The "GENIUS Act" is the first federal-level stablecoin regulatory law in the United States, passed in the Senate on June 17, 2025, with a vote of 68:30. The core objectives are twofold:

1. Safety First: Stablecoin issuers must hold an equivalent amount of cash in US dollars or short-term government bonds, and cannot operate without sufficient backing.

2. Regulatory Tiering: Large institutions (such as USDT, USDC) are regulated federally, while smaller institutions are regulated by state governments, but the standards are uniform nationwide.

Key Points (What the Average Person Should Know)

1. Who Can Issue Coins?

   1. Banks and licensed financial institutions.

   2. Tech giants (such as Meta, Amazon): Unless they can prove exceptional risk control, they are prohibited from issuing coins.

   3. USD1 from the Trump Family: The act removed restrictions on this, and its compliance design (100% government bond reserves) is not prohibited.

2. How is Money Managed?

   1. Transparency: Monthly disclosure of reserve details, subject to third-party audits.

   2. Interest Payments Prohibited: To avoid competing with banks.

   3. User Priority: In the event of issuer bankruptcy, user funds are prioritized for repayment.

3. Crackdown on Illegal Activities

   1. Mandatory anti-money laundering reviews, with the ability to freeze problematic tokens if necessary.

Impact on the US Economy

1. A "Savior" for US Debt

   1. Mandating stablecoins to use US government bonds as reserves is expected to create trillions of dollars in new demand for US debt by 2030, alleviating fiscal pressure on the US.

   2. Example: The current largest stablecoin, USDT, holds $120 billion in US government bonds, exceeding the size of the German central bank.

2. The Dollar's Digital Weapon

   1. 90% of global stablecoins are pegged to the US dollar; the act promotes them to become "digital dollars," reinforcing the dominance of international payments.

   2. Comparison: The EU restricts foreign stablecoins, China promotes the digital yuan, while the US seizes the initiative with this act.

3. Opportunities and Disruptions for Traditional Finance

   1. Opportunities: Banks can issue stablecoins to earn interest (as seen in JPMorgan's plans).

   2. Disruptions: Credit card companies (Visa, Mastercard) may be replaced by low-cost stablecoin payments.

Controversies and Risks

1. Concerns Over Trump Family Interests

   1. The USD1 issued by the Trump family's company WLFI saw its market value soar to $2.1 billion within four months, with Democrats criticizing the act as a "backdoor" for them.

   2. Trump himself profited over $57 million from crypto projects in 2024, accused of "monetizing policy."

2. Is Innovation Restricted?

   1. Algorithmic stablecoins (like the previously collapsed UST) are completely banned, potentially stifling DeFi (decentralized finance) innovation.

3. Systemic Risk

   1. If banks issue stablecoins with high leverage, it could lead to a repeat of the 2008 financial crisis.

Future Outlook

1. Next Steps

   1. The act needs to be sent to the House of Representatives for a vote, possibly merging with the House version of the "STABLE Act," with the main point of contention being regulatory authority (the Senate version centralizes power in the Treasury, while the House version distributes it among multiple agencies).

   2. If a compromise is reached, Trump may sign it into effect by 2025.

2. Impact on the Average Person

   1. Benefits: Buying compliant stablecoins like USDC is safer, reducing the risk of issuer default.

   2. Downsides: Smaller platform stablecoins may be eliminated, reducing choices; the threshold for tech companies to issue coins is extremely high.

3. Global Trend

   1. Hong Kong has already introduced the "Stablecoin Regulation" to support the renminbi stablecoin, and the EU's MiCA act is being implemented, leading to a global "regulatory race."

Conclusion

Essence of the Act: To use national credit to back stablecoins, turning them into an "automatic teller machine" for US government bonds.

Short-term Impact: Compliant stablecoins (like USDC, USD1) will be favored, while speculative small coins will be eliminated.

Long-term Strategy: The US uses the act to embed dollar hegemony into blockchain, but political interest controversies and innovation risks must still be monitored.

In a nutshell: The state gives stablecoins a "license," but they must use US-designated fuel (government bonds), with the destination being the digital hegemony of the dollar.

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