1. The bill was passed with a 68:30 margin and may become law before 8 months

On June 17, 2025, the U.S. Senate passed the GENIUS Act by a wide margin of 68:30, which is the first federal-level stablecoin regulatory bill in the United States. The bill is led by the Republican Party and publicly supported by the Trump administration. It has now been sent to the House of Representatives.


Key timeline:

  • July decisive battle period: Trump hopes to sign the bill before the August congressional recess. The House of Representatives may directly pass the Senate version or merge it with the (STABLE Act) for revision;

  • Historical significance: Stablecoins have officially moved from the "regulatory gray area" to "federal legal confirmation", which is equivalent to issuing "digital dollar ID cards" to compliant stablecoins such as USDC and USDT.

2. Breakthrough point: Stablecoins are “federal-backed” and the floodgates of institutional funds will open

The core value of the bill is that it is the first time that a compliant stablecoin is legally equivalent to the US dollar. This means:

  1. Compliance entry for enterprises: listed companies can include stablecoins in their balance sheets (such as the MicroStrategy model), and multinational companies can use stablecoins to settle cross-border trade;

  2. Bank compliance layout: JPMorgan Chase, Citigroup and other banks can work with technology companies to issue bank-based stablecoins, with 100% of the reserves required to be custodied and audited regularly;

  3. Legalization of payment: Starbucks, Amazon, etc. can directly use stablecoins to redeem membership points, and users' payment with stablecoins is equivalent to cash transactions.


Case comparison: Circle (issuer of USDC) saw its share price soar 168% on its first day of listing in June. Now that the bill has been passed, it further verifies the logic of “stablecoin = digital financial infrastructure”.

3. Platform craze: Will Amazon and Meta soon issue coins?

After the bill is passed, tech giants will become the biggest winners:

  • User → Payment → Stablecoin Closed Loop：
    Amazon can issue "Amazon USD", users can get stable currency when shopping, and merchants can directly exchange the payment to US dollars, reducing settlement costs by 90%;
    Meta can convert Facebook points into stablecoins and open up cross-border transfer functions for Instagram and WhatsApp.

  • Reserve profiteering model：
    If a platform issues $10 billion in stablecoins and invests in U.S. Treasuries at an interest rate of 4%, the annual interest income can reach $400 million, far exceeding the income from traditional payment fees.

4. User Migration: 1 billion Web2 users will “unconsciously enter the circle”

Stablecoins will become the “invisible entrance” for Web2 users to enter Web3:

  • Scene penetration:

    • You use Apple Pay to transfer money to your overseas friends, and the backend will automatically convert USD into USDC, and the money will arrive in 10 seconds with zero handling fees.

    • TikTok creators receive payments directly in USDC, which can be exchanged for local currency or used to purchase platform advertising with one click.

  • No sense of technology：
    The wallet address and on-chain transfers are all handled by the platform backend. Users only need to operate like using Alipay, but the underlying Web3 transactions have been completed.

5. Prediction: In the second half of 2025, stablecoins will reshape the financial landscape

  • Short-term impact：
    If the House of Representatives passes the bill smoothly, the valuations of compliant issuers such as Circle and Paxos may double from July, and the market value of USDC may exceed $150 billion;

  • Long-term trend：
    Stablecoins will become the "universal currency of the digital economy", driving the explosion of RWA (tokenization of real assets) and accelerating the speed at which assets such as gold and government bonds are put on the chain.


Key point: This is not the end of compliance for the crypto industry, but the starting point for the integration of traditional finance and Web3. When Amazon's stablecoin can be used to directly purchase U.S. stocks and Meta's stablecoin can be used to pay mortgages, a new financial era will truly arrive.


(Data as of June 17, 2025. Please continue to pay attention to the subsequent developments of the bill)

#GENIUS稳定币法案