Genius Act將成為Stablecoins的新時代，其意義將非常出色

如果成功通過了美國穩定法案“天才法案”，那麼它的意義將非常出色。我什至認為進入加密歷史上的前五名是足夠的。

The GENIUS Act, which stands for Guiding and Establishing National Innovation for US Stablecoins, is a significant bill that could revolutionize the digital asset landscape.

《天才法》代表指導和建立為美國穩定的國家創新，是一項重要的法案，可以徹底改變數字資產格局。

It is an abbreviation for Genius Act, which is a playful take on the bill's full name.

這是《天才法案》的縮寫，這是對法案的全名。

The proposal, which is being rapidly advanced by the House of Representatives, is very long, but here are a few highlights:

該提議正在由眾議院迅速提出，這很長，但這裡有一些亮點：

* Mandatory 1:1 sufficient assets: including cash, bank current deposits, and short-term U.S. Treasury bonds. At the same time, misappropriation and re-pledge are strictly prohibited.

*強制性1：1足夠的資產：包括現金，銀行當前存款和短期美國財政債券。同時，嚴格禁止挪用和重新覆蓋。

* High-frequency information disclosure: Publish a reserve report at least once a month and introduce external audits.

*高頻信息披露：每月至少發布一次儲備報告，並介紹外部審計。

* Issuance of licenses: Once the issuer's stablecoin circulation market value is > US$10 billion, it must be transferred to the federal regulatory system within the prescribed period and adopt banking-level supervision.

*發行許可證：一旦發行人的Stablecoin發行率> 100億美元，必須在規定的期限內將其轉移到聯邦監管系統並採用銀行級別的監督。

* Introduction of custody: The custodian of stablecoins and their reserve assets must be a regulated qualified financial institution.

*監護權引入：Stablecoins及其儲備金的保管人必須是受管制的合格金融機構。

* Clearly defined as a medium of payment: The bill clearly defines stablecoins as a new type of payment medium, which is primarily subject to the banking regulatory system rather than the securities or commodity regulatory system.

*明確定義為付款媒介：該法案清楚地將Stablecoins定義為一種新型的付款媒介，該介質主要受銀行監管系統的約束，而不是證券或商品監管系統。

* Recruiting existing stablecoins: The buffer period of up to 18 months after the bill comes into effect is intended to urge issuers of existing stablecoins (such as USDT, USDC, etc.) to obtain licenses or become compliant as soon as possible.

*招募現有的Stablecoins：該法案生效後長達18個月的緩衝階段旨在敦促發行人的現有Stablecoins（例如USDT，USDC等）獲得許可或盡快獲得合規性。

Now that I have finished the main story, I will take this opportunity to talk about the significance of this matter in an excited mood.

現在我已經完成了主要故事，我將藉此機會以激動的心情談論此事的重要性。

Over the past few years, people have asked, what applications have you developed in the 16 years of the Crypto industry? From now on you can confidently tell others about stablecoins.

人們問，在過去的幾年中，您在加密行業的16年中開發了哪些應用？從現在開始，您可以自信地向其他人介紹Stablecoins。

First, clearing away concerns is a prerequisite

首先，清除擔憂是先決條件

Some people have held opposing views. In the past, people had the impression that stablecoins were opaque black boxes. FUD would occur every few months, either because Tether’s assets were frozen or because Circle had a big deficit.

有些人持有反對的觀點。過去，人們的印像是，穩定的是不透明的黑匣子。 FUD每隔幾個月就會發生一次，要么是因為Tether的資產被凍結了，要么是因為Circle的赤字很大。

In fact, if you think about it, Tether easily earns billions of dollars a year just from the interest on the underlying government bonds. Circle made a profit of $1.7 billion last year. They can make money without any effort. Motivated by this, they have no motive to do anything evil. On the contrary, they are the most eager to comply with regulations.

