Circle President: The Genius Act lays the foundation, but there is still much work to be done in regulating digital assets in the United States On August 25th, at the WebX2025 conference held in Japan, Heath Circle President Heath TARBERT pointed out that the regulatory environment for encryption in the United States has undergone significant changes, shifting from strict to supportive. The passing of the Genius Act is of great significance, as it essentially equates stablecoins with cash for the first time, bringing long-awaited regulatory clarity to the industry and laying the foundation for stablecoins to be reserved in a 1:1 ratio as high-quality liquid assets. However, there is still much work to be done in the regulation of digital assets in the United States, such as clarifying the classification of other digital assets, improving market structure legislation such as custody services and exchange rules, and the implementation details of the Genius Act have not yet been implemented. When it comes to stablecoins, Heath stated that they have a wide range of applications. In addition to achieving efficient entry and exit in cryptocurrency trading, it can also serve as a reliable US dollar savings tool for non G20 countries, reducing cross-border remittance costs by up to 6% -7%, and optimizing enterprise cross-border transaction processes to achieve instant settlement and avoid foreign exchange fees. The Circle payment network connects global financial institutions with USDC, providing an example for efficient exchange between different currencies. The United States maintains a cautious attitude towards central bank digital currencies. Heath mentioned that many people in the United States are concerned about the privacy and surveillance risks of CBDCs. The Genius Act actually prohibits the Federal Reserve from launching CBDCs in the near future, and the US dollar on the blockchain is more likely to exist in the form of stablecoins in the future.