稳定币法案落地，比特币跳水，美国银行业坐不住了

Core Viewpoint - The signing of the "Genius Act" by President Trump marks the beginning of a federal regulatory framework for stablecoins in the U.S., enhancing the legitimacy of the cryptocurrency industry and providing clearer rules for its development [2][4]. Regulatory Framework - The "Genius Act" establishes a legal framework for the issuance and regulation of stablecoins, including requirements for reserve assets, information disclosure, and auditing mechanisms [4][5]. - The act allows stablecoin issuers to hold reserve assets such as fiat currency, government bonds, and central bank reserves, aiming to ensure stable redemption of stablecoins [4][5]. Market Impact - Following the announcement of the act, the cryptocurrency market experienced a collective downturn, with Bitcoin dropping from $120,000 to around $117,000, reflecting a 1.85% decline within 24 hours [2]. - The total market capitalization of stablecoins has surpassed $260 billion, with Tether's USDT leading at over $160 billion, followed by Circle's USDC at over $64 billion [5]. Competitive Landscape - Circle's USDC is positioned to benefit significantly from the new regulations, as 80% of its reserves are in U.S. government bonds, aligning with compliance requirements [5]. - Tether's USDT faces challenges due to its lack of compliance in the U.S. market, despite controlling over 60% of the stablecoin market [6]. Banking Sector Response - Major U.S. banks are increasingly entering the stablecoin space, with Bank of America and Citibank planning to launch stablecoin products, viewing them as crucial for future international payments [8][9]. - JPMorgan has already initiated a pilot for a deposit token named JPMD, which is pegged to U.S. dollar deposits and supports real-time transfers [8]. Systemic Risks - The rise of stablecoins may pose systemic financial risks similar to those of shadow banking, as issuers lack traditional banking constraints, potentially leading to vulnerabilities during market stress [9]. - The issuance of stablecoins by banks is seen as a strategy to maintain control over payment systems and mitigate the impact of financial technology disruptions [9].