关于稳定币的大动作

Core Insights - The recent passage of the GENIUS Act in the U.S. Senate mandates that stablecoins must have sufficient reserves and implement tiered regulation, with existing stablecoins required to comply within 18 months [1] - Hong Kong has also enacted a Stablecoin Act, establishing requirements for issuing stablecoins in the region [1] - Stablecoins, which are cryptocurrencies pegged to traditional currencies or assets, are increasingly popular due to their lower transaction costs and avoidance of the SWIFT system, with two-thirds of cryptocurrency transactions using stablecoins as quote currencies [1] Market Overview - The trading volume of stablecoins reached nearly $28 trillion in 2024, surpassing Mastercard and Visa [3] - The market capitalization of stablecoins surged from $20 billion in 2020 to $246 billion by May 2025, accounting for approximately 7% of the total cryptocurrency market [3] - As of Q1 2025, stablecoins pegged to the U.S. dollar exceeded $220 billion, representing about 1% of the U.S. M2 money supply [3] Types of Stablecoins - Stablecoins can be categorized into several types: 1. Fiat-backed stablecoins, such as USDT and USDC, which are pegged 1:1 to the U.S. dollar [3] 2. Commodity or asset-backed stablecoins, like Digix Gold, which is linked to gold [3] 3. Cryptocurrency-backed stablecoins, which maintain value through collateralization with other cryptocurrencies [3] 4. Algorithmic stablecoins, which use smart contracts to adjust supply and maintain value [3] Regulatory Implications - The GENIUS Act requires stablecoins to maintain 1:1 reserves in cash or short-term U.S. Treasury securities, allowing issuers to retain investment income, which is favorable for their business model [4] - The act permits banks and other institutions to issue stablecoins, potentially integrating them into existing capital market infrastructures and enhancing user experience [4] - The classification of stablecoins as payment or settlement instruments, rather than securities or commodities, aims to bolster the dollar's accessibility and influence amid competition from central bank digital currencies [4] Market Dynamics - The demand for U.S. Treasuries is expected to increase with the growth of stablecoins, with projections suggesting a total market cap of $2 trillion by 2028 [4] - However, even at this scale, stablecoins would only represent about 5.5% of the total U.S. debt market, which is approximately $36 trillion [4] - The relationship between stablecoins and the U.S. dollar system is highlighted by the fact that fluctuations in cryptocurrency prices can impact stablecoin demand and, consequently, the Treasury market [5]