稳定币立法

Stablecoin Legislation x US Treasuries: A Structural Reconstruction of Liquidity

Recently, the U.S. Senate passed the "GENIUS Act", marking the formal establishment of the U.S. stablecoin regulatory framework. At first glance, this seems to be progress in the regulation of “on-chain dollars,” but it actually buries a seed for the reconstruction of US Treasury liquidity 🌱

Core requirements of the bill: Stablecoin issuers must hold high liquidity assets as reserves on a 1:1 basis. Who qualifies as collateral?

✅ U.S. Dollar Cash
✅ U.S. Treasuries (especially short-term T-Bills)
✅ Government bonds under repurchase agreements

Are stablecoins equivalent to on-chain money market funds?

Taking USDT as an example, as of March 2025, over 70% of its reserves are in short-term U.S. Treasuries, with a scale exceeding $110 billion. Circle's USDC also holds a large amount of T-Bills through BlackRock funds.

Stablecoins are not “using U.S. Treasuries,” but are structurally becoming buyers of U.S. Treasuries.

Timing is crucial:
Starting in June 2025, the maturity and refinancing pressure of U.S. Treasuries will surge to $8 trillion in the second half of the year.
The Federal Reserve continues to "shrink its balance sheet," while foreign investments (such as from China and Japan) continue to reduce holdings.
Who will take over? Perhaps, it's the “on-chain dollars.”

The institutional regulatory path for stablecoins will guide more mainstream financial institutions to participate in issuance and custody.
You heard it right, financial institutions and entities that purchase U.S. Treasuries can also issue stablecoins.
And U.S. Treasuries, as reserve assets, will be deeply embedded in the crypto financial system.
I believe this is a grand “scheme” by the Trump administration, stepping on the left foot with the right, to alleviate the urgent pressure of maturing U.S. Treasuries.

From the perspective of the dollar:
Stablecoin regulation = Increased demand for U.S. Treasuries with a "digital umbilical cord"
→ The more on-chain dollars circulate, the steadier the off-chain U.S. Treasury buying will be.

The digital sovereignty of the dollar worldwide is being re-anchored through stablecoins.
Indirectly, it is also weakening or replacing the Federal Reserve's "monetary issuance authority"

#特朗普媒体科技集团比特币财库 #稳定币立法

UK FCA registered institution BCP announces the launch of the GBP stablecoin $tGBP, as major institutions enter the stablecoin industry to share in the profits.

The stablecoin industry is also transitioning from rapid growth to a more regulated development phase.
#Stablecoins #稳定币立法

Trump's Crazy Support for Stablecoins! What Lies Behind the Threefold Profit Scheme?

Trump is vigorously promoting stablecoins, which hide a threefold strategy of politics, business, and national strategy. On one hand, he sees dollar-pegged stablecoins as a tool to reinforce the dollar's hegemony—95% of the world's stablecoins are tied to the dollar, and 80% of reserves are invested in U.S. Treasury bonds, which helps the U.S. absorb national debt and relieve debt pressure, while allowing the dollar to penetrate global payments through the crypto market. At the same time, he has halted the Federal Reserve's digital currency initiative, instead supporting private stablecoins, aiming to use a 'decentralized' narrative to counter other countries' central bank digital currencies, maintaining U.S. control over the monetary system.

On the other hand, stablecoins are also the 'printing press' for the Trump family. The TRUMP coin he issued once had a market value of $4 billion, with the family holding 80% of the tokens, earning $320 million just from transaction fees; his wife and son's token projects have also become cash cows. Even more outrageous is that investors holding a lot of TRUMP coins can exchange them for dinner seats or even a trip to the White House; over $110 million of the $170 million investment flowed into his family’s businesses, raising accusations of using his power for personal gain. Moreover, he has garnered support from crypto voters by backing stablecoins, having raised $250 million in crypto donations for the 2024 election, and has promised to relax regulations to stimulate coin prices, creating a narrative of 'economic recovery' for himself. To shape the image of an 'innovative president,' he even made a 180-degree turn on his attitude toward Bitcoin, calling it 'digital gold,' and invoked the 'China threat' to elevate stablecoins to a national security level, hoping to safeguard America's lead in the crypto space.

