Under the pressure of US Treasury bonds, what is being supported is not stablecoins, but CIRCLE.

The GENIUS Act passed in 2025 has been effective at the federal level since July.

1. Only "payment stablecoins" (USDC) are recognized, the random coins you have are not recognized.

Focus on Payment + Settlement Function
Explicitly classify it as a digital asset, not a digital currency.
The pile that involves investment and financing / profit distribution / algorithm adjustment is all off the "main path."

Only the model of "I give you 1 dollar, you give me 1 stablecoin, and I can exchange it back anytime" is the main character. It's completely the USDC model.

2. Who can issue? The threshold is ridiculously high - a typical "Wall Street + USDC circle".

GENIUS limits the issuer to so-called "licensed payment stablecoin issuers":
subsidiary of a depositary institution (FDIC insured bank)
non-bank issuers licensed at the federal level
or state-level issuers that comply with the Uniform Federal Standards
And:
The issuance scale must exceed 10 billion dollars and is subject to federal regulation.
Smaller ones can operate under state frameworks while meeting federal standards.

This threshold basically locks the situation in:

"Compliant large banks + financial technology with a strong regulatory background (e.g., Circle)"
Small teams, decentralized DAOs, and purely crypto-native teams basically can't afford to play.

3. How to manage reserves? - Only recognize the "USD + US Treasuries" category.
GENIUS is highly consistent with the previous drafts in terms of reserve requirements:
Must have ≥ 1:1 reserve (no more of the Hypo, leverage stuff)
The reserve assets are limited to:
Cash / Demand Deposit
U.S. Treasury bonds (T-bills and other short-term bonds)
Repurchase / reverse repurchase and other ultra-low risk assets
and low-risk assets of the same level approved by regulatory agencies

The bill directly incorporates the model of USDC into law, turning it into an industry standard.

4. Regulatory Chain: Federal Reserve + Treasury Department + Newly Established Committee + Full Set of AML/BSA
Federal Reserve: Managing Currency and Systemic Risk

Office of the Comptroller of the Currency (OCC), FDIC: Regulate Banks / Deposit Institutions

Ministry of Finance + New "stablecoin certification review committee": manages licenses and reviews

All issuers must comply with:
Bank Secrecy Act (BSA)
Anti-Money Laundering (AML)
Counter Financing of Terrorism (CFT)
A complete set of consumer protection obligations

Conclusion:
Regulatory intensity = bank level.
Stablecoin issuers have been pulled into the "core circle" of the U.S. financial system from a legal standpoint.
Who is already in this circle?
Circle, major banks in the United States, regulated trust companies.

The United States has made "stablecoins like USDC, which help America buy U.S. Treasury bonds" a standard answer through legislation like GENIUS.
What has been corrected is the "USDC model," not the entire category of stablecoins.

USDC = the "compliant dollar API" selected by the system
GENIUS = This API has been endorsed by the country + the rules of the game are set in stone.