迎來了數字金融的新時代：天才法與USD的興起

Bitmart Exchange的研究部門Bitmart Research已發布了一份全面的報告，研究了數字融資發展中關鍵時刻。

Mahe, Seychelles, May 27, 2025 (GLOBE NEWSWIRE) -- BitMart Research, the research arm of BitMart Exchange, delves deep into a pivotal moment in the evolution of digital finance with its latest report. As the U.S. rapidly advances efforts to regulate the stablecoin ecosystem through the groundbreaking GENIUS Act, the launch of USD1—a fully fiat-backed stablecoin associated with former President Donald Trump's family—marks a major convergence of regulatory alignment and market power.

Mahe，塞舌爾，2025年5月27日（Globe Newswire） - Bitmart Exchange的研究部門Bitmart Research通過其最新報告深入研究了數字融資發展的關鍵時刻。隨著美國迅速通過《開創性的天才法案》（Genius Act）進行規範的努力，這是USD1的推出（這是與前總統唐納德·特朗普（Donald Trump）的家庭相關的完全菲亞·巴貝克幣（USD1），標誌著監管和市場權力的主要融合。

This analysis explores the legal, financial, and political implications of the GENIUS Act and USD1's rapid ascent, highlighting their combined potential to redefine the stablecoin landscape and solidify U.S. dominance in the global digital asset economy.

該分析探討了《天才法案》和USD1快速上升的法律，財務和政治含義，強調了它們重新定義穩定景觀並鞏固美國在全球數字資產經濟中的優勢的綜合潛力。

Since the collapse of TerraUSD (UST) in 2022, the market share of algorithmic stablecoins has continued to decline. An algorithmic stablecoin, UST was not backed by any fiat currency or assets but relied solely on an algorithmic mechanism to maintain its peg to the U.S. dollar. Once confidence collapsed and the mechanism failed, a chain reaction ensued in the market. In contrast, fiat-backed stablecoins—such as USDT, USDC, and USD1—which are supported by highly liquid assets like U.S. dollars and Treasury bonds, have gradually become the mainstream.

自2022年Terrausd（UST）崩潰以來，算法Stablecoins的市場份額一直在下降。 UST是一種算法穩定的穩定性，不受任何法定貨幣或資產的支持，而僅依靠算法機制來維持其固定在美元上的算法。一旦信心崩潰並且機制失敗，市場就會發生連鎖反應。相比之下，由菲亞特支持的穩定股幣（例如USDT，USDC和USD1）得到了高度流動資產（如美元和財政債券）的支持，逐漸成為主流。

However, even these stablecoins continue to be subject to scrutiny regarding their regulatory compliance and transparency. To address these challenges, the United States has recently accelerated the advancement of the GENIUS Act, aiming to establish a comprehensive regulatory framework for the stablecoin market.

但是，即使是這些穩定的穩定性，也繼續受到有關其調節性和透明度的審查。為了應對這些挑戰，美國最近加快了《天才法》的進步，旨在為Stablecoin市場建立全面的監管框架。

The GENIUS Act plays a pivotal role in the regulation of the crypto market, particularly in the realm of stablecoins. Its core provisions include restrictions on issuance eligibility, reserve requirements, compliance obligations, user protection, and international applicability. The Act clearly stipulates that stablecoins must be fully backed by an equivalent amount of highly liquid assets, ensuring that users can redeem their holdings at any time.

《天才法》在加密市場的監管中起著關鍵作用，尤其是在Stablecoins的領域。它的核心規定包括對發行資格，儲備要求，合規義務，用戶保護和國際適用性的限制。該法案清楚地表明，穩定劑必須得到同等數量的高度液體資產的完全支持，以確保用戶可以隨時兌換其持股。

To protect token holders, the assets of an issuer must be prioritized for user repayment in the event of bankruptcy. Moreover, issuers must strictly comply with anti-money laundering (AML) and counter-terrorism financing (CFT) requirements to prevent the misuse of stablecoins for illicit purposes.

為了保護令牌持有人，在破產的情況下，必須將發行人的資產優先考慮以進行用戶償還。此外，發行人必須嚴格遵守反洗錢（AML）和反恐融資（CFT）的要求，以防止出於非法目的濫用穩定劑。

Overall, while the GENIUS Act enhances regulatory oversight and protects user rights, it also raises the entry bar for stablecoin issuers in the short term. Existing issuers will be required to restructure their asset reserves, disclosure practices, and internal systems, which may entail significant costs and operational complexity.

