Stablecoin Storm Rises Again: $312 Billion Scale Sparks Regulatory Pressure, Will the GENIUS Act Enforce a Complete Ban?

[Crypto World] The craze for stablecoin yields is burning hotter and hotter. U.S. regulators and Wall Street giants are beginning to issue warnings in unison, believing that these digital assets offering interest payments are quietly building a parallel financial system outside the regulatory framework.

The digital reality is clear: the circulating stablecoins have already surpassed the $312 billion mark. Where is the problem? They lack the deposit insurance moat like traditional banks. Wall Street giants see this risk very clearly — JPMorgan Chase CEO explicitly called this move “obviously dangerous,” warning that it could cause traditional banks to face losses of trillions of dollars.

Regulatory measures are also being sharpened. Whether the 《GENIUS Act》 can expand the scope of restrictions to directly regulate third-party providers like crypto exchanges offering such yield products has become a focus of industry attention. Once policies tighten, not only will the stablecoin market landscape change, but the entire exchange ecosystem’s business model could also face restructuring. This debate is far from over, with both sides waiting for the next policy signal.