers and market makers, potentially attracting more institutional liquidity into the crypto asset market. On the funding front, institutions continue to enter intensively. Strategy announced buying 21,021 Bitcoins for approximately $2.46 billion, raising its total holdings to 628,791 Bitcoins, consolidating its "Bitcoin treasury" leadership. Meanwhile, BTC/USD trading volume during US trading hours has risen to 57.3%, indicating the continued enhancement of dollar-zone funds' market dominance. On the other hand, Ethereum is also receiving high attention. Glassnode data shows that Ethereum's open contract position ratio has risen to nearly 40%, reaching a new high since April 2023. Standard Chartered Bank analysis suggests that treasury-type companies continue to increase ETH holdings, reflecting its rising strategic position in asset allocation. If fund inflows remain strong, ETH may break through the $4,000 mark. 4E reminds investors: Global compliance trends and traditional financial mechanisms are rapidly penetrating the Web3 market, with mainstream assets potentially showing stronger institutional logic. Investors should pay attention to regulatory developments and capital flows, seize structural opportunities, and be wary of short-term corrections caused by overheated sentiment.