$USDC 100% Reserve Fund Iron Law: From now on, all stablecoins must be fully backed by cash or short-term U.S. Treasury bonds, and algorithmic stablecoins' "air anchoring" is prohibited. Users can redeem for USD at any time, significantly reducing the risk of bank runs.

Layered Regulation:

Small Players: Stablecoins with a market value below $10 billion only need state-level registration, allowing room for startups;

Giants: Those over $10 billion (such as USDT, USDC) will be directly regulated by the Federal Reserve, with monthly audits and mandatory disclosure of reserve structures.

Data Comparison:

USDT: Currently only 85% cash reserves, and the audit reports have long been questioned for being "inflated". As soon as the bill was introduced, it immediately relocated to El Salvador, clearly avoiding regulation.

USDC: Parent company Circle has already gone public in the U.S., with 96% of reserves in U.S. Treasury bonds and cash, leading to a 12% overnight surge in market value, becoming the biggest winner.

2. U.S. Calculation: Using stablecoins to collect