The Genius Act has passed, let's talk about the impact of this bill on the shadow dollar, the dollar currency multiplier, and future dollar liquidity:

1. The United States has passed the GENIUS Act, marking the first establishment of a framework for the issuance and regulation of stablecoins at the federal level. The dollar system has officially entered the on-chain era, which is not only a regulatory bill but also the starting point for the reconstruction of the global financial order.

2. Stablecoins were no longer a fringe tool before the bill was passed. The current market capitalization has reached $268 billion, with an average annual growth of more than 80% over the past five years. As regulatory clarity becomes clearer, this number could swell to 3–5 trillion in the next 2–3 years.

3. From a structural perspective, the logic of stablecoins is very clear: 1️⃣ Reserve anchored to T-Bill / RRP 2️⃣ Issuers subject to strong regulation 3️⃣ On-chain transparent disclosure and programmable settlement This is the "on-chain reconstruction" of the dollar's credit.

4. This also means that the US dollar is extending its financial infrastructure globally in a more flexible way. Through the combination of stablecoins and on-chain payment systems, the dollar can: • Bypass local banks • Reach end users directly • Reshape payment, clearing, and regulatory rules