#GENIUS稳定币法案 The U.S. Senate finally passed the Stablecoin Genius Act with a vote of 68:30.
Why is it so important? Because this act is not a prohibition, but an attempt at 'systemic regulation.'
The GENIUS Act requires all dollar stablecoins to be fully backed 1:1, with assets limited to cash or short-term U.S. Treasury bonds. Monthly disclosure of reserve audit results is mandatory, and user funds are prohibited from being misappropriated or re-collateralized. Once the market cap exceeds $10 billion, it must enter the federal regulatory system. Stablecoins are now treated as 'formal financial instruments.'
Personally, I feel this is a struggle for monetary dominance. The U.S. does not want stablecoins to spiral out of control, nor does it want to be outpaced by other CBDCs. Therefore, it chooses to set the rules directly, first 'incorporating' stablecoins and then pushing them globally.
The real impact of this act extends beyond the blockchain:
1️⃣ Increase the transparency of stablecoins and rebuild market trust
2️⃣ Provide a compliance pathway for traditional financial institutions
3️⃣ Projects face higher compliance thresholds, reducing innovation
In a sense, this is a reshuffle. Stablecoins will resemble real-world 🏦 products more closely, and they will no longer just be a 'medium of exchange' in Crypto, but may become a key bridge between the real world and the blockchain world.
For example, for deposits and withdrawals. In the past, many users could only rely on OTC and gray channels. Now, if compliant stablecoins can directly connect to bank accounts, the barriers for payment, cross-border transactions, and on-chain settlements will significantly decrease. This is the real key to pushing stablecoins into the mainstream.
Of course, not everyone supports this approach. Some are concerned that excessive regulation will stifle innovation, turning Crypto into a mere appendage of the financial industry. Moreover, if only a few giants are left licensed and compliant to issue stablecoins, then what remains of 'decentralization'?
But in my view, this may be a compromise that must be made. There must always be a balance between regulation, user trust, institutional entry, and technological innovation.
What the Genius Act brings is neither a pure benefit nor a direct detriment, but the establishment of a new order.