However, this move carries significant risks: allowing tech giants to issue stablecoins could trigger financial risks, his family's deep ties to projects may be illegal, and the historical failures of algorithmic stablecoins raise concerns that stablecoins like USD1 could impact the dollar's credibility. Ultimately, Trump's push for stablecoins is aimed at using digital tools to consolidate dollar hegemony, reap political capital, and fill his own pockets, but mixing public and private interests will inevitably lead to clashes with regulation and market realities.

Follow me for a deeper dive into the political maneuvering behind the crypto world! Share your thoughts on Trump's stablecoin strategy in the comments, and if you find it insightful, forward it to your crypto friends! #稳定币立法

$BTC

$ETH

🔥Market Trends: The total market value of stablecoins increased slightly by 0.08%!

USDT market value remains at the forefront, with a market share of 69.65%! 🔥

The total market value of stablecoins increased slightly

Data snapshot on August 31:

Total market value changes: In the past week, the total market value of stablecoins increased by 0.08%.

Current total market value: US$169.707 billion.
USDT performance:

Total market value: remains unchanged, now US$118.199 billion.
Market share: As high as 69.65%, firmly in the forefront of the market.

#美国CPI数据连续第4个月回落
#美联储何时降息？
#稳定币立法
#USDT。
#新币挖矿DOGS

Big news from Europe! Stablecoins are being "cleaned up"! Will digital currencies such as USDT be collectively removed from the shelves?

In 2019, the European Union proposed the Cryptocurrency Market Law "MiCA", which will officially take effect in July this year. This law has clear and strict regulatory systems for crypto exchanges and stablecoin issuers.

The negative impacts that may be caused at present are:

* Strict rules, exchanges or stablecoin issuers will face millions of euros in penalties if they violate them;

* USD stablecoin (USDT) is restricted;

* NFT is in a gray area and may be included in the regulation.

In response to the regulation, OKX, the world's second largest exchange, has removed USDT trading pairs in Europe. In fact, the EU's stablecoin market has already begun to build, such as EURC issued by USDC issuer Circle, EURT issued by Tether, and EURCV issued by Societe Generale.

The main reason why the EU considers this is that it is worried about what to do if the US dollar collapses? After all, USDT and USDC are both pegged to the US dollar. Once the US dollar fluctuates violently, it will have a huge impact on the crypto assets held.

Since the collapse of FTX, the market has been calling for more and more official regulation. The EU's first step is believed to help crypto assets enter the "rule of law era".

#USDC #稳定币立法 #MiCA法规

#稳定币立法 GENIUS Stablecoin Bill Passed
Directly Benefits Stablecoin/Fixed Income Sector:
$CRV $PENDLE $FXS

@CurveFinance — Stablecoin Trading Market
@pendle_fi — Fixed Income Market
@fraxfinance — First Batch of GENIUS Compliant Payment Stablecoins

A frequently overlooked target is @ethena_labs, which had also focused on collateralized stablecoin USDtb, with a current scale of 1.4 billion USD.

As expected, the GENIUS stablecoin bill has officially landed, and cryptocurrency compliance regulation will usher in a watershed moment! Bull markets always arrive amidst skepticism.

#GENIUS稳定币法案 #稳定币立法

On May 21, 2025, the Hong Kong Monetary Authority's official website updated the "Stablecoin Issuers" special page, confirming that the "Stablecoin Bill" has entered the third reading stage of the Legislative Council. The first batch of sandbox participants (such as Standard Chartered Bank, JD Technology, Yuanbi Technology, etc.) have completed technical testing and will launch a compliant stablecoin pegged to the Hong Kong dollar 1:1 as early as the third quarter of 2025.

This move marks Hong Kong as the world's first financial center to include stablecoins in the statutory regulatory framework, setting the "Asian standard" for the Web3.0 era.

#稳定币立法

According to The Block, U.S. Senators Kirsten Gillibrand and Cynthia Lummis proposed a stablecoin bill on Wednesday that requires stablecoin issuers to hold a one-to-one cash or cash equivalent reserve to support their tokens and prohibits unbacked algorithmic stablecoins. The bill also requires issuers and users not to use stablecoins for illegal or unauthorized activities, such as money laundering. The bill aims to establish a framework to encourage "responsible" innovation, emphasizing the advantages of stablecoins in fast international transactions, lower fees, and digital native programs and applications.
In addition, the bill plans to establish a "federal and state regulatory system for stablecoin issuers to maintain a dual banking system." In the United States, the dual banking system refers to federal banks and state banks being regulated by different regulators, although they can be regulated by both state and federal regulations. The Lummis-Gillibrand Payment Stablecoin Act will grant federal and state entities the power to charter and enforce stablecoins.
#稳定币 #稳定币立法 #稳定币监管

