$USDC 100% Reserve Fund Iron Law: From now on, all stablecoins must be fully backed by cash or short-term U.S. Treasury bonds, prohibiting the 'air anchoring' of algorithmic stablecoins. Users can redeem USD at any time, significantly reducing the risk of bank runs.

Layered Regulation:

Small Players: Stablecoins with a market cap of less than $10 billion can register at the state level, leaving room 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 85% cash reserves, and the audit report has long been questioned for being 'inflated'; once the bill was announced, they immediately moved to El Salvador, clearly avoiding regulation.

USDC: Parent company Circle has been listed in the U.S., with 96% of reserves in U.S. Treasury bonds and cash, and its market cap skyrocketed by 12% overnight, becoming the biggest winner.

2. U.S. Calculation: Using stablecoins to collect