In the past, people had a rather poor impression of stablecoins.

Many believe it is opaque and unregulated, and even for mainstream stablecoins like USDT and USDC, there are always questions: Do they really have sufficient reserves? Who is responsible if something goes wrong?

But now, the United States has started to take action.

(GENIUS Act) passed the motion to proceed, which means it has officially entered the substantive review stage. Although it has not yet passed the final legislative process, it has already been referred to by many industry insiders as 'one of the top five turning points in Crypto history.'

Why is it so important? Because this bill is not a prohibition, but an attempt at 'systematic regulation.'

The GENIUS Act requires all US dollar stablecoins to have a 1:1 sufficient reserve, with assets limited to cash or short-term U.S. Treasury bonds. Monthly disclosure of reserve audit results is required, and users' funds are prohibited from being misused or re-staked. Once the market cap exceeds $10 billion, it must enter the federal regulatory system. Stablecoins are already treated as 'formal financial instruments.'

Personally, I believe this is a contest for monetary dominance. The United States does not want stablecoins to spiral out of control, nor does it want to be overtaken by other CBDCs. Therefore, it chooses to set direct rules, first 'incorporating' stablecoins before pushing them globally.

The real impact of this bill goes beyond the blockchain:

1️⃣ Improve the transparency of stablecoins and rebuild market trust.

2️⃣ Provide a compliance pathway for traditional financial institutions.

3️⃣ The project faces higher compliance thresholds, reducing innovation.

In a sense, this is a reshuffle. Stablecoins will be more like real-world 🏦 products and will no longer just be 'mediums of exchange' in Crypto, but may become a key bridge between the real world and the blockchain world.

For example, regarding deposits and withdrawals. In the past, many users could only rely on OTC and gray channels. Now, if compliant stablecoins can directly connect to 🏦 accounts, the thresholds for payment, cross-border transactions, and on-chain settlements will significantly decrease. This is the key to truly pushing stablecoins into the mainstream.

Of course, not everyone supports such an approach. Some are worried that excessive regulation will stifle innovation and turn Crypto into a mere appendage of the financial industry. Moreover, if only a few giants are left to issue licensed, compliant stablecoins, what remains of 'decentralization'?

From my perspective, this could be a necessary compromise. There must always be a balance between regulation, user trust, institutional entry, and technological innovation.

The bill is still under discussion, and there is still suspense about whether it will pass, but it has already attracted the attention of all crypto practitioners. If it progresses smoothly, it will officially land by the end of 2025.

The genius bill brings not only simple benefits, nor direct drawbacks, but rather the establishment of a new order.#加密市场回调 #美国加征关税 $BTC $ETH