#美财政部允许各州提前提交稳定币认证

The U.S. Treasury Department allows states to submit stablecoin certification early, ushering the competition among U.S. dollar stablecoins into a new phase
Recently, the U.S. Treasury Department has allowed states to submit stablecoin regulatory certification applications in advance before the final regulatory rules are fully in place, laying the groundwork to gain federal recognition in the future. This mechanism mainly targets jurisdictions that want to develop state-level stablecoin regulatory frameworks.
This means that U.S. stablecoin regulation is moving from the “rule-making” phase to the “implementation” phase. Under the GENIUS Act framework, stablecoin issuers with an issuance size below $10 billion can choose the state-regulation route, but the state regulatory framework must obtain federal certification and remain consistent with federal standards.
For the crypto market, the key is not which state files an application first, but the prospect of more regulated USD-backed stablecoins entering the on-chain space in the future.
This sends three signals:
First, the infrastructure for USD stablecoins continues to improve. Stablecoins like USDT and USDC have already become the largest entry points for USD liquidity in the crypto market. With clearer regulation, payments, settlement, and RWA applications may gain more room to grow.
Second, public-chain ecosystems could become the focus of the next round of competition. An increase in stablecoins isn’t only good news for issuers—public chains, DEXs, and lending protocols that truly carry the flow of capital may also benefit.
Third, the connection between traditional finance and the on-chain economy deepens. Stablecoins are moving from being mere trading tools toward cross-border payments, corporate settlement, and financial infrastructure.
For BTC and ETH, stablecoin regulation won’t directly determine prices in the short term, but the long-term impact lies in this: more compliant USD enters the on-chain space, which could improve liquidity across the entire crypto market.
In my view, the biggest significance of this policy is that “the US dollar is starting to look more clearly for an on-chain exit.” Going forward, market attention may shift from “whether stablecoins can develop” to “where new USD liquidity will flow—to which chains and which ecosystems.”
Policy is just the first step; what truly matters for market momentum is capital moving on-chain.
After stablecoin regulation is implemented, do you think the biggest beneficiaries will be BTC and ETH, or the stablecoin ecosystem and public chains?