《On-Chain Dollar Compliance Revolution! Behind the Implementation of the GENIUS Act, a Marriage Between the Federal Reserve and the Crypto World?》
The GENIUS stablecoin act has been passed by the U.S. Congress, marking the transition of dollar stablecoins from the "technical gray area" to the "regulatory whitelist." This represents not only a legislative victory but also a deep integration of crypto finance with the traditional system. GENIUS incorporates three key provisions—compliance licenses, reserve custody, and real-time audits—into the core of the law, providing a solid legal foundation for the legitimate existence of on-chain dollars in the future.
**What is truly noteworthy is the quietly strengthened role of the Federal Reserve.**
According to the act, if the scale of stablecoin issuance exceeds a certain threshold, it must fall under Federal Reserve supervision. This means that in the future, large-scale issuance of on-chain dollars will gradually be covered by the "central bank vision." Is this a stopgap measure under the slow advancement of CBDCs, or is it the Federal Reserve testing the waters of the DeFi ecosystem?
**Institutional capital has already taken notice.**
With the compliance path clarified, stablecoins are about to become the "passport" for institutional inflows into the crypto market. Banks, brokerages, and even asset management institutions finally have a legitimate way to connect with on-chain liquidity. This may trigger an explosion in the on-chain dollar interest rate market—due to the pressure of traditional dollar liquidity, which is likely to migrate on-chain, especially against the backdrop of soaring short-term financing costs.
**The passage of GENIUS is also a response to the international competitive landscape.**
The EU's MiCA framework and Hong Kong's stablecoin draft are both progressing rapidly, and the U.S. cannot lag behind. GENIUS is not only fast but also "precise": it circumvents the political games of direct central bank issuance, allowing market forces to evolve under legal guidance.
It is foreseeable that in the coming years, "on-chain dollars" will become the focal point of global payment and settlement competition, and GENIUS is the clarion call for the U.S. to take the lead. In this era, whoever controls stablecoins will control the new generation of financial sovereignty.
#GENIUS稳定