The passage of the U.S. stablecoin bill has had multiple impacts on the global stablecoin market.

1. Strengthening the Dollar's Dominance: Over 95% of global stablecoins are pegged to the dollar. The bill requires stablecoin issuers to use U.S. cash or U.S. short-term government bonds as primary reserve assets, further consolidating the dollar's settlement dominance in digital finance and reinforcing its global financial leadership.

2. Intensifying Market Centralization: The strict reserve and access requirements of the bill enable large stablecoins like USDT and USDC to monopolize the market due to compliance advantages, while smaller issuers may exit the market due to the difficulty of meeting compliance costs, leading to increased market concentration.

3. Impacting Global Regulatory Landscape: The passage of the U.S. bill may promote mutual recognition of licenses globally. Places like Hong Kong and Singapore have already required stablecoin issuers to localize, and more countries and regions may reference the U.S. regulatory model in the future to develop or adjust their own stablecoin regulations, triggering global regulatory competition.

4. Enhancing Market Stability: The bill requires stablecoin issuers to hold 1:1 high liquidity assets and to publish audited reserve reports monthly, prohibiting the pledge or misappropriation of reserve assets. This will improve the transparency and stability of stablecoins, reduce occurrences of events like the UST collapse, and enhance market confidence.

5. Changing the U.S. Treasury Market Landscape: The growth of stablecoin issuance will increase demand for short-term dollar assets, particularly ultra-short-term U.S. government bonds. It is predicted that by the end of 2028, the global issuance of stablecoins will reach $2 trillion, with as much as $1.6 trillion expected to flow into the U.S. short-term government bond market, creating additional liquidity for U.S. Treasuries and alleviating U.S. fiscal deficit pressures.