In June 2025, a landmark piece of legislation was passed in the U.S. Senate, sparking widespread discussion in the field of encryption. The Stablecoin Regulatory Bill (GENIUS Act), as the first comprehensive federal regulatory framework for stablecoins in the United States, quickly transcended national borders and became a focal topic in the global digital asset market.

This bill establishes a strict regulatory framework for stablecoins, with the core provision being the establishment of a tiered issuance system. This system explicitly requires all stablecoin issuing entities to hold reserves equivalent to 100% in US dollars, providing substantial guarantees for digital currency. The bill also establishes a mandatory audit mechanism, requiring issuers to regularly disclose their reserve status and to initiate special protective measures to ensure user asset security in the event of a financial crisis. Additionally, the bill strengthens anti-money laundering measures and customer identity verification standards, aiming to prevent stablecoins from being used for illegal trading activities.

From the perspective of the financial system, this legislation will have a profound impact on traditional finance. In the field of international payments, the high costs and processing delays faced by the existing SWIFT system are expected to be alleviated. Under regulatory compliance, stablecoins may become an ideal tool for fast cross-border settlement around the clock, significantly enhancing the United States' global competitive advantage in the fintech sector while promoting the digital transformation of the dollar.

It is noteworthy that regulations require stablecoin reserves to exist in the form of cash or short-term government bonds in US dollars. This provision is expected to stimulate the short-term government bond market, creating hundreds of billions of dollars in new demand, indirectly providing financing channels for the U.S. Treasury and having a significant impact on U.S. monetary policy.