#美国稳定币法案 The U.S. "2025 Stablecoin Transparency and Accountability Promotion Ledger Economy Act" has multiple implications and impacts. Here are some perspectives:

Positive Aspects

- Enhanced Market Stability: By requiring issuers to hold reserves of no less than 100% of the total outstanding stablecoins, it can effectively reduce the risk of significant price fluctuations due to insufficient reserves, thereby maintaining financial market stability.

- Consumer Protection: Measures such as mandating issuers to publicly disclose redemption policies, publishing monthly reserve composition reports audited by independent accounting firms can help consumers better understand the issuance and operation of stablecoins, facilitating decision-making and reducing fraud and misleading practices.

- Clear Regulatory Framework: It defines the concept of payment stablecoins and clarifies the qualification requirements for regulatory agencies and issuers, providing clear guidance for the standardized development of the stablecoin industry, helping to eliminate regulatory uncertainty and attracting legal and compliant institutions to enter the market.

- Promoting Financial Innovation: It provides clear protections for issuers using public, decentralized networks, stating that such design choices should not be grounds for rejection. This is an important guarantee for developers working on blockchain-based infrastructure, beneficial for promoting technological innovation and application expansion related to stablecoins.

Negative Aspects

- Restricting Industry Development: There are many restrictions on stablecoin issuers' business, such as prohibiting interest payments and limiting the scope of activities, which may dampen market enthusiasm for investing in stablecoins and innovation, thereby somewhat limiting the speed and scale of the stablecoin industry's development.

- Increased Compliance Costs: Issuers need to comply with stringent reserve requirements, transparency regulations, and face severe penalties for violations, which will increase the operational and compliance costs for issuers, potentially being passed on to consumers or leading some small issuers to exit the market.

- Difficulty in International Coordination: Foreign payment stablecoins circulating in the U.S. must meet strict conditions, including regulatory systems comparable to those in the U.S. and agreeing to accept scrutiny from U.S. regulatory agencies. This poses significant challenges for international coordination and may lead to regulatory conflicts and trade barriers between countries. $BTC