The United States 'Stablecoin Transparency Act' advances the world's first national-level stablecoin regulatory framework, marking a key step in the integration of mainstream financial systems with compliant crypto assets. The core of the act is to establish a 'dual-track' structure: the Federal Reserve is responsible for regulating bank issuers, while non-bank institutions are regulated by states and require 100% reserves. Bipartisan consensus indicates that stablecoins are positioned as payment tools rather than securities, which may accelerate the entry of traditional financial institutions. However, strict custody rules may squeeze the survival space of DeFi stablecoins, and differences in state regulation may lead to regulatory arbitrage disputes. If this act is implemented, it will provide clarity for the industry and reshape the market landscape, making compliance operational capability a core competitive advantage.