什么是Stablecoins，为什么重要？

对于对加密货币感兴趣的人，即使您不是专家，这些发展也很重要。稳定币像传统货币（如美元）与比特币等数字资产的经常挥化世界之间的桥梁。

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.

美国国会正在迅速对立法进行投票，这可能会给稳定的稳定市场带来迅速扩展的市场，这是一种数字资产，将其束缚在稳定的价值上，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.

根据与立法提案一起提出的信息，Stablecoins爆炸了，现在全球范围超过2160亿美元。这种快速增长引起了全球监管机构的关注，包括在美国，他们希望确保这些数字美元安全地使用。

What Are Stablecoins and Why Do They Matter?

什么是Stablecoins，为什么重要？

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，让我们快速回顾一下stablecoins是什么。想象一下，一个数字代币始终值得一美元。与比特币或以太坊不同，其价格可能会狂奔，稳定币的目标是通过现实世界中的资产来实现稳定。通常，这意味着发行StableCoin的公司持有相当数量的美元，政府债券或其他安全资产，如果需要为其创建的每个数字硬币保留，可以快速清算。

This stability makes them useful for several things:

这种稳定使它们对几件事有用：

Stablecoin Payloads

Stablecoin有效载荷

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.

近年来，根据立法提案呈现的信息，稳定的市场爆发了，现在全球价值超过2160亿美元。这种快速增长引起了全球监管机构的关注，包括在美国，他们希望确保这些数字美元安全可靠。

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

输入天才和稳定的行为：他们提出了什么建议？

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

看到需要明确的规则，美国立法者提出了两个主要法案：

The GENIUS Act

天才法

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

（指导和建立针对美国Stablecoins法案的国家创新）

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:

在撰写本文时，该法案已经取得了进步，在2025年3月，在共和党和民主党人的两党支持下，参议院银行委员会通过了参议院银行委员会。它重点是确保Stablecoin发行人透明且负责。根据参议院银行委员会的信息发布，拟议的关键规则包括：

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：发行人必须持有等于其流通中所有稳定股票价值的至少100％的储备。这些储量必须包括现金，银行存款或美国短期政府债务等安全资产。鉴于几年前Terra-Luna在市场上收获的混乱，诸如仅使用算法来维持价值（算法）诸如维持价值（算法）的风险实践。

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：公司将必须公开报告有关其网站上的储备的详细信息（以加密储备为储备证明）。这包括他们持有的资产以及多少资产。

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.

定期检查：独立会计师事务所需要每月检查这些储备。对于非常大的发行人（拥有超过500亿美元的Stablecoins的发行人），将需要年度审计的财务报表。

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.

消费者保护：旨在保护用户的规则。发行人需要遵守消费者保护法，监管机构可以对不良行为者采取行动。重要的是，如果发行人破产，Stablecoin持有人将优先取回他们的钱。

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.

反洗钱（AML）：将像其他金融机构一样对待Stablecoin发行人，并遵循旨在防止洗钱和恐怖融资的规则。

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.

谁进行监管？该法案提出了一个拆分系统。大型发行人（拥有超过100亿美元的市值）将由联邦银行监管机构（例如美联储或货币审计长办公室）监督（OCC）。较小的发行人可以主要在州一级进行监管。

The STABLE Act

稳定的行为

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

（对更好的LEDGER经济法案的Stablecoin透明度和问责制）

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》在参议院前进后不久，在众议院引入了众议院，《稳定法案》具有相似的目标。它旨在为美元支持的稳定股制定明确的规则，重点关注透明度，消费者安全和负责发行人。

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.

尽管特定的公众细节不如《天才法》详尽，但声明表明它提出了一个可比的框架。像美国银行家协会（American Bankers Association）这样的行业团体指出，其重点是为联邦当局提供像OCC对某些发行人的权力，同时强调消费者保护。它似乎还涉及与《天才法》中提议的法规类似的联邦州监管拆分。

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.

这两项法案都表明，朝着将稳定的人牢固地牢牢地置于传统的财务监管外围，旨在防止像过去发生过一些失败的Stablecoin项目一样崩溃，并建立更广泛的信心。

Impact on Stablecoin Use and Adoption

对稳定使用和采用的影响

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

那么，这些规则对日常用户和企业意味着什么？

Increased Trust in the U.S.

增加对美国的信任

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

最大的潜在影响之一是增加信任。知道稳定的人是通过安全的资产来支持1-1的，并且经常检查可能会使更多的人使用它们。据估计表明，大约有6500万美国人已经拥有某种形式的加密货币，明确的法规可以鼓励更广泛的付款，储蓄或