Stablecoin legislation has entered a critical period. The Senate has passed the 'GENIUS Act,' which proposes to impose federal regulation on stablecoin issuers such as USDT and USDC, with a market capitalization exceeding $10 billion. It clarifies that these issuers must adequately allocate high-quality dollar assets and implement compliance requirements such as anti-money laundering. However, some Democratic lawmakers have withdrawn their support due to concerns over national security and anti-money laundering regulations, leaving the future of the bill uncertain. Meanwhile, the 'STABLE Act' focuses on the 'redemption rights' of stablecoins, ensuring that users can exchange at par for dollars and explicitly prohibiting the issuance of algorithmic stablecoins without real backing. Once these legislative actions are implemented, they are likely to reshape the global stablecoin landscape and further consolidate the dollar's influence in the digital asset domain.