美参议院通过稳定币法案，将如何影响全球货币

Group 1: Stablecoin Overview - Stablecoins are defined as crypto assets that maintain value stability by being pegged to fiat currencies, primarily used for payments, settlements, and investments. Their rapid rise is attributed to low costs and real-time settlement advantages, especially in cross-border payments, making them a significant alternative to local currencies in high inflation or capital control environments [1] - In 2024, stablecoin transaction volume surpassed the combined total of Visa and Mastercard, reaching $28 trillion, supporting one-third of global crypto transactions [1] Group 2: GENIUS Act Core Content - The GENIUS Act, passed by the U.S. Senate in June 2025, establishes a federal regulatory framework for stablecoins, allowing only approved payment stablecoin issuers, including insured deposit institution subsidiaries and compliant entities, to issue stablecoins. Tech giants are prohibited from issuing stablecoins unless they meet strict financial risk and consumer protection standards [2] - Stablecoin issuers are required to hold 1:1 high liquidity assets, such as cash or short-term U.S. Treasury securities, and must publish audited reserve reports monthly. Issuers with a market cap over $50 billion must submit annual financial audits to ensure asset segregation and risk control [2] Group 3: Impacts of the GENIUS Act - The new stablecoin legislation is expected to create new demand for U.S. Treasury securities, maintaining stability in the U.S. bond market. It mandates that stablecoin reserves be invested in short-term Treasuries and cash, potentially leading to stablecoins holding $1.2 trillion in Treasuries by 2030, surpassing holdings of any single country [3] - The development of stablecoins can further strengthen the international position of the U.S. dollar, as over 95% of stablecoins are dollar-pegged, facilitating international trade and offshore settlements, effectively creating a "shadow dollar network" [3] - There is a potential for systemic risk transmission from dollar stablecoins, which could introduce new risks to the U.S. financial system. A large-scale run on stablecoins could lead to a vicious cycle of Treasury sell-offs and credit collapse [4] - The GENIUS Act reinforces the leading position of dollar stablecoins, while the development of euro stablecoins faces regulatory pressures, potentially paving the way for the introduction of a digital euro [4] - The act may weaken the credit of sovereign currencies in high-inflation countries, as citizens use stablecoins as a hedge, undermining local currency circulation and central bank monetary policy effectiveness [4]