天才行為可能是激發全球競爭Stablecoin主導地位的火花

從Stablecoins進入Defi空間到主流金融行業的收養，這是一段漫長的旅程。

It’s been a long journey from the entry of stablecoins into DeFi spaces to their adoption by mainstream finance industries. Regulations are always slow to respond to technological innovations. But with the proposed GENIUS (Guiding and Establishing National Innovation) Act we might be witnessing a step towards the largest banking and fintech industries, including central banks and G-SIBs, widely adopting stablecoins as a means of transferring money.

從Stablecoins進入Defi空間到主流金融行業的收養，這是一段漫長的旅程。法規總是對技術創新的反應緩慢。但是，隨著擬議中的天才（指導和建立國家創新法），我們可能正在邁向最大的銀行和金融科技行業，包括中央銀行和G-SIBS，廣泛採用穩定的股本作為轉讓資金的手段。

Senator Bill Hagerty introduced the GENIUS Act in February 2025, co-sponsored by senators Cynthia Lummis, Kristen Gillibrand and Tim Scott. Stablecoin proponents have long called for something that would bring these assets to the mainstream. But what does this hefty bill achieve, and how will it change the landscapes of banking and fintech?

參議員比爾·哈格蒂（Bill Hagerty）於2025年2月推出了《天才法》，由參議員辛西婭·盧米斯（Cynthia Lummis），克里斯汀·吉利布蘭德（Kristen Gillibrand）和蒂姆·斯科特（Tim Scott）共同贊助。長期以來，Stablecoin的支持者一直呼籲將這些資產帶入主流。但是，這項艱鉅的法案實現了什麼，它將如何改變銀行和金融科技的景觀？

I’ve said it once, and I’ll say it again: this is the year for digital assets.

我已經說過一次了，我會再說一遍：這是數字資產的一年。

I joined @SenatorHagerty to introduce the GENIUS Act, fulfilling @POTUS's promise to make America the capital of crypto. 🇺🇸

我加入@SenatorHagerty介紹了《天才法》，實現 @Potus的承諾使美國成為加密貨幣的首都。 🇺🇸

We've reached this milestone thanks to the tireless work of many. 🤝

由於許多人的不懈努力，我們達到了這個里程碑。 🤝

— Senator Bill Hagerty (@SenatorHagerty) February 27, 2025

- 參議員比爾·哈格蒂（Bill Bill Hagerty）（@SenatorHagerty）2025年2月27日

Why are Stablecoins Becoming Mainstream?

為什麼穩定的人會成為主流？

We have written a lot about stablecoins at Disruption Banking. We’re one of the few outlets to have really investigated the ‘Sand Dollar,’ the unlikely currency which revolutionized stablecoins from the Bahamas.

我們已經寫了很多關於破壞銀行業務的穩定幣的文章。我們是少數幾個真正調查“沙美元”的網點之一，這是徹底改變巴哈馬的Stablecoins的不太可能的貨幣。

Stablecoins are a cryptocurrency with a value pegged to another asset. This can be a fiat currency, another cryptocurrency, or a commodity such as gold.

Stablecoins是一種加密貨幣，其值將其固定到另一資產。這可以是法定貨幣，另一種加密貨幣或黃金等商品。

Stablecoins are especially revolutionary for cross-currency transactions and remittances. They can provide instant payments with increased confidence for both parties, without currency conversion or intermediary processing fees.

穩定幣在跨貨幣交易和匯款方面尤其具有革命性。他們可以在沒有貨幣轉換或中介處理費用的情況下對雙方的信心增加即時付款。

In some ways, it’s helpful to think of the Euro as a sort of proto-stablecoin. A central-bank digital currency (CBDC) is a digital fiat currency which, in the same way, would provide a stable value for cross-border payments.

在某些方面，將歐元視為一種原始穩定幣是有幫助的。中央銀行數字貨幣（CBDC）是一種數字法定貨幣，以相同的方式將為跨境支付提供穩定的價值。

The Sand Dollar brought financial services to unbanked and under-banked communities, but faced regulatory problems. Improved legislative clarity for issuers of stablecoins, addressing stablecoin’s cybersecurity and criminal threats, could do the same on a global scale.

沙美元帶來了金融服務，為沒有銀行的和不足的社區帶來了監管問題。對Stablecoins的發行人的立法明確性提高，解決了Stablecoin的網絡安全和犯罪威脅，可以在全球範圍內做到這一點。

What’s in the GENIUS Act?

