With Trump officially signing the (GENIUS Act), the stablecoin industry is undergoing a historic transformation. Andrew Keys, CEO of Ether Machine, stated: 'The biggest beneficiary of this bill is none other than Ethereum.'

This judgment is not unfounded. From the content of the bill, whether it is compliance, auditing requirements, or the prohibition of 'interest-bearing stablecoins,' almost every clause points to a direct benefit for the Ethereum network.

Why is Ethereum the biggest beneficiary?

1. The 'parent chain' role of stablecoins

Currently, the mainstream US dollar stablecoins—USDC, USDT, DAI, etc.—are mostly deployed on the Ethereum network. The introduction of the new bill means that in the future, all compliant, regulator-approved stablecoin projects will most likely choose to issue on Ethereum. In simple terms, with the law backing it, for money to flow compliantly into the crypto world, it first has to 'pass through Ethereum.'

2. Prohibition of interest payments on stablecoin, DeFi fills the gap

A key provision in the (GENIUS Act) is: prohibiting stablecoin projects from paying interest to users. This may seem like suppression, but it actually gives DeFi an unprecedented opportunity.

Because users' pursuit of returns will not stop; they will simply shift towards decentralized lending, staking, liquidity mining, and other DeFi protocols. And these protocols are almost entirely built within the Ethereum ecosystem. This means that Ethereum is not only the foundation of compliance but also the landing place for 'return transfers.'

3. ETH becomes a standard asset for institutions

Institutional funds are no longer only looking at Bitcoin. With the legitimization of stablecoins and the accelerated development of DeFi and asset tokenization on Ethereum, holding ETH will become a necessary option for institutions to allocate on-chain assets.

As Keys said: 'Ethereum now holds nearly 90% of the market share in the area of on-chain tokenized assets, just like Google in the search market.' Once such a network effect is formed, it will be hard to shake.

4. The compliance environment for NFTs, RWAs, and on-chain assets has significantly improved.

Although this bill focuses on stablecoins, the compliance signals it releases go far beyond that. From NFTs to the tokenization of RWAs (real-world assets), from on-chain payments to cross-border settlements, the bill constructs a compliance framework dominated by stablecoins, directly enhancing the legitimacy and imaginative space of the entire Ethereum ecosystem.

The market is already responding.

Since the (GENIUS Act) was passed, the price of ETH has continued to strengthen. According to relevant data, ETH's increase over the past week has significantly outperformed Bitcoin, and market sentiment has also warmed up.

Meanwhile, the TVL (Total Value Locked) of several protocols in the DeFi sector has noticeably rebounded, the trading volume in the NFT market has also risen in tandem, and the circulation of on-chain stablecoins is showing a growth trend. Traditional financial giants are pouring funds into ETF products on Ethereum, with over $700 million in net inflows recorded in just one day last Friday.

In recent years, the crypto market has been plagued by unclear regulations, making it difficult for many innovative projects to survive in gray areas. The (GENIUS Act) is the first federal-level legislation that truly draws a compliant red line for stablecoins. It is not a suppression but a handshake of legitimacy and sovereignty.

When rules are established, funds are clear, and assets are legitimate, the core value of Ethereum as an 'on-chain economy' will truly be released.

Therefore, Keys' judgment is not exaggerated—Ethereum is indeed the biggest winner in this wave of compliance.