On July 21, according to 4E observations, the encryption market has recently ushered in a number of milestone developments. Stabiloins, IPOs, on-chain data and regulatory expectations have all warmed up. Institutional participation and policy evolution are jointly promoting deepening changes in the encryption industry. According to Tether's official announcement, the market value of USDT has exceeded US$160 billion, setting a record high. CEO Paolo Ardoino said this is "a key node in the restructuring of global financial liquidity." At the same time, the total number of positions in contracts on the Ethereum chain also exceeded US$52 billion on July 20, setting a new record, and the activity on the chain continued to rise. The encryption industry is also ushering in a new round of IPO craze. Exchange and media giant Bullish has filed a prospectus with the US SEC and plans to list on the New York Stock Exchange. Bullish was founded by Block.one and senior Silicon Valley investor Peter Thiel. The shareholder lineup behind it includes Founder Fund, Thiel Capital, Alan Howard, Nomura Securities, etc. This move is seen as an important signal that the U.S. capital market is further opening up to the crypto industry. At the policy level, the U.S. House of Representatives has all passed the CLARITY Act, the GENIUS Act and the Anti-CBDC Surveillance State Act, of which the GENIUS Act will soon be signed into law by Trump. The White House will also release its first crypto policy report on July 22. U.S. Treasury Secretary Basent even said that "the US dollar is about to be launched" and will strengthen the crypto continuation of the US dollar as a global reserve currency.