GENIUS Act: The "American Plan" for Stablecoin Regulation

As the core of this legislation, the GENIUS bill aims to establish a federal-level regulatory framework for stablecoins, with its main impact reflected in three aspects:
1 Institutional entry catalysts: After the bill is passed, rules for stablecoin issuance and reserve management will be clarified, expected to attract traditional institutions like BlackRock and Fidelity to accelerate their layout in the digital asset space; 2 Digital extension of USD hegemony: Mandatory stablecoin reserves tied to short-term US Treasury bonds will create a "stablecoin issuance - global circulation - US Treasury return" closed loop, consolidating the USD's status as a reserve currency in the digital economy era;
3. Industry Compliance Upgrade: By setting capital thresholds, information disclosure, and other requirements, accelerate the elimination of non-compliant stablecoin projects and promote the concentration of the industry towards the leading players.

Market Reaction:
Ethereum leads the way, with the crypto market capitalization approaching $4 trillion. The progress of the bill has directly ignited market enthusiasm, causing the total market capitalization of cryptocurrencies to soar to $3.8 trillion. Ethereum (ETH) has seen a 24-hour increase of over 7%, reaching a new high of $3,418, driving mainstream altcoins like TRX and SOL to rise collectively. This anomaly is not a coincidence — with the passage of the GENIUS bill, stablecoins such as USDT and USDC within the Ethereum ecosystem will directly benefit from regulatory compliance, and its core position as a smart contract platform will also be strengthened. Meanwhile, against the backdrop of Bitcoin's historical high volatility, capital is accelerating towards the high-elasticity altcoin sector, forming a pattern of "big coin on stage, altcoins performing."

Global Impact:
The U.S. is likely to reshape the discourse on cryptocurrency. This legislative breakthrough is not only a victory for domestic policy in the U.S. but also signifies a restructuring of the global regulatory landscape for digital assets. By closely tying stablecoins to U.S. Treasury bonds, the U.S. aims to integrate cryptocurrencies into the existing financial system and gain a first-mover advantage in the international competition for establishing Web3 rules. As the bill is implemented, the global stablecoin market may accelerate its evolution towards compliance and dollar centralization, presenting both opportunities and challenges for the ecological development of decentralized public chains like Ethereum.