#GENIUS稳定币法案 The U.S. Senate has officially passed the Stablecoin Genius Act with a vote of 68 to 30.

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

The GENIUS Act requires all USD-pegged stablecoins to maintain a 1:1 full reserve, with assets limited to cash or short-term U.S. Treasury bonds. Monthly disclosure of reserve audit results is mandatory, and users' funds are prohibited from being misappropriated or re-pledged. Once the market capitalization exceeds $10 billion, it must enter the federal regulatory system. Stablecoins are now treated as "legitimate financial instruments."

I personally 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 rules directly, first "reining in" stablecoins and then pushing them globally.

The real impact of this act goes beyond the blockchain:

1️⃣ Increase the transparency of stablecoins and rebuild market trust.

2️⃣ Provide a compliance pathway for traditional financial institutions.

3️⃣ Projects will face higher compliance thresholds, leading to reduced innovation.

In a sense, this is a reshuffling. Stablecoins will resemble real-world 🏦 products more closely, and will no longer be just a "medium of exchange" in Crypto, but may become a key bridge between the real world and the blockchain world.

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

Of course, not everyone supports this approach. Some worry that excessive regulation will stifle innovation and completely turn Crypto into a subsidiary of the financial industry. Moreover, if only a few giants are left licensed and compliant to issue stablecoins, then what remains of "decentralization"?