In the year #稳定币监管风暴 2025, the world ushered in a regulatory storm for stablecoins. The United States passed the GENIUS Stablecoin Act, requiring issuers to hold 100% reserves and undergo federal scrutiny, cracking down on unlicensed stablecoins. The EU's MiCA regulations were fully implemented, while Japan, South Korea, and the UK simultaneously pushed for stablecoin registration systems. This move accelerated market reshuffling, with compliant stablecoins like USDC and PYUSD benefiting from expansion, while unregulated decentralized stablecoins like USTC and USDN faced large-scale delistings and bans, marking the entry of the crypto market into a new era of compliance.