迎来了数字金融的新时代：天才法与USD的兴起

Bitmart Exchange的研究部门Bitmart Research已发布了一份全面的报告，研究了数字融资发展中关键时刻。

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，塞舌尔，2025年5月27日（Globe Newswire） - Bitmart Exchange的研究部门Bitmart Research通过其最新报告深入研究了数字融资发展的关键时刻。随着美国迅速通过《开创性的天才法案》（Genius Act）进行规范的努力，这是USD1的推出（这是与前总统唐纳德·特朗普（Donald Trump）的家庭相关的完全菲亚·巴贝克币（USD1），标志着监管和市场权力的主要融合。

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.

该分析探讨了《天才法案》和USD1快速上升的法律，财务和政治含义，强调了它们重新定义稳定景观并巩固美国在全球数字资产经济中的优势的综合潜力。

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）崩溃以来，算法Stablecoins的市场份额一直在下降。 UST是一种算法稳定的稳定性，不受任何法定货币或资产的支持，而仅依靠算法机制来维持其固定在美元上的算法。一旦信心崩溃并且机制失败，市场就会发生连锁反应。相比之下，由菲亚特支持的稳定股币（例如USDT，USDC和USD1）得到了高度流动资产（如美元和财政债券）的支持，逐渐成为主流。

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，即使是这些稳定的稳定性，也继续受到有关其调节性和透明度的审查。为了应对这些挑战，美国最近加快了《天才法》的进步，旨在为Stablecoin市场建立全面的监管框架。

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》在加密市场的监管中起着关键作用，尤其是在Stablecoins的领域。它的核心规定包括对发行资格，储备要求，合规义务，用户保护和国际适用性的限制。该法案清楚地表明，稳定剂必须得到同等数量的高度液体资产的完全支持，以确保用户可以随时兑换其持股。

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.

为了保护令牌持有人，在破产的情况下，必须将发行人的资产优先考虑以进行用户偿还。此外，发行人必须严格遵守反洗钱（AML）和反恐融资（CFT）的要求，以防止出于非法目的滥用稳定剂。

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.

总体而言，尽管《天才法案》增强了监管监督并保护用户权利，但它也在短期内提高了Stablecoin发行人的入门栏。现有的发行人将被要求重组其资产储量，披露惯例和内部系统，这可能需要大量的成本和运营复杂性。

Key Provisions of the GENIUS Act

《天才法》的关键规定

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

该法案仅允许三种类型的实体发行付款稳定者：

• Federally insured banks or savings associations

•联邦保险银行或储蓄协会

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

•新银行（New）银行通过货币审计长办公室申请联邦宪章（OCC）

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

•现有或新信托公司申请并从财政部长那里获得许可证

The Act adopts a dual regulatory system:

该法采用双重监管系统：

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

•对于已经由美联储或FDIC等联邦机构监管的机构，其现有的宪章和许可将足以支付Stablecoin发行。

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

•联邦宪章不涵盖的机构，例如国家许可的信托公司，将受到财政许可和法规的约束。

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

该法令要求所有稳定币都得到100％储量的支持，并且只能使用高度流动资产，包括：

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

•到期不到12个月的美国国库证券

•R epository (e.g., Fed) balances

•r估计（例如，喂养）平衡

• U.S. dollar deposits in federally insured banks

•联邦保险银行的美元存款

•Cash equivalents

•现金当量

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

必须严格将客户资产与运营资金隔离，不能重新销售，并且只能出于短期流动性目的而暂时承诺。

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.

发行人必须每月披露储备金资产组成，并通过经过认证的公共会计师事务所进行审核。调节器还将建立资本充足，流动性和风险管理的标准。

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

根据《银行保密法》，Stablecoin发行人被归类为金融机构，必须执行AML和制裁合规计划，包括：

• Know Your Customer (KYC) and AML obligations

•了解您的客户（KYC）和AML义务

•Sanctions screening and compliance

•制裁筛查和合规性

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.

该法案禁止不遵守美国等效标准在美国运营并授予财政部长对外国发行人施加制裁的权力，从而有效阻止其进入美国金融体系的权力。

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.

大型技术公司（例如，元，亚马逊）必须符合严格的财务合规性，用户隐私和公平竞争要求，以防止垄断行为和系统性风险。

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.

在破产时，Stablecoin持有人将对发行人资产提出优先索赔。为了避免利益冲突，该法案禁止国会议员和高级执行官员在任期期间参加Stablecoin发行。

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

该法明确指出，付款稳定币未归类为证券或商品，因此将其排除在SEC和