Opinion: Never underestimate the U.S. stablecoin legislation.

The "GENIUS Act" stablecoin bill in the United States, if successfully passed, will rewrite the structure of the crypto industry, correct the name, establish a standard, pave the way for stablecoins, and is also expected to become a key turning point in the history of blockchain development. This article originated from an article written by 0xTodd and was compiled, compiled and written by wublockchain. (Synopsis: The US "GENIUS" stablecoin bill passed the vote, passing the final debate and vote in the Senate) (Background supplement: US stock bitcoin profits "remittance to Taiwan 5%"! Trump proposes to introduce a new bill: transfer tax for non-US citizens) If the US stablecoin bill "GENIUS Act" is successfully passed, it will be of great significance, and I even think it is enough to enter the top five in the history of crypto. Although abbreviated as GENIUS Act, literally translated as Genius Act, it is actually Guiding and Establishing National Innovation for U.S. Stablecoins, which actually translates to "national innovation to guide and build dollar stablecoins." The proposal is very long, and there are several highlights to summarize for everyone: Mandatory 1:1 full assets: the scope includes cash, bank demand deposits, short-term US Treasuries. At the same time, misappropriation and re-pledge are strictly prohibited. High-frequency information disclosure: release reserve reports at least once a month and introduce external audits. Licensing: Once an issuer's stablecoin has a circulating market capitalization of >$10 billion, it must be transferred to the federal regulatory system within a specified period of time, using banking-level supervision. Introduction of custodianship: The custodian of the stablecoin and its reserve assets must be a regulated and qualified financial institution. Clearly defined as a medium of payment: The bill explicitly defines a stablecoin as a new type of payment medium that is primarily subject to banking regulation rather than securities or commodity regulation. Zhao'an existing stablecoins: A wind-down period of up to 18 months after the bill takes effect, which is intended to urge issuers of existing stablecoins (such as USDT, USDC, etc.) to obtain licenses or be included in compliance as soon as possible. After the main chapter, let's talk about the significance of this matter with excitement. Over the past many years, people have asked, what applications have you made in the Crypto industry for 16 years? Later you can confidently talk to others – stablecoins. First, clearing up concerns is a prerequisite Some people have objected, and in the past, people's impression of stablecoins was - opaque black box. FUD is required every few months, either Tether assets are frozen, or Circle has a big deficit. In fact, if you think about it, Tether relies on the interest of those underlying treasury bonds alone, and easily enters billions of dollars a year. Slightly less, Circle also made a profit of $1.7 billion last year. This is standing and making money, in terms of motivation, they do not have any motive to do evil, but they are also the most eager to comply. Now, this opaque black box will become a transparent white box. In the past, it was nothing more than criticism that Tether's money may have been frozen by the United States, and now it is directly put into a compliant custodian in the United States, and high-frequency information disclosure can be directly assured. [Don't worry about running away] is such an advantage – I think all Crypto people in particular understand. Second, it is important to master the criteria of stablecoins, which at one point nearly snatched the fruits of victory by CBDCs. No matter which country, if there is really a central bank digital currency, the probability is not built on the blockchain, at most it is built on the central bank's internal alliance chain, then the thing honestly does not make any sense. When CBDCs were at their hottest, they were the most dangerous times for stablecoins. If CBDC had been successful, the current stablecoin would have been infinitely suppressed to a dark corner, and the blockchain could only play a minimal role. The remaining half-dead stablecoins even have to learn the standards of the central bank's digital currency, and the standard voice is completely sidelined. And now, stablecoins have won (soon). Instead, everyone should learn the standard of [blockchain + token]. Now many blockchains, in fact, there is no meaningful application above, but stablecoin transfers. For example, with Aptos, the only scenario I use is when I use Aptos, which is to transfer from Binance to OKX. And now, stablecoins will be legislated, what does it mean? That's right, blockchain will be the only standard. In the future, every stablecoin user will first learn to use a wallet. As an aside, now I think Ethereum's push for EIP-7702 is really forward-looking. While other chains are swarming to engage in memes, thanks to Ethereum, which is still insisting on account abstraction. EIP-7702 is the account abstraction, which can support, for example: Social account registration wallet, payment of GAS with local currency, etc. This gives future new users a lot of use of stablecoins, solving the last mile. Third, deposit into a new era. And once stablecoins are legislatedly supported, depositing and withdrawing funds will become much simpler. Let's imagine a scenario where there was no way to hinder the gray properties of stablecoins before, but after the passage of the bill, many traditional brokerages themselves can support stablecoins. U.S. stock investors' money, turned into stablecoins in minutes, and then stuffed directly into Coinbase in a second, believe it or not. Let's imagine another scenario, if the genius bill enters the House of Representatives smoothly through the process, next, you will see: Because this buying and selling is too lucrative, the existing stablecoin leaders and the new traditional giants have begun to promote their stablecoin products like crazy. And an outsider, because of these promotions began to use stablecoins. Then one day I found out, since the wallet account is established, is it very difficult to understand the bitcoins inside? Stablecoins are a huge Trojan horse, and the moment you start using stablecoins, you have unknowingly entered the Crypto world with half your feet. Fourth, finally, as a large reservoir for digesting U.S. bonds, although stablecoins cannot directly convert debts, they at least provide bullets for the secondary market of U.S. bonds. These features are quite important, and slowly, stablecoins become part of the body of the U.S. bond market. Therefore, once the United States passes the legislation, after tasting this sweetness, it is impossible to go back and cancel it. Moreover, we are confident that stablecoins are indeed one of the great innovations in our industry, and that it will be difficult for people who have used stablecoins to return to the traditional cash-banking system. The bill can't go back, and users can't go back. In the future, concerns are about to be cleared, standards will be mastered, and the era of big gold seems to be imminent. Related reports South Korean presidential candidate Lee Jae-myung pushes "won stablecoin" and opens pension funds to buy bitcoin, polls soar 49% Details of Circle, BlackRock's "cooperative IPO" exposed: Blackrock takes over 90% of USDC reserve assets and bans the issuance of stablecoins Coinbase Strategy Director: Institutional interest has not stopped, DeFi and stablecoins must explode "Opinion" Never underestimate the US stablecoin bill This article was first published in the moving area BlockTempo The most influential blockchain news media.