On May 19, the U.S. Senate passed the procedural vote of the GENIUS Act with a high support rate of 66 to 32, marking a critical turning point in the global crypto finance development process. The full name of this federal-level legislation, the '2025 U.S. Stablecoin Innovation and Establishment Act', not only establishes the first clear and systematic compliance path for U.S. stablecoins but also sends a clear signal: 'The next stage for the dollar is on-chain.'
The market's reaction was also immediate. Sectors directly linked to the stablecoin ecosystem, such as DeFi, RWA, Layer 1, are the first to start, with a group of pioneers possibly standing at the starting line of a new round of structural bull market.