如果“天才法案”的美国稳定法案顺利通过，它的意义将是巨大的，我什至认为它可以跻身加密历史上的前五名。

尽管缩写为《天才法》，直接转化为“天才法”，但它实际上代表着指导和建立国家创新的国家创新

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.

如果美国的稳定法案平稳地通过了众议院，它的意义将是巨大的，我什至认为它可以跻身加密历史上的前五名。

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.”

尽管经常缩写为《天才法》，该法直接转化为“天才法”，但它实际上代表了为美国稳定的指导和建立民族创新，可以翻译为“指导和建立为美国稳定的国家的本地，”。

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

该提案很漫长，因此以下是您的一些要点：

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.

强制性1：1完全支持的资产：这包括现金，银行需求存款和美国财政部证券。另外，严格禁止盗用和重新绘制。

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

高频信息披露：储备报告必须每月至少发布一次，并进行外部审计。

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.

发行许可证：一旦发行人的稳定者的循环市场价值超过100亿美元，他们就必须在指定的时间范围内过渡到联邦监管框架，以采用银行级别的监督。

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

引入监护权：Stablecoins及其储备金的保管人必须受到合格的金融机构的监管。

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.

明确的定义是付款媒介：该法案明确将Stablecoins定义为一种新型的付款媒介，主要受银行监管框架的约束，而不是受证券或商品法规的约束。

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.

规范现有的稳定剂：该法案生效后将有一个最长的18个月宽限期，旨在敦促现有的Stablecoin发行人（例如USDT，USDC等）获得许可证或立即遵守法规。

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

现在涵盖了要点，让我们兴奋地讨论此问题的重要性。

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

多年来，当被问及加密业在过去16年中发展了什么应用时，答案通常很模糊。

Now, you can confidently tell others—stablecoins.

现在，您可以自信地告诉他人 - 稳定的。

First, Clearing Concerns is a Prerequisite

首先，清除问题是先决条件

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.

有些人持有反对的观点，因为过去对stablecoins的印象是 - 一个不透明的黑匣子。每隔几个月就会有一次FUD，无论是Tether的资产被冻结还是在其财务状况上有很大的漏洞。

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.

实际上，如果您考虑一下，系绳很容易从那些基本财政债券的利息中赚取数十亿美元。 Circle，稍小一点，去年仍然赚了17亿美元的利润。

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.

他们站着不动。从动机的角度来看，他们没有恶意的意图，实际上是最渴望遵守的。

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

现在，这个不透明的黑匣子将变成一个透明的白色盒子。

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，唯一的批评是，Tether的资金可能被美国冻结，但现在将它们直接置于美国的合规机构中，并有高频信息披露，从而使您放心。

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

[不必担心逃跑]是一个巨大的优势，尤其是所有加密爱好者所理解的。

Second, Mastering Standards is Important

第二，掌握标准很重要

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.

稳定剂曾经濒临被CBDC掩盖的边缘。在任何国家，如果要有中央银行的数字货币，它很可能不会建立在区块链上，充其量是中央银行的某些内部财团链，诚实地说，这没有真正的意义。

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

当CBDC达到顶峰时，这是Stablecoins最危险的时期。

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

如果当时CBDC成功了，那么Stablecoins就会被推入黑暗的角落，而区块链将发挥最小的作用。

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

剩下的半空位稳定人甚至必须学习中央银行数字货币的标准，完全失去了标准的叙事能力。

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

现在，Stablecoins赢得了（或即将）。

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

人们将不得不学习[区块链 +令牌]标准。

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.

当前，除稳定转移外，许多区块链的应用程序并不特别有意义。例如，使用Aptos，我使用的唯一场景是在Binance和OKX之间传输。

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

现在，将立法稳定的人，这意味着什么？

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

没错，区块链将成为唯一的标准。

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

将来，每个Stablecoin用户将首先需要学习如何使用钱包。

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.

附带说明，我相信以太坊对EIP-7702的推动确实有些前瞻。当其他连锁店忙于模因时，我感谢以太坊继续专注于账目抽象。

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

EIP-7702是帐户抽象，例如可以支持：这可以解决最后一英里，以供许多新用户使用stablecoins。

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

第三，进入存款的新时代，一旦Stablecoins获得立法支持，存款和提款将变得更加简单。

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

让我们想象一个场景：以前，由于Stablecoins的灰色本质，这是不可能的，但是在此之后