什麼是Stablecoins，為什麼重要？

對於對加密貨幣感興趣的人，即使您不是專家，這些發展也很重要。穩定幣像傳統貨幣（如美元）與比特幣等數字資產的經常揮化世界之間的橋樑。

The U.S. Congress is quickly approaching a vote on legislation that could bring substantial changes to the rapidly expanding market for stablecoins, a type of digital asset tethered to a stable value such as the U.S. dollar.

美國國會正在迅速對立法進行投票，這可能會給穩定的穩定市場帶來迅速擴展的市場，這是一種數字資產，將其束縛在穩定的價值上，例如美元。

Stablecoins have exploded in popularity, now amounting to over $216 billion globally according to information presented alongside the legislative proposals. This rapid growth has caught the attention of regulators worldwide, including in the U.S., who want to make sure these digital dollars are used safely and reliably.

根據與立法提案一起提出的信息，Stablecoins爆炸了，現在全球範圍超過2160億美元。這種快速增長引起了全球監管機構的關注，包括在美國，他們希望確保這些數字美元安全地使用。

What Are Stablecoins and Why Do They Matter?

什麼是Stablecoins，為什麼重要？

Before diving into the laws, let’s quickly recap what stablecoins are. Imagine a digital token that’s designed to always be worth, say, exactly one U.S. dollar. Unlike Bitcoin or Ethereum, whose prices can swing wildly, stablecoins aim for stability by being backed by real-world assets. Usually, this means the company issuing the stablecoin holds an equivalent amount of dollars, government bonds, or other safe assets that can be quickly liquidated if required in reserve for every digital coin they create.

在研究法律之前，讓我們快速回顧一下stablecoins是什麼。想像一下，一個數字代幣始終值得一美元。與比特幣或以太坊不同，其價格可能會狂奔，穩定幣的目標是通過現實世界中的資產來實現穩定。通常，這意味著發行StableCoin的公司持有相當數量的美元，政府債券或其他安全資產，如果需要為其創建的每個數字硬幣保留，可以快速清算。

This stability makes them useful for several things:

這種穩定使它們對幾件事有用：

Stablecoin Payloads

Stablecoin有效載荷

The stablecoin market has exploded in recent years, now worth over $216 billion globally according to information presented alongside the legislative proposals. This rapid growth has caught the attention of regulators worldwide, including in the U.S., who want to make sure these digital dollars are safe and reliable.

近年來，根據立法提案呈現的信息，穩定的市場爆發了，現在全球價值超過2160億美元。這種快速增長引起了全球監管機構的關注，包括在美國，他們希望確保這些數字美元安全可靠。

Enter the GENIUS and STABLE Acts: What Do They Propose?

輸入天才和穩定的行為：他們提出了什麼建議？

Seeing the need for clear rules, U.S. lawmakers have introduced two major bills:

看到需要明確的規則，美國立法者提出了兩個主要法案：

The GENIUS Act

天才法

(Guiding and Establishing National Innovation for U.S. Stablecoins Act)

（指導和建立針對美國Stablecoins法案的國家創新）

At the time of writing, this bill has already made progress, passing the Senate Banking Committee in March 2025 with rare bi-partisan support from both Republicans and Democrats. It focuses heavily on making sure stablecoin issuers are transparent and accountable. According to the Senate Banking Committee’s information release, key proposed rules include:

在撰寫本文時，該法案已經取得了進步，在2025年3月，在共和黨和民主黨人的兩黨支持下，參議院銀行委員會通過了參議院銀行委員會。它重點是確保Stablecoin發行人透明且負責。根據參議院銀行委員會的信息發布，擬議的關鍵規則包括：

Full Backing: Issuers must hold reserves equal to at least 100% of the value of all their stablecoins in circulation. These reserves must be in safe assets like cash, bank deposits, or short-term U.S. government debt. Risky practices like using algorithms alone to maintain value (algorithmic stablecoins) would likely be banned or heavily restricted given the chaos that Terra-Luna reaped on the market a few years ago.

全面支持：發行人必須持有等於其流通中所有穩定股票價值的至少100％的儲備。這些儲量必須包括現金，銀行存款或美國短期政府債務等安全資產。鑑於幾年前Terra-Luna在市場上收穫的混亂，諸如僅使用算法來維持價值（算法）諸如維持價值（算法）的風險實踐。

Transparency: Companies would have to publicly report details (known in crypto as Proof of Reserves) about their reserves every month on their websites. This includes what assets they hold and how much.