實際上，如果您考慮一下，就可以從基本政府債券的利息中賺取數十億美元的收入。 Circle去年獲利17億美元。他們可以毫不費力地賺錢。受到這一動機，他們沒有動機做任何邪惡的動機。相反，他們最渴望遵守法規。

Now, this opaque black box will become a transparent white box. In the past, people simply criticized Tether for having its money frozen by the United States. Now, it has been directly placed in a compliant U.S. custodian institution with high-frequency information disclosure, so people can rest assured.

現在，這個不透明的黑匣子將成為一個透明的白色盒子。過去，人們只是批評了Tether將其資金凍結在美國。現在，它直接被放置在一個符合高頻信息披露的美國託管機構中，因此人們可以放心。

[No need to worry about running away] is such a huge advantage - I think all Crypto people understand it.

[不必擔心逃跑]是一個巨大的優勢 - 我認為所有加密貨幣都可以理解。

Second, it is important to master the standards

其次，掌握標準很重要

Stablecoins were almost stolen by CBDC. No matter which country, if there is a central bank digital currency, it is most likely not built on the blockchain, but at most on some internal alliance chain of the central bank, which is meaningless to be honest.

CBDC幾乎偷走了穩定劑。無論哪個國家，如果有中央銀行數字貨幣，它很可能不是建立在區塊鏈上的，而是最多在中央銀行的某些內部聯盟鏈上，這毫無意義。

When CBDC was at its hottest, it was also the most dangerous time for stablecoins. If CBDC had been successful back then, the current stablecoins would have been infinitely suppressed into a dark corner, and blockchain would only play a minimal role. The remaining half-dead stablecoins even have to learn the standards of the central bank’s digital currency, and the right to speak on the standards is completely lost.

當CBDC處於最熱狀態時，這也是Stablecoins最危險的時期。如果當時CBDC成功了，那麼目前的穩定菌將被無限地抑製到一個黑暗的角落，而區塊鏈只會發揮最小的作用。其餘的半死穩定幣甚至必須學習中央銀行數字貨幣的標準，並且就標準發言的權利完全丟失了。

And now, stablecoins are winning (soon). Instead, everyone should learn the [Blockchain + Token] standard. Many blockchains now have no meaningful applications, except for stablecoin transfers. For example, Aptos, the only scenario I use Aptains is to transfer from Binance to OKX.

而現在，Stablecoins即將獲勝。相反，每個人都應該學習[區塊鏈 +令牌]標準。現在，許多區塊鏈沒有有意義的應用程序，除了穩定轉移。例如，Aptos，我使用的唯一場景是從binance轉移到OKX。

And now, stablecoins will be legislated, what does it mean? That’s right, blockchain will become the only standard. In the future, every stablecoin user must first learn how to use a wallet.

現在，將立法穩定幣，這是什麼意思？沒錯，區塊鏈將成為唯一的標準。將來，每個Stablecoin用戶都必須首先學習如何使用錢包。

As an aside, I now think that Ethereum’s push for EIP-7702 is really forward-looking. While other chains are flocking to memes, I am grateful that Ethereum is still sticking to account abstraction.

順便說一句，我現在認為以太坊對EIP-7702的推動確實是前瞻性的。儘管其他連鎖店湧向模因，但我很感激以太坊仍堅持考慮抽象。

EIP-7702 is account abstraction, which can support, for example:

EIP-7702是帳戶抽象，例如：

* Register a wallet using a social account

*使用社會帳戶註冊錢包

* Use local currency to pay GAS

*使用當地貨幣支付汽油

...etc.

...ETC。

This will enable new users to use stablecoins in large quantities in the future, solving the last mile problem.

這將使新用戶將來能夠大量使用穩定劑，從而解決了最後的英里問題。

Third, deposits enter a new era

第三，存款進入新時代

And once stablecoins are supported by legislation, deposits and withdrawals will become easier. Let’s imagine a scenario. Previously, due to the gray nature of stablecoins, there was no way to do it. But after the bill is passed

一旦立法支持穩定的人，存款和提款就會變得更容易。讓我們想像一個場景。以前，由於穩定​​幣的灰色性質，無法做到這一點。但是法案通過後