#GENIUS稳定币法案 GENIUS Act Core Content Analysis: Reshaping the Regulatory Landscape for Stablecoins

The U.S. Congress has recently proposed the "Government Cryptocurrency Asset Stablecoin Regulatory Framework" (GENIUS Act), which establishes a comprehensive regulatory system for stablecoins for the first time. The act requires all U.S. dollar stablecoin issuers to meet three core conditions: holding 100% cash or short-term treasury reserves, obtaining a federal charter issued by the OCC, and submitting a reserve report certified by the four major auditing firms on a monthly basis. The act explicitly prohibits algorithmic stablecoins and classifies offshore stablecoins like Tether as "high-risk assets." Compliant issuers will be recognized as "systemically important payment institutions," with Circle, Paxos, and others expected to be among the first approved. This act could fundamentally change the current stablecoin market landscape.