新法案正式落地！又有新的机遇要来了？

Core Viewpoint - The legalization of stablecoins in the U.S. through the "Genius Act" is seen as a strategic move to enhance the liquidity of the dollar and potentially increase its dominance in the global market [1][2][3]. Group 1: Stablecoin Legitimization - The "Genius Act" passed by the U.S. House of Representatives signifies the formal acceptance of stablecoins, moving them from a gray area to a regulated status [1][3]. - The act is interpreted as a tool for the U.S. to solidify the dollar's supremacy and ensure its share in global dollar payments [5][6]. Group 2: Liquidity Implications - The relationship between the dollar and stablecoins suggests that one dollar can generate multiple dollars in purchasing power through the issuance of stablecoins [24][28]. - The potential for stablecoins to create a multiplier effect on the dollar's purchasing power could lead to a significant increase in liquidity, estimated to reach $4 trillion from a stablecoin market of $2 trillion within three years [42]. Group 3: Impact on Monetary Policy - The introduction of stablecoins may allow the U.S. government to bypass traditional monetary policy mechanisms, effectively creating a "shadow central bank" that operates similarly to the Federal Reserve [31][40]. - The shift in the issuance of currency from the Federal Reserve to stablecoin issuers could lead to a scenario where stablecoins replace the dollar, diminishing the need for the Federal Reserve's involvement [39][40]. Group 4: Market Effects - The influx of liquidity from stablecoins is expected to impact asset prices significantly, potentially leading to bubbles in dollar-denominated assets [48][50]. - The U.S. government's strategy of leveraging stablecoins for debt issuance may have long-term implications for global capital markets, particularly for countries reliant on dollar transactions [46][47].