#GENIUS稳定币法案

The US Senate passed the (GENIUS Act) with a vote of 68:30, completely ending the era of wild growth for stablecoins. The core of the bill consists of two points: 1:1 dollar reserves + federal licensing, forcing Tether to move its headquarters to El Salvador overnight, while USDC happily reaps compliance benefits. This regulatory earthquake is not about industry standards, but rather the beginning of the United States using its dollar hegemony to harvest the on-chain world.

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

100% reserve requirement: From now on, all stablecoins must be backed by cash or short-term US Treasury bonds, banning the “air anchoring” of algorithmic stablecoins. Users can cash out in dollars at any time, significantly reducing the risk of bank runs.

Layered regulation:

Small players: Stablecoins with a market capitalization below $10 billion can register at the state level, leaving a lifeline for startups;

Big players: Those over $10 billion (such as 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 the audit reports have long been questioned as “inflated”; upon the bill’s introduction, it immediately moved to El Salvador, clearly avoiding regulation.

USDC: Parent company Circle has already gone public in the US, with 96% of reserves in US Treasury bonds and cash; its market capitalization surged 12% overnight, making it the biggest winner.

2. The US strategy: Using stablecoins to harvest globally.

Treasury bond savior: Treasury Secretary Yellen stated that stablecoins will become “the largest buyers of US Treasury bonds.” Currently, USDT + USDC hold over $175 billion in US Treasuries, which may exceed $1.2 trillion by 2030—more than the combined holdings of China and Japan.

Dollar hegemony 2.0: Senator Hagerty stated, “Innovation must be in the hands of the United States!” The bill clearly requires foreign stablecoin issuers to obtain approval from the US OCC, directly targeting the digital yuan and euro stablecoins going abroad.

Points of conflict:

USDT retreats: If Tether abandons the US market, cross-border trading costs for non-US users will soar, particularly in regions in Southeast Asia and Latin America that rely on USDT, potentially facing liquidity crises.

Wall Street enters: Goldman Sachs and JPMorgan have applied for stablecoin licenses; compliant stablecoins may monopolize the market in the future, marking the end of the era of free exchanges for retail investors.