7.19 AI Daily Crypto Assets Regulation New Era: The United States "GENIUS Act" Officially Implemented

1. Headlines

1. Trump signs the GENIUS Act, establishing a regulatory framework for stablecoins for the first time.

On Friday, U.S. President Trump officially signed the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (GENIUS Act) at the White House, marking the first establishment of a stablecoin regulatory framework in the United States. The bill requires stablecoins to be backed by liquid assets such as U.S. dollars or short-term U.S. Treasury bonds, and issuers must disclose reserve details monthly. Currently, the total market capitalization of the two largest stablecoins, USDT and USDC, accounts for nearly 90%.

Trump stated that stablecoins would help increase demand for U.S. Treasury bonds, lower interest rates, and solidify the dollar's status as the global reserve currency. He reiterated that "a central bank digital currency will never be allowed in the U.S." Experts pointed out that the U.S. push for stablecoins aims to leverage the existing advantages of the dollar to maintain its dominant position in the global monetary and payment systems, with some opinions suggesting that this move could alleviate pressure on U.S. debt. However, some Democratic lawmakers questioned the bill for failing to provide adequate consumer and financial stability protections, and pointed out the Trump family's connections to cryptocurrencies. Some Republican lawmakers also believe that the bill conflicts with Trump's previous executive order banning central bank digital currencies.

2. Federal Reserve's Goolsbee: A rate cut is possible if uncertainty is removed.

Federal Reserve Governor Goolsbee stated that there needs to be some consensus on tariff issues in order to better understand their impact on inflation. The ongoing announcements regarding tariffs mean that tariffs cannot be interpreted as a one-time price increase. Any factor that increases the difficulty of assessing whether the Federal Reserve has achieved the 2% inflation target will extend the timeline for rate cuts.

Goolsbee emphasized that he would feel more at ease if inflation remained moderate for several months. If uncertainty is alleviated, a rate cut could be feasible. If signs of a deteriorating labor market begin to appear, this will become an important factor in policy considerations. His remarks again highlighted the Federal Reserve's concerns about the uncertainty surrounding trade policy, which could impact the direction of monetary policy.

3. The founder of Dogecoin lists his favorite top cryptocurrencies.

Dogecoin co-founder Markus humorously criticized the volatility of the cryptocurrency market in a recent X post, combining irony with investor insights. Despite his significant influence, he remains humble about his modest Bitcoin holdings, emphasizing the importance of perspective in the crypto space.

Markus listed his favorite cryptocurrencies: Bitcoin, Litecoin, Ethereum, and Dogecoin. He believes that Bitcoin, as the pioneer of cryptocurrencies, has immense symbolic significance. Litecoin is an interesting offshoot of Bitcoin, with unique technical advantages. Ethereum serves as the foundation for smart contracts and decentralized applications. As for Dogecoin, Markus believes it represents the fun and humor of the cryptocurrency community.

Markus's remarks have sparked heated discussions in the crypto community. Some believe his choices reflect the diversity of cryptocurrencies, while others argue that he overlooks other emerging crypto assets. Regardless, Markus's words once again highlight the differing viewpoints and positions that exist within the cryptocurrency space.

4. Ethereum futures trading volume surpasses Bitcoin, investor interest is high.

According to industry data, Ethereum futures trading volume has surpassed that of Bitcoin, indicating a strong speculative interest flowing into this asset. Analysts believe that this trend reflects investor optimism towards emerging applications within the Ethereum ecosystem, particularly in areas such as decentralized finance (DeFi) and non-fungible tokens (NFT).

The increase in Ethereum futures trading volume may also be related to its status as the dominant cryptocurrency. As institutional investors and large fund management companies increasingly venture into the cryptocurrency market, they may prefer Ethereum, which is a mature and widely used asset. Compared to Bitcoin, Ethereum's technical advantages and broader application prospects may also have attracted more speculative funds.

However, some analysts are cautious about this trend. They warn that excessive speculation could lead to systemic risks and call for regulators to strengthen oversight. At the same time, Bitcoin, as the flagship cryptocurrency, is unlikely to be replaced in the short term. Whether investors will rotate between the two assets remains to be seen.

5. OpenAI will launch a $50 million fund to support non-profit organizations and community organizations.

Artificial intelligence company OpenAI announced the launch of an initial fund of $50 million to support nonprofit organizations and community organizations. The statement said that through this fund, OpenAI will collaborate with partners to leverage the transformative potential of artificial intelligence in areas such as education, economic opportunities, community organization, and healthcare, to expand impact and foster innovation. The company will also support community-led research and innovation to harness the potential of artificial intelligence for public good.

