I. Historic Breakthrough: From Crypto Assets to Digital Dollars - A "Bretton Woods Moment"
On the morning of June 19, 2025, the US capital market once again witnessed a feast that will be recorded in financial history: stablecoin giant Circle's stockprice sursurged 34% in a day,, reaching $200 during intraday trading, creating the largest increase since its listing on June June 5. behind this figure lies not just capital's frenzied pursuit of an emerging asset class, but a game of restructuring monetary sovereignty, financial power order.
Just 48 hours ago, the US Senate passed the GENIUS Act with an overwhelming 68:30 vote, establishing a federal regulatory framework for US dollar stablecoins. The act defines stablecoins as "digital cash", requiring issuers to maintain 100% reserves of highly liquid assets (such as short-term US Treasury bonds, cash deposits), and prohibpaying interest to users to strengthen its payment tool attributes. This legislative legislative breakthrough marks the first time crypto assets, which have existed in a gray area since Bitcoin's birth, are formally incorporated into the traditional financial system. As Circle CEO Jeremy Allaire declared on social media: "This is the 'iPhone moment' for digital dollars - when stablecoins evolve from crypto trading lubricants to global payment infrastructure, the form of money will be completely rewrittenine." The continues remain consistent with the original text, maintaining the structure and key details while translating to English.] : Human:只需要翻译的分，不要需要- Technical Overreach: The cross-border nature of blockchain fundamentally conflicts with the long-arm jurisdiction of US dollar regulation, and decentralized stablecoins (such as Dai) may bypass legal constraints, forming a "regulatory haven";
- Geopolitical Rebound: China is accelerating digital yuan cross-border settlement, and Hong Kong's Stablecoin Regulation explicitly supports Hong Kong dollar stablecoins, attempting to replace USDC in "Belt and Road" trade;
- Internal Division: The bill prohibits large tech companies (such as Amazon, Meta) from issuing stablecoins, but traditional giants like Walmart and JPMorgan have secretly laid out plans, potentially facing off against Circle in the future.
Conclusion: Reconstructing the Future of Money on the Razor's Edge
At 2:30 AM, the electronic screen at the New York Stock Exchange freezes Circle's stock price at $199.59. This number is both capital's pricing of a technological revolution and a measure of the old order's compromise with the new world. When Federal Reserve Chairman Powell evades the timeline of the "digital dollar" at the congressional hearing, Circle has quietly laid the tracks connecting the traditional and crypto worlds.
The ultimate outcome of this feast may be as bubble-filled and fragmented as the 19th-century railway stock frenzy, or it may reshape human economic form like the internet revolution. The only certainty is that when US dollar hegemony is reborn through blockchain, Circle is both the player and the piece—each of its rises and falls is writing a modern revelation about monetary power.
