On July 18, Trump officially signed the (GENIUS Act) — the first federal stablecoin regulatory framework in the U.S. How long has this thing been in the works? Those in the circle understand. The House vote was 308:122, and the Senate result was 68:30; a rare bipartisan effort clearly shows: the U.S. does not want to fall behind in the Web3 race.
1. Putting a "compliance straitjacket" on stablecoins, but leaving a backdoor.
1:1 reserve iron rule: USDT and USDC issuers can no longer play the "fractional reserve" trick; they must fully collateralize with cash or short-term U.S. Treasuries maturing within 93 days, with monthly audits and mandatory disclosures.
Differentiated issuance thresholds: large institutions scramble for federal licenses, small players wait for state licenses, foreign banks that meet "reciprocal regulation" can also enter — this door is open for giants like Tether.
No interest! No securitization! Can stablecoins dare to issue returns? Directly illegal! The bill cuts off "bank-like products" across the board, while clearly defining qualified stablecoins as non-securities; the SEC shouldn't think of interfering.
2. BTC fluctuates after breaking 120,000, TRUMP coin unlocks buried landmines.
Tariff policy spawns "crypto hedging": On July 14, Trump imposed steel and aluminum tariffs on the EU and Mexico, traditional markets plummeted, while BTC took the opportunity to surge to a historic peak of $120,000, up 1.9% in a single day.
TRUMP coin cliff unlock: On July 18, 90 million TRUMP were released, worth $900 million. Whales ran away early — MemeCore dumped 1.39 million coins on Binance, causing FUD.
Justin Sun's "rescue" mystery: Justin Sun claims to "bet $100 million to protect the market," but there has been no significant on-chain buying. TRUMP coin has dropped 85% from its peak; if Sun doesn't step in with real money, it could halve again in 48 hours.
3. The conspiracy of the U.S. Treasury market and dollar hegemony.
Stablecoins become the "new big players" in U.S. Treasuries: currently, over 50% of USDT and USDC reserves are allocated to Treasuries; if the scale skyrockets from $250 billion to $2 trillion, they will need to increase holdings of hundreds of billions in short-term bonds annually, directly reducing U.S. government financing costs.
Liquidity is a double-edged sword: large-scale redemptions = a wave of U.S. Treasury sell-offs; the 93-day short-term bond rule seems safe, but could trigger a flash crash in interest rates during a black swan event.
4. What comes next? Focus on three things.
1. The CLARITY Act battle: The House just passed the "SEC/CFTC jurisdictional bill" with a vote of 294:134, sending it to the Senate; if passed, Ethereum, SOL, and other non-stablecoin assets will clearly be classified as commodities, completely freeing them from securities accusations.
2. Countdown for pension entry: Trump plans to sign an executive order allowing 401k pension investments in cryptocurrencies + gold, with $9 trillion in incremental funds eyeing the market.
3. Exchange "compliance reshuffle": Coinbase, Kraken may rush to apply for federal stablecoin licenses, while non-reserve, high-yield "meme stablecoins" will become regulatory targets.
Remember, compliance is not the end but the beginning of power distribution. Retail investors should be wary of TRUMP-like political meme coins unlocking and crashing, while institutions bet on U.S. Treasury reserve stablecoins — in the new order, find your position.
#特朗普施压鲍威尔