According to independent researcher Ning Ning's analysis, there are significant differences in the regulation of stablecoins between the Stable Act and the GENIUS Act introduced by the US House of Representatives and Senate, respectively. The STANLE Act focuses on protecting consumers and maintaining the dominance of the US dollar, requiring issuers to have 1:1 cash reserves, US bonds, or highly liquid assets, with no issuance limit or state certification, but with strict restrictions on the issuer's scope of activities; The GENIUS Act places greater emphasis on improving transaction efficiency and increasing demand for US Treasury bonds, allowing for reverse repurchase agreements and money market fund investments, and requiring issuers to be subject to federal regulation after capitalizing over $10 billion, prioritizing the protection of stablecoin holders' rights in bankruptcy, while providing more flexible regulatory space.
