On October 5, 2023, 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 consists of two points: 1:1 dollar reserve + federal license, which forced Tether to move its headquarters to El Salvador overnight, while USDC happily accepted compliance benefits. This regulatory earthquake is not about 'industry norms', 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 is likely to suffer. 100% reserve requirement: From now on, all stablecoins must be fully backed by cash or short-term U.S. Treasury bonds, prohibiting 'algorithmic stablecoins' with 'air anchoring'. Users can redeem dollars at any time, significantly reducing the risk of bank runs. Tiered regulation: Small players: Stablecoins with a market cap below $10 billion need only 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.