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</div></div><p>According to the latest report from on-chain data analysis firm CryptoQuant, Bitcoin has undergone a structural market shift in the second half of 2025, with the most significant change being a notable decoupling from the U.S. stock market, specifically the S&amp;P 500 index. This phenomenon is not a short-term fluctuation but reflects a fundamental change in capital inflow patterns and market structures.</p><h3><strong>Structural Decoupling of Bitcoin from U.S. Stocks: Moving from "Risk Assets" to an Independent Market</strong></h3><p>The report indicates that Bitcoin has entered a consolidation phase characterized as "weak to neutral," but systemic risks are limited. While price activity may be subdued, underlying structural changes have significantly reduced downward pressure and have not triggered new speculative behavior. The introduction of a spot Bitcoin ETF is one of the main drivers of this decoupling, shifting market demand from past short-term speculative trading linked to the U.S. stock market to a "allocation-focused capital flow" independent of stock market trends.</p><p>&nbsp;</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/12/image-16-1024x576.png" alt=""></figure><h3><strong>Shift in Leverage Structure: Stablecoins Replace BTC as Primary Collateral</strong></h3><p>The leverage dynamics in the market have also undergone a critical shift:</p><ul><li>The derivatives market increasingly relies on stablecoins as collateral, leading to a decline in high-leverage positions priced in BTC.</li><li>This transition has reduced the risk of "cascading liquidations" and has interrupted the transmission of stock market volatility to the Bitcoin market.</li></ul><p>At the same time, macro liquidity is shifting towards commodities and precious metals, causing Bitcoin to be temporarily marginalized, leading to a weakened response to stock market sentiment.</p><p><strong>Structural Solidification of Holders: Long-Term Investors and ETF Custodians Dominate the Market</strong></p><p>The report further reveals that the nature of market participants is changing:</p><ul><li>Short-term trend traders who view Bitcoin as a "stock alternative" continue to exit the market.</li><li>Long-term holders and ETF-related custodians have become the main holders, reinforcing the stability of the supply side.</li><li>The price discovery mechanism has shifted to being "endogenously driven," increasingly relying on holding behavior and supply constraints rather than external macro signals.</li></ul><h3><strong>Key Indicator: Hidden Strengthening of Stablecoin Purchasing Power</strong></h3><p>Despite weak price performance, the stablecoin supply ratio (SSR) has continued to decline during the same period, indicating that the potential purchasing power of stablecoins is accumulating. This suggests that capital remains within the cryptocurrency ecosystem rather than flowing significantly into the stock market. The baseline scenario set in the report is that the market will continue consolidating under "tepid demand," rather than "forced selling pressure," unless the market accumulates high leverage again or stablecoins begin large-scale deployment.</p><h3><strong>Conclusion: A New Price Logic Has Taken Shape</strong></h3><p>The report clearly concludes that the decoupling of Bitcoin from U.S. stocks is structural. The previously tight connection between the two has been significantly removed, and the price response pattern of Bitcoin during periods of macro uncertainty has been fundamentally reshaped.</p><p>&nbsp;</p>

