如果“天才法案”的美國穩定法案順利通過，它的意義將是巨大的，我什至認為它可以躋身加密歷史上的前五名。

儘管縮寫為《天才法》，直接轉化為“天才法”，但它實際上代表著指導和建立國家創新的國家創新

Author: 0xTodd

作者：0xtodd

If the U.S. stablecoin bill smoothly passes the House of Representatives, its significance will be tremendous, and I even think it could rank among the top five in Crypto history.

如果美國的穩定法案平穩地通過了眾議院，它的意義將是巨大的，我什至認為它可以躋身加密歷史上的前五名。

Although often abbreviated as the GENIUS Act, which translates directly to the “Genius Act,” it actually stands for Guiding and Establishing National Innovation for U.S. Stablecoins, which can be translated as “Guiding and Establishing National Innovation for U.S. Stablecoins.”

儘管經常縮寫為《天才法》，該法直接轉化為“天才法”，但它實際上代表了為美國穩定的指導和建立民族創新，可以翻譯為“指導和建立為美國穩定的國家的本地，”。

The proposal is lengthy, so here are a few key points summarized for you:

該提案很漫長，因此以下是您的一些要點：

Mandatory 1:1 Fully Backed Assets: This includes cash, bank demand deposits, and short-term U.S. Treasury securities. Additionally, misappropriation and re-pledging are strictly prohibited.

強制性1：1完全支持的資產：這包括現金，銀行需求存款和美國財政部證券。另外，嚴格禁止盜用和重新繪製。

High-Frequency Information Disclosure: Reserve reports must be published at least once a month, with external audits introduced.

高頻信息披露：儲備報告必須每月至少發布一次，並進行外部審計。

Issuance of Licenses: Once the circulating market value of an issuer's stablecoin exceeds $10 billion, they must transition to a federal regulatory framework within a specified timeframe, adopting banking-level supervision.

發行許可證：一旦發行人的穩定者的循環市場價值超過100億美元，他們就必須在指定的時間範圍內過渡到聯邦監管框架，以採用銀行級別的監督。

Introduction of Custodianship: The custodians of stablecoins and their reserve assets must be regulated qualified financial institutions.

引入監護權：Stablecoins及其儲備金的保管人必須受到合格的金融機構的監管。

Clear Definition as a Payment Medium: The bill explicitly defines stablecoins as a new type of payment medium, primarily governed by the banking regulatory framework, rather than being constrained by securities or commodities regulations.

明確的定義是付款媒介：該法案明確將Stablecoins定義為一種新型的付款媒介，主要受銀行監管框架的約束，而不是受證券或商品法規的約束。

Regulating Existing Stablecoins: There will be a maximum 18-month grace period after the bill takes effect, aimed at urging existing stablecoin issuers (such as USDT, USDC, etc.) to obtain licenses or comply with regulations promptly.

規範現有的穩定劑：該法案生效後將有一個最長的18個月寬限期，旨在敦促現有的Stablecoin發行人（例如USDT，USDC等）獲得許可證或立即遵守法規。

Now that the main points are covered, let’s discuss the significance of this matter with excitement.

現在涵蓋了要點，讓我們興奮地討論此問題的重要性。

For many years, when asked what applications the Crypto industry has developed over the past 16 years, the answer was often vague.

多年來，當被問及加密業在過去16年中發展了什麼應用時，答案通常很模糊。

Now, you can confidently tell others—stablecoins.

現在，您可以自信地告訴他人 - 穩定的。

First, Clearing Concerns is a Prerequisite

首先，清除問題是先決條件

Some people have held opposing views, as the past impression of stablecoins was that they were—an opaque black box. Every few months, there would be FUD, whether it was Tether’s assets being frozen or Circle having significant holes in its finances.

有些人持有反對的觀點，因為過去對stablecoins的印像是 - 一個不透明的黑匣子。每隔幾個月就會有一次FUD，無論是Tether的資產被凍結還是在其財務狀況上有很大的漏洞。

In fact, if you think about it, Tether easily earns billions of dollars a year just from the interest on those underlying Treasury bonds. Circle, slightly less, still made $1.7 billion in profit last year.

