The bill has passed, a watershed moment for the crypto world! The 'wild growth' of stablecoins is over, and the wave of compliance officially hits the shore!

Giants tremble, small players exit: This bill sets the rules for stablecoins! Giants like USDT and USDC (market capitalization over $10 billion) will have to obediently accept strict regulations from the US federal government (OCC/Federal Reserve) and be monitored daily. Small players? The compliance costs are too high, and those who can't afford it will likely have to pack up and leave. 'Good students' like USDC will be smiling, while USDT needs to make a choice: either fully comply or say goodbye to the US market which holds 65% of the global share. It feels like a major reshuffle in the industry is coming; it's a bit cruel but also a necessary path.

Transparent wallets, peace of mind for investors: No more reckless behavior! Issuers must 100% back their stablecoins with real cash (cash, ultra-short-term US Treasury bonds); the previous practice of using risky assets as collateral is no longer acceptable! They also need to disclose their accounts monthly, allowing everyone to see where the money is. It feels like the risk of a crash is smaller, and holding USDT/USDC feels more secure at night.

Meta and Google, don’t think about playing? DeFi under great pressure: The bill directly dampens the spirits of tech giants like Facebook and Google—thinking of issuing stablecoins on their own? No way! This is to protect traditional banks. Even worse for DeFi, it may now have to help verify user identities and prevent money laundering; not changing smart contracts could lead to lawsuits! It feels like the giants are being restricted, but the free days of DeFi are also in jeopardy; it feels a bit suffocating.

Dollar hegemony, digital expansion: The Americans are clever! They are mandating that stablecoins must be pegged to dollar assets (buy US Treasury bonds!). This move extends dollar hegemony into the digital world, countering the digital yuan and the like. Tether now holds more US Treasury bonds than Germany! It feels like a national-level game; we small players are just watching, but the dollar's position is even more stable.

The Senate is about to vote soon! If this bill really takes effect, it will definitely be a super major event in the crypto world!