为什么银行是《Genius法案》推动稳定币突破的关键

marsbitPubblicato 2025-07-21Pubblicato ultima volta 2025-07-21

政策指引

  • 银行已具备充分条件整合稳定币。
  • 加密货币监管框架逐步明晰。
  • 支付应用面临的挑战日益加剧。

上周，美国国会与唐纳德·特朗普总统通过了美国首部同类加密货币法案。随之而来的是一系列问题。

最首要的问题是：《Genius法案》将如何改变数字资产市场，以及更广泛地说，对整个金融体系会产生什么影响？

乍看之下可以肯定，华盛顿新制定的稳定币监管制度将通过为银行和其他金融机构敞开大门而重塑加密货币行业。这些机构一直希望在向客户提供区块链相关产品之前获得监管明确性。

这意味着作为全球经济命脉的支付系统即将迎来变革。

关键转折点

这一前景引发了广泛关注。上周末，万事达卡表示美国在采用区块链技术处理支付方面已到达"关键转折点"。

据DL News报道，摩根大通、美国银行和花旗集团正准备将美元稳定币整合至其产品体系和支付系统中。

若要使稳定币成为支付领域的颠覆性力量，其运作必须实现高度"无感化"。

换言之，稳定币必须像Apple Pay、Venmo或Revolut那样无缝融入日常生活——成为我们几乎无需思考的"水电式"应用。

这不仅是技术挑战，更涉及监管框架与用户习惯的重塑。

首要任务是赢得普通用户认可。但据国际律所Gibson Dunn分析，与银行不同，稳定币发行机构被禁止向账户持有者支付利息，这将成为重大障碍。

银行入场

那么，美国普通消费者为何要使用稳定币？其优势究竟何在？

答案很模糊——除非用户能毫无障碍地使用。这正是银行的用武之地。

尽管消费者对银行多有抱怨，但信任基础依然存在。若银行推出基于稳定币的支付应用，储户很可能会买账。

尽管美国银行业一直担忧稳定币可能引发金融体系不稳定，但在推广这类支付工具方面，它们占据绝对优势地位。因为根据新规，所有美国稳定币都须由"特许支付稳定币发行机构"提供，并接受货币监理署（OCC）监管。

对加密初创企业而言，即使在特朗普时代，获取监管批准仍是耗时耗力的艰巨任务。但对银行而言轻而易举——它们本就受OCC等机构监管。

最终结果：被加密世界视为"头号反派"的银行，即将主导《Genius法案》的下一幕大戏。

Letture associate

a16z Partner: The Next Space War May First Target Commercial Satellites

In May 2026, Russian Cosmos satellites maneuvered to within 500 meters of the commercial ICEYE-X36 radar satellite supporting Ukraine, highlighting the growing military targeting of commercial space assets. As constellations like Starlink and ICEYE provide critical communication, reconnaissance, and imaging services in conflicts, they are increasingly viewed as legitimate military objectives. This incident exemplifies modern space warfare's grey zone—actions like close approaches, jamming, or cyberattacks that fall short of kinetic destruction but demonstrate coercion and capability. Space warfare is constrained by physics, orbital congestion, and the threat of debris from kinetic strikes. While the US holds advantages in launch frequency, reusable rockets (led by SpaceX), and large commercial constellations, these assets are now vulnerable. True resilience requires distributed, proliferated satellite architectures, rapid replenishment, and robust space domain awareness. The future of space conflict will likely involve non-kinetic tactics to degrade an adversary's space-based support while avoiding catastrophic debris generation. The key is maintaining functionality under threat and deterring attacks by ensuring their cost outweighs any potential gain.

marsbit7 min fa

a16z Partner: The Next Space War May First Target Commercial Satellites

marsbit7 min fa

Mid-Year Review of U.S. Crypto Policy: CLARITY Gains Momentum for a Comeback, Who Will Lead the Second Half?

Mid-Point Review of U.S. Crypto Policy: CLARITY Act Gains Momentum, Who Will Lead the Second Half? The U.S. crypto industry is hopeful for a breakthrough as the Senate advances the CLARITY Act, but securing the necessary 60 votes requires bipartisan compromise. With only about 40 legislative days left, the path is tight. The policy agenda is crowded. Alongside CLARITY, multiple crypto tax proposals spun off from the new PARITY Act seek attachment to larger bills. The Blockchain Regulatory Certainty Act aims to codify developer protections, and key rules under GENUIS remain under negotiation. The CFTC operates with four vacant commissioner seats, creating uncertainty. A major unresolved battle is over which regulator—state authorities, the CFTC, or the SEC—will gain jurisdiction over prediction markets. The sector also faces the impending departure of two key advocates: SEC Commissioner Hester M. Peirce and Senator Cynthia Lummis. Industry leaders provided cautious perspectives. Sara K. Weed doubts CLARITY will pass this Congress, expecting agencies like the SEC to provide guidance instead. Sulolit "Raj" Mukherjee believes targeted crypto tax provisions have a real chance if attached to must-pass year-end legislation. Rashan Colbert highlights the CFTC's recent efforts to build a regulatory framework for the growing prediction markets sector, warning against an overly broad "gambling" classification that could stifle innovation. The second half of the policy year has begun. The window for action is narrow, but opportunities remain. Sustained bipartisan engagement is crucial for achieving substantive results.

Foresight News11 min fa

Mid-Year Review of U.S. Crypto Policy: CLARITY Gains Momentum for a Comeback, Who Will Lead the Second Half?

