The crypto market迎来"Compliance narrative + real returns"的结构性转折点

In the second quarter of 2025, the crypto market showed an overall warming trend. The global macro environment became more stable, and tariff policies eased, providing a friendly backdrop for capital flow and asset allocation. At the same time, several countries and regions introduced friendly policies, and traditional financial markets began to embrace cryptocurrency, linking token structures with traditional financial assets to achieve the “financialization” of capital structures.

The stablecoin sector is particularly active, with the expansion of USDT/USDC scale, the establishment of compliance frameworks in multiple countries, and Circle’s IPO all pushing the cryptocurrency narrative closer to mainstream capital markets. On-chain derivatives are continuously heating up, with Hyperliquid becoming a phenomenal leader, achieving new daily trading volume highs. As on-chain matching systems and user experience are optimized, the derivatives market is accelerating its structural leap from “off-chain replication” to “on-chain native,” further promoting DeFi development.

Global Stablecoin Regulation Implementation and Potential Opportunities

“The Genius Act” accelerates the implementation of global stablecoin regulation.

In the second quarter of 2025, the global stablecoin market continued to grow, with the regulatory framework accelerating its implementation. As of June 24, the total market capitalization of stablecoins reached $240 billion, an increase of 20% from the beginning of the year. Dollar stablecoins account for over 95% of the market share, with USDT and USDC combined accounting for 89.4%. In the past three months, on-chain transaction volume exceeded $10 trillion, with an adjusted effective trading volume of $2.2 trillion. Stablecoins are evolving from trading tools to mainstream payment mediums.

The U.S. Congress has passed the landmark “Genius Act,” establishing a comprehensive regulatory framework for payment stablecoins. This legislation, along with other digital asset regulations, builds a new regulatory landscape for digital assets in the United States. The act embodies the U.S. strategy to promote payment modernization and reinforce the global dominance of the dollar, marking a critical turning point for compliance in the crypto industry.

The bill stipulates that compliance stablecoins must have a full reserve of 1:1 US dollars, with strict custody and auditing to achieve high transparency. This not only reduces market concerns but also establishes a “Treasury absorption pool” linked to on-chain payment systems, which is expected to drive tens of trillions of dollars in new demand for U.S. Treasury bonds. The bill positions stablecoins as payment tools, excludes securities attributes, eliminates regulatory barriers, and promotes institutional capital involvement.

South Korea, Hong Kong, and other regions are actively building regulatory frameworks for stablecoins. South Korea has proposed the “Basic Digital Asset Act,” allowing local companies to issue stablecoins and strengthening reserve requirements. Hong Kong will officially implement the “Stablecoin Regulation,” establishing a licensing system. Several Chinese-funded enterprises and financial institutions are attempting to enter the stablecoin industry.

The huge opportunities brought by stablecoin Compliance

The “Genius Act” brings unprecedented opportunities to the crypto industry:

1. Compliance stablecoins and DeFi integration unleash funding potential. The legislation opens a green channel for institutional funds to enter DeFi, promoting DeFi towards the mainstream.

2. Stablecoins bring revolutionary opportunities to the payment sector. The advantages of low cost and high efficiency in settlement are suitable for cross-border payments, instant settlement, and micro-payments in emerging markets.

3. RWA combines stablecoin anchoring with blockchain to foster asset digitization innovation. It transforms physical assets into tradable digital assets, expands liquidity, and reduces intermediary costs.

The bill also brings challenges. It expands the definition of digital asset service providers and requires developers, among others, to comply with anti-money laundering regulations. Decentralized projects face greater Compliance pressure and may be forced to move out of U.S. regulation, leading to market fragmentation.

Circle Listing Leads a New Paradigm: Corporate Balance Sheets Move On-Chain

In early Q2 2025, the crypto market entered a consolidation phase, with Bitcoin Dominance rising to a four-year high. Institutional participation remains strong, with continuous inflows through compliance channels such as ETFs and stablecoins.

The successful IPO of Circle is the biggest highlight, with an issue price of $31, raising $1.1 billion, and a market value that once surged to $68 billion. It represents the entry of compliance encryption companies into the mainstream capital market and opens up listing opportunities for other companies.

Multiple listed companies have taken substantial steps in digital asset allocation:

• SharpLink Gaming holds 188,478 ETH and has staked all of it.
• DeFi Development Corp purchased 251,842 SOL, planning to tokenize the stock on the Solana blockchain.
• Strategy holds 592,345 Bitcoins, with a market value exceeding 63 billion USD.
• Metaplanet increases its Bitcoin holdings in the Japanese market, aiming to reach 210,000 coins by 2027.

The enterprise encryption asset strategy shows globalization and multi-chain characteristics, shifting from passive holding of coins to constructing balance sheets and revenue models centered around encryption assets.

In terms of regulation, the U.S. policy stance is becoming clearer. Although Kraken is facing a lawsuit from the SEC, it is actively advancing its IPO. Animoca Brands plans to go public in Hong Kong or the Middle East, reflecting a strategic focus on regulatory location selection.

The crypto industry has entered a new stage of “institutional structural reallocation” and “enterprise balance sheet on-chain transformation”. Native crypto VCs will focus on: projects that have stablecoin, staking, and DeFi yield capabilities; service providers that assist enterprises in executing complex asset allocations; leading companies that embrace Compliance and enter the public capital market.

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Hyperliquid, On-chain Derivatives and the Rise of Real Yield DeFi

In Q2 2025, Hyperliquid made breakthrough progress in the on-chain derivatives market:

• June trading volume reached 186 billion USD, with a cumulative total of 621.5 billion USD in Q2.
• The decentralized perpetual contract market share reaches 80%
• In May, the perpetual contract trading volume reached 10.54% of Binance’s total derivatives volume during the same period.

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The core profits of Hyperliquid come from trading fees. 97% of the revenue is used to repurchase HYPE tokens, with total fees of 450 million USD over the past 7 months, and the assistance fund holds HYPE with a market value of over 1 billion USD.

In terms of technical architecture, Hyperliquid operates on a proprietary Layer-1 chain, capable of processing 100,000 orders per second, achieving performance similar to centralized exchanges.

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The success of Hyperliquid has sparked a renewed focus on the concept of “real yield.” Real yield comes from actual economic activities, such as trading fees, lending interest, etc., rather than inflationary issuance of tokens. This is crucial for the long-term viability of DeFi protocols.

Investment institutions should prioritize protocols with actual economic activities, strong token economics, and revenue-sharing models, focusing on their long-term sustainability rather than just TVL or speculation.

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