On July 21, news from 4E reported that the crypto market recently encountered several significant events, with stablecoins, IPOs, on-chain data, and expectations regarding regulation actively rising. The involvement of institutions and the evolution of policies are collectively contributing to profound changes in the Crypto industry. According to an official statement from Tether, the market capitalization of USDT exceeded $160 billion, setting a historical record. CEO Paolo Ardoino noted that this is "a key node in the reconstruction of global financial liquidity." Meanwhile, the total assets under contracts on Ethereum surpassed $52 billion on July 20, setting a new historical record, and activity on-chain continues to grow. The Crypto industry also saw a new surge in IPOs. The exchange and media giant Bullish filed a prospectus with the US SEC, planning to go public on the New York Stock Exchange. Bullish was founded by Block.one along with Silicon Valley senior investor Peter Thiel, backed by shareholders including Founders Fund, Thiel Capital, Alan Howard, Nomura, and others. This move is viewed as an important signal for opening the US capital market to the Crypto industry. Politically, the US House of Representatives fully passed the "CLARITY," "GENIUS," and "Anti-CBDC Monitoring Bill," among which the GENIUS bill is soon to be signed by Trump. The White House will also release the first report on crypto policy on July 22. US Treasury Secretary Benten stated that "the dollar will soon be on-chain," which will strengthen the crypto continuation of the dollar as a global reserve currency.