Gate Research Institute: USDC usage on the Ethereum network hits all-time high | Hong Kong Monetary Authority advances Basel crypto asset capital new regulations

Crypto Market Overview

• BTC (-1.84% | Current price 112,885 USDT): The current BTC price is hovering around 112,800 USD, recently showing an overall bearish trend. On August 23, there was a strong rally that quickly broke through to a peak of 117,417 USD, but it couldn't hold and subsequently fell back; overall, the short-term trend for BTC is bearish, and attention should be paid to whether it can maintain the support at 110,600 USD. On August 22, the BTC ETF saw a net outflow of 23.2 million USD in a single day, with BlackRock's IBIT experiencing an outflow of 198 million USD and Fidelity's FBTC seeing an inflow of 50.9 million USD.
• ETH (-0.63% | Current Price 4,739 USDT): The short-term trend of ETH has entered a phase of consolidation, being in a struggle at the key support and resistance zones; recently, on August 23, there was a quick surge, reaching a high of 4,956 USD, but it failed to break through the 5,000 USD integer resistance, subsequently entering a sideways consolidation, and showing some pullback on the 25th. The key support below is in the range of 4,700—4,680 USD, and if this level is lost, it may further retrace to 4,500 USD. On August 22, the net inflow of ETH ETF was 337 million USD in a single day, of which BlackRock's ETHA saw an inflow of 109 million USD, and Fidelity's FETH saw an inflow of 117 million USD.
• Altcoins: Most mainstream altcoins experienced slight declines, with market sentiment predominantly "neutral" and "buying". The Fear and Greed Index reported 47 today, still within the normal range, indicating that market sentiment has cooled somewhat compared to before.
• Macro: On August 22, the S&P 500 index rose by 1.52%, closing at 6,466.91 points; the Dow Jones index rose by 1.89%, closing at 45,631.74 points; the Nasdaq index rose by 1.88%, closing at 21,496.54 points. As of August 25, 10:00 AM ( UTC+8, the spot gold price is temporarily reported at 3,362 dollars per ounce, with a 24H decline of 0.27%.

Popular Tokens on Juejin

NEON NEON EVM (+46.89%, circulating market cap 39.2076 million USD)

According to Gate market data, the current price of the NEON token is $0.166, up 46.89% in the last 24 hours. NEON EVM is an Ethereum Virtual Machine (EVM) solution deployed on the Solana blockchain, with its core function being to provide an environment that is fully compatible with the Ethereum Virtual Machine, allowing Ethereum dApps (decentralized applications) to run on the Solana network without the need for code modifications.

Solana continues to lead in performance and utilization, while NEON has gained market popularity by introducing EVM compatibility, aligning with this trend. Previously, NEON was incorporated into a crypto card payment platform by a European fintech company, enabling global crypto consumption. From the price trend, NEON has been consolidating in the range of $0.08–$0.09 for a long time, with relatively low trading volume. However, starting from the 24th, with a surge of capital inflow, the price quickly broke through the consolidation range, indicating not only an acceleration of capital inflow but also a fundamental shift in market sentiment.

QTUM Qtum (+33.25%, circulating market value 348 million USD)

According to Gate.io market data, the current price of the QTUM token is $3.32, having increased by approximately 33.25% in the last 24 hours. Qtum is an open-source blockchain platform that combines the security of Bitcoin (UTXO model) with the smart contract capabilities of Ethereum, and uses a Proof of Stake (PoS) consensus mechanism to provide energy efficiency. Its native token QTUM is used for paying transaction fees, participating in network governance voting, and earning rewards through staking.

Recently, Qtum announced a partnership with umycomofficial, allowing users to obtain travel experiences and save costs through Qtum payments. The implementation of this practical scenario brings new demand expectations for the token. From a technical perspective, QTUM has experienced a strong breakout after a long period of consolidation, with multiple solid bullish candles accompanied by massive trading volume, directly breaking through long-term resistance levels. The price peaked at 3.487 USD, reaching a new high since May, and is currently quoted at 3.32 USD. This breakout usually indicates a shift in market sentiment from cautious to positive. If high trading volume can be sustained, QTUM is expected to maintain a strong upward trend.

NEO Neo (+10.67%, circulating market cap 551 million USD)

According to Gate's market data, the current price of the NEO token is 7.88 dollars, having risen approximately 10.67% in the last 24 hours. NEO is a community-driven open-source platform that utilizes blockchain technology and digital identity, allowing developers to achieve asset management digitization and automation through smart contracts. NEO is committed to building the next-generation internet infrastructure through a distributed network, laying the foundation for the large-scale implementation of blockchain technology to realize the grand vision of a smart economy.

