Genius Act将成为Stablecoins的新时代，其意义将非常出色

如果成功通过了美国稳定法案“天才法案”，那么它的意义将非常出色。我什至认为进入加密历史上的前五名是足够的。

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》代表指导和建立为美国稳定的国家创新，是一项重要的法案，可以彻底改变数字资产格局。

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

这是《天才法案》的缩写，这是对法案的全名。

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

该提议正在由众议院迅速提出，这很长，但这里有一些亮点：

* 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.

*强制性1：1足够的资产：包括现金，银行当前存款和短期美国财政债券。同时，严格禁止挪用和重新覆盖。

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

*高频信息披露：每月至少发布一次储备报告，并介绍外部审计。

* 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.

*发行许可证：一旦发行人的Stablecoin发行率> 100亿美元，必须在规定的期限内将其转移到联邦监管系统并采用银行级别的监督。

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

*监护权引入：Stablecoins及其储备金的保管人必须是受管制的合格金融机构。

* 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.

*明确定义为付款媒介：该法案清楚地将Stablecoins定义为一种新型的付款媒介，该介质主要受银行监管系统的约束，而不是证券或商品监管系统。

* 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.

*招募现有的Stablecoins：该法案生效后长达18个月的缓冲阶段旨在敦促发行人的现有Stablecoins（例如USDT，USDC等）获得许可或尽快获得合规性。

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.

现在我已经完成了主要故事，我将借此机会以激动的心情谈论此事的重要性。

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.

人们问，在过去的几年中，您在加密行业的16年中开发了哪些应用？从现在开始，您可以自信地向其他人介绍Stablecoins。

First, clearing away concerns is a prerequisite

首先，清除担忧是先决条件

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.

有些人持有反对的观点。过去，人们的印象是，稳定的是不透明的黑匣子。 FUD每隔几个月就会发生一次，要么是因为Tether的资产被冻结了，要么是因为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.

实际上，如果您考虑一下，就可以从基本政府债券的利息中赚取数十亿美元的收入。 Circle去年获利17亿美元。他们可以毫不费力地赚钱。受到这一动机，他们没有动机做任何邪恶的动机。相反，他们最渴望遵守法规。

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.

现在，这个不透明的黑匣子将成为一个透明的白色盒子。过去，人们只是批评了Tether将其资金冻结在美国。现在，它直接被放置在一个符合高频信息披露的美国托管机构中，因此人们可以放心。

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

[不必担心逃跑]是一个巨大的优势 - 我认为所有加密货币都可以理解。

Second, it is important to master the standards

其次，掌握标准很重要

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几乎偷走了稳定剂。无论哪个国家，如果有中央银行数字货币，它很可能不是建立在区块链上的，而是最多在中央银行的某些内部联盟链上，这毫无意义。

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.

当CBDC处于最热状态时，这也是Stablecoins最危险的时期。如果当时CBDC成功了，那么目前的稳定菌将被无限地抑制到一个黑暗的角落，而区块链只会发挥最小的作用。其余的半死稳定币甚至必须学习中央银行数字货币的标准，并且就标准发言的权利完全丢失了。

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.

而现在，Stablecoins即将获胜。相反，每个人都应该学习[区块链 +令牌]标准。现在，许多区块链没有有意义的应用程序，除了稳定转移。例如，Aptos，我使用的唯一场景是从binance转移到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.

现在，将立法稳定币，这是什么意思？没错，区块链将成为唯一的标准。将来，每个Stablecoin用户都必须首先学习如何使用钱包。

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.

顺便说一句，我现在认为以太坊对EIP-7702的推动确实是前瞻性的。尽管其他连锁店涌向模因，但我很感激以太坊仍坚持考虑抽象。

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

EIP-7702是帐户抽象，例如：

* Register a wallet using a social account

*使用社会帐户注册钱包

* Use local currency to pay GAS

*使用当地货币支付汽油

...etc.

...ETC。

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

这将使新用户将来能够大量使用稳定剂，从而解决了最后的英里问题。

Third, deposits enter a new era

第三，存款进入新时代

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

一旦立法支持稳定的人，存款和提款就会变得更容易。让我们想象一个场景。以前，由于稳定​​币的灰色性质，无法做到这一点。但是法案通过后