#数字资产市场观察 Is the US stablecoin market about to change? The GENIUS Act has officially come into effect, and this time it’s not just talk—the regulators are getting serious.

Let’s start with the background. Stablecoins are both the “stabilizer” of the crypto market and an “amplifier” of its risks. Lack of transparency in asset reserves and missing audits of issuers—haven’t there been enough cases of people getting burned in the past? Now, the GENIUS Act draws a red line on asset backing and audit standards, essentially putting the brakes on the market. Congressman Bryan Steil is pushing regulators to submit their work on time, with a very straightforward reason: stablecoins are moving too fast, and if rules don’t catch up, retail investors will end up as the ones getting hurt.

The FDIC has released a draft, and the NCUA is preparing its first set of rules—this efficiency deserves some praise. But Democratic Representative Maxine Waters poured cold water on things—she questioned the conflict of interest issue with Trump’s involvement in crypto projects. This is a subtle point: if regulatory policies are influenced by certain people’s business interests, does the compliance framework still have credibility?

To be honest, the bill itself is a good thing. It can help bring order to the US stablecoin market, and might even influence global crypto compliance trends. But the real test lies ahead—can the rules actually be enforced? Will competing interests warp policy? These question marks can only be answered with time and the strength of regulation.

The market is watching, and investors are too. Can stablecoins truly live up to the promise of “stability” this time?