#GENIUS稳定币法案 Analysis of the Core Content of the GENIUS Stablecoin Bill

The full name of the GENIUS Stablecoin Bill is the "Government Cryptocurrency Assets Stablecoin Regulatory Framework," which is the first comprehensive legislation targeting stablecoins in the United States. The bill requires all USD stablecoin issuers to: 1) hold 1:1 cash or short-term Treasury bond reserves; 2) obtain a federal charter; 3) undergo regular third-party audits. The bill specifically prohibits the issuance of algorithmic stablecoins and classifies offshore stablecoins like Tether as "high-risk assets." Compliant issuers will receive "federal-level stablecoin issuer" certification, with Coinbase, Paxos, and other institutions expected to be among the first approved.