Recently, the U.S. Senate passed a procedural motion for the "GENIUS Act" with a vote of 66 in favor and 32 against. This seemingly dull legislative development actually marks a critical point where stablecoins transition from the gray area into the federal regulatory system. And the underlying logic is far more than just simple financial standardization.

Let's look at some data first: the stablecoin market surpassed $200 billion last year. Despite its large size, it has lacked a clear legal framework—this contradictory state has essentially become a Damocles sword hanging over the entire ecosystem.

**What exactly does this bill change?**

In simple terms, the "GENIUS Act" establishes a three-tiered regulatory system. The first layer is an approval system: to issue stablecoins, you must obtain a license from federal or state authorities and meet strict capital and reserve requirements. This means not every project can issue tokens at will.

The second layer involves operational standards: strengthening anti-money laundering (AML) and KYC procedures. In plain language, this means keeping illegal funds out and increasing the overall risk control level of the ecosystem.

The third layer is quite interesting—restricting non-USD pegged stablecoins from entering the U.S. market. This isn't just a technical regulation; it's a strategic consideration. In other words, the U.S. is using regulatory authority to ensure the dollar's dominance in the digital world.

**U.S. Treasury Secretary Janet Yellen once said something thought-provoking: "Dollar stablecoins will maintain the dollar's status as the international reserve currency."** This isn't about technical issues; it's about power.

**What is the deeper logic?**

Blockchain technology is here to stay—it won't disappear. Under this premise, the U.S. strategy is clear: instead of passively responding, it’s better to proactively set the rules. Through a regulatory framework, decentralized finance (DeFi) can be reintegrated into the U.S.-led global financial system.

Imagine the liquidity interactions between the $36 trillion U.S. debt market and the $200 billion stablecoin market. USD stablecoins could become a key bridge connecting these two markets. Behind this lies a multi-dimensional game involving monetary sovereignty, financial stability, and geopolitical influence.

For traders and project teams, this bill means: the stablecoin ecosystem is about to enter a period of strict regulation. Projects that are already compliant will gain greater market recognition, while gray-area projects will see their survival space significantly shrink. At the same time, this is also a systemic reinforcement of the U.S.'s discourse power in the digital financial field.