Looking at the stablecoin legislation that everyone has been discussing all day, it is actually a negative for many DeFi projects, as they primarily recognize stablecoins backed by assets like the US dollar and US Treasury bonds.

As for the stablecoins previously backed by ETH, BTC, and BNB, they will either find a way to cease operations and switch to new collateral under regulatory registration to issue new stablecoins, or they will have to rebrand and cannot be called stablecoins anymore.