The U.S. Stablecoin Bill is Implemented, Who Will Be the Biggest Winner in the Crypto Market?

On July 18, 2025, the U.S. House of Representatives officially passed three key crypto bills: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Regulatory Act. This not only marks the entry of the U.S. crypto industry into a compliance fast lane but also has far-reaching effects on the entire market ecosystem.

Among them, the GENIUS Act establishes a clear regulatory framework for stablecoins, requiring issuers to be regulated financial institutions, with reserves backed 1:1 by U.S. dollars, regular audits, and compliant custody. This provides a legal identity for mainstream stablecoins like USDC and TUSD and strengthens market confidence in stablecoins. The CLARITY Act clearly distinguishes between “digital securities” and “digital commodities,” paving the way for project tokens to be compliant, benefiting trading platforms like Coinbase.

Who are the direct beneficiaries?

• Stablecoin projects such as Circle (USDC) and TrustToken (TUSD);

• Compliant trading platforms and custodians like Coinbase and Anchorage;

• On-chain stablecoin DeFi projects, such as MakerDAO (DAI), Lybra (LBR), UXD, Ethena, etc.

Does Solana have a share?

Although Solana is not a stablecoin issuer, as one of the high-performance public chains with an active on-chain stablecoin ecosystem, Solana benefits indirectly. There are already several compliance-oriented stablecoin projects on its platform (such as UXD and Jupiter supporting USDC trading), and with clearer stablecoin regulations, Solana's TVL and DeFi activity are expected to grow rapidly.

In other words, SOL is not the primary beneficiary of the “bill dividend,” but it represents a structurally favorable platform asset. If stablecoin projects choose to deploy on Solana in the future, it will further elevate its value. #美国众议院通过三项加密货币法案