透明度：公司將必須公開報告有關其網站上的儲備的詳細信息（以加密儲備為儲備證明）。這包括他們持有的資產以及多少資產。

Regular Checks: Independent accounting firms would need to examine these reserves monthly. For very large issuers (those with over $50 billion in stablecoins), annual audited financial statements would be required.

定期檢查：獨立會計師事務所需要每月檢查這些儲備。對於非常大的發行人（擁有超過500億美元的Stablecoins的發行人），將需要年度審計的財務報表。

Consumer Protection: The rules aim to protect users. Issuers would need to follow consumer protection laws, and regulators could take action against bad actors. Importantly, if an issuer goes bankrupt, stablecoin holders would have priority in getting their money back.

消費者保護：旨在保護用戶的規則。發行人需要遵守消費者保護法，監管機構可以對不良行為者採取行動。重要的是，如果發行人破產，Stablecoin持有人將優先取回他們的錢。

Anti-Money Laundering (AML): Stablecoin issuers would be treated like other financial institutions and required to follow rules designed to prevent money laundering and terrorist financing.

反洗錢（AML）：將像其他金融機構一樣對待Stablecoin發行人，並遵循旨在防止洗錢和恐怖融資的規則。

Who Regulates? The bill proposes a split system. Large issuers (with over $10 billion in market cap) would be overseen by federal banking regulators like the Federal Reserve or the Office of the Comptroller of the Currency (OCC). Smaller issuers could be regulated primarily at the state level.

誰進行監管？該法案提出了一個拆分系統。大型發行人（擁有超過100億美元的市值）將由聯邦銀行監管機構（例如美聯儲或貨幣審計長辦公室）監督（OCC）。較小的發行人可以主要在州一級進行監管。

The STABLE Act

穩定的行為

(Stablecoin Transparency and Accountability for a Better Ledger Economy Act)

（對更好的LEDGER經濟法案的Stablecoin透明度和問責制）

Introduced in the House of Representatives shortly after the GENIUS Act moved forward in the Senate, the STABLE Act shares similar goals. It aims to establish clear rules for U.S. dollar-backed stablecoins, focusing on transparency, consumer safety, and holding issuers responsible.

《天才法案》在參議院前進後不久，在眾議院引入了眾議院，《穩定法案》具有相似的目標。它旨在為美元支持的穩定股制定明確的規則，重點關注透明度，消費者安全和負責發行人。

While specific public details are less exhaustive than for the GENIUS Act, statements suggest it proposes a comparable framework. Industry groups like the American Bankers Association note its focus on giving federal authorities like the OCC power over certain issuers while emphasizing consumer protection. It appears likely to also involve a federal-state regulatory split similar to the one proposed in the GENIUS Act.

儘管特定的公眾細節不如《天才法》詳盡，但聲明表明它提出了一個可比的框架。像美國銀行家協會（American Bankers Association）這樣的行業團體指出，其重點是為聯邦當局提供像OCC對某些發行人的權力，同時強調消費者保護。它似乎還涉及與《天才法》中提議的法規類似的聯邦州監管拆分。

Both bills signal a move towards bringing stablecoins firmly within the traditional financial regulatory perimeter, aiming to prevent collapses like those seen with some failed stablecoin projects in the past and build broader confidence.

這兩項法案都表明，朝著將穩定的人牢固地牢牢地置於傳統的財務監管外圍，旨在防止像過去發生過一些失敗的Stablecoin項目一樣崩潰，並建立更廣泛的信心。

Impact on Stablecoin Use and Adoption

對穩定使用和採用的影響

So, what could these rules mean for everyday users and businesses?

那麼，這些規則對日常用戶和企業意味著什麼？

Increased Trust in the U.S.

增加對美國的信任

One of the biggest potential impacts is increased trust. Knowing that stablecoins are backed 1-to-1 by safe assets and regularly checked could make more people comfortable using them. With estimates suggesting around 65 million Americans already own some form of cryptocurrency, clear regulations could encourage wider adoption for payments, savings, or

最大的潛在影響之一是增加信任。知道穩定的人是通過安全的資產來支持1-1的，並且經常檢查可能會使更多的人使用它們。據估計表明，大約有6500萬美國人已經擁有某種形式的加密貨幣，明確的法規可以鼓勵更廣泛的付款，儲蓄或