#美财政部允许各州提前提交稳定币认证
The U.S. Treasury’s latest stablecoin move is not as simple as it sounds.
On September 30, the Treasury officially published the state stablecoin regulatory certification process.
In plain terms, going forward, if any U.S. state wants its state-based stablecoin issuers to continue using the “state regulation” route, it must first prove to the federal government that its regulatory framework is sufficiently close to the federal standards under the GENIUS Act.
There’s also a key number:
$10 billion.
State-level stablecoin issuers with an issuance size of no more than $10 billion may choose the state-regulation path, but the state regulatory system must first obtain federal certification—and then be re-certified every year thereafter.
This means U.S. stablecoin oversight is shifting from the “legislation” phase into a true enforcement phase.
But for the crypto community, what’s really worth watching isn’t which state submits an application first.
It’s the next step: once more compliant stablecoins are allowed into the market in the U.S., which on-chain networks will those dollars ultimately flow to?
If stablecoins continue to expand, the sources of liquidity being captured likely won’t be limited to the issuers like $USDC and $USDT —it could also include the public chains, DEXs, lending protocols, and payments ecosystems that host these stablecoins.
So what I want to focus on next isn’t “the U.S. has rolled out another stablecoin policy,” but rather:
On which chain will the supply of stablecoins, trading volume, and capital inflows show clear changes first?
Policy is only the first step; what matters for the real market trend is capital moving on-chain.
The U.S. Treasury’s latest stablecoin move is not as simple as it sounds.
On September 30, the Treasury officially published the state stablecoin regulatory certification process.
In plain terms, going forward, if any U.S. state wants its state-based stablecoin issuers to continue using the “state regulation” route, it must first prove to the federal government that its regulatory framework is sufficiently close to the federal standards under the GENIUS Act.
There’s also a key number:
$10 billion.
State-level stablecoin issuers with an issuance size of no more than $10 billion may choose the state-regulation path, but the state regulatory system must first obtain federal certification—and then be re-certified every year thereafter.
This means U.S. stablecoin oversight is shifting from the “legislation” phase into a true enforcement phase.
But for the crypto community, what’s really worth watching isn’t which state submits an application first.
It’s the next step: once more compliant stablecoins are allowed into the market in the U.S., which on-chain networks will those dollars ultimately flow to?
If stablecoins continue to expand, the sources of liquidity being captured likely won’t be limited to the issuers like $USDC and $USDT —it could also include the public chains, DEXs, lending protocols, and payments ecosystems that host these stablecoins.
So what I want to focus on next isn’t “the U.S. has rolled out another stablecoin policy,” but rather:
On which chain will the supply of stablecoins, trading volume, and capital inflows show clear changes first?
Policy is only the first step; what matters for the real market trend is capital moving on-chain.