Recently, the cryptocurrency market has shown a booming trend, which is not the end of a bull run, but marks the beginning of a systemic long-term bull run. The current market is in the early acceleration phase of a new cycle, a judgment based on breakthrough developments in the regulatory environment, the expansion trend of stablecoins, improvements in technical aspects, and the positive expectations of institutional investors.

From the perspective of regulatory frameworks, cryptocurrencies are moving from a gray area to a national strategic level. The three significant bills launched in the United States set new standards globally. The "GENIUS Act" imposes stringent reserve requirements and regulatory measures on stablecoins, while the "CLEAR Act" clarifies the classification of digital assets and regulatory authorities, introducing an evaluation mechanism for decentralization maturity. At the same time, the introduction of the anti-CBDC bill safeguards the innovative space for private stablecoins. The implementation of these bills will significantly eliminate regulatory uncertainties and is expected to attract substantial investments from traditional financial institutions.

At the same time, the Hong Kong Monetary Authority is actively promoting the compliance process for stablecoins. The latest regulatory guidelines provide more flexibility for stablecoin issuers, such as allowing the use of tokenized assets as reserves and accepting a certain degree of currency mismatch and offshore reserve storage. This initiative not only reflects Hong Kong's open attitude towards digital financial innovation but also highlights its strategic intention to establish the Hong Kong dollar stablecoin as a new standard for cross-border payments.

The breakthrough developments in these regulatory frameworks, combined with the ongoing expansion of the stablecoin market, continuous optimization at the technical level, and the growing confidence of institutional investors, together form the institutional cornerstone that supports the long-term prosperity of the crypto assets market. We have reason to believe that the current market is standing at a new historical starting point and will usher in a more regulated and dynamic development stage in the future.