This initiative is seen as part of OpenAI's efforts to improve transparency and accountability. OpenAI has faced criticism over the potential misuse of its artificial intelligence technology, and this fund aims to alleviate those concerns. However, some question whether OpenAI should invest more resources in ensuring the safety and controllability of its core products.

In any case, OpenAI's action reflects the increasing importance that tech companies place on fulfilling social responsibilities. The rapid development of artificial intelligence technology has brought about significant changes to society, and businesses need to take proactive measures to address potential ethical and social impacts. OpenAI's approach may set an example for other companies.

2. Industry News

1. Bitcoin breaks through the $118,000 mark, and the bull market continues to heat up.

The price of Bitcoin has surpassed the important psychological level of $118,000 in the past 24 hours, reaching a high of $118,500. This rise was mainly driven by cooling U.S. inflation data and regulatory agencies' open attitudes towards cryptocurrencies.

Analysts point out that the rise in Bitcoin is primarily driven by a resurgence in investor demand for risk assets. With easing inflation pressures in the United States, the cryptocurrency market has once again become a safe haven for funds. Additionally, the U.S. House of Representatives has passed the GENIUS Act and the CLARITY Act, laying the groundwork for cryptocurrency regulation and boosting market confidence.

Exchange data shows that the daily trading volume of Bitcoin has exceeded $20 billion, reaching a new high in nearly three months. Large purchases by institutional investors and whale addresses have fueled this round of increases. However, analysts also warn that Bitcoin may encounter some resistance after breaking the $120,000 mark, and investors should proceed with caution.

Overall, the bull market for Bitcoin continues to heat up, but investors need to closely monitor changes in regulatory policies and the macroeconomic situation, and prudently manage risks.

2. Ethereum rebounds above $3600, the DeFi ecosystem may welcome new opportunities.

Driven by Bitcoin, the price of Ethereum has also seen a strong rebound, briefly breaking the $3600 mark during the day. Analysts believe that after the enactment of the "GENIUS Act" which prohibits yield-bearing stablecoins, funds may flow into Ethereum's DeFi ecosystem, bringing new development opportunities.

According to industry data, the daily trading volume of Ethereum exceeded $6 billion in the past 24 hours, with a significant increase in inflow to exchanges. Analysts say this reflects the optimistic sentiment of investors towards Ethereum, especially against the backdrop of increasingly clear regulatory policies.

Meanwhile, there are signs of increased activity in the DeFi protocols within the Ethereum ecosystem. Data shows that the total locked value of popular protocols such as Aave and Curve has increased, reflecting user demand for passive income.

However, analysts also remind that Ethereum may encounter some resistance after breaking the $3700 mark. Investors need to closely monitor the macroeconomic situation and changes in regulatory policies, and cautiously manage risks.

3. The Solana ecosystem continues to heat up, and the SOL price is expected to break through 160 US dollars.

As an emerging public chain ecosystem, Solana has performed impressively in the past week, with the SOL price once exceeding $150. Analysts believe that if it maintains its current upward momentum, SOL is expected to break through the $160 mark in the short term.

Data shows that in the past 7 days, both the trading volume and the number of active addresses within the Solana ecosystem have seen significant growth. Among them, the trading volume of the Solana ecosystem token BONK has skyrocketed, attracting widespread attention from the market.

Analysts point out that the continuous warming of the Solana ecosystem is mainly due to its lower transaction fees and higher transaction speed. In addition, the innovative projects that are constantly emerging in the Solana ecosystem have also brought new development momentum.

However, some analysts have raised concerns about the sustainability of the Solana ecosystem. They believe that Solana has experienced multiple outages last year, and the stability of the network still needs improvement. Investors should maintain a cautiously optimistic attitude towards the Solana ecosystem.

4. Dogecoin's growth momentum slows, analysts warn investors to invest cautiously.

The highly watched Dogecoin (DOGE) has experienced a slight pullback in the past 24 hours, with the price dipping to around $0.23. Analysts believe that this may be the result of investors taking profits, and the upward momentum of Dogecoin may temporarily slow down.

Data shows that the daily trading volume of Dogecoin has decreased by nearly 20% compared to the previous day, reflecting a cooling of market enthusiasm. At the same time, the discussion of Dogecoin on social media has also declined.

