Nuclear-Level Regulation: The U.S. Tightens the Leash on Stablecoins

The U.S. Senate passed the GENIUS Act with a high vote of 68 to 30, completely ending the 'wild growth' era of stablecoins.

The core of the bill is twofold: 1:1 dollar reserves + federal licensing, directly forcing Tether to relocate its headquarters to El Salvador overnight, while USDC happily accepts compliance dividends.

This regulatory earthquake is not about 'industry standards,' but the beginning of the U.S. using dollar hegemony to harvest the on-chain world.

1. Core of the Bill: Retail Investors are Safe, but USDT Faces Trouble

100% Reserve Requirement: From now on, all stablecoins must be fully backed by cash or short-term U.S. Treasury bills, prohibiting algorithmic stablecoins' 'air anchoring.' Users can redeem dollars at any time, significantly reducing the risk of bank runs.

Tiered Regulation:

Small Players: Stablecoins with a market value below $10 billion only need state-level filing, leaving a path for startups;

Giants: Those exceeding $10 billion (like USDT and USDC) will be directly regulated by the Federal Reserve, with monthly audits and mandatory disclosure of reserve structures.

Data Comparison:

USDT: Currently only has 85% cash reserves, and its audit reports have long been questioned as 'inflated'; with the bill's introduction, it immediately relocated to El Salvador, clearly avoiding regulation.

USDC: Parent company Circle has been publicly listed in the U.S., with 96% of reserves in U.S. Treasury bills and cash, experiencing a 12% overnight market value surge, becoming the biggest winner.

2. U.S. Strategy: Harvesting the World with Stablecoins

U.S. Treasury's Backstop: Treasury Secretary Yellen stated that stablecoins will become the 'largest buyers of U.S. debt.' Currently, USDT and USDC hold over $175 billion in U.S. debt, which may exceed $1.2 trillion by 2030—more than the combined holdings of China and Japan.

Dollar Hegemony 2.0: Senator Hagerty declared, 'Innovation must be in American hands!' The bill explicitly requires foreign stablecoin issuers to obtain approval from the U.S. OCC, directly targeting the overseas expansion of the digital yuan and euro stablecoins.