The U.S. stablecoin legislation is at a critical stage. The Senate has passed the GENIUS Act, aimed at implementing federal regulation on stablecoin issuers with a market capitalization exceeding $10 billion (such as USDT, USDC), requiring them to hold high-quality dollar assets on a 1:1 basis and comply with anti-money laundering regulations. However, some Democratic lawmakers have withdrawn their support for the bill due to concerns over national security and anti-money laundering provisions, leading to uncertainty about its prospects. Additionally, the STABLE Act emphasizes the 'redemption rights' of stablecoins, ensuring that users can exchange stablecoins for dollars on a 1:1 basis, and prohibits the issuance of algorithmic stablecoins that are not backed by legal currency. These legislative developments could reshape the global stablecoin landscape and reinforce the dollar's dominant position in the digital asset space.