《天才法》中有什麼？

The GENIUS Act is intended to establish clear legislative guidelines for institutions looking to issue stablecoins. Regulatory concerns made banks and fintech firms cautious in the past, but the bill could make the adoption of stablecoins much easier and less risky.

《天才法案》旨在為希望發行穩定的機構制定明確的立法指南。監管問題使銀行和金融科技公司過去謹慎，但該法案可能會使穩定幣的採用變得更加容易，風險更低。

The bill is bipartisan but led by Republicans, so the regulations would provide guidelines without a lot of federal oversight. In fact, the latest draft of the bill would see regulatory decisions being shifted to a state level for issuers under $10 billion. The goal is to provide regulations for issuers entering the market without sacrificing a financial environment that fosters innovation.

該法案是兩黨，但由共和黨人領導，因此法規將提供指導方針，而無需大量聯邦監督。實際上，該法案的最新草案將使監管決定轉移到100億美元以下的發行人的州一級。目的是為進入市場的發行人提供法規，而無需犧牲促進創新的財務環境。

If a stablecoin doesn’t have enough in assets to back a transaction, the coin could lose its peg. So, the bill would also ensure that issuers of stablecoins meet certain reserve requirements. To ensure a 1:1 backing of the stablecoin, issuers will be required to maintain enough assets in reserve to collateralize customer transactions. The assets in the reserve must be the same assets that are backing the coin.

如果穩定的資產沒有足夠的資產來支持交易，則硬幣可能會失去其釘子。因此，該法案還將確保穩定的發行人滿足某些儲備要求。為了確保Stablecoin的1：1支持，將要求發行人維持足夠的資產以抵押客戶交易。儲備金中的資產必須是支持硬幣的相同資產。

Additionally, the updated bill introduces anti-money laundering and counter-terrorism regulations, further destigmatizing stablecoins in mainstream finance. This would be significant as illegal misuse is one of the most common complaints launched against stablecoins, and cryptocurrencies in general.

此外，該法案還引入了反洗錢和反恐法規，進一步使主流金融中的穩定穩定性命名。這將是重要的，因為非法濫用是針對Stablecoins和一般加密貨幣發起的最常見的投訴之一。

The bottom line is that the bill aims to encourage the merging of traditional banking and fintech with stablecoins. But it aims to do so by ensuring that any new issuer has the financial and technological capacity to do so.

最重要的是，該法案旨在鼓勵傳統的銀行業務和金融科技與Stablecoins合併。但是，它的目的是通過確保任何新發行人具有財務和技術能力來做到這一點。

Criticism of the GENIUS Act

對天才法案的批評

The bill is not without its critics. Elizabeth Warren, for one. Warren argues that the bill does not comprehensively cover the illicit behaviour made possible by stablecoins. For example, though the bill addresses money laundering and terrorism, Warren argues the technology can be used to evade financial sanctions. Additionally, she is unconvinced by the bill’s protection of consumer funds, which has been a problem for stablecoin issuers in the past.

該法案並非沒有批評者。伊麗莎白·沃倫（Elizabeth Warren）沃倫（Warren）認為，該法案並未全面涵蓋穩定行為的非法行為。例如，儘管該法案涉及洗錢和恐怖主義，但沃倫認為該技術可用於逃避金融制裁。此外，她對該法案對消費基金的保護不相信，這是Stablecoin發行人過去的問題。

Stablecoin excitement may obscure such threats. On the one hand, any new regulation will be progress towards a better payment system. But it could be more damaging in the long run to rush a bill into law that does not fully address its potential dangers.

Stablecoin興奮可能會掩蓋這種威脅。一方面，任何新法規都將是向更好的支付系統邁進的進步。但是，從長遠來看，將一項法案納入法律，這可能會更具破壞性，這並不能完全解決其潛在危險。

Fintechs, Banks, and the Stablecoin ‘Gold Rush’

金融科技，銀行和Stablecoin的“淘金熱”

Banks and Fintechs are rushing to join the “Stablecoin Gold Rush.” Bank of America recently pledged to launch its own stablecoin if better legislation passes. Last month, Stripe acquired stablecoin company Bridge for $1.1 billion and added stablecoins as a method of payment. And Standard Chartered last month announced it would be launching a Hong-Kong

銀行和金融科技隊急於加入“ Stablecoin淘金熱”。美國銀行最近承諾，如果更好的立法通過，就承諾發起自己的穩定幣。上個月，Stripe以11億美元的價格收購了Stablecoin Company Bridge，並增加了Stablecoins作為付款方式。並上個月宣布將宣布將推出香港