#GENIUS稳定币法案

USDT flees overnight! The US "GENIUS Act" is implemented

The reshuffle of stablecoins begins

Nuclear-level regulation: the US shackles stablecoins

The US Senate passed the (GENIUS Act) by a high vote of 68:30

Completely ends the era of "wild growth" for stablecoins

The core of the bill is two points: 1:1 dollar reserves + federal license

Directly forcing Tether to move its headquarters to El Salvador overnight

While USDC happily reaps compliance dividends

This regulatory earthquake is not about "industry norms"

but 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 will face difficulties

100% reserve requirement: from now on, all stablecoins must be fully supported by cash

or short-term US Treasury bonds, prohibiting algorithmic stablecoins' "air anchoring".

Users can redeem dollars at any time, significantly reducing the risk of bank runs.

Layered regulation:

Small players: Stablecoins with a market value of less than 10 billion dollars

Only need state-level filing, leaving a lifeline for startups;

Giants: Over 10 billion dollars (like USDT, USDC)

Directly regulated by the Federal Reserve, with monthly audits + mandatory disclosure of reserve structure.

Data comparison:

USDT: Currently only 85% cash reserves, and the audit report has long been

questioned for being "inflated". As soon as the bill came out, it immediately moved to El Salvador,

clearly evading regulation.

USDC: Parent company Circle has gone public in the US, with 96%

of reserves in US Treasury bonds and cash, market value surged 12% overnight, becoming the biggest winner.

2. America's strategy: Using stablecoins to harvest globally

US Treasury bonds as the backstop: Treasury Secretary Yellen stated: Stablecoins will become

"the largest buyers of US Treasury bonds." Currently, USDT + USDC hold

over 175 billion dollars in US Treasury bonds, and by 2030 could exceed 1.2 trillion dollars,

more than the combined holdings of China and Japan.

Dollar hegemony 2.0: Senator Hagerty stated:

"Innovation must be in American hands!" The bill clearly requires

overseas stablecoin issuers to be approved by the US OCC,

directly targeting the digital yuan and euro stablecoins going abroad.