Historic Senate Vote: US Senate passed GENIUS Act 68-30, creating first federal stablecoin framework requiring 1:1 dollar reserves and monthly audits.
Market Surge Response: Bitcoin jumped 8.7%, USDC trading volume spiked 210%, Circle stock rose 22% as compliance clarity drives institutional adoption.
Global Regulatory Race: Hong Kong, EU, Japan accelerate stablecoin laws while US framework threatens USDT dominance and strengthens dollar hegemony.
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BILL CORE: TIERED REGULATION AND DOLLAR HEGEMONY CONSOLIDATION
Legislative Milestone
On June 17, the US Senate passed the Guidance for the Enhancement of Novel Innovation in the United States (GENIUS) Act with an overwhelming 68-30 vote. This marks the first major cryptocurrency legislation approved by the US Senate in history. The bill establishes a formal federal framework for stablecoin regulation.
The White House stated that the bill “eliminates long-standing regulatory uncertainty in the digital asset space”. It clears obstacles for innovation and competition.
Core Provisions Analysis
Reserve Requirements: Issuers must hold high-liquidity assets at a 1:1 ratio. These include US dollar cash, short-term US Treasury bonds (≤93 days), and bank demand deposits. The bill prohibits re-hypothecation of reserve assets. Additionally, it requires monthly public audit reports.
Tiered Regulation:
Federal Oversight: Stablecoins with issuance exceeding $10 billion (like USDC) face direct oversight by the Federal Reserve or Office of the Comptroller of the Currency
State-Level Regulation: Institutions with issuance below $10 billion can choose state licenses, but state regulatory standards must be “substantially equivalent” to federal requirements
Foreign Issuer Restrictions: Non-US companies must meet strict compliance conditions to serve US users. These include accepting US regulatory review and maintaining adequate reserves domestically.
Controversial Points
Democrats questioned the bill’s “insufficient prevention of illicit financial activities”. However, Republican-led amendments rejected clauses prohibiting presidential crypto project profits. This ultimately pushed through bipartisan compromise.
MARKET IMPACT: COMPLIANT STABLECOINS RISE AND INDUSTRY RESHUFFLING
Immediate Reactions
Price Volatility: Within one hour of the bill’s passage, Bitcoin price surged 8.7%. Compliant stablecoin USDC trading volume spiked 210%. Circle’s stock price rose 22% in a single day.
Capital Flows: MicroStrategy and other institutions accelerated BTC accumulation. Enterprise-level allocation trends spread. Spanish coffee giant Vanadi announced an $11 billion coin purchase. Canadian listed company LQWD increased holdings to 166 BTC.
Competitive Landscape Restructuring
USDT Dilemma: The world’s largest stablecoin USDT (market cap $155 billion) faces pressure to exit the US market or undergo complete restructuring. This stems from insufficient reserve transparency (only 80% cash equivalent support) and auditors not meeting US standards.
USDC Opportunity: Circle leverages advantages including 92% reserves in US Treasuries and monthly audit compliance. It stands positioned to replace USDT as the dominant dollar stablecoin.
Industry Chain Effects
DeFi and RWA Sector Benefits: The bill clarifies stablecoins’ non-security status. This drove decentralized finance (DeFi) total value locked to grow 40% in one week. Real-world asset (RWA) tokenization scale broke through $20 billion.
Exchange Compliance Upgrades: Platforms like CoinMarketCap urgently fixed permission vulnerabilities. Chainalysis anti-money laundering orders surged 300%.
GLOBAL CHAIN REACTIONS: REGULATORY COMPETITION AND NATIONAL STRATEGIC GAMES
Multiple Countries Accelerate Legislative Benchmarking
Hong Kong: Implemented the Stablecoin Ordinance on May 30, allowing Hong Kong dollar stablecoin cross-border settlements. Costs dropped to one hundred thousandth of traditional payments. Companies like JD.com have begun testing.
European Union: The effective MiCA regulation limits non-euro stablecoin trading volume (suspension if daily volume exceeds 1 million transactions). This caused Binance to delist USDT.
Japan and South Korea: Japan revised the Payment Services Act. Korea’s FSC accelerated Bitcoin spot ETF approvals, planning to lift trading bans in the second half.
Digital Extension of Dollar Hegemony
Standard Chartered Bank predicts that if the bill finalizes, stablecoin supply will grow 10-fold within four years. It will absorb $400 billion in US debt annually, comprising 10% of forex spot trading volume (currently only 1%). This further consolidates the dollar’s international position.
Renminbi Response Strategy
People’s Bank of China Governor Pan Gongsheng proposed “weakening dependence on single sovereign currencies” at the Lujiazui Forum. Hong Kong explores issuing offshore renminbi stablecoins, attempting to challenge dollar dominance in cross-border settlements.
FUTURE CHALLENGES: TECHNICAL COMPLIANCE AND CROSS-BORDER COOPERATION
Algorithmic Stablecoins Remain Undecided
The bill doesn’t directly prohibit algorithmic stablecoins. However, it requires the Treasury Department to complete risk research and formulate policies within 365 days. Previous UST collapse lessons warn of systemic risks in uncollateralized models.
Cross-border Regulatory Cooperation Challenges
Data Sovereignty Conflicts: The bill prohibits US user data storage abroad. EU MiCA requires data localization. These contradictions may trigger compliance cost surges for multinational enterprises.
Monetary Policy Transmission Risks: The Bank for International Settlements (BIS) warns that large-scale stablecoin capital flows could amplify short-term Treasury yield volatility by 2-3 times. This magnifies market fragility.
Conclusion: New Starting Point for the Compliance Era
The GENIUS Act represents not only a watershed for stablecoin regulation but also reveals deep transformations in the global financial system. Technical standards have become monetary sovereignty. When Hong Kong dollar stablecoins compete with US dollar stablecoins, and when offshore renminbi attempts to integrate into DeFi ecosystems, a new round of monetary competition has spread from policy papers to on-chain battlefields.
〈CoinRank Daily Data Report (6/24)｜US Senate Passes Stablecoin Regulatory Framework Act, Global Compliance Process Accelerates〉這篇文章最早發佈於《CoinRank》。
