[GENIUS Stablecoin Act] Multiple countries in the US, Europe, and Asia are competing for a stablecoin regulatory framework. The proposed GENIUS Act focuses on three pillars: requiring issuers to hold 1:1 reserve assets and disclose on-chain audit reports in real-time, demanding custodians enhance their anti-bank run capabilities through Central Bank Digital Currency (CBDC) settlement systems, and establishing a "on-chain tracking + KYC" dual mechanism to combat money laundering. The act specifically introduces a "systemic risk circuit breaker" clause that automatically triggers a temporary suspension of redemptions when the fluctuation of the anchor asset exceeds a threshold, balancing financial innovation and consumer protection. China, the US, and Europe may engage in a regulatory game around the "technological sovereignty" of algorithmic stablecoins, promoting the governance of global crypto assets into a standardized era.