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U.S. Stablecoin Bill: A Major Milestone for the Encryption Industry and a New Chapter in Dollar Digitization
US Stablecoin Bill: A Milestone for the Industry and a New Chapter in the Digitalization of the Dollar
If the latest stablecoin bill proposed by the United States passes smoothly, its significance will be very profound and can be regarded as one of the important turning points in the development history of the cryptocurrency industry.
The proposal, referred to as the "Genius Bill", is formally titled "Guiding and Establishing National Innovation for the US Dollar Stablecoin". Although the proposal is lengthy, its main points can be summarized as follows:
Implement a mandatory 1:1 full asset reserve, including cash, bank demand deposits, and short-term U.S. Treasury bonds, and prohibit any misappropriation or re-pledging.
Improve information transparency by requiring the publication of a reserve report at least once a month and introducing an external audit mechanism.
Implement a licensing system, when the market circulation value of stablecoins exceeds 10 billion USD, the issuer must transfer to the federal regulatory system within the specified time frame.
Introduce a custody system that requires the custodians of stablecoins and their reserve assets to be regulated qualified financial institutions.
Clearly define stablecoins as a new type of payment medium, mainly constrained by the banking regulatory system.
Set a maximum compliance transition period of 18 months for existing stablecoins.
The importance of this bill is reflected in multiple aspects:
First, it will eliminate people's doubts about stablecoins. In the past, stablecoins were often seen as opaque "black boxes" and frequently faced scrutiny. The new legislation will make the operation of stablecoins more transparent, helping to enhance user confidence.
Secondly, this bill will consolidate the dominance of blockchain technology in the digital currency space. Compared to Central Bank Digital Currencies (CBDC), blockchain-based stablecoins will become the mainstream standard, encouraging more people to learn about and use blockchain wallets.
Furthermore, after the bill is passed, the process of depositing cryptocurrency will be greatly simplified. Traditional financial institutions may find it easier to support stablecoins, making the flow of funds between the traditional financial system and the cryptocurrency market more convenient.
Finally, as an important component of the US Treasury market, the legalization of stablecoins will bring new vitality to the American financial system. At the same time, the convenience of stablecoins will attract more users into the world of cryptocurrencies.
Overall, this bill not only marks an important milestone for the cryptocurrency industry but also represents a significant transformation of the dollar in the digital age. It will bring more opportunities and challenges to the entire industry, driving further development and maturation of the cryptocurrency ecosystem.