#GENIUS稳定币法案

Genius Stablecoin Legislation Overview

The United States' "2025 Stablecoin Innovation Guidance and Establishment Act" (Genius Act) was passed by the Senate in June, marking the establishment of the world's first federal-level stablecoin regulatory framework. This bipartisan legislation focuses on "regulation and consolidation of hegemony": issuers must be licensed financial institutions, reserve assets must be 100% pegged to the US dollar or short-term US Treasury bonds, and re-hypothecation is prohibited; it establishes a federal-state dual regulatory system, with institutions exceeding a market value of 10 billion under federal jurisdiction, while smaller institutions can opt for state-level compliance. The act strictly prohibits algorithmic stablecoins, strengthens anti-money laundering and consumer protection measures, and clarifies user redemption priority in the event of bankruptcy. Its strategic intent is clear—by tying to US Treasury bonds, it aims to expand the digital hegemony of the US dollar while squeezing the survival space of non-compliant stablecoins. As compliance costs rise, the industry will accelerate consolidation, benefiting leading institutions such as Circle and USDC, while tech giants face issuance restrictions. This legislation also sets a benchmark for global regulation and may encourage other countries to follow suit in legislation.