币界网报道：On July 3 (UTC+8), as the US "GENIUS Act" has been passed by the Senate and is close to final legislation, the market expects that the regulatory battle between Bitcoin and stablecoins is coming. The bill requires that stablecoins must be 100% reserved in US dollars or equivalent assets, and issuers with a market value of more than US$50 billion must undergo annual audits. Analysts believe that this may change the liquidity structure of the digital asset market while ensuring the stability of the financial system, triggering concerns about the dominance of Bitcoin and the deep game of the future of stablecoins. Many industry insiders pointed out that if the United States prioritizes tightening stablecoin rules, it may reshape the risk distribution and capital flow of the crypto ecosystem.