The legislation on stablecoins in the United States is at a critical stage. The Senate has passed the GENIUS Act, which aims to implement federal regulation on stablecoin issuers with a market capitalization of over $10 billion (such as USDT and USDC), requiring them to hold high-quality dollar assets at a 1:1 ratio 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 However, some Democratic lawmakers have withdrawn their support for the bill due to concerns over national security and anti-money laundering provisions, leading to uncertainty about its prospects.