低调通过却暗藏杀机，“天才法案”是美元霸权的新密码

Core Viewpoint - The introduction of the GENIUS Act by the U.S. Senate represents a strategic move to reinforce the dominance of the U.S. dollar in the global financial system under the guise of innovation and regulation, effectively turning stablecoins into tools of U.S. financial hegemony [1][9]. Group 1: Stablecoin Regulation - The GENIUS Act mandates that all stablecoins must be 100% backed by U.S. dollar cash or U.S. Treasury securities, restricting the asset base and effectively tying global stablecoin issuance to U.S. debt [3][4]. - This legislation aims to prevent any potential threats to the U.S. financial system by ensuring that stablecoins cannot operate independently of U.S. financial instruments [3][4]. Group 2: Global Financial Control - The act introduces a new dimension of sanctions, requiring both domestic and foreign stablecoin issuers to register with U.S. authorities and comply with stringent regulations, thereby extending U.S. regulatory reach globally [4][6]. - The GENIUS Act is seen as a step towards a "digital Bretton Woods" system, where the U.S. seeks to control the blockchain transaction ecosystem under its regulatory framework [4][7]. Group 3: Economic Implications - Analysts predict that if stablecoin market capitalization reaches $3.7 trillion by 2030, with half allocated to U.S. debt, the U.S. could gain $1.5 to $1.75 trillion in debt financing capacity, highlighting the financial leverage the U.S. aims to achieve through stablecoins [6]. - Currently, 99% of stablecoins are pegged to the U.S. dollar, and two-thirds of cryptocurrency transactions rely on stablecoins for settlement, indicating the potential for the U.S. to manipulate global capital flows through this legislation [6][9]. Group 4: International Response - Various regions, including Hong Kong, the EU, and Singapore, are exploring localized stablecoin regulations that prioritize technical safety and user protection, contrasting with the U.S. approach of regulatory dominance [9]. - Without a unified international effort to establish a fair and decentralized global stablecoin governance mechanism, the blockchain landscape may become increasingly unequal and controlled by U.S. interests [9].