GENIUS Stablecoin Act

Trump signed the GENIUS Act, giving stablecoins like USDT and USDC a "registration", requiring issuers to have 100% reserves in US dollars or US Treasury bonds and to publicly disclose asset details every month. This prompted stablecoin giants to massively buy US Treasuries, injecting hundreds of billions into the US Treasury market. Meanwhile, ETH serves as the "highway" for stablecoin transfers, with each USDT transaction incurring Gas fees, allowing users to reap benefits. However, Trump then turned to the EU and dropped a "tariff bomb", threatening to raise tariffs from 10% to 20%, causing panic in the global market, with ETH plummeting 2.3% in one hour, as major players took advantage of the panic to sell off.