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</div></div><p>根据链上数据分析机构CryptoQuant的最新报告，比特币在2025年下半年出现了结构性的市场转变，其中最关键的变化是与比特币与美股标准普尔500指数（S&amp;P 500）显著脱钩。此现象并非短期波动，而是反映资金流入模式与市场结构的根本性改变。</p><p>&nbsp;</p><h3>比特币与美股结构性脱钩：从「风险资产」走向独立市场</h3><p>&nbsp;</p><p>报告指出，比特币已进入「弱势至中性」的盘整阶段，但系统性风险有限。价格活动虽然平淡，底层结构的变化却大幅降低了下跌压力，且未引发新的投机行为。现货比特币ETF是促成脱钩的主因之一，它将市场需求从过去与美股连动的短期投机交易，转变为独立于股市趋势的「配置型资金流」。</p><p>&nbsp;</p><p>&nbsp;</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/12/image-16-1024x576.png" alt=""></figure><p>&nbsp;</p><h3>杠杆结构转变：稳定币取代BTC成为主要保证金</h3><p>&nbsp;</p><p>市场的杠杆动力学亦发生关键转移：</p><p>衍生品市场日益依赖稳定币作为保证金，以BTC计价的高杠杆部位下降。<br>此转变减少了「连环清算」的风险，并阻断了美股波动向比特币市场的传导。</p><p>与此同时，宏观流动性正转向大宗商品与贵金属，使得比特币暂时被边缘化，对股市情绪的反应也随之减弱。</p><p>&nbsp;</p><p><strong>持币者结构固化：长期投资者与ETF托管主导市场</strong></p><p>报告进一步发现，市场参与者性质正在改变：</p><p>将比特币视为「股票替代品」的短期趋势交易者持续离场。<br>长期持有者与ETF相关托管成为持币主力，强化了供应端的稳定性。<br>价格发现机制转为「内生驱动」，更多取决于持币行为与供应限制，而非外部宏观讯号。</p><h3>&nbsp;</h3><h3>关键指标：稳定币购买力隐性增强</h3><p>&nbsp;</p><p>尽管价格表现疲弱，稳定币供应比率（SSR）&nbsp;在同期持续下降，显示稳定币的潜在购买力正在累积。这意味着资金仍留在加密货币体系内，并未大量流出至股市。报告设定的基本情境是：市场将由「需求平淡」主导持续盘整，而非「被迫卖压」，除非市场重新累积高杠杆或稳定币开始大规模部署，此情境才会失效。</p><p>&nbsp;</p><h3>结论：新的价格逻辑已然成形</h3><p>&nbsp;</p><p>报告结论明确指出，比特币与美股的脱钩是结构性的。以往紧密连结两者的传导机制已被大幅移除，比特币在宏观不确定时期的价格反应模式，已彻底重塑。</p>

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</div></div><p>根據鏈上數據分析機構CryptoQuant的最新報告，比特幣在2025年下半年出現了結構性的市場轉變，其中最關鍵的變化是<strong>與比特幣與美股標準普爾500指數（S&amp;P 500）顯著脫鉤</strong>。此現象並非短期波動，而是反映資金流入模式與市場結構的根本性改變。</p><p>&nbsp;</p><h3>比特幣與美股<strong>結構性脫鉤：從「風險資產」走向獨立市場</strong></h3><p>&nbsp;</p><p>報告指出，比特幣已進入「弱勢至中性」的盤整階段，但系統性風險有限。價格活動雖然平淡，底層結構的變化卻大幅降低了下跌壓力，且未引發新的投機行為。<a href="https://cftime.io/nov-becomes-a-month-of-massacre-for-bitcoin-etfs/"><strong>現貨比特幣ETF</strong></a>是促成脫鉤的主因之一，它將市場需求從過去與美股連動的短期投機交易，轉變為獨立於股市趨勢的「配置型資金流」。</p><p>&nbsp;</p><p>&nbsp;</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/12/image-16-1024x576.png" alt=""></figure><p>&nbsp;</p><h3><strong>槓桿結構轉變：穩定幣取代BTC成為主要保證金</strong></h3><p>&nbsp;</p><p>市場的槓桿動力學亦發生關鍵轉移：</p><ul><li><strong>衍生品市場</strong>日益依賴<strong>穩定幣</strong>作為保證金，以BTC計價的高槓桿部位下降。</li><li>此轉變減少了「連環清算」的風險，並阻斷了美股波動向比特幣市場的傳導。</li></ul><p>與此同時，宏觀流動性正轉向大宗商品與貴金屬，使得比特幣暫時被邊緣化，對股市情緒的反應也隨之減弱。</p><p>&nbsp;</p><p><strong>持幣者結構固化：長期投資者與ETF託管主導市場</strong></p><p>報告進一步發現，市場參與者性質正在改變：</p><ul><li>將比特幣視為「股票替代品」的短期趨勢交易者持續離場。</li><li><strong>長期持有者</strong>與<strong>ETF相關託管</strong>成為持幣主力，強化了供應端的穩定性。</li><li>價格發現機制轉為「內生驅動」，更多取決於持幣行為與供應限制，而非外部宏觀訊號。</li></ul><p>&nbsp;</p><h3><strong>關鍵指標：穩定幣購買力隱性增強</strong></h3><p>&nbsp;</p><p>儘管價格表現疲弱，<strong>穩定幣供應比率（SSR）</strong>&nbsp;在同期持續下降，顯示<strong>穩定幣的潛在購買力正在累積</strong>。這意味著資金仍留在加密貨幣體系內，並未大量流出至股市。報告設定的基本情境是：市場將由「需求平淡」主導持續盤整，而非「被迫賣壓」，除非市場重新累積高槓桿或穩定幣開始大規模部署，此情境才會失效。</p><p>&nbsp;</p><h3><strong>結論：新的價格邏輯已然成形</strong></h3><p>&nbsp;</p><p>報告結論明確指出，比特幣與美股的脫鉤是<strong>結構性</strong>的。以往緊密連結兩者的傳導機制已被大幅移除，比特幣在宏觀不確定時期的價格反應模式，已徹底重塑。</p>

