On July 21, news reported that the crypto market has recently welcomed several milestone developments, with stablecoins, IPOs, on-chain data, and regulatory expectations all heating up. Institutional participation and policy evolution are jointly driving deep changes in the crypto industry. According to Tether's official announcement, the market capitalization of USDT has surpassed $160 billion, setting a new historical high. CEO Paolo Ardoino stated that this is a "key node in the reconstruction of global financial liquidity." Meanwhile, the total amount of Ethereum on-chain contract holdings also exceeded $52 billion on July 20, breaking historical records, with on-chain activity continuing to rise. The crypto industry is also experiencing a new wave of IPO fervor. The exchange and media giant Bullish has submitted a prospectus to the U.S. SEC, planning to go public on the New York Stock Exchange. Bullish was founded by Block.one in conjunction with Silicon Valley veteran investor Peter Thiel, and its shareholder lineup includes founder funds, Thiel Capital, Alan Howard, Nomura Securities, and others. This move is seen as an important signal of the U.S. capital market further opening up to the crypto industry. On the policy front, the U.S. House of Representatives has passed the "CLARITY Act," the "GENIUS Act," and the "Anti-CBDC Surveillance National Act," among which the GENIUS Act is about to be signed into law by Trump. The White House will also release its first crypto policy report on July 22, and U.S. Treasury Secretary Janet Yellen stated that "the dollar is about to go on-chain," which will strengthen the dollar's position as a global reserve currency in the crypto continuation.