Analysts point out that despite Dogecoin rising nearly 50% in the past month, there is a lack of real fundamental support behind it. The price fluctuations of Dogecoin are mainly influenced by speculative sentiment, which poses significant investment risks.

On the other hand, there are analysts who hold an optimistic view of Dogecoin. They believe that Dogecoin, as a cultural symbol, has significant community influence that cannot be ignored. As long as the community's vitality continues, there is still room for Dogecoin's price to rise further.

Overall, analysts call on investors to maintain a cautious attitude towards high-risk speculative varieties such as Dogecoin, and to avoid blindly following trends.

3. Project News

1. Sui Network: The Rise of a New Star in the Move Ecosystem

Sui Network is a brand new layer one blockchain built by a team of engineers who were once involved in the Diem project. It utilizes the Move programming language and a new parallel execution engine, aiming to achieve high throughput, low latency, and high scalability.

Latest News: Sui Network recently announced the completion of $300 million in funding, led by institutions such as Andreessen Horowitz, Jump Crypto, and the FTX venture capital fund. The project also received support from Mysten Labs, a company founded by core engineers of the Diem project. Sui Network plans to launch its mainnet later this year.

The innovation of Sui Network lies in its adoption of a completely new parallel execution engine and an asset-based programming model. This design is expected to significantly improve the throughput and scalability of the blockchain. At the same time, the Move programming language is also considered to be a safer and more efficient smart contract language.

Market Impact: As a new star project in the Move ecosystem, the emergence of Sui Network brings new vitality to the entire cryptocurrency industry. If this project can deliver on its promises of high performance and scalability, it is expected to drive the development of more decentralized applications and attract more developers and users into the field.

Industry Feedback: Cryptocurrency analyst Liam Kovatch stated: "The design concept of Sui Network is very avant-garde, and if successfully implemented, it will bring revolutionary improvements to blockchain performance." Well-known investor Arianna Simpson also expressed optimism about the project, believing that the Move ecosystem will become a hot development area in the future.

2. Aptos: A new generation blockchain developed by former Meta engineers

Aptos is a next-generation blockchain project founded by former Meta (Facebook) engineers, aimed at addressing the scalability and performance bottlenecks currently faced by blockchain. The project utilizes a new consensus mechanism and the smart contract language Move, with the promise of achieving high throughput and low latency.

Latest news: Aptos recently completed a financing round of 350 million USD, led by well-known institutions such as a16z and PayPal founder Peter Thiel. The project plans to launch a public testnet in the third quarter of this year and go live on the mainnet in 2023.

Aptos's innovation lies in its adoption of a new consensus mechanism AptosBFT, as well as the Move smart contract language. AptosBFT is designed to support high throughput and low latency, while the Move language is more secure and efficient. Furthermore, Aptos introduces a new parallel execution engine, which is expected to further enhance blockchain performance.

Market Impact: As a new generation blockchain project built by a top engineering team, the emergence of Aptos will bring new vitality to the entire cryptocurrency industry. If the project can deliver on its promise of high performance, it is expected to drive the development of more decentralized applications and attract more users to the field.

Industry feedback: Cryptocurrency analyst Liam Kovatch stated: "The technical strength of the Aptos team has gained widespread recognition in the industry, and if successfully implemented, it will bring revolutionary improvements to blockchain performance." Well-known investor Chris Dixon also expressed optimism about the project, believing that the Move ecosystem will become a hotspot for future development.

3. The combination of Gensyn:AI and blockchain opens a new era.

Gensyn is an innovative project that combines artificial intelligence and blockchain technology, aiming to bring new computing power to the Web3 era. The project was founded by former OpenAI engineers and plans to create a blockchain-based distributed artificial intelligence network.

Latest Updates: Gensyn recently announced the completion of a $24 million funding round, led by institutions such as Multicoin Capital, Variant Fund, and Polychain Capital. The project plans to launch its testnet this year and gradually open it to developers and users.

The innovation of Gensyn lies in the combination of artificial intelligence and blockchain technology. The project aims to build a distributed artificial intelligence network based on blockchain, utilizing the decentralization and immutability of blockchain to provide a more secure, transparent, and fair computing environment for artificial intelligence.

Market Impact: As a combination of artificial intelligence and blockchain technology, the emergence of Gensyn will bring new development opportunities to the entire Web3 ecosystem. If the project can be successfully implemented, it is expected to promote the widespread application of artificial intelligence in the blockchain field and give rise to numerous innovative applications.

