Author: White55, Mars Finance
Original Title: When Trillion-Dollar US Bonds Find a "Crypto Buyer", We Are Witnessing the Birth of US Dollar 2.0
I. Legislative Process: A Dramatic Turning Point from "Near Death" to "Revival"
From May to June 2025, the U.S. Senate's negotiation around the GENIUS Act (full title: Guiding and Establishing National Innovation for U.S. Stablecoins Act) was like an epic battle intertwining politics and finance. The bill, aimed at establishing the first federal regulatory framework for the $250 billion stablecoin market, experienced a dramatic reversal from "procedural death" to "bipartisan compromise", ultimately advancing to the Senate floor debate with a 68-30 vote. However, behind this victory were months of interest exchanges between parties, lobbying by industry giants, and moral controversies surrounding the Trump family's "crypto gold mine".
[The rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating to English.]V. Future Battle: House of Representatives Bargaining and Trump's "Final Judgment"
Although the Senate has given a green light, the bill still needs to pass three checkpoints:
House of Representatives "Simplified Clearance"
The Republicans control the House with 220:215, requiring only a simple majority (218 votes) to pass. However, the House version of the STABLE Act differs critically from the Senate's: it demands regulatory power completely belongs to the federal government and prohibits tech companies from issuing stablecoins. Coordination between the two houses may drag on until the August recess.
President's "Interest Balancing"
Although Trump publicly supports the bill, his family interests are deeply intertwined with legislative details. If the Democratic Party pushes an "anti-corruption amendment" in the House, it might trigger the president's veto power, leading to legislative failure.
The "Gray Rhino" of Judicial Challenge
The US Constitution's Emoluments Clause prohibits the president from profiting from foreign governments. With 20% of USDT users located in sanctioned countries (Iran, North Korea), this might trigger Supreme Court intervention.
VI. Conclusion: "Dollar Hegemony 2.0" in the Crypto Era
The ultimate ambition of the GENIUS Act is far beyond merely regulating the market—it aims to embed dollar hegemony into the blockchain's genes. By binding US Treasury bonds with stablecoins, the US is constructing a "digital dollar empire" where every on-chain transaction invisibly reinforces the dollar's reserve status. However, this bold gamble carries enormous risks: if DeFi bypasses compliant stablecoins, or China accelerates digital yuan internationalization, the bill might become a "house of cards".
At this historical crossroads of political bargaining, interest group lobbying, and technological revolution, the final fate of the GENIUS Act will determine who will dominate the financial order of the next decade.
