#稳定币监管与发展 Looking back at the development of stablecoins over the past decade, one can't help but feel a myriad of emotions. From its initial role as a trading tool to becoming a crucial pillar of the global financial ecosystem today, the status and influence of stablecoins have undergone a tremendous transformation.

The introduction of the "GENIUS Act" in 2025 can be considered an important turning point. This not only provides a clear regulatory framework for the stablecoin industry but also signifies the U.S. government's attention to this emerging field. The Act requires 100% reserve backing, regular information disclosure, and other provisions, which will undoubtedly enhance the safety and transparency of stablecoins, benefiting the long-term development of the industry.

Tether has launched USAT, a new type of stablecoin regulated by the US, taking stablecoins to a new height. Supported by well-known financial institutions and in compliance with regulatory requirements, USAT is expected to attract more institutional investors into this field. This also reflects the accelerating trend of integration between traditional finance and the crypto industry.

It is worth noting that stablecoins have become the eighteenth largest holder of U.S. Treasury securities, a phenomenon that is quite significant. It not only expands the global influence of the U.S. dollar but also provides a new source of demand for U.S. Treasury securities. However, at the same time, we must also be vigilant about potential systemic risks.

Looking ahead, with the improvement of regulations and ongoing innovation, the stablecoin industry is bound to welcome a new round of development opportunities. However, while seizing these opportunities, we must also remain vigilant and alert to potential risks and challenges. After all, history always progresses in a spiral ascent, and the lessons of the past should not be forgotten.