The U.S. Senate has finally passed the Stablecoin Genius Act with a vote of 68 to 30.

In the past, people's impression of stablecoins has, to be honest, not been very good. Many people feel that they are opaque and unregulated, and even with 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 U.S. has taken action.

The U.S. Senate has finally passed the Stablecoin Genius Act with a vote of 68 to 30.

Why is it so important? Because this act is not a ban, but rather an attempt at "systematic regulation."

The GENIUS Act requires that all U.S. dollar stablecoins must have a 1:1 full reserve, with assets limited to cash or short-term U.S. Treasury bonds. Reserve audit results must be disclosed monthly, and user 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 now treated as "formal financial instruments."

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