The passage of the stablecoin bill has a profound impact on the cryptocurrency industry Traditional financial institutions are accelerating their entry: The bill paves the way for banks and compliant financial institutions to issue stablecoins, and traditional institutions such as JPMorgan Chase and Fidelity may launch their own stablecoins to seize market share. The trend towards institutionalization may squeeze the market space of existing centralized stablecoins such as USDT and USDC, but USDC with higher compliance may benefit from reserve transparency, while USDT faces challenges due to compliance pressures. The bill promotes the use of US dollar stablecoins as the mainstream tool for cross-border payments and trade settlements. For example, Standard Chartered Bank predicts that if the bill is passed, the size of the stablecoin market may increase from $230 billion to $2 trillion by 2028, and absorb a large amount of demand for US bonds, becoming a new pillar of US dollar hegemony. Consolidating the position of the US dollar: US dollar stablecoins occupy 99% of the market share, and their expansion increases demand for US bonds (such as Tether holding nearly $100 billion in US bonds), becoming a digital extension of US dollar hegemony. Summary: The passage of the stablecoin bill marks the transition of cryptocurrency from "wild growth" to "compliance". The loopholes in the regulatory framework (such as political interest infiltration) and systemic risks still need to be vigilant, and the industry needs to seek a balance between compliance and innovation.