#美国稳定币法案 The U.S. "Stablecoin Risk Assessment Act of 2025" (STABLE Act) was passed by the House of Representatives in April 2025, establishing regulations for "payment stablecoins" for the first time in federal legislation. It requires a 1:1 reserve of highly liquid assets (such as cash and short-term government bonds), prohibits algorithmic stablecoins and the payment of interest to users, and implements a "federal-state" dual regulatory mechanism. Issuers are required to regularly disclose their reserve status, and violators face heavy penalties. The Act aims to ensure the redemption rights of stablecoins, prevent financial risks, and reinforce the dominance of the U.S. dollar in digital payments.