Eileen Chang once said:
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Alas, recently there has been an overwhelming amount of negative news about Pi, and saying that I am unaffected inside would be a lie. But after 6 years of companionship, it has already taken root in my life. A single day without attention feels like something is missing. I am already in my forties, but as long as the project team does not give up, I will also persevere. Moreover, I have just boarded the pijswap train, and this journey is filled with good intentions!
#稳定币立法 #BTC #pi #PIJSwap

Hong Kong Passes the 'Stablecoin Regulation Bill', Traditional Financial Giants Accelerate Digital Asset Layout

On May 23, the Hong Kong Legislative Council passed the 'Stablecoin Regulation Bill', establishing a clear regulatory framework for the issuance and trading of stablecoins. This marks a key step for Hong Kong in the regulation of digital assets. Standard Chartered Bank, in collaboration with AN Group and Hong Kong Telecom, is preparing to establish a joint venture to issue a Hong Kong dollar-pegged stablecoin, further promoting the deep integration of traditional finance with digital assets.

Industry Impact:
Accelerated Transformation of Traditional Finance: Global banking giants view digital assets as a strategic focus; Standard Chartered's entry sets a precedent, and more institutions are expected to follow.
Enhanced Investor Protection: The regulation strictly demands transparency of reserve assets and capital adequacy ratios, boosting market confidence.
Strengthened Competitiveness of Hong Kong: As the first financial center to establish a stablecoin regulatory system, Hong Kong is expected to seize the pricing power of digital assets.
Future Outlook: With the implementation of the 'Stablecoin Regulation', Hong Kong is set to welcome a new wave of digital assets, driving global financial innovation.

#香港加密货币ETF #币安Alpha上新 #稳定币立法

U.S. Senators will vote tonight on advancing the stablecoin bill
#稳定币立法

U.S. GENIUS Stablecoin Bill Achieves Key Breakthrough in Senate, Bipartisan Consensus Drives Regulatory Framework Implementation

On May 20, the U.S. Senate passed the procedural motion for the "GENIUS Stablecoin Bill" with a vote of 66 to 32, marking a significant advancement for this critical legislation. Notably, over 15 Democratic lawmakers reversed their positions to vote in favor, despite Minority Leader Chuck Schumer maintaining his opposition. The passage of this "motion to end debate" clears the way for the bill to enter the stage of full debate, where lawmakers will discuss specific provisions and propose amendments.

This bill, introduced by Senator Bill Hagerty in February, aims to establish a comprehensive regulatory framework for the $248 billion stablecoin market. Key provisions include: requiring stablecoins to be backed by 100% reserve assets, conducting regular safety audits, limiting issuers to licensed institutions, and strictly restricting algorithmic stablecoins. Hagerty emphasized that this bill would not only modernize the U.S. payment system but also solidify the dominance of the dollar. He expects that the passage of the bill will stimulate demand for over a trillion dollars in government bonds and drive innovation in digital assets.

Senator Cynthia Lummis, who is pushing for this bill, stated: "Digital assets represent the future, and we are one step closer to ensuring America's leadership." Although Democrats had previously paused support due to concerns over anti-money laundering and controversies surrounding Trump's cryptocurrency holdings, bipartisan consensus has been reestablished following revisions to the provisions. The legislative process is currently accelerating, and Lummis has called for the completion of the legislative process before May 26 (Memorial Day in the U.S.).

Currently, the stablecoin market is dominated by Tether (USDT), which holds a 61% market share with a circulation of $151 billion; Circle's USDC ranks second with a market size of $60 billion. This legislative breakthrough coincides with the House's passage of the "STABLE Act" in early April, signaling that the U.S. cryptocurrency regulatory framework is becoming increasingly robust. As the bill enters its final sprint phase, the global digital asset market may usher in a new compliance benchmark.

As the GENIUS bill enters the stage of full debate, what impact will this have on the stablecoin and cryptocurrency markets? Leave your comments in the discussion section!

#美国加密货币监管 #稳定币立法 #GENIUS法案 #数字美元战略