According to online reports, according to the Wall Street Journal, the GENIUS Act, which is about to be passed by the U.S. Congress, will incorporate stablecoins into the mainstream financial system. This legislation has aroused strong interest from start-ups, banks and even giants such as Wal-Mart. However, under the GENIUS Act, stablecoin issuers need to use safe assets such as cash and short-term U.S. bonds as reserves, and large issuers need to publish audited annual financial reports. This poses a serious challenge for Tether, which has a 66% share of the stablecoin market (US$156 billion in circulation)-the company's USDT is currently partially backed by Bitcoin and gold and has long refused to fully disclose financial details. "This may prevent Tether from continuing to operate in the United States," said Scott Armstrong, a former federal prosecutor who handled encryption cases. Tether representatives did not respond to requests for comment.