Recently, the U.S. Senate passed the highly anticipated stablecoin regulatory bill, the GENIUS Act, with a significant majority of 68 votes in favor and 30 against, establishing a clear regulatory framework for mainstream stablecoins such as USDC.

The bill establishes two key provisions: stablecoin issuance institutions must hold sufficient cash or government bonds as reserves and regularly disclose reserve status to enhance transparency. This resolution greatly enhances market confidence in stablecoin issuers such as Circle.

This move actually marks the formal inclusion of cryptocurrencies into the U.S. payment infrastructure system, opening up a compliant channel for the large-scale application of the industry. However, regulation is always a double-edged sword—enhanced legitimacy often comes with more restrictions, and project parties pursuing compliance also means they need to bear higher operational costs.

Industry professionals should closely watch how the final version of the GENIUS Act will define and handle "protocol-level stablecoins" and the specific requirements for "on-chain transparency," as these details will profoundly impact the future direction of stablecoins.

This legislative progress provides a deep discussion space for practitioners and creators in the crypto field regarding the boundaries of compliance and freedom. How the industry will seek innovation within the regulatory framework in the future remains an important topic worth exploring.