On August 1, 2025, the Hong Kong "Stablecoin Ordinance" officially came into effect. Against this backdrop, global Financial Institutions are turning their attention to this land full of opportunities. Among them, the movements of Chinese banks are particularly noteworthy, as their participation is seen not only as a commercial layout but also as a barometer with far-reaching strategic significance.
As of the end of August, as many as 77 institutions have expressed their intention to apply for licenses from the Hong Kong Monetary Authority (HKMA), but the authority has made it clear that only a very small number of licenses will be issued in the first phase. In this "one in a hundred" competition, which Chinese banks have entered the field has become the focus of market attention.
Not just Chinese banks
It is reported that at least two of China's top state-owned banks have clearly expressed their intention to apply for stablecoin licenses through their Hong Kong subsidiaries.
Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia))
According to Hong Kong media "Xin Bao", as a Chinese asset

Webus has partnered with Air China to support XRP payments on overseas platforms, serving "Phoenix Knowledgeable" members. This model balances compliance and innovation, showcasing the wisdom of Chinese enterprises in exploring the encryption economy under strict regulation, and indicating the potential for future integration of aviation and Blockchain.

Since 2025, Wall Street has seen a surge of publicly listed companies "raising funds to buy coins," sparking a digital asset reserve model. However, Nasdaq has tightened regulations, requiring shareholder approval for related actions, which has led to a sharp decline in related concept stocks. This move aims to strengthen control over potential risks, promote market maturity, and raise the compliance threshold for new entrants.

The Hong Kong "Stablecoin Regulation" will take effect in 2025, with 77 institutions vying to apply for stablecoin issuer licenses. Among them, Bank of China (Hong Kong) is receiving significant attention and may facilitate the internationalization of the Renminbi. The regulatory requirements are strict, and market enthusiasm is high, indicating Hong Kong's rise in the digital finance sector.

The success of the Bitcoin Spot ETF has propelled digital assets into the mainstream financial market, and the "Digital Asset Treasury" (DAT) strategy has become a new trend. DAT allows companies to use encryption assets as reserves, enhancing liquidity, price elasticity, and leverage effects, which has encouraged more enterprises to explore this model. Experts point out that DAT is not only a bridge for capital entry but also needs to transform from a "storehouse" to an "engine" to achieve productive use of assets, promoting deep integration and innovative development of crypto finance.

For a long time, crypto assets have often been portrayed in public opinion and the political arena as a hotbed for money laundering, terrorism financing, and various illegal transactions, as if they are a "lawless territory" for financial crimes. However, a recent report released by the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) reveals a shocking yet long-ignored truth: within the vast network of global black money flows, the traditional banking system, especially the financial institutions in the United States, plays a far more central and larger role than crypto assets.
Traditional Financial Money Laundering Conspiracy
FinCEN found that U.S. banking institutions processed as much as $312 billion for "Chinese Money Laundering Networks" (CMLNs) by analyzing over 137,000 Bank Secrecy Act (BSA) reports from 2020 to 2024.

Hong Kong is rapidly becoming the center of Web3, attracting TradFi giants and mainland enterprises to actively lay out, with the number of Crypto Assets trading services continuously increasing. Despite the enthusiastic market response, industry leaders are calling for enhanced regulatory flexibility to boost Hong Kong's global competitiveness. The efforts from all parties are driving Hong Kong towards a diversified Web3 ecosystem, but balancing robust regulation with rapid innovation will be the key challenge for the future.

A strong wave of capital is surging in Asia, fundamentally reshaping the wealth landscape of this global economic growth engine. Crypto Assets, once viewed by mainstream finance as high-risk, high-Fluctuation, and even a Ponzi Scheme, are now rapidly shedding their marginal label, becoming not only a "must-have option" in the investment portfolios of Asia's wealthy families but also upgrading to a "national-level reserve asset" that some countries and regions are actively exploring.
From the strategic allocation of private wealth to the macro layout at the national level, a profound transformation surrounding Bitcoin is unfolding in Asia. However, can this path of "national Bitcoin reserves" truly succeed in Asia's complex political and economic environment?
The cognitive shift of Asian wealthy individuals
It is reported that family offices and high net worth individuals in Asia are allocating about 5% of their investment portfolios to Crypto Assets, marking a decisive shift. This wave is no longer a cautious exploration, but rather...

Global big tech giant Google is extending its strategic reach into the intersection of encryption assets and artificial intelligence (AI) computing with unprecedented depth and breadth. From ensuring the infrastructure for AI computing power to standardizing the application ecosystem, and now officially launching its self-developed Layer-1 blockchain, Google's series of actions reveal its immense ambition to not only participate in but also lead the next wave of fintech.
Entering the cryptocurrency industry
Google's layout did not happen overnight, but started from the upstream of the industrial chain. Recently, Google reached a far-reaching cooperation with the Bitcoin mining company TeraWulf through its AI cloud platform partner Fluidstack. According to the agreement, Google not only guarantees a leasing obligation of up to $1.8 billion to support the project's debt financing, but also obtains the option to acquire approximately 41 million TeraWulf.

The U.S. Department of Commerce has decided to publish core economic data such as GDP on the Blockchain, aiming to enhance the transparency of government data and public trust. This plan has sparked heated discussions in the market, but it also faces challenges regarding data accuracy. This initiative marks an important advancement of Blockchain technology in government applications and resonates with global trends.

The current Crypto Assets market is playing out a drama full of contradictions. On one hand, Bitcoin has fallen from its historical high of $124,000, and the market is shrouded in the gloom of panic selling, with various on-chain indicators lighting up in red. On the other hand, a powerful influx of institutional capital is pouring in at an unprecedented scale, with global listed companies no longer satisfied with merely incorporating Bitcoin into their balance sheets, but instead igniting a buying frenzy aimed at mainstream public chain Tokens, intending to create one "Micro Strategy" after another for specific Tokens.
The wave of institutional "coin hoarding" sharply contrasts with the generally cautious market sentiment and raises a core question: Before regulators give the green light to more Crypto Assets ETFs (exchange-traded funds), is the gamble of these publicly listed companies enough to ignite the long-awaited "altseason"?
Microstrategy

BTCS Inc. has become the world's first publicly traded company to pay dividends in Ethereum, rewarding long-term investors and solidifying its shareholder base through a base dividend and loyalty rewards program. This move marks a shift of Ethereum as a core asset, with BTCS leveraging a diversified strategy to achieve the continuous appreciation of ETH assets, signaling further integration of encryption assets in mainstream finance.

China is considering launching a renminbi stablecoin to counter the dominance of the US dollar in the Digital Money space and promote the internationalization of the renminbi, especially in cross-border trade payments. This initiative is not only a challenge to the US dollar hegemony but also brings new choices and opportunities to the global financial system.

In the landscape of digital finance in the United States, an intense multi-layered game about the future is unfolding. At the state level, Wyoming, with its consistent pioneering spirit, has recently launched the first state government-supported stablecoin in the country, showcasing the immense possibilities of technological innovation to the world. However, at the federal level, a fierce lobbying battle led by traditional banking giants aimed at shaping and even controlling the future of the digital dollar has also entered a heated phase. These two distinctly different dynamics together reveal the complexity and profound contradictions the United States faces in its transition to the era of digital money.
state-level stablecoin
For a long time, Wyoming has been a legislative pioneer in the field of Digital Money in the United States. Today, it has once again consolidated this position with concrete actions by officially launching a stablecoin named "FRNT." This is not only a first in American history, but its design concept and technical implementation also set a new standard for future government-level Digital Money.