$USDC 《GENIUS Stablecoin Bill》If passed, it will have a significant impact on the cryptocurrency circle:

1. **Strong Regulation Implementation**: It is clear that stablecoin issuers must operate with a license, and reserve assets will be subject to strict audits, enhancing market transparency and trust, but compliance costs will rise significantly.

2. **Market Restructuring**: Non-compliant projects (such as algorithmic stablecoins and those without reserve backers) will accelerate clearing out; mainstream coins like USDT and USDC will consolidate their positions if they meet standards, while small and medium issuers will face increased survival pressure.

3. **Traditional Institutions Entering**: The bill provides compliance pathways for banks and payment giants, which may attract traditional capital influx, promoting deep integration of stablecoins with traditional finance.

4. **Short-term Volatility Risk**: The transition period may trigger tightening liquidity for stablecoins, and some funds may shift towards non-stable assets like Bitcoin and Ethereum for hedging.

**Summary**: Long-term benefits for the normative development of the industry, short-term pains are inevitable, and the dominant position of centralized stablecoins will be strengthened.