The U.S. Senate recently passed the GENIUS Act with a high vote, marking that the stablecoin market exceeding $250 billion has officially entered a new stage of orderly regulation. The once gray area is gradually disappearing, and the principle of "same business, same rules" is beginning to be truly implemented.

The core requirements of the new regulation are quite clear: USD stablecoins must maintain 100% high-quality asset reserves (in the form of short-term government bonds, cash, etc.), undergo regular public audits, and issuers are strictly prohibited from paying interest to holders. The regulatory logic is straightforward—the stablecoin can only be a payment tool and cannot covertly become a financial product, thus avoiding disruption to the traditional banking system.

Looking globally, the era of compliance premium is beginning. The EU’s MiCA regulation has officially come into effect, and Singapore is also advancing licensing systems. The future market competition landscape will change significantly: projects that proactively embrace regulation and generate stable cash flows will receive higher valuations; those relying on high leverage and regulatory arbitrage to survive are facing shrinking space.

Major exchanges and traditional financial institutions are already taking action. Coinbase, Kraken, and others are attempting to retain yields for users within the new framework through staking incentives and DeFi protocols; JPMorgan Chase and Citibank are also accelerating exploration of tokenized deposits and on-chain solutions for real-world assets.

Regulatory pain is inevitable in the short term, but in the long run, this is an essential path for digital assets to achieve large-scale adoption.