Stablecoin市场在2025年流泪，总资本化从年初的1950亿美元跃升至6月的2280亿美元

这些数字只能说明故事的一部分。美国参议院刚刚清除了《天才法》的重大障碍，这是一项具有里程碑意义的法案

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市场将在2025年升温。根据Crypto Quant，Stablecoins的总资本化为6月的2280亿美元，从今年年初开始的1950亿美元增长了17％，标志着新的历史最高水平。

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.

这种激增可以归因于几个因素，包括对数字支付的需求增加，交易活动的增加以及对加密货币的机构兴趣浪潮。

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.

这些数字只能说明故事的一部分。早在4月，美国参议院就清除了《天才法案》的重大程序障碍，这是一项具有里程碑意义的法案，该法案将引入第一个全面的联邦stablecoins框架。

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

程序投票通过了68-30，这表明了两党的强烈支持，并最终通过了该法案。

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》旨在为签发，透明度和储备金的明确规定，最终结束了多年的监管模棱两可，使该行业处于困境。

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.

如果颁布，该法案将要求发行人以现金或短期国库完全支持其代币，接受独立会计师的常规审计，并每月提供储备金的公共披露。

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，大型发行人（被定义为超过50亿美元的未偿名代币或执行重要银行业务的人，都需要根据新的银行式租赁运营。

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.

该立法还包括加强消费者保护的措施，重点是法定赎回权权利和监督，类似于适用于货币营销基金的法定赎回。

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.

该法还将反洗钱，非法财务侦查和制裁的规定纳入了规定。它授予监管机构监督合规性，实施制裁并采取其他必要步骤来减轻任何已确定风险的权力。

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年最高会议上，Coinmena的首席执行官Talal Tabbaa指出，令牌化已超出了炒作阶段。这些硬币正在成为机构基础设施的一部分，而不仅仅是投机工具。

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

这与《天才法案》的进步非常吻合，这是现在，这是一项程序投票，距离参议院的全面批准。

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

该法案将制定第一份针对监管Stablecoins的综合立法，通过了68-30的投票，获得了两党的强烈支持。

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.

如果颁布，《天才法》将要求发行人用现金或短期国库完全支持其令牌，并对他们进行定期审计。

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

它还将要求发行人每月就其储备和任何其他物质信息披露。

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

其目的是为稳定的稳定景观带来急需的清晰度。

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.

它将为这些数字货币的发行人介绍新的宪章，并将其置于美联储或联邦存款保险公司的监督下。

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.

它的范围还涵盖了反洗钱，非法财务和制裁的规定，授予监管机构以监督合规性，实施制裁并采取其他必要步骤来减轻任何已确定的风险。

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.

该法案还包括加强消费者保护的规定，重点介绍了法定赎回权和对Stablecoin发行人的行政监督，其方式与美国证券交易委员会（SEC）应用于货币市场资金的方式相似。

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

它的目标是维护投资者并确保公平的市场惯例。

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

其目的是为Stablecoin行业的负责任增长创造一个强大的法律基础。

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

它的目标是促进数字付款的创新，同时维护消费者并加强美元在数字融资中的地位。

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，对《法案》的批评者警告说，财务稳定性的潜在风险以及稳定发行人从事风险的非核心活动的可能性。

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

他们认为，该法案在规范这些发行人方面可能不够遥远，并且可能会给较小的公司带来不适当的负担。

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.

蓬勃发展的稳定市场和像《天才法》这样的地标法案的结合是美国数字资产未来的积极信号

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.

随着Stablecoin市场接近2500亿美元，《天才法》（Genius Act）进行了最终的参议院投票，美国有望为数字资产法规设定标准。

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

这一刻标志着该行业和更广泛的金融体系的一个转折点，因为Stablecoins从保证金转移到主流。