#GENIUS稳定币法案 Bank Participation Terms: New Opportunities for Traditional Finance

The GENIUS Act opens exclusive channels for banks: FDIC-insured banks can waive the $500 million capital requirement, directly access the Federal Reserve's real-time settlement system, and enjoy reserve exemption benefits. JPMorgan has submitted an upgrade plan for JPM Coin, and Bank of America plans to launch BAC Stablecoin. Bank-issued stablecoins can be integrated into existing payment networks and are expected to capture 50% market share within two years. This 'bank issuance + exchange circulation' model may disrupt the current USDT-dominated landscape, but also raises concerns about monopoly. The Act requires that bank stablecoins must maintain a 1:1 exchange with traditional accounts.