On July 18th, U.S. President Trump officially signed the "Genius Act," which guides and establishes the American Stablecoin National Innovation Law. What does this moment signify? It means that for the first time, the U.S. federal government has endorsed a dollar-pegged stablecoin, allowing licensed financial institutions to openly issue digital currencies tied 1:1 to the US dollar.

Looking back, the past decade in the crypto world has been like an uncharted wilderness. Now, the era of the "formal army" led by the United States has truly begun. From the moment regulators officially recognize stablecoins, the entire market landscape has changed.

So, what exactly has this law changed?

First, the threshold for issuance rights has been raised. Only banks and licensed financial institutions can participate; even tech giants must follow compliance procedures. This "licensing system" firmly restricts issuance rights within a regulatory framework. Tech companies like Zuckerberg and Musk want to play with stablecoins? They can, but they must partner with licensed institutions—there's no way around it.

Second, there are reserve requirements. The law mandates a "100% reserve" system—meaning, for every stablecoin issued, an equivalent amount of US dollars must be held in reserve. The amount of real gold and silver in the vault determines how many coins can be issued. This is not a loose promise; it’s an ironclad rule.

With this combination of measures, stablecoins have moved from wild growth to a standardized era. The "digital engine" of the financial system has been installed.