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

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

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

3. **Entry of Traditional Institutions**: The act 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 Risks**: The transition period may lead to tightening liquidity for stablecoins, with some funds potentially shifting to non-stable assets like Bitcoin and Ethereum for hedging.

**Summary**: Long-term benefits for the industry's regulated development, short-term growing pains are unavoidable, and the dominance of centralized stablecoins will be strengthened.