🌍 **Global Economic Key Trends**
1. **Growth Differentiation**: Asian manufacturing expands (led by China and India), while European and American service sectors are weak; the unemployment rate in the U.S. drops to 4.1%, but new jobs are mainly driven by the government (accounting for 49.7%).
2. **Trade War Risks**: Trump imposes 25%-40% tariffs on 14 countries (effective August 1), impacting the global supply chain.
3. **Oil Price Plunge**: WTI crude oil drops to $65.84 per barrel, potentially falling to $60 in the fourth quarter.
### 💵 **Stablecoin Market**
- **Market cap surpasses $255.3 billion**, USDT ($159.5 billion) and USDC ($61.8 billion) account for 90% share, decentralized stablecoin USDe's market cap skyrockets to $6.2 billion (an annual increase of 40 times).
- **Regulatory Framework Takes Shape**: The U.S. 'GENIUS Act' requires 100% reserves + bans algorithmic stablecoins; Hong Kong's 'Stablecoin Regulations' effective in August supports multi-currency pegging.
₿ **Cryptocurrency Market**
- **Bitcoin surpasses $109,000**, Standard Chartered predicts it could reach $200,000 by the end of 2025, institutions increased holdings by 245,000 coins in the first half of the year (up 375% year-on-year).
- **Ethereum leads public chains**: Technical upgrades (Pectra hard fork), regulatory benefits (ETH classified as 'digital goods') drive institutional entry; Solana propelled by Meme coins, target price of $331 by 2025 (+70%).
🔮 **Future Trends**
- **Stablecoins**: The market size may reach $2 trillion by 2028 (average annual growth rate of 60%).
- **RWA (Real Asset Tokenization)**: Market size could reach $16 trillion by 2030, with stablecoins accounting for 30%-50% of the share.
**Risk Warning**: Escalation of trade wars, insufficient transparency of stablecoin reserves, volatility of U.S. Treasury yields.
> 💎 **Summary**: In the short term, policy compliance (Hong Kong licenses + U.S. legislation) will ignite the market; in the long term, Bitcoin becomes 'digital gold', and stablecoins reshape the global payment system.
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