#GENIUS法案 at present, the value of global circulating stablecoins exceeds 200 billion US dollars, and the monthly trading volume reaches hundreds of billions, which has gradually become a digital replacement for traditional currencies. According to a research report by Deutsche Bank, stablecoins have jumped from a crypto niche tool to a mainstream payment infrastructure in global finance, with their market size increasing from $20 billion in 2020 to $246 billion in May 2025, and Tether increasing from $67 billion in June 2022 to more than $149 billion. Stablecoins are accelerating their integration into mainstream payment systems, with transaction volumes exceeding $28 trillion, surpassing Visa and Mastercard. Analysts point out that the GENIUS Act, if finally passed, will provide clear legal guidance for stablecoin issuance, which may attract more traditional financial institutions to enter this space. However, some Democratic lawmakers have questioned the bill, arguing that it could facilitate the Trump family's crypto projects, such as World Liberty Financial's USD1 stablecoin, sparking a potential conflict of interest controversy. At the same time, the Legislative Council of the Hong Kong Special Administrative Region (HKSAR) recently passed the Stablecoin Bill, which establishes a regulatory framework for the issuance and trading of stablecoins in Hong Kong. The ordinance requires stablecoin issuers to obtain permission from the Hong Kong Monetary Authority and ensures transparency and stability of reserve assets. Industry insiders believe that the progress of stablecoin regulation in the United States and Hong Kong, China marks the maturity of global crypto asset regulation from exploration. The GENIUS Act, which is being pushed forward in the United States, seeks to strike a balance between innovation and security, while Hong Kong, China, solidifies its position as an international financial center with clear rules. In the future, the legislative practices of the United States and Hong Kong, China will provide important references for other countries and regions, and are expected to reshape the global digital financial competition landscape.