$USDC

The U.S. Senate passed the GENIUS Act by a high vote of 68:30, completely ending the era of 'wild growth' for stablecoins.

The core of the bill has two points: 1:1 dollar reserves + federal licensing, directly forcing Tether to move its headquarters to El Salvador overnight, while USDC reaps the benefits of compliance.

This regulatory earthquake is not about 'industry standards,' but rather the beginning of the U.S. leveraging its dollar hegemony to reap 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. Treasury bonds, prohibiting algorithmic stablecoins' '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 under $10 billion only need state-level filing, allowing startups to survive;

Giants: Stablecoins over $10 billion (such as USDT and 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 audit reports have long been questioned for 'inflation'; upon the bill's release, it immediately relocated to El Salvador, clearly evading regulation.

USDC: Parent company Circle has been listed in the U.S., with 96% of reserves in U.S. Treasuries and cash, and its market cap surged 12% overnight, becoming the biggest winner. $ETH