The passage of the stablecoin bill has far-reaching implications for the cryptocurrency industry

Acceleration of traditional financial institutions' entry: The bill paves the way for banks and compliant financial institutions to issue stablecoins, with traditional institutions like JPMorgan and Fidelity potentially launching their own stablecoins to capture market share.

The trend towards institutionalization may squeeze the market space of existing centralized stablecoins (such as USDT and USDC), but the more compliant USDC may benefit from reserve transparency, while USDT faces challenges due to compliance pressures.

The bill promotes USD stablecoins as mainstream tools for cross-border payments and trade settlements. For example, Standard Chartered Bank predicts that if the bill passes, the stablecoin market size could grow from $230 billion to $2 trillion by 2028, attracting significant demand for US Treasuries and becoming a new pillar of USD hegemony.

Consolidating the dollar's position: USD stablecoins account for 99% of market share, and their expansion increases demand for US Treasuries (e.g., Tether holding nearly $100 billion in US Treasuries), becoming a digital extension of USD hegemony.

Conclusion: The passage of the stablecoin bill marks a shift of the cryptocurrency industry from "wild growth" to "compliance," while loopholes in the regulatory framework (such as political interests infiltrating) and systemic risks still require vigilance; the industry needs to seek a balance between compliance and innovation.