Nuclear-level Regulation: The US Shackles Stablecoins

The US Senate passed the GENIUS Act with a 68:30 vote, completely ending the 'wild growth' era of stablecoins.

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

This regulatory earthquake is not about 'industry norms'; it marks the beginning of the US using dollar hegemony to harvest the on-chain world.

1. Core of the bill: Retail investors are safe, but USDT is doomed.

100% reserve rule: From now on, all stablecoins must be fully backed by cash or short-term US Treasuries, prohibiting algorithmic stablecoins' 'air anchoring'. Users can redeem dollars at any time, significantly reducing bank run risks.

Layered regulation:

Small players: Stablecoins with a market cap below $10 billion only need state-level registration, leaving a lifeline for startups;

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

Data comparison:

USDT: Currently only 85% cash reserves, and audit reports have long been questioned for 'inflation'; immediately moved to El Salvador after the bill, clearly trying to evade regulation.

USDC: Parent company Circle has been listed in the US, with 96% of reserves in US Treasuries and cash, market cap skyrocketed by 12% overnight, becoming the biggest winner.

2. America's Calculation: Harvesting the Globe with Stablecoins

US Treasuries as Lifeguards: Treasury Secretary Besant bluntly stated that stablecoins will become 'the biggest buyers of US Treasuries'. Currently, USDT + USDC hold over $175 billion in US Treasuries, and by 2030 this may exceed $1.2 trillion — more than the combined holdings of China and Japan.

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

Points of Conflict:

USDT Retreat: If Tether abandons the US market, non-US users' cross-border transaction costs will soar, especially in Southeast Asia and Latin America where regions rely on USDT may face liquidity crises.

Wall Street Enters the Scene