實際上，如果您考慮一下，繫繩很容易從那些基本財政債券的利息中賺取數十億美元。 Circle，稍小一點，去年仍然賺了17億美元的利潤。

They are making money while standing still; from a motivational standpoint, they have no malicious intent and are, in fact, the most eager to comply.

他們站著不動。從動機的角度來看，他們沒有惡意的意圖，實際上是最渴望遵守的。

Now, this opaque black box will turn into a transparent white box.

現在，這個不透明的黑匣子將變成一個透明的白色盒子。

Previously, the only criticism was that Tether’s funds might be frozen by the U.S., but now they will be placed directly into compliant custodial institutions in the U.S., with high-frequency information disclosure, allowing for peace of mind.

以前，唯一的批評是，Tether的資金可能被美國凍結，但現在將它們直接置於美國的合規機構中，並有高頻信息披露，從而使您放心。

[No need to worry about running away] is a huge advantage—especially understood by all Crypto enthusiasts.

[不必擔心逃跑]是一個巨大的優勢，尤其是所有加密愛好者所理解的。

Second, Mastering Standards is Important

第二，掌握標準很重要

Stablecoins were once on the verge of being overshadowed by CBDCs. In any country, if there were to be a central bank digital currency, it would most likely not be built on a blockchain, at best on some internal consortium chain of the central bank, which honestly has no real significance.

穩定劑曾經瀕臨被CBDC掩蓋的邊緣。在任何國家，如果要有中央銀行的數字貨幣，它很可能不會建立在區塊鏈上，充其量是中央銀行的某些內部財團鏈，誠實地說，這沒有真正的意義。

When CBDCs were at their peak, it was the most dangerous time for stablecoins.

當CBDC達到頂峰時，這是Stablecoins最危險的時期。

If CBDCs had succeeded back then, stablecoins would have been pushed into dark corners, and blockchain would have played a minimal role.

如果當時CBDC成功了，那麼Stablecoins就會被推入黑暗的角落，而區塊鏈將發揮最小的作用。

The remaining half-alive stablecoins would even have to learn the standards of central bank digital currencies, losing the narrative power of standards entirely.

剩下的半空位穩定人甚至必須學習中央銀行數字貨幣的標準，完全失去了標準的敘事能力。

Now, stablecoins have won (or are about to).

現在，Stablecoins贏得了（或即將）。

People will instead have to learn the [Blockchain + Token] standard.

人們將不得不學習[區塊鏈 +令牌]標準。

Currently, many blockchains have applications that are not particularly meaningful, except for stablecoin transfers. For example, with Aptos, the only scenario I use it for is transferring between Binance and OKX.

當前，除穩定轉移外，許多區塊鏈的應用程序並不特別有意義。例如，使用Aptos，我使用的唯一場景是在Binance和OKX之間傳輸。

Now that stablecoins will be legislated, what does this mean?

現在，將立法穩定的人，這意味著什麼？

That’s right, blockchain will become the only standard.

沒錯，區塊鏈將成為唯一的標準。

In the future, every stablecoin user will first need to learn how to use a wallet.

將來，每個Stablecoin用戶將首先需要學習如何使用錢包。

As a side note, I believe that Ethereum’s push for EIP-7702 is indeed somewhat forward-looking. While other chains are busy with memes, I appreciate that Ethereum continues to focus on account abstraction.

附帶說明，我相信以太坊對EIP-7702的推動確實有些前瞻。當其他連鎖店忙於模因時，我感謝以太坊繼續專注於賬目抽象。

EIP-7702 is account abstraction, which can support, for example:This resolves the last mile for many new users to use stablecoins.

EIP-7702是帳戶抽象，例如可以支持：這可以解決最後一英里，以供許多新用戶使用stablecoins。

Third, Entering a New Era of DepositsMoreover, once stablecoins receive legislative support, deposits and withdrawals will become much simpler.

第三，進入存款的新時代，一旦Stablecoins獲得立法支持，存款和提款將變得更加簡單。

Let’s imagine a scenario: previously, due to the gray nature of stablecoins, it was impossible, but after the

讓我們想像一個場景：以前，由於Stablecoins的灰色本質，這是不可能的，但是在此之後