Neo X has announced the launch of ZK Trust Relay, supporting Neo X's Anti-MEV solution through a distributed key generation (DKG) zero-knowledge encryption protocol, and has passed security audits from multiple institutions. This upgrade significantly enhances the security and robustness of the network, boosting market confidence in the Neo ecosystem. Since mid-August, the price of NEO has been rising steadily, accompanied by a significant increase in trading volume. In recent trading days, NEO has strongly broken through previous resistance levels, reaching a high of $8.49. The current price has stabilized above all major moving averages, and the moving average system is showing a bullish alignment, indicating a typical strong upward trend.

Alpha Interpretation

USDC usage on the Ethereum network has reached an all-time high, with a monthly trading volume of $748.3 billion.

According to Token Terminal data, the usage of USDC on the Ethereum network has reached an all-time high. In July 2025, the monthly transfer amount of USDC reached $748.3 billion, an increase of approximately 300% from the low point in January 2024, with the number of transfers reaching 8.3 million. Industry insiders point out that this transaction scale is approaching the level of traditional large banking systems, highlighting the strong liquidity and wide application scenarios of USDC in the crypto market.

The usage of USDC on Ethereum has surged, reflecting that stablecoins are gradually taking on the role of "on-chain dollars," becoming an important bridge for value circulation between the crypto market and the real world. This growth is attributed to the ongoing expansion of DeFi and on-chain payments, and also indicates an increase in trust from institutions and individual users in compliant stablecoins. As trading volumes approach those of traditional banking systems, stablecoins may play an increasingly central role in future financial infrastructure, but they will also face stricter regulatory scrutiny.

The Hong Kong Monetary Authority will implement the Basel capital requirements for encryption assets on January 1, 2026.

The Hong Kong Monetary Authority announced that starting from January 1, 2026, it will fully implement the new capital requirements for crypto assets set by the Basel Committee on Banking Supervision. This initiative incorporates crypto assets into the international banking capital framework, meaning that Hong Kong will be the first in the world to rigorously enforce the relevant standards. According to the new regulation, the risk weight for crypto assets using unlicensed blockchain technology can be as high as 1250%. In other words, banks need to hold capital at a ratio of 1:1 to cover the associated risk exposure. Industry insiders point out that this capital requirement is extremely costly, which may deter most banks from holding such high-risk crypto assets directly.

Hong Kong's new regulatory rules reflect its foresight in compliance and risk control, while also sending a signal: the traditional financial system will take a very cautious approach in embracing encryption assets. In the short term, this may reduce banks' willingness to hold encryption assets directly, compressing their market demand; however, in the long term, unified capital rules will also help improve market transparency and financial stability, laying a institutional foundation for compliant institutions to participate in the crypto market.

SBI Group partners with Chainlink to accelerate the global adoption of digital assets.

SBI Group (SBI) announced a strategic partnership with Chainlink aimed at accelerating the application of blockchain and digital assets in the global financial market. The collaboration focuses on key application scenarios for financial institutions in Japan and the Asia-Pacific region, including: cross-chain circulation of real-world tokenized assets such as real estate and bonds; integration of the Cross-Chain Interoperability Protocol (CCIP) to enable secure cross-chain transactions while ensuring compliance and privacy; and transmission of net asset value (NAV) data of on-chain tokenized funds to the blockchain via CCIP and Chainlink SmartData, enhancing liquidity and operational efficiency. Additionally, the partnership will utilize Chainlink CCIP for PvP settlement in foreign exchange and cross-border transactions, and achieve transparent on-chain verification of stablecoin reserves through Chainlink proof of reserves.

This strategic partnership reflects the deep integration trend between traditional financial giants and blockchain infrastructure providers. The collaboration between SBI and Chainlink not only provides financial institutions with secure and efficient digital asset solutions but also promotes the tokenization of real-world assets, cross-chain interoperability, and enhanced transparency of stablecoins. For the market, this signifies that the institutional adoption of digital assets in the Asia-Pacific region is accelerating, while also highlighting the practical application value of blockchain technology in compliant, transparent, and efficient financial operations.
Reference:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• X, https://x.com/tokenterminal/status/1959628031233835258
• caixin, https://finance.caixin.com/2025-08-23/102354563.html
• PR Newswire, https://www.prnewswire.com/news-releases/sbi-group-and-chainlink-announce-strategic-partnership-to-accelerate-institutional-digital-asset-adoption-in-key-global-markets-302537166.html

Disclaimer Investing in the crypto market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate does not take responsibility for any losses or damages resulting from such investment decisions.