Industry Feedback: AI expert Dario Amodei stated: "The design concept of Gensyn is very avant-garde, and if successfully realized, it will bring a new computing model to artificial intelligence." Well-known investor Arianna Simpson also expressed optimism about the project, believing that the combination of artificial intelligence and blockchain will become a future development hotspot.

4. Hyperbolic: Distributed Computing Platform of the Web3 Era

Hyperbolic is a distributed computing platform aimed at the Web3 era, designed to provide high-performance, scalable computing power for decentralized applications. The project was founded by former Google engineers and employs a brand-new distributed architecture and consensus mechanism.

Latest news: Hyperbolic recently announced the completion of a $24 million financing round, led by institutions such as Polychain Capital, y Capital, and Coinbase Ventures. The project plans to launch its testnet this year and gradually open it up to developers and users.

The innovation of Hyperbolic lies in its adoption of a completely new distributed architecture and consensus mechanism. The project aims to build a high-performance, scalable computing platform to provide the necessary computing power for decentralized applications. At the same time, Hyperbolic also introduces a new incentive mechanism to encourage more nodes to participate in computing.

Market Impact: As a distributed computing platform for the Web3 era, the emergence of Hyperbolic will bring new development opportunities to the entire cryptocurrency industry. If this project can be successfully implemented, it is expected to promote the development of more innovative applications and attract more users into the field.

Industry feedback: Distributed systems expert Dahlia Malkhi stated: "The design concept of Hyperbolic is very avant-garde, and if successfully implemented, it will bring a new computing model to decentralized applications." Noted investor Chris Dixon also expressed optimism about the project, believing that distributed computing will become a key infrastructure in the Web3 era.

5. Schelling AI: A collaborative AI platform in the Web3 era

Schelling AI is an artificial intelligence collaboration platform designed for the Web3 era, aiming to provide a secure, transparent, and fair collaborative environment for AI systems. The project was founded by former OpenAI engineers and utilizes blockchain technology and new collaborative mechanisms.

Latest news: Schelling AI recently announced the completion of a $20 million financing round, led by institutions such as Multicoin Capital, Polychain Capital, and y Capital. The project plans to launch a testnet this year and gradually open it up to developers and users.

The innovation of Schelling AI lies in the combination of artificial intelligence and blockchain technology, creating a secure, transparent, and fair collaborative environment. The project aims to address the trust and security issues faced by current artificial intelligence systems, ensuring that the behavior of AI systems is controllable, explainable, and auditable.

Market Impact: As an AI collaboration platform aimed at the Web3 era, the emergence of Schelling AI will bring new development opportunities to the entire cryptocurrency industry. If the project can be successfully implemented, it is expected to promote the widespread application of artificial intelligence in the blockchain field and give rise to numerous innovative applications.

Industry feedback: AI security expert Toby Ord stated: "The design philosophy of Schelling AI is very avant-garde, and if successfully implemented, it will bring a completely new mode of collaboration to AI systems." Notable investor Arianna Simpson also expressed optimism about the project, believing that the combination of artificial intelligence and blockchain will become a future development hotspot.

6. Title.xyz: AI-driven visual content generation platform

Title.xyz is an AI-based visual content generation platform aimed at providing users with high-quality image and video generation services. The project was founded by former Midjourney engineers and utilizes the latest AI models and technologies.

Latest Update: Title.xyz recently announced the completion of a $12 million financing round, led by institutions such as Polychain Capital, y Capital, and Coinbase Ventures. The project plans to launch a public beta this year and gradually open up more features.

The innovation of Title.xyz lies in its use of the latest artificial intelligence models and technologies, which can generate high-quality images and video content. The platform also offers rich customization options, allowing users to adjust generation parameters based on their own needs.

Market Impact: As an AI-driven visual content generation platform, the emergence of Title.xyz will bring new development opportunities to the entire Web3 ecosystem. If the project can be successfully implemented, it is expected to promote the widespread application of artificial intelligence in the field of visual content and give rise to numerous innovative applications.

Industry feedback: AI expert Dario Amodei stated: "The design concept of Title.xyz is very avant-garde, and if successfully realized, it will bring a new model for visual content generation." Well-known investor Arianna Simpson also expressed optimism about the project, believing that the combination of artificial intelligence and visual content will become a development hotspot in the future.

