Dollar Hegemony 2.0 Strikes! The 'GENIUS Act' Ignites a Turmoil in Stablecoins, USDT Flees, USDC Celebrates?!
The U.S. Senate passed the 'GENIUS Act' with a high vote of 68:30, marking a historic turning point in digital currency regulation—100% dollar reserves + direct supervision by the Federal Reserve, ending the era of 'wild growth' for stablecoins!
1. Core of the Act: Giants Tighten Their Grip, Retail Wallets 'Locked'
Strict Red Line: All stablecoins must be backed 1:1 by cash or short-term U.S. Treasury bonds, algorithmic stablecoins 'air anchoring' become history. Users can redeem dollars at any time, eliminating the risk of bank runs.
Layered Regulation:
Small Players: Can survive with state-level filing;
Giants: Directly subject to Federal Reserve supervision, mandatory monthly audits + transparency of reserves.
2. Winners and Losers: USDT Flees, USDC Soars
USDT Crisis: Only 85% cash reserves and questionable audits at Tether, overnight relocating its headquarters to El Salvador to escape the regulatory storm.
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USDC Celebration: Parent company Circle has 96% of reserves in U.S. Treasury bonds + cash, market cap surged 12% overnight, traditional giants like Goldman Sachs and JPMorgan are lining up to apply for licenses, compliance dividends explode.
3. Dollar Hegemony 2.0: Stablecoins Become a New Weapon for Global Harvesting
1. U.S. Treasury Bailout Plan
Treasury Secretary Yellen stated: Stablecoins will become 'the largest buyers of U.S. Treasuries.' Currently, USDT + USDC hold $175 billion in U.S. Treasuries, potentially reaching $1.2 trillion by 2030, far exceeding the combined holdings of China and Japan.
2. Targeting Digital Renminbi
The Act stipulates: Issuance of offshore stablecoins requires approval from the U.S. OCC, directly shutting down the cross-border payment ambitions of the euro and digital renminbi.
4. Retail Self-Rescue:
1. Short-term Risk Aversion:
Beware of USDT de-pegging risks, exchanges have begun delisting;
Quickly switch to USDC and other compliant coins to avoid 'naked' assets.
2. Long-term Strategy:
Focus on the RWA track: Tokenization of U.S. Treasuries will become the biggest beneficiary of reserve demand;
Bet on compliance dark horses: If Circle's stock price continues to soar, it may become the best entry into stablecoin dividends.
The digital dollar war has begun, and your choice determines your financial fate!
As the 'GENIUS Act' incorporates stablecoins into the dollar hegemony system, this marks both the end of regulation and the beginning of a new game—either embrace compliance or be left behind by the times. At this moment, is your digital wallet still safe?
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