天才行为可能是激发全球竞争Stablecoin主导地位的火花

从Stablecoins进入Defi空间到主流金融行业的收养，这是一段漫长的旅程。

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.

从Stablecoins进入Defi空间到主流金融行业的收养，这是一段漫长的旅程。法规总是对技术创新的反应缓慢。但是，随着拟议中的天才（指导和建立国家创新法），我们可能正在迈向最大的银行和金融科技行业，包括中央银行和G-SIBS，广泛采用稳定的股本作为转让资金的手段。

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?

参议员比尔·哈格蒂（Bill Hagerty）于2025年2月推出了《天才法》，由参议员辛西娅·卢米斯（Cynthia Lummis），克里斯汀·吉利布兰德（Kristen Gillibrand）和蒂姆·斯科特（Tim Scott）共同赞助。长期以来，Stablecoin的支持者一直呼吁将这些资产带入主流。但是，这项艰巨的法案实现了什么，它将如何改变银行和金融科技的景观？

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

我已经说过一次了，我会再说一遍：这是数字资产的一年。

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

我加入@SenatorHagerty介绍了《天才法》，实现 @Potus的承诺使美国成为加密货币的首都。 🇺🇸

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

由于许多人的不懈努力，我们达到了这个里程碑。 🤝

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

- 参议员比尔·哈格蒂（Bill Bill Hagerty）（@SenatorHagerty）2025年2月27日

Why are Stablecoins Becoming Mainstream?

为什么稳定的人会成为主流？

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.

我们已经写了很多关于破坏银行业务的稳定币的文章。我们是少数几个真正调查“沙美元”的网点之一，这是彻底改变巴哈马的Stablecoins的不太可能的货币。

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是一种加密货币，其值将其固定到另一资产。这可以是法定货币，另一种加密货币或黄金等商品。

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.

稳定币在跨货币交易和汇款方面尤其具有革命性。他们可以在没有货币转换或中介处理费用的情况下对双方的信心增加即时付款。

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，将欧元视为一种原始稳定币是有帮助的。中央银行数字货币（CBDC）是一种数字法定货币，以相同的方式将为跨境支付提供稳定的价值。

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.

沙美元带来了金融服务，为没有银行的和不足的社区带来了监管问题。对Stablecoins的发行人的立法明确性提高，解决了Stablecoin的网络安全和犯罪威胁，可以在全球范围内做到这一点。

What’s in the GENIUS Act?

《天才法》中有什么？

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》旨在为希望发行稳定的机构制定明确的立法指南。监管问题使银行和金融科技公司过去谨慎，但该法案可能会使稳定币的采用变得更加容易，风险更低。

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.

该法案是两党，但由共和党人领导，因此法规将提供指导方针，而无需大量联邦监督。实际上，该法案的最新草案将使监管决定转移到100亿美元以下的发行人的州一级。目的是为进入市场的发行人提供法规，而无需牺牲促进创新的财务环境。

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.

如果稳定的资产没有足够的资产来支持交易，则硬币可能会失去其钉子。因此，该法案还将确保稳定的发行人满足某些储备要求。为了确保Stablecoin的1：1支持，将要求发行人维持足够的资产以抵押客户交易。储备金中的资产必须是支持硬币的相同资产。

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，该法案还引入了反洗钱和反恐法规，进一步使主流金融中的稳定稳定性命名。这将是重要的，因为非法滥用是针对Stablecoins和一般加密货币发起的最常见的投诉之一。

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，该法案旨在鼓励传统的银行业务和金融科技与Stablecoins合并。但是，它的目的是通过确保任何新发行人具有财务和技术能力来做到这一点。

Criticism of the GENIUS Act

对天才法案的批评

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.

该法案并非没有批评者。伊丽莎白·沃伦（Elizabeth Warren）沃伦（Warren）认为，该法案并未全面涵盖稳定行为的非法行为。例如，尽管该法案涉及洗钱和恐怖主义，但沃伦认为该技术可用于逃避金融制裁。此外，她对该法案对消费基金的保护不相信，这是Stablecoin发行人过去的问题。

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兴奋可能会掩盖这种威胁。一方面，任何新法规都将是向更好的支付系统迈进的进步。但是，从长远来看，将一项法案纳入法律，这可能会更具破坏性，这并不能完全解决其潜在危险。

Fintechs, Banks, and the Stablecoin ‘Gold Rush’

金融科技，银行和Stablecoin的“淘金热”

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

银行和金融科技队急于加入“ Stablecoin淘金热”。美国银行最近承诺，如果更好的立法通过，就承诺发起自己的稳定币。上个月，Stripe以11亿美元的价格收购了Stablecoin Company Bridge，并增加了Stablecoins作为付款方式。并上个月宣布将宣布将推出香港