Report: Bitcoin "severes ties" with US stocks

報告：比特幣报告：比特币与美股「切断连结」 价格逻辑彻底重塑與美股「切斷連結」 價格邏輯徹底重塑

報告：比特幣與美股「切斷連結」 價格邏輯徹底重塑

报告：比特币与美股「切断连结」 价格逻辑彻底重塑

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</div><p style="margin-left:0px;">In early 2024, the cryptocurrency market continued to be lively, with the price of Bitcoin approaching $46,000. However, while the public's attention was focused on investing in cryptocurrencies, the Hong Kong government released a public consultation paper on December 27th, proposing legislative recommendations for regulating stablecoin issuers and seeking opinions. Some people pointed out that these measures could be aimed at restricting the activities of trading stablecoins such as USDT, which can still be traded over-the-counter. The consultation paper also mentioned that in the future, only licensed institutions, including licensed banks, would be able to purchase stablecoins.</p><p style="margin-left:0px;">Based on the author's reading of the legislative proposals, the main content can be divided into three aspects: firstly, the introduction of new regulations to implement an issuance system, requiring qualified fiat-backed stablecoin issuers to obtain a license issued by the Commissioner of Financial Management; secondly, stipulating that only specific licensed institutions can provide services for purchasing fiat-backed stablecoins, including licensed exchanges and licensed banks, which undoubtedly impacts unlicensed over-the-counter exchanges; finally, even licensed institutions can only sell fiat-backed stablecoins registered in Hong Kong to professional investors.</p><p style="margin-left:0px;">Clearly, the last point mentioned above indicates that unless Tether, the company behind USDT, successfully applies for a license, only professional investors with over 8 million HKD in liquid capital can purchase USDT on licensed exchanges in Hong Kong. This clearly implies that the Hong Kong government aims to weaken the position of USDT in the cryptocurrency market.</p><p style="margin-left:0px;">Furthermore, the government consultation paper also mentioned that in the future, only licensed institutions, including licensed banks, would be able to purchase stablecoins. These two measures lead the author to speculate that while the consultation paper is nominally about the issuance of fiat-backed stablecoins, it may actually be preparing for the introduction of a digital Hong Kong dollar or even planning to sell digital Renminbi within Hong Kong banks, to curtail the liquidity of USDT.</p><p style="margin-left:0px;">Frankly speaking, if the Hong Kong government ultimately implements regulatory measures based on the consultation paper, it will definitely hinder the development of cryptocurrencies in Hong Kong. On the surface, the participation of licensed institutions can provide more protection for investors, but in reality, it is a monopolistic means to restrict other companies from developing their own products that are not recognized by the market. It should be noted that cryptocurrency investors rely heavily on USDT because of its liquidity status in various investment areas, including centralized and decentralized exchanges, which cannot be replaced by legislation and regulation.</p><p style="margin-left:0px;">Regardless of whether the Hong Kong government's intention is to target unlicensed exchanges or to specifically target USDT, the author hopes that the government will listen to industry opinions and not act unilaterally. Otherwise, blindly pursuing regulatory actions may cause fiat-backed stablecoins to lose their original effectiveness and ultimately become a laughingstock in the cryptocurrency community, ending up as a crypto-monstrosity.</p>