Foresight News11 min fa

Will the STRC Issue Price Determined by ChatGPT Lead to a Death Spiral?

A "death spiral" concerns surround the "STRC" preferred shares from MicroStrategy, a financial instrument designed by CEO Michael Saylor with significant AI consultation to trade near a $100 face value. Since its July 2025 launch alongside a ~40% Bitcoin (BTC) decline, STRC has traded at a discount, hitting a low of $82.53 and pushing its effective dividend yield above 12.9%. The debate centers on whether STRC's structure—which relies on MicroStrategy issuing more shares to fund Bitcoin purchases and dividends—is sustainable or a "centralized Ponzi scheme," as economist Peter Schiff claims. Skepticism grew after Saylor revealed the product's design involved extensive AI dialogue to create a legally viable, monthly-dividend, price-stable preferred share—a novel concept. MicroStrategy's recent sale of 32 BTC to cover dividends, coupled with a sharp slowdown in its weekly Bitcoin buys (from billions to ~$100 million in June), has intensified fears. The "at-the-market" equity issuance, a key funding mechanism, is paused while STRC trades below par. This raises the "death spiral" risk: a lower STRC price triggers automatic dividend rate hikes, increasing cash obligations and potentially forcing more share sales or Bitcoin divestments. Bullish analysts like Jesse Myers argue the sell-off stems from leveraged positions unwinding, not fundamental failure, noting the company can cover dividends for decades if BTC appreciates modestly. The shift to semi-monthly dividends and the high yield at discounted prices may attract new buyers. Major AI models (ChatGPT, Grok, Claude) suggest a return to $100 is possible but conditional on restored market confidence, sustainable dividend coverage without asset sales, and a Bitcoin price recovery. The critical test arrives as new dividend rules take effect June 30, likely raising rates again with STRC below $95. The central question remains: Can MicroStrategy fulfill its obligations without selling Bitcoin, or will the mechanism accelerate its own decline?

marsbit17 min fa

Will the STRC Issue Price Determined by ChatGPT Lead to a Death Spiral?

marsbit17 min fa

Why Did NVIDIA's Bond Issue Go Unnoticed While SpaceX's Caused a Plunge?

The article analyzes the contrasting market reactions to recent bond issuances by SpaceX and NVIDIA. While NVIDIA's $25 billion bond offering was met with strong demand and seen as securing long-term capital for its already profitable AI business, SpaceX's move to raise at least $20 billion in bonds (primarily to refinance bridge loans) triggered a sell-off in its stock (SPCX). The key difference lies in the stage of cash flow validation for their respective core narratives. For NVIDIA, the AI boom is generating substantial, visible revenue and profits, making debt a tool to amplify a proven growth curve. For SpaceX, despite a strong cash position post-IPO and a revenue-generating business in Starlink, its valuation is heavily tied to future, capital-intensive projects like Starship, global satellite networks, and potential AI infrastructure. The bond issuance acted as a trigger, shifting market focus from SpaceX's long-term vision to the pressing question of whether Starlink's profits can fund these ambitious, unproven ventures before they generate their own returns. Thus, the market penalizes not the act of borrowing itself, but the perceived gap between high capital expenditure and the speed of cash flow realization. SpaceX's valuation recovery hinges on demonstrating that Starlink's profitability can outpace the burn rate of its futuristic projects or that those projects (like Starship achieving reliable, low-cost reusability) can soon transition from costly visions to commercial realities.

marsbit23 min fa

Why Did NVIDIA's Bond Issue Go Unnoticed While SpaceX's Caused a Plunge?

marsbit23 min fa

Will the STRC Issue Price Determined by ChatGPT Really Fall into a Death Spiral?

"Strategy's" (STRC) preferred share, a financial instrument designed by CEO Michael Saylor in consultation with AI to trade steadily at $100, faces mounting pressure. Since its July 2025 launch alongside a ~40% Bitcoin price drop, STRC has traded at a steep discount, hitting a low of $82.53. This discount pushes its effective dividend yield above 12.9%. The core debate revolves around whether STRC's structure is sustainable or a "centralized Ponzi scheme," as economist Peter Schiff claims. The mechanism relies on issuing new shares ("at-the-market" offerings) to fund Bitcoin purchases and dividend payments. However, the deep discount has paused these ATM offerings, slowing Bitcoin accumulation and forcing a minor sale of 32 BTC to cover obligations. Proponents, like The Smarter Web Company's Jesse Myers, argue the sell-off is a leveraged unwinding, not a fundamental failure. They note Strategy has ample resources to cover dividends for years if Bitcoin appreciates modestly. The deep discount also makes STRC attractive for yield-seeking buyers, as dividends are calculated on the $100 face value. The key test is whether Strategy can maintain dividends without sustained Bitcoin sales. A critical watchpoint is June 30th, when STRC switches to semi-monthly dividends. An automatic rule will likely raise the dividend rate further because the price remains below $95$, potentially creating a "death spiral": lower prices trigger higher yields, increasing the cash burden and forcing more dilution or asset sales. The question of whether this AI-designed "flywheel" is a stable instrument or a flawed accelerator will be answered by its price action and Strategy's funding choices in the coming months.

链捕手23 min fa

Will the STRC Issue Price Determined by ChatGPT Really Fall into a Death Spiral?

链捕手23 min fa

Trading

Spot
Futures
活动图片