Stablecoin市場在2025年流淚，總資本化從年初的1950億美元躍升至6月的2280億美元

這些數字只能說明故事的一部分。美國參議院剛剛清除了《天才法》的重大障礙，這是一項具有里程碑意義的法案

The stablecoin market is heating up in 2025. According to Crypto Quant, total capitalization of stablecoins stands at $228 billion in June, up 17% from $195 billion at the beginning of the year, marking a new all-time high.

Stablecoin市場將在2025年升溫。根據Crypto Quant，Stablecoins的總資本化為6月的2280億美元，從今年年初開始的1950億美元增長了17％，標誌著新的歷史最高水平。

This surge can be attributed to several factors, including an increase in demand for digital payments, a rise in trading activity, and a wave of institutional interest in cryptocurrencies.

這種激增可以歸因於幾個因素，包括對數字支付的需求增加，交易活動的增加以及對加密貨幣的機構興趣浪潮。

The numbers only tell a part of the story. Back in April, the U.S. Senate cleared a major procedural hurdle for the GENIUS Act, a landmark bill that would introduce the first comprehensive federal framework for stablecoins.

這些數字只能說明故事的一部分。早在4月，美國參議院就清除了《天才法案》的重大程序障礙，這是一項具有里程碑意義的法案，該法案將引入第一個全面的聯邦stablecoins框架。

The procedural vote passed 68-30, signalling strong bipartisian support and making final passage of the bill more likely.

程序投票通過了68-30，這表明了兩黨的強烈支持，並最終通過了該法案。

The GENIUS Act aims to bring clear rules for issuance, transparency, and reserve requirement for stablecoins, finally ending years of regulatory ambiguity that left the industry in limbo.

《天才法案》旨在為簽發，透明度和儲備金的明確規定，最終結束了多年的監管模棱兩可，使該行業處於困境。

If enacted, the bill would require issuers to fully back their tokens with cash or short-term treasuries, submit to regular audits by independent accountants, and provide monthly public disclosures of reserves.

如果頒布，該法案將要求發行人以現金或短期國庫完全支持其代幣，接受獨立會計師的常規審計，並每月提供儲備金的公共披露。

Moreover, large issuers, defined as those with more than $5 billion in outstanding tokens or performing significant banking functions, would need to operate under a new bank-style charter.

此外，大型發行人（被定義為超過50億美元的未償名代幣或執行重要銀行業務的人，都需要根據新的銀行式租賃運營。

The legislation also includes measures to strengthen consumer protections, with an emphasis on statutory redemption right and oversight similar to that applied to money-market funds.

該立法還包括加強消費者保護的措施，重點是法定贖回權權利和監督，類似於適用於貨幣營銷基金的法定贖回。

The Act also integrates provisions for anti-money laundering, detection of illicit finance, and sanctions. It grants regulators the authority to monitor compliance, impose sanctions, and take other necessary steps to mitigate any identified risks.

該法還將反洗錢，非法財務偵查和製裁的規定納入了規定。它授予監管機構監督合規性，實施制裁併採取其他必要步驟來減輕任何已確定風險的權力。

At the recent Apex 2025 conference, CoinMENA’s CEO Talal Tabbaa made the point that tokenization is going beyond the hype stage. These coins are becoming part of institutional infrastructure, not just speculative tools.

在最近的2025年最高會議上，Coinmena的首席執行官Talal Tabbaa指出，令牌化已超出了炒作階段。這些硬幣正在成為機構基礎設施的一部分，而不僅僅是投機工具。

This aligns well with the progress of the GENIUS Act, which is now a procedural vote away from full approval by the Senate.

這與《天才法案》的進步非常吻合，這是現在，這是一項程序投票，距離參議院的全面批准。

The bill, which would create the first comprehensive legislation for regulating stablecoins, passed the vote 68-30, securing strong bipartisan support.

該法案將製定第一份針對監管Stablecoins的綜合立法，通過了68-30的投票，獲得了兩黨的強烈支持。

If enacted, the GENIUS Act would require issuers to fully back their tokens with cash or short-term treasuries, and subject them to regular audits.

如果頒布，《天才法》將要求發行人用現金或短期國庫完全支持其令牌，並對他們進行定期審計。

It would also mandate issuers to provide monthly public statements of their reserves and disclosures on any other material information.

它還將要求發行人每月就其儲備和任何其他物質信息披露。

Its aim is to bring much-needed clarity to the regulatory landscape surrounding stablecoins.

其目的是為穩定的穩定景觀帶來急需的清晰度。

It would introduce new charters for issuers of these digital currencies, placing them under the supervision of the Federal Reserve or the Federal Deposit Insurance Corporation.

它將為這些數字貨幣的發行人介紹新的憲章，並將其置於美聯儲或聯邦存款保險公司的監督下。

Its scope also encompasses provisions for anti-money laundering, detection of illicit finance, and sanctions, granting regulators the authority to monitor compliance, impose sanctions, and undertake other necessary steps to mitigate any identified risks.

它的範圍還涵蓋了反洗錢，非法財務和製裁的規定，授予監管機構以監督合規性，實施制裁併採取其他必要步驟來減輕任何已確定的風險。

The bill also includes provisions for strengthening consumer protections, focusing on the statutory right of redemption and administrative oversight of stablecoin issuers in a manner similar to that applied by the SEC to money-market funds.

該法案還包括加強消費者保護的規定，重點介紹了法定贖回權和對Stablecoin發行人的行政監督，其方式與美國證券交易委員會（SEC）應用於貨幣市場資金的方式相似。

Its goal is to safeguard investors and ensure fair market practices.

它的目標是維護投資者並確保公平的市場慣例。

Its aim is to create a strong legal foundation for the responsible growth of the stablecoin industry.

其目的是為Stablecoin行業的負責任增長創造一個強大的法律基礎。

Its goal is to foster innovation in digital payments while safeguarding consumers and reinforcing the U.S. dollar’s standing in digital finance.

它的目標是促進數字付款的創新，同時維護消費者並加強美元在數字融資中的地位。

However, critics of the bill warn of potential risks to financial stability and the possibility of stablecoin issuers engaging in risky non-core activities.

但是，對《法案》的批評者警告說，財務穩定性的潛在風險以及穩定發行人從事風險的非核心活動的可能性。

They argue that the bill might not go far enough in regulating these issuers and could place an undue burden on smaller firms.

他們認為，該法案在規範這些發行人方面可能不夠遙遠，並且可能會給較小的公司帶來不適當的負擔。

This combination of a booming stablecoin market and a landmark bill like the GENIUS Act is a positive sign for the future of digital assets in the U.S.

蓬勃發展的穩定市場和像《天才法》這樣的地標法案的結合是美國數字資產未來的積極信號

As the stablecoin market approaches $250 billion and the GENIUS Act heads for a final Senate vote, the U.S. is poised to set the standard for digital asset regulation.

隨著Stablecoin市場接近2500億美元，《天才法》（Genius Act）進行了最終的參議院投票，美國有望為數字資產法規設定標準。

This moment marks a turning point for both the industry and the broader financial system, as stablecoins move from the margins to the mainstream.

這一刻標誌著該行業和更廣泛的金融體系的一個轉折點，因為Stablecoins從保證金轉移到主流。