4. Economic Dynamics

1. Trump signs the GENIUS Act, and the regulatory framework for stablecoins is officially implemented.

The current economic environment shows signs of recovery, but inflationary pressures persist. According to the latest data, the annualized quarter-on-quarter GDP growth in the United States for the second quarter is 2.4%, higher than the expected 1.8%. However, the core PCE price index rose 4.8% year-on-year in June, exceeding the Federal Reserve's target level of 2%. The unemployment rate remains low at 3.6%, and the labor market remains robust.

Recently, President Trump officially signed the "Guidance and Establishment of the United States Stablecoin National Innovation Act" (GENIUS Act) at the White House, marking the first federal regulatory framework for stablecoins in the United States. The Act requires that stablecoins be backed by liquid assets such as US dollars or short-term government bonds, and issuers must disclose reserve details monthly. Currently, the two largest stablecoins, USDT and USDC, account for nearly 90% of the total market value.

Investors reacted positively to this. The stablecoin market is approximately $247 billion, and U.S. Treasury Secretary Yellen expects it to grow to $3.7 trillion by 2030. Clear regulations are conducive to the application of stablecoins in areas such as payments and settlements, promoting the integration of cryptocurrencies with the traditional financial system. However, some analysts worry that excessive regulation may stifle innovation.

Goldman Sachs analysts stated that stablecoin regulation helps maintain the dominance of the dollar in the global monetary system and alleviates pressure on U.S. Treasury bonds. However, some lawmakers question the bill's failure to provide sufficient consumer and financial stability protections. Overall, the implementation of the stablecoin regulatory framework signifies that cryptocurrencies are moving towards mainstream adoption, and its impact is worth ongoing attention.

2. The Federal Reserve's pace of interest rate hikes is slowing, and there is uncertainty in the inflation outlook.

The current pace of economic recovery in the United States has slowed, with persistent inflationary pressures. The annualized quarter-on-quarter GDP growth for the second quarter is 2.4%, down from 2.6% in the first quarter. The core PCE price index rose 4.8% year-on-year in June, exceeding the Federal Reserve's 2% target level. The unemployment rate remains low at 3.6%, and the labor market remains robust.

Recently, the Federal Reserve raised interest rates by 25 basis points at its July meeting, increasing the target range for the federal funds rate to 5.25%-5.5%. However, unlike the previous series of significant rate hikes, the pace of the Fed's rate increases has notably slowed, suggesting that the economy may be approaching a turning point.

The market has differing views on the Federal Reserve's policy path. Some investors believe that persistent inflationary pressures require the Federal Reserve to raise interest rates further to achieve "rate cuts." However, analysts also argue that signs of an economic slowdown are emerging, and the Federal Reserve should pause rate hikes to avoid excessive tightening.

Federal Reserve Chairman Powell stated that future decisions will heavily rely on data, and there is uncertainty in the inflation outlook. If inflation continues to decline, the Federal Reserve may end the rate hike cycle within the year. However, if inflation rebounds, further rate increases will be necessary. Overall, the Federal Reserve faces the challenge of seeking a balance between controlling inflation and avoiding an economic hard landing.

3. The easing of the Sino-US trade tensions has not yet clarified the global economic outlook.

Recent signs of easing have appeared in China-U.S. trade relations, bringing a glimmer of hope for the global economic outlook. During the high-level strategic dialogue held in July, both sides reached multiple consensus on areas such as economic and trade, laying the groundwork for the next round of consultations.

Previously, the China-U.S. trade dispute lasted for many years, with both sides imposing tariffs and sanctions on each other's companies, severely disrupting the global supply chain. According to World Bank data, the global goods trade volume fell by 3.3% year-on-year in 2022, and global economic growth slowed to 2.9%, below pre-pandemic levels.

The easing of tensions in Sino-U.S. trade is expected to promote a global economic recovery. The International Monetary Fund predicts that if Sino-U.S. trade relations continue to improve, global economic growth will rebound to 3.1% in 2024. However, some analysts remain cautious about the outlook, believing that the differences between China and the U.S. in areas such as technology and human rights will persist.

UBS economists say that easing tensions in China-U.S. trade is beneficial for the global economy, but geopolitical risks still need to be monitored. If China-U.S. relations deteriorate again, it will drag down the global economic recovery pace once more. Overall, the direction of China-U.S. trade relations will largely determine the future prospects of the global economy.

