Stablecoin bill released by the U.S. House of Representatives. Attempting to control all stablecoins, algorithmic stablecoins will be banned in the future.

The United States took action on stablecoins first. The new bill stipulates that any issuance of U must be approved by the United States and must reserve corresponding U.S. dollars, U.S. debt and bank reserves. At the same time, in order to protect the status of the US dollar, Section 106 of Page 64 of the Stablecoin Act requires the suspension of all algorithmic stablecoins. This is a fatal blow to DeFi. It is unclear whether in practice, the on-chain mortgage business will be suspended. Woolen cloth?