Orange evening interpretation 5.20 The GENIUS Stablecoin Bill goes one step further in the Senate! The crypto market is boiling, the #RWA #Stablecoin sector is taking off, the capital exposure may reach 2 trillion, the US dollar hegemony + the new play of US bonds, and the copycat bull can be expected? The biggest news last night was that the GENIUS stablecoin bill passed the second procedural motion vote in the Senate, although this does not mean that the bill was passed, but compared to the negative on May 8, due to the withdrawal of support by the Democratic Party (concerns about anti-money laundering and Trump's conflict of interest) failed to pass the procedural vote, which is also equivalent to the second restart of the bill, the next procedure is that the Senate debates and amends, the Senate finally votes, the House of Representatives deliberates, the two houses coordinate, and the president signs, although there is still a long way to go before the bill is finally legislated Last night, even crypto czar David Sacks issued a document saying that the passage of the motion is a big victory in the cryptocurrency field, Coinbase CEO also believes that if the bill is passed, it will be a huge victory for on-chain innovation, and White House digital asset adviser Bo Hines believes that the Genius bill is about consolidating the dominance of the US dollar and is the US asset innovation leading the world. Many small partners may not be able to figure out what the specific benefits of this bill are for crypto, first of all, it brings huge capital exposure, the stablecoins USDC and USDT we use now are still niche assets in the eyes of Wall Street, and the restriction of large funds into the market is actually compliance and regulation, if the stablecoin answer passes, then institutions will have no worries, Elizabeth Warren even estimated that this bill will lead to an increase in the size of the stablecoin market from 200 billion to 2W US dollars, close to Canada's GDP, You say that this scale of funds has entered the currency market, is it that the chickens and dogs have ascended to heaven, and the cottage cattle still need to worry; The second is that the global status of the US dollar has been guaranteed, and the on-chain stablecoin and on-chain investment have become a new reservoir of US bonds, whether the new stablecoin is USD1 or USD2, and the final anchor asset is US bonds. Last night's news has exceeded Germany's reserves, if dozens or hundreds of tether are created in the future, I am afraid that the US debt is not enough, so that the US debt crisis will be controlled, it is possible that Trump said before taking office that he wants to rely on encryption to solve the US debt problem, and ultimately rely on the stablecoin plan, if this is the case, then with the current US debt scale of 3.7 billion, the amount of funds brought to the chain and the currency market will be greater, so if this bill is passed, It is definitely a super positive that exceeds the level of Bitcoin spot ETF or national strategic reserves. It is precisely because of this bill that today's #rwa #stablecoin sector has taken off, let's talk about RWA first, because stablecoins are equivalent assets anchored to U.S. bonds or the U.S. dollar, so they are actually real world assets, that is, RWA, and since the U.S. dollar can be on the chain, then other physical assets and financial assets can also be on the chain, and the way to go on the chain should be the existing infrastructure, so #rwa is definitely a super plate for a long time in the future. Today, basically all RWA-related projects have taken off, especially several RWA upstarts on the chain, $collat $kta $token $mpl and so on have risen by more than 30%, and several leading trends are also very strong$ondo $link $mkr $syrup $om etc., with a single-day increase of more than 5%; Then there is the stablecoin protocol, although there is a lot of talk today that the stablecoin bill is actually negative for the existing decentralized stablecoin protocol, because in the future the market will only recognize the US dollar as a collateral stablecoin, and the existing stablecoin protocol, since its birth, is to deal with centralized fiat currency, designed a variety of mechanisms in the hope of optimizing fiat currency, so that Luna's thunderstorm basically let everyone see the ceiling of pure algorithm stablecoins, those over-collateralized or semi-algorithmic are either inefficient or easy to de-anchor In fact, it is difficult to support too big a plate, theoretically in the future, there will be hundreds of USDT, and there is indeed no room for stable and decentralized stablecoins, but there is still speculation in the short term, and last night's $aave $fxs $ena $pendle $crv was basically a rise of about 10-20%, indicating that CEX has no other choice than playing this concept; If you rush the dog on the chain, there is really nothing to play last night, I mentioned in my previous article that the play of believe has given too much on-site funds to the traditional web2, which has caused the confidence and emotions of leeks to drop a lot, so it is a short-term end, and the next market may have to return to the mainstream narrative, RWA, AI, DeFi, Payfi, L1, but the real cottage cow must wait for the official ATH of the pie, this round of cottage cattle may occur after the cake 12W, everyone be patient and wait.