Midday Hot Topics｜The U.S. Department of the Treasury proposes the GENIUS Act stablecoin rules draft, and market attention is shifting from “whether it will be regulated” to “how it will be implemented.” If the boundaries among reserves, custody, and jurisdiction become clearer, compliant stablecoins and payment infrastructure could benefit in the long run; however, in the short term, issuance and operating costs may also rise, and non-compliant projects may face repricing. The total market cap across the market is currently about $2.27 trillion, and the 24-hour trading volume has clearly expanded, with BTC accounting for roughly 56.5%. Policy tailwinds don’t necessarily mean an immediate rally—first, watch whether capital continues to flow in.