#加密概念美股

The U.S. Senate passed the GENIUS Act with a significant vote of 68:30, completely ending the era of 'wild growth' for stablecoins. The core of the bill has two main points: 1:1 dollar reserves + federal licensing, directly forcing Tether to move its headquarters to El Salvador overnight, while USDC happily accepts the compliance benefits. This regulatory earthquake is not about 'industry norms,' but rather 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 in trouble.

100% reserve requirement: From now on, all stablecoins must be fully backed by cash or short-term U.S. Treasuries, prohibiting the 'air anchoring' of algorithmic stablecoins. 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 only need state-level registration, leaving a path 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 has 85% cash reserves, and its audit reports have long been questioned for being 'inflated.' As soon as the bill was introduced, it immediately moved to El Salvador, clearly avoiding regulation.

USDC: Its parent company Circle has already gone public in the U.S., with 96% of its reserves in U.S. Treasuries and cash, experiencing a 12% overnight surge in market cap, becoming the biggest winner.