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</div><p>2024 年初，加密货币市场继续热络，比特币价格逼近 46,000 美元。然而，在大众关注投资加密货币的同时，香港政府于 12 月 27 日发表了一份公众咨询文件，对监管稳定币发行人提出了立法建议，并征求意见。一些人指出，这些措施可能是为了限制目前仍然可以在场外交易 USDT 等稳定币的活动。该咨询文件中还提到，未来只有持牌机构，包括持牌银行，才能购买稳定币。</p><p><br>根据笔者对立法建议的细阅，主要内容可分为三个方面：首先，引入新的法规，实施发牌制度，要求符合条件的法币稳定币发行人获得金融管理专员发出的牌照；其次，规定只有特定的持牌机构，才能提供购买法币稳定币的服务，这些持牌机构包括持牌交易所和持牌银行，这无疑对无牌场外交易所造成了打击；最后，即使是持牌机构，只有在港注册的法币稳定币，才能销售给专业投资者。</p><p><br>明显地，以上提及的最后一点表明，除非 USDT 的发行公司泰达公司成功申请牌照，否则在香港，只有拥有超过 800 万港币流动资金的专业投资者，才能在持牌交易所购买 USDT。这显然意味着香港政府希望削弱 USDT 在加密货币市场的地位。</p><p><br>此外，政府咨询文件还提到，未来只有持牌机构，包括持牌银行，才能购买稳定币。这两项措施让笔者猜测，这份咨询文件的名义是关于法币稳定币发行的，但实际上可能是在为引入数码港元做准备，甚至可能计划在香港银行中销售数码人民币，以制度骑劫USDT 的流动性。</p><p><br>坦白说，如果香港政府最终按照咨询文件推出监管措施，那绝对会阻碍加密货币在香港的发展。表面上，持牌机构的参与可以为投资者提供更多保护，但实际上这是一种垄断手段，以限制其他公司发展自己未被市场认可的产品。需要知道的是，加密货币投资者大量使用 USDT，是因为它在中心化和去中心化交易所等各个投资领域的流动性地位，这是立法和监管无法取代的。</p><p><br>不管港府目的为打击无牌交易所，或有意打击USDT 也好，笔者希望港府能多听从业界意见，不要一意孤行，否则只盲目追求监管行动，却令法币稳定币失去其原有功效，最终只会雷声大雨点小，搞不好变成加密怪胎，成为币圈笑话。</p>

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</div><p>2024 年初，加密貨幣市場繼續熱絡，比特幣價格逼近 46,000 美元。然而，在大眾關注投資加密貨幣的同時，香港政府於 12 月 27 日發表了一份公眾諮詢文件，對監管穩定幣發行人提出了立法建議，並徵求意見。一些人指出，這些措施可能是為了限制目前仍然可以在場外交易 USDT 等穩定幣的活動。該諮詢文件中還提到，未來只有持牌機構，包括持牌銀行，才能購買穩定幣。</p><p><br>根據筆者對立法建議的細閱，主要內容可分為三個方面：首先，引入新的法規，實施發牌制度，要求符合條件的法幣穩定幣發行人獲得金融管理專員發出的牌照；其次，規定只有特定的持牌機構，才能提供購買法幣穩定幣的服務，這些持牌機構包括持牌交易所和持牌銀行，這無疑對無牌場外交易所造成了打擊；最後，即使是持牌機構，只有在港註冊的法幣穩定幣，才能銷售給專業投資者。</p><p><br>明顯地，以上提及的最後一點表明，除非 USDT 的發行公司泰達公司成功申請牌照，否則在香港，只有擁有超過 800 萬港幣流動資金的專業投資者，才能在持牌交易所購買 USDT。這顯然意味著香港政府希望削弱 USDT 在加密貨幣市場的地位。</p><p><br>此外，政府諮詢文件還提到，未來只有持牌機構，包括持牌銀行，才能購買穩定幣。這兩項措施讓筆者猜測，這份諮詢文件的名義是關於法幣穩定幣發行的，但實際上可能是在為引入數碼港元做準備，甚至可能計劃在香港銀行中銷售數碼人民幣，以制度騎刧 USDT 的流動性。</p><p><br>坦白說，如果香港政府最終按照諮詢文件推出監管措施，那絕對會阻礙加密貨幣在香港的發展。表面上，持牌機構的參與可以為投資者提供更多保護，但實際上這是一種壟斷手段，以限制其他公司發展自己未被市場認可的產品。需要知道的是，加密貨幣投資者大量使用 USDT，是因為它在中心化和去中心化交易所等各個投資領域的流動性地位，這是立法和監管無法取代的。</p><p><br>不管港府目的為打擊無牌交易所，或有意打擊 USDT 也好，筆者希望港府能多聽從業界意見，不要一意孤行，否則只盲目追求監管行動，卻令法幣穩定幣失去其原有功效，最終只會雷聲大雨點小，搞不好變成加密怪胎，成為幣圈笑話。</p><p>&nbsp;</p>

Are OTC exchanges desperate?

