Today, the U.S. Department of the Treasury and the OCC (Office of the Comptroller of the Currency) officially released the final regulatory rules for payment stablecoins under the GENIUS Act. The bill was signed by Trump last year, and the new rules will take effect on January 1, 2027. This final rule establishes the first federal framework for stablecoins in the United States, with three core mandatory requirements: 1. Issuers must maintain a 1:1 reserve of high-quality assets—primarily cash and U.S. Treasuries. 2. Payment of interest to users solely for holding stablecoins is explicitly prohibited. 3. If daily redemptions exceed 10% of total outstanding supply, the issuer must report it, and regulators will determine whether extensions are permitted. In essence, this effectively redirects crypto liquidity toward the most stable buyer of U.S. Treasuries. The most direct impact on the crypto industry and retail crypto users is the end of the “high-yield stablecoin savings”红利 for many centralized exchanges. U.S.-based platforms and “regulated players” such as USDC seeking U.S. licenses must strictly comply with the no-interest mandate. Access to high-yield stablecoin savings for U.S. users will be shut down. For offshore exchanges with no operations in the U.S., they can theoretically continue offering demand deposit yields to retail users through market-making or on-chain protocols, provided they use non-U.S.-regulated stablecoins such as USDT.