5. Regulation & Policy

1. Trump officially signed the GENIUS Act, and stablecoin regulation has entered the implementation phase.

On July 19, U.S. President Trump officially signed the "Guidance and Establishment of the United States Stablecoin National Innovation Act," also known as the "Genius Act," at the White House. This marks the first time in history that federal legislation regarding cryptocurrency regulation has officially come into effect. The act sets stricter regulatory standards for stablecoins: issuers are required to maintain a 1:1 reserve backed by liquid assets such as U.S. dollars and short-term government bonds, and to publicly disclose the reserve composition on a monthly basis. From now on, stablecoins are no longer experimental items in a gray area, but are set to be written into U.S. law as "official monetary instruments" backed by the state.

The introduction of the "Genius Act" aims to establish a unified regulatory framework for the stablecoin market in the United States, maintaining financial stability and consumer rights. The act stipulates that stablecoin issuers must undergo strict anti-money laundering audits to ensure the authenticity and liquidity of reserve assets. Additionally, yield-bearing stablecoins are explicitly prohibited, cutting off the opportunities for institutions and retail investors to earn interest.

Market participants generally believe that the "Genius Act" will clear obstacles for the development of USD stablecoins globally. Mainstream stablecoin issuers such as Circle and Tether have expressed their commitment to fully cooperate with the new regulations to ensure compliance. However, some Democratic lawmakers question the bill's failure to provide adequate consumer and financial stability protections and point to connections between the Trump family and cryptocurrency.

Experts analyze that the United States' push for stablecoin regulation aims to leverage the existing advantages of the dollar and maintain its dominant position in the global currency and payment system. Some opinions suggest that this move may alleviate pressure on U.S. debt, as each digital dollar in crypto wallets will correspond to an equivalent dollar reserve in bank accounts, creating trillions of dollars in demand for U.S. Treasury bonds.

2. German Chancellor: EU-US tariff negotiations enter final stage

German Chancellor Merz stated on the 18th in Berlin that the German economy has reversed its recession and is moving towards recovery. He also mentioned that the tariff negotiations between the EU and the United States have entered the final stage. Both sides are still discussing whether to adopt differentiated policies for specific industries. He supports the efforts made by the European Commission to reach an agreement, "The lower the tariffs, the better it is for both parties; ultimately, tariffs hurt everyone."

The US-EU tariff negotiations originated from the Trump administration's imposition of tariffs on imported steel and aluminum products in 2018, which prompted retaliatory measures from the European Union. The two sides subsequently engaged in negotiations over the trade dispute. This negotiation aims to resolve trade frictions, eliminate bilateral trade barriers, and maintain the multilateral trading system.

The EU hopes to reach a permanent tariff exemption agreement with the United States to avoid a future trade war. Meanwhile, the US seeks to expand market access for exports to Europe, particularly in the automotive and agricultural sectors. Analysts believe that reaching an agreement will be beneficial for promoting economic and trade exchanges between the US and Europe, injecting momentum into the global economic recovery.

However, the negotiation process is not smooth sailing. There are differences between the two sides on issues such as tariff levels and the scope of products. In addition, the U.S. tax and spending policies may also create pressure on the fiscal deficit, affecting its position in the negotiations. The industrial sectors in Europe and the U.S. also have different expectations regarding the outcome of the negotiations, hoping that their national interests can be maximally protected.

3. Trump: Stablecoins help increase demand for U.S. Treasury bonds.

Trump stated that stablecoins help increase demand for U.S. Treasury bonds, lower interest rates, and consolidate the dollar's status as the global reserve currency. He reiterated that "he will never allow the establishment of a central bank digital currency in the U.S."

The "Genius Act" requires stablecoins to be backed by liquid assets such as the US dollar or US short-term treasury bonds, and issuers must disclose reserve details monthly. Currently, the total market capitalization of the two largest stablecoins, USDT and USDC, accounts for nearly 90%. According to statistics, the stablecoin market size is approximately $247 billion, and US Treasury Secretary Becerra expects it to grow to $3.7 trillion by 2030.

Experts point out that the U.S. is vigorously promoting stablecoins with the intention of leveraging the existing advantages of the U.S. dollar to maintain its dominant position in the global monetary and payment system. Some believe that this move could alleviate pressure on U.S. debt. However, some Democratic lawmakers question the bill's failure to provide sufficient consumer and financial stability protections, and point out connections between the Trump family and cryptocurrencies. Some Republican lawmakers also believe that the bill conflicts with Trump's previous executive order banning central bank digital currencies.