總體而言，儘管《天才法案》增強了監管監督並保護用戶權利，但它也在短期內提高了Stablecoin發行人的入門欄。現有的發行人將被要求重組其資產儲量，披露慣例和內部系統，這可能需要大量的成本和運營複雜性。

Key Provisions of the GENIUS Act

《天才法》的關鍵規定

The Act permits only three types of entities to issue payment stablecoins:

該法案僅允許三種類型的實體發行付款穩定者：

• Federally insured banks or savings associations

•聯邦保險銀行或儲蓄協會

• De novo (new) banks applying for a federal charter through the Office of the Comptroller of the Currency (OCC)

•新銀行（New）銀行通過貨幣審計長辦公室申請聯邦憲章（OCC）

• Existing or de novo trust companies applying for and receiving a license from the Treasury Secretary

•現有或新信託公司申請並從財政部長那裡獲得許可證

The Act adopts a dual regulatory system:

該法採用雙重監管系統：

• For institutions already regulated by federal agencies like the Federal Reserve or the FDIC, their existing charters and licenses will suffice for stablecoin issuance.

•對於已經由美聯儲或FDIC等聯邦機構監管的機構，其現有的憲章和許可將足以支付Stablecoin發行。

• Institutions not covered by federal charters, such as state-licensed trust companies, will be subject to Treasury licenses and regulations.

•聯邦憲章不涵蓋的機構，例如國家許可的信託公司，將受到財政許可和法規的約束。

The Act mandates that all stablecoins be backed by 100% reserves and can only use highly liquid assets, including:

該法令要求所有穩定幣都得到100％儲量的支持，並且只能使用高度流動資產，包括：

• U.S. Treasury securities with a maturity of less than 12 months

•到期不到12個月的美國國庫證券

•R epository (e.g., Fed) balances

•r估計（例如，餵養）平衡

• U.S. dollar deposits in federally insured banks

•聯邦保險銀行的美元存款

•Cash equivalents

•現金當量

Customer assets must be strictly segregated from operating funds, cannot be re-pledged, and may only be temporarily pledged for short-term liquidity purposes.

必須嚴格將客戶資產與運營資金隔離，不能重新銷售，並且只能出於短期流動性目的而暫時承諾。

Issuers are required to disclose reserve asset compositions monthly and undergo audits by certified public accounting firms.Regulators will also establish standards for capital adequacy, liquidity, and risk management.

發行人必須每月披露儲備金資產組成，並通過經過認證的公共會計師事務所進行審核。調節器還將建立資本充足，流動性和風險管理的標準。

Stablecoin issuers are classified as financial institutions under the Bank Secrecy Act and must implement AML and sanctions compliance programs, including:

根據《銀行保密法》，Stablecoin發行人被歸類為金融機構，必須執行AML和製裁合規計劃，包括：

• Know Your Customer (KYC) and AML obligations

•了解您的客戶（KYC）和AML義務

•Sanctions screening and compliance

•制裁篩查和合規性

The bill prohibits foreign stablecoin issuers that do not comply with U.S.-equivalent standards from operating in the U.S. and grants the Treasury Secretary the authority to impose sanctions on foreign issuers, effectively blocking their access to the U.S. financial system.

該法案禁止不遵守美國等效標准在美國運營並授予財政部長對外國發行人施加製裁的權力，從而有效阻止其進入美國金融體系的權力。

Large technology companies (e.g., Meta, Amazon) must meet stringent financial compliance, user privacy, and fair competition requirements to prevent monopolistic behavior and systemic risks.

大型技術公司（例如，元，亞馬遜）必須符合嚴格的財務合規性，用戶隱私和公平競爭要求，以防止壟斷行為和系統性風險。

Stablecoin holders will have priority claims on issuer assets in the event of bankruptcy.To avoid conflicts of interest, the Act prohibits members of Congress and senior executive officials from participating in stablecoin issuance during their term in office.

在破產時，Stablecoin持有人將對發行人資產提出優先索賠。為了避免利益衝突，該法案禁止國會議員和高級執行官員在任期期間參加Stablecoin發行。

The Act explicitly states that payment stablecoins are not classified as securities or commodities, thus excluding them from SEC and

該法明確指出，付款穩定幣未歸類為證券或商品，因此將其排除在SEC和