"Corruption cannot prevent us from seeing clearly: the path of blockchain has already been paved. If the United States does not lead it, other countries will take the lead—and they won't do so according to American interests or democratic values."

This statement has recently sparked quite a bit of discussion. In fact, not long ago, the U.S. Senate passed a procedural motion for the GENIUS Act with a vote of 66 to 32—meaning stablecoins are really moving into the practical legislative stage at the federal level.

This moment is quite special. It is very likely the first time in our generation that we see "the issuance of the dollar on the chain" truly brought to the legislative table; it may also be the first time we witness whether the two tricky issues—stablecoins and U.S. debt—will really impact the financial landscape. Behind this are the entire virtual currency ecosystem, the Web3 world, and even the reconstruction of the global payment system.

So why is stablecoin regulation so important? Simply put, stablecoins are cryptocurrencies pegged to assets like the US dollar, with relatively stable value. In the trading market, they act like a bridge, connecting fiat currency and crypto assets, and are also core tools for cross-border payments and DeFi applications.

It's obvious how hot the digital asset is: by 2024, the global stablecoin market has already surpassed $200 billion, with US dollar stablecoins maintaining an absolute advantage. But the problem is also clear—lack of unified regulatory standards, the entire industry has long been exploring in a gray area, with issues like money laundering risks, fraud hazards, and systemic risks always hanging overhead.