港府終出手監管穩定幣　場外交易所走投無路？

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</div><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">Tether's CTO, Paolo Ardoino, stated in an interview with Benzinga that he does not see PYUSD as a competitor to Tether, but rather as a challenge to competitors like Circle's USD Coin (USDC). However, he acknowledged that PayPal's stablecoin PYUSD has an advantage in the US market in terms of competing with other stablecoins.</p><ad-banner-1></ad-banner-1><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">Stay up-to-date with the latest cryptocurrency market trends and blockchain news and information by following <a href="https://www.facebook.com/profile.php?id=100093400878791">CFTime page </a>now.</p><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">Ardoino mentioned, "It's interesting, another stablecoin from the US. This could lead to a decrease in revenue for major payment processors like Mastercard and Visa, while also driving further industry growth and promoting reasonable regulation... This could mean that our competition (in the US) will further decline as they focus more on the US market." Ardoino also added that PYUSD could pose issues for US-centric stablecoins like USDC that rely on the US market, while Tether primarily focuses on emerging markets outside the US.</p><p style="margin-left:0px;">PYUSD, launched by PayPal, is a stablecoin backed by deposits in US dollars, short-term US Treasury bonds, and other cash equivalents. According to PayPal's blog post, this stablecoin can be exchanged 1:1 with the US dollar and is issued by the crypto company Paxos.</p><p style="margin-left:0px;">PayPal states that PYUSD is designed to reduce friction in digital payments and facilitate fast cross-border transactions. However, Maxine Waters, a Democratic member of the US House Financial Services Committee, expressed concerns about PayPal's PYUSD, stating that the lack of proper regulatory framework could pose risks to investor protection. In contrast, Republican leaders have indicated that this stablecoin demonstrates the potential for regulatory clarity.</p><p style="margin-left:0px;">The differences between Democrats and Republicans regarding stablecoin legislation highlight divergent views on regulating stablecoins. The House Financial Services Committee passed the Clarity for Payment Stablecoins Act on July 28, sending it for a full House vote. However, Maxine Waters mentioned in a statement that due to partisan divisions on stablecoin legislation, the bill "has no chance of becoming law in its current form." She called for further negotiations between Democratic and Republican lawmakers.</p><p style="margin-left:0px;">Patrick McHenry, the Chairman of the Financial Services Committee, stated on August 7 that PayPal's PYUSD stablecoin could bring hope for future payment methods if established under a clear regulatory framework. He urged the passage of the Clarity for Payment Stablecoins Act, but the bill has seen no progress since July 27.</p><p style="margin-left:0px;">With the launch of PYUSD, the cryptocurrency market will further develop, and there will be increased industry demand for reasonable regulation. The success of PYUSD will be a focal point of industry attention and will have profound implications for competitors' prospects.</p>

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</div><p>&nbsp;</p><p>Tether技术总监Paolo Ardoino接受Benzinga访问时表示，他并不将PYUSD视为Tether的竞争对手，而是对像Circle的USD Coin（USDC）等竞争对手构成挑战，但他也承认PayPal的稳定币PYUSD在美国市场抢夺其他稳定币的优势。</p><ad-banner-1></ad-banner-1><p>&nbsp;</p><p>掌握最新加密市场动态与区块链新闻与资讯，请即追踪 <a href="https://bit.ly/44jAJpt">CFTime 专页</a>。</p><p>&nbsp;</p><p>Paolo Ardoino表示：“这很有意思，又是一种美国的稳定币。这可能会导致主要支撑万事达卡和Visa的支付收入减少，同时也将推动行业进一步增长并推动合理的监管……这可能意味着我们（在美国）的竞争将进一步衰退，因为他们更加关注美国市场。” Ardoino补充说，PYUSD可能对依赖美国市场的USDC或其他以美国为中心的稳定币构成问题，而Tether则主要关注美国以外的新兴市场。</p><p>PayPal推出的PYUSD是一种以美元存款、短期美国国债和其他类似现金等价物作为支持的稳定币。根据PayPal的博客文章，这种稳定币可以以1:1的比例兑换成美元，并由加密公司Paxos发行。</p><p>PayPal表示，PYUSD的设计目的是降低虚拟环境中的支付摩擦，方便快速的跨境支付。然而，美国民主党众议院金融服务委员会成员Maxine Waters对PayPal推出的PYUSD表示“深感担忧”，认为缺乏适当的监管框架可能对投资者保护构成风险。与此相对，共和党领导层则表示，这种稳定币展示了监管明确性的潜力。</p><p>民主党和共和党之间在稳定币立法问题上的分歧凸显了对监管稳定币的不同观点。众议院金融服务委员会于7月28日通过了《支付稳定币明确法案》（Clarity for Payment Stablecoins Act），将该法案提交至众议院进行全体投票。然而，Maxine Waters在声明中提到，由于党派之间对稳定币立法的分歧，该法案“实际上没有机会被签署成法”，她呼吁民主党和共和党立法者进一步进行谈判。</p><p>金融服务委员会主席Patrick McHenry在8月7日表示，如果能在明确的监管框架下建立起来，PayPal的PYUSD稳定币将为未来的支付方式带来希望。他呼吁通过《支付稳定币明确法案》，但该法案自7月27日以来并未有任何进展。</p><p>随着PYUSD的推出，加密货币市场将进一步发展，并推动行业对于合理监管的需求。 PYUSD的成功与否将成为业界关注的焦点，同时也将对竞争对手的前景产生深远影响。</p>

