US stablecoin bill passes, $4 billion in inflows; institutional products launch in full swing

Following the passage of a bill clarifying stablecoin regulations in the United States, banks, asset managers, cryptocurrency companies and others are stepping up the launch of new stablecoin products.
On the 24th (local time), just one week after the signing of the stablecoin bill in the United States, an additional $4 billion (approximately 589.5 billion yen) of funds flowed into the cryptocurrency market, and the stablecoin market
The total market capitalization of the coin has exceeded $264 billion, which has led to a surge in corporate interest in related industries.
According to reports, this increase is considered to be a predicted trend.
The proposed system would allow institutional investors, such as banks and asset managers, to issue fiat-backed stablecoins within a clear federal framework without fear of legal action from the U.S. Securities and Exchange Commission (SEC).
Regulatory clarity would invite new capital, new market participants, and greater competition. These trends were already evident before the bill was passed.
Coinbase CEO Brian Armstrong
In a May interview with Yahoo Finance, Armstrong said he was concerned about banks entering the stablecoin market.
In response to the question, he replied, "No. Anyone should be able to create stable coins." The existing financial industry also sympathizes with this position, and as new entities emerge one after another in the market, interest is focused on "what
The question is now shifting to "what form of stablecoin should it be" and "who should issue it." Stablecoins share the common goal of "maintaining the stability of value," but the way they achieve this varies.
They vary greatly in structure and risk. Generally, stablecoins are classified into four types: fiat-collateralized, crypto-collateralized, algorithmic, and real-asset (raw material)-collateralized.
The most common type is fiat-collateralized stablecoin, which is pegged 1:1 to a real currency such as the US dollar and backed by short-term assets like US Treasury bonds or cash.
These stablecoins account for approximately 85% of the global stablecoin market, and the GENIUS Bill also lays out a regulatory framework focused on this type of coin.
A representative fiat-collateralized stable coin is Tether’s U.S.
SDt and Circle's USD Coin have a combined market capitalization of over $227 billion. In accordance with the GENIUS Act, these issuers are fully reserve-holding,
Regular audits and proper authorization are mandatory requirements. Crypto-collateralized stablecoins are over-collateralized with crypto assets such as Ethereum (ETH) and Bitcoin.
A prime example of this structure is DAI (formerly MakerDAO), which is collateralized by a variety of crypto assets and has a current market capitalization of approximately $4.35 billion.
The third type of stablecoin, algorithmic stablecoins, use supply and demand adjustment algorithms to maintain value, but they are vulnerable to risk, as seen in the collapse of Terra.
The GENIUS bill would separate this type of insurance from the regulatory framework and apply separate standards to it.
The fourth type is commodity stablecoins backed by real assets such as gold, with PAXG being a prime example.
It has been attracting attention as an inflation hedge, but its adoption is currently limited due to its liquidity and complex trust structure.