Foreign media report that the GENIUS Act and CLARITY Act currently being advanced by the U.S. Congress could serve as major catalysts for bringing traditional financial assets onto the blockchain. The article cites the view of crypto researcher SMQKE, who states that the primary barrier preventing large institutions from entering the blockchain market is not technology, but the long-standing lack of clear legal definitions and regulatory requirements.
The two bills have different responsibilities.
The GENIUS Act primarily focuses on stablecoin regulation, including provisions on reserve backing, licensing requirements, consumer protection, and interoperability. According to the article, if such rules are implemented, stablecoins will find it easier to integrate into the mainstream financial system for use in settlement, cross-border payments, and fund management.
The CLARITY Act focuses on classifying digital assets, aiming to further distinguish between securities, commodities, and other types of tokens within the U.S. legal framework. The article argues that clearer categorization could lower barriers to institutional participation.
The article points to tokenized assets.
SMQKE believes that if these two bills are advanced together, they could pave the way for larger-scale tokenization of real-world assets, including categories such as bonds, stocks, and government securities. The "$5 million trillion on-chain opportunity" mentioned in the article is essentially an assessment of the potential scale of migration of traditional financial assets, not a confirmed market outcome.
The core logic of the article is that with increased regulatory clarity, banks, fintech companies, and corporate treasury departments are more likely to use compliant stablecoins and public blockchain networks for payments, settlement, and liquidity management.
The XRP Ledger is considered a beneficiary direction.
In this assessment, Ripple’s stablecoin RLUSD is considered a significant variable on the XRP Ledger. The article states that RLUSD transactions currently account for over 95% of stablecoin activity on the network. If its adoption expands, on-chain transaction volume could increase accordingly.
The article also notes that each transaction on the XRP Ledger requires a small amount of XRP to be consumed as a network fee, and these fees are destroyed rather than redistributed to participants. Following this logic, if stablecoin settlements and tokenized asset trading increase, demand for XRP network usage may rise accordingly.
Additional information: This article is fundamentally opinion-based, with its core assessment predicated on the simultaneous advancement of legislation and institutional adoption; no new official data is provided to substantiate that the described migration has already been implemented.