The passage of the "GENIUS Act" marks a historic breakthrough in the regulation of the cryptocurrency industry in the United States. If it ultimately becomes law, its impact will radiate across the cryptocurrency ecosystem, traditional finance, and the global monetary landscape, with the role of stablecoins upgrading from a 'trading tool' to the 'core of financial infrastructure'.

- Compliant stablecoins will dominate the market, and USDT faces a survival crisis;

- The surge in demand for U.S. Treasuries suppresses short-term yields, providing liquidity support for risk assets.

- Stablecoins upgrade from a 'gateway to cryptocurrency' to a vehicle for the digitalization strategy of the dollar, becoming the 'risk-free interest rate anchor' for DeFi and the underlying infrastructure for cross-border payments;

- The integration of the cryptocurrency industry and traditional finance accelerates, with RWA, DeFi, and compliant exchanges emerging as the biggest winners.

If the bill is enacted, it will not only mark the end of regulatory compliance but also the starting point of the 'on-chain dollar empire'—it will reshape capital flows, challenge the hegemony of banks, and force the world to consider: When the dollar dons the cloak of code, will the end of finance be open, or another form of monopoly?