On July 18, #稳定币监管风暴 7, Trump signed the GENIUS Act at the White House, officially incorporating it into the U.S. legal system. He described it as the most revolutionary turning point in the financial technology field since the birth of the internet. According to the new regulations, all stablecoins must be 100% backed by dollar assets as reserves, with 93% of the asset allocation mandated to be in high liquidity instruments such as U.S. Treasury bonds, bank deposits, or cash.

Additionally, large tech companies like Amazon will be prohibited from issuing stablecoins unless they pass strict compliance checks. Significant restrictions are also imposed on overseas issuers—if they do not establish a physical presence in the U.S. and are regulated, they cannot continue to issue stablecoins pegged to the dollar. This move directly affects companies like Tether, which currently has a U.S. Treasury bond holdings amounting to $120 billion, surpassing Germany to become the 19th largest U.S. Treasury buyer globally.

This legislation not only strengthens the binding relationship between stablecoins and U.S. Treasury bonds but is also seen as a new weapon in the strategy of dollar globalization. Some experts have pointed out that this is more penetrating than the SWIFT system. Zhu Guangyao, former Vice Minister of Finance of China, indicated that this move effectively shifts the pressure of over $36 trillion in U.S. Treasury bonds to the global market through stablecoin channels, potentially triggering a new round of financial geopolitical games.