#GENIUS稳定币法案 **GENIUS Stablecoin Act: A Milestone in US Crypto Regulation**

In May 2025, the US Senate passed the GENIUS Act, establishing a federal regulatory framework for stablecoins for the first time. The act requires stablecoin issuers (such as USDC, PYUSD) to hold 1:1 US dollar reserves, prohibits algorithmic stablecoins, and strengthens anti-money laundering (AML) and consumer protection measures. The act also restricts large technology companies from issuing stablecoins and gives the Treasury Department regulatory authority over offshore issuers (such as Tether needs to comply). Supporters believe this will consolidate the dollar's hegemony in digital finance, while critics worry that it will inhibit DeFi innovation and make stablecoins "on-chain dollar vassals." The bill has now been submitted to the House of Representatives for consideration and may take effect in the summer of 2025.