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</div><p style="margin-left:0px;">&nbsp;</p><p>Tether技術總監 Paolo Ardoino接受Benzinga訪問時表示，他並不將PYUSD視為Tether的競爭對手，而是對像Circle的USD Coin（USDC）等競爭對手構成挑戰，但他也承認PayPal的穩定幣PYUSD在美國市場搶奪其他穩定幣的優勢。</p><ad-banner-1></ad-banner-1><p>&nbsp;</p><p><span style="background-color:rgb(255,255,255);color:rgb(5,5,5);font-size:15px;">掌握最新加密市場動態與區塊鏈新聞與資訊，請即追蹤</span> <a href="https://bit.ly/44jAJpt">CFTime&nbsp;<span style="background-color:rgb(255,255,255);color:rgb(5,5,5);font-size:15px;">專頁</span></a><span style="background-color:rgb(255,255,255);color:rgb(5,5,5);font-size:15px;"> ：</span></p><p><a href="https://bit.ly/44jAJpt">按此追蹤 CFTime&nbsp;專頁</a></p><p>&nbsp;</p><p>Paolo Ardoino表示：“這很有意思，又是一種美國的穩定幣。這可能會導致主要支撐萬事達卡和Visa的支付收入減少，同時也將推動行業進一步增長並推動合理的監管……這可能意味著我們（在美國）的競爭將進一步衰退，因為他們更加關注美國市場。” Ardoino補充說，PYUSD可能對依賴美國市場的USDC或其他以美國為中心的穩定幣構成問題，而Tether則主要關注美國以外的新興市場。</p><p>PayPal推出的PYUSD是一種以美元存款、短期美國國債和其他類似現金等價物作為支持的穩定幣。根據PayPal的博客文章，這種穩定幣可以以1:1的比例兌換成美元，並由加密公司Paxos發行。</p><p>PayPal表示，PYUSD的設計目的是降低虛擬環境中的支付摩擦，方便快速的跨境支付。然而，美國民主黨眾議院金融服務委員會成員Maxine Waters對PayPal推出的PYUSD表示“深感擔憂”，認為缺乏適當的監管框架可能對投資者保護構成風險。與此相對，共和黨領導層則表示，這種穩定幣展示了監管明確性的潛力。</p><p>民主黨和共和黨之間在穩定幣立法問題上的分歧凸顯了對監管穩定幣的不同觀點。眾議院金融服務委員會於7月28日通過了《支付穩定幣明確法案》（Clarity for Payment Stablecoins Act），將該法案提交至眾議院進行全體投票。然而，Maxine Waters在聲明中提到，由於黨派之間對穩定幣立法的分歧，該法案“實際上沒有機會被簽署成法”，她呼籲民主黨和共和黨立法者進一步進行談判。</p><p>金融服務委員會主席Patrick McHenry在8月7日表示，如果能在明確的監管框架下建立起來，PayPal的PYUSD穩定幣將為未來的支付方式帶來希望。他呼籲通過《支付穩定幣明確法案》，但該法案自7月27日以來並未有任何進展。</p><p>隨著PYUSD的推出，加密貨幣市場將進一步發展，並推動行業對於合理監管的需求。 PYUSD的成功與否將成為業界關注的焦點，同時也將對競爭對手的前景產生深遠影響。</p>

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