#GENIUS稳定币法案 【GENIUS Stablecoin Bill】 Multiple countries in Europe, America, and Asia are competing for a regulatory framework for stablecoins. The proposed GENIUS bill focuses on three pillars: requiring issuers to hold 1:1 reserve assets and disclose real-time on-chain audit reports, mandating custodians to enhance anti-run capabilities through central bank digital currency (CBDC) settlement systems, and establishing a "on-chain tracking + KYC" dual-track mechanism to combat money laundering. The bill specifically introduces a "systemic risk circuit breaker" clause, which automatically triggers a suspension of redemptions when the volatility of the pegged asset exceeds a threshold, balancing financial innovation with consumer protection. China, the United States, and Europe are likely to engage in rule-making competition over the "technological sovereignty" of algorithmic stablecoins, promoting the standardization of global crypto asset governance.