#GENIUS稳定币法案

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

The GENIUS Act requires all dollar stablecoins to have a 1:1 full reserve, with assets limited to cash or short-term U.S. Treasury securities. Reserve audit results must be disclosed monthly, and users' funds are prohibited from being misappropriated or re-collateralized. Once the market capitalization exceeds $10 billion, it must enter the federal regulatory system. Stablecoins are being treated as 'formal financial instruments'.

Personally, I feel this is a struggle for monetary dominance. The U.S. does not want stablecoins to spiral out of control, nor does it want to be outpaced by other CBDCs. Therefore, it chooses to directly set the rules, first 'incorporating' stablecoins and then pushing them globally.

The real impact of this bill goes beyond the blockchain:

1️⃣ Increase the transparency of stablecoins and rebuild market trust

2️⃣ Provide a compliance path for traditional financial institutions

3️⃣ Projects face higher compliance thresholds, reducing innovation

In a sense, this is a reshuffling. Stablecoins will resemble real-world 🏦 products more 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 instance, in and out of funds. In the past, many users could only rely on OTC and gray channels. Now, if compliant stablecoins can directly connect to bank 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 this approach. Some worry that excessive regulation will stifle innovation, turning Crypto into a mere appendage of the financial industry. Moreover, if only a few giants are licensed to issue compliant stablecoins, then what remains of 'decentralization'?

But in my view, this may be a compromise that must be made. There always needs to be a balance between regulation, user trust, institutional entry, and technological innovation.

What the GENIUS Act brings is neither a simple benefit nor a direct detriment, but the establishment of a new order.

#GENIUS稳定币法案 #StablecoinLegislation