Stablecoin Bill: New Opportunities and Challenges for the Web3 Industry

Stablecoins have become an indispensable part of the Web3 industry. Recently, the astonishing performance of stablecoin issuer Circle after its listing has attracted widespread attention. Its stock price tripled in just two weeks, and the driving force behind this phenomenon mainly comes from the GENIUS stablecoin bill passed by the U.S. Senate on June 17.

The core content of the bill includes:

1. Establish a dual-track regulatory system for the federation and states.
2. Requirement for a 1:1 reserve ratio, limiting the types of reserve assets.
3. Strengthen information disclosure and auditing mechanisms
4. Implementation of licensing and compliance requirements
5. Implement anti-money laundering and sanctions compliance measures
6. Strengthen consumer protection

A key point of the bill is the provisions regarding reserve assets, which may be the main reason the Trump administration values the legislation. By requiring stablecoin issuers to hold short-term U.S. Treasury bonds, the U.S. government can reduce financing costs while strengthening the dollar's position as the global reserve currency.

The market has given Circle a high valuation, reflecting investors' optimistic expectations for the future development of the stablecoin industry. Some analysts believe that by 2028, the global market value of stablecoins could reach $2 trillion. Stablecoin issuers are expected to become the third-largest buyers of U.S. Treasuries, after the Federal Reserve and foreign central banks.

The stablecoin industry chain covers multiple aspects such as issuance, channel distribution, application scenarios, and technical support. In addition to the already dominant Tether and Circle, payment giants like PayPal and Stripe may also enter this field. For startups, the application of stablecoins in niche scenarios may be more attractive, such as small cross-border payments.

In the secondary market, besides Circle, related companies such as Coinbase may also benefit from the development of the stablecoin industry. In addition, DeFi lending protocols like Aave and Morpho, as well as companies like Ondo and Maple Finance that are tokenizing U.S. Treasury bonds, may find opportunities from the growth in the scale of stablecoins.

With the advancement of the stablecoin legislation, this industry is facing new opportunities and challenges. Investors and entrepreneurs need to closely monitor policy trends and market changes to seize potential investment opportunities in the future.