Compliance stablecoins (such as USDC, FDUSD, USD1) benefit, while offshore institutions (such as Tether) face pressure to exit the U.S. market.
- **Extension of U.S. Dollar Hegemony**: The bill incorporates on-chain payments into the dollar system, driving demand for U.S. Treasuries (such as Tether becoming the 19th largest holder of U.S. Treasuries globally), countering the digital yuan and euro internationalization.
- **Innovation vs. Centralization Conflict**: DeFi projects are marginalized due to bans and compliance costs, while traditional banks may seize the opportunity to enter the market.
Currently, the bill awaits a vote in the House of Representatives and presidential signature. If passed, it will officially link crypto assets to U.S. sovereign credit, reshaping the global financial ecosystem.