Comparison of Regulatory Key Points between the U.S. "STABLE Act" and "GENIUS Act"

According to an analysis by independent researcher Ningning, there are significant differences in stablecoin regulation between the "STABLE Act" and the "GENIUS Act" introduced by the U.S. House of Representatives and Senate respectively. The STABLE Act focuses on protecting consumers and maintaining dollar hegemony, requiring issuers to have a 1:1 reserve of cash, US bonds or highly liquid assets, with no issuance limit and no need for state certification, but it strictly limits the scope of issuer activities. On the other hand, the GENIUS Act is more focused on improving transaction efficiency and increasing demand for US bonds. It allows reverse repurchase agreements and money market fund investments while requiring issuers to be subject to federal supervision after capitalization exceeds $10 billion. In case of bankruptcy, it prioritizes protecting stablecoin holders' rights while providing more flexible regulatory space.