On July 17, Eastern Time, the U.S. Congress approved the "Growth and Enhanced Normalcy in Unique and Innovative Investment Opportunities Act" (GENIUS Act), marking the official inception of the nation's first federal-level regulatory framework for stablecoins. The swift passage of this legislation underscores the high priority accorded to cryptocurrency regulation by the House of Representatives, with President Trump's personal involvement underscoring the significance of the cryptocurrency sector in U.S. policy. In terms of the bill's contents, the House retained the Senate's version without substantive amendments, preserving a relatively permissive regulatory structure that prioritizes federal oversight with state-level regulation playing a secondary role. As the regulatory specifics of the GENIUS Act come into force, it is anticipated that leading financial and technology firms in the United States will hasten their foray into the stablecoin space, fostering its rapid expansion across issuance and application scenarios. This, in turn, is poised to drive a continuous enlargement of the stablecoin market.