Proceedings of the 2025 International Conference on Hybrid Commerce, Human Capital, and Economic Dynamics (ICHCH 2025)

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The Impact of the Draft Guidance and Establishment of a National Stablecoin Innovation Act on the United States Dollar Coin Market

Authors
Jiancong Chen1, *
1School of Finance, SILC Business School, Shanghai University, Shanghai, China
*Corresponding author. Email: Jiancong.Chen-1@student.uts.edu.au
Corresponding Author
Jiancong Chen
Available Online 18 June 2026.
DOI
10.2991/978-2-38476-585-0_100How to use a DOI?
Keywords
Stablecoin; Event Study Method; Dual Benchmark Regression; GENIUS Act
Abstract

In 2025, the U.S. released a draft of the Guidance and Establishment of a National Stablecoin Innovation Act (hereafter referred to as the “GENIUS Act”), which sets forth clear compliance criteria for payment-oriented stablecoins. Drawing on Coingecko data spanning November 5, 2024, to February 13, 2025, this research adopts the event study approach—with February 4, 2025, as the key event date