#美国加密周

1. Strengthening of Dollar Hegemony

The GENIUS Act mandates global stablecoins to be pegged to US Treasury bonds, with the current annual trading volume of stablecoins reaching $27.6 trillion (more than the total of Visa and Mastercard combined), becoming the "on-chain tentacles" of the dollar penetrating emerging markets.

The market share of non-dollar stablecoins (such as euro stablecoins) has been compressed to 8%, allowing the US to achieve a "double seigniorage": global users bear both US dollar inflation and finance the US government through Treasury bonds.

2. Acceleration of Regulatory Race

If the US passes the bill, the EU may expedite the revision of MiCA 2.0, allowing euro stablecoins to compete with the dollar; China is speeding up the cross-border scenarios of the digital yuan (such as mBridge).

Emerging markets face the risk of "silent dollarization": citizens in Turkey and Nigeria have already replaced their local currency savings with stablecoins.

3. Divergence in CBDC Paths

If the US bans CBDCs, a "stablecoin-dominated" model will emerge; Central Europe opts for a "CBDC + stablecoin" dual-track system to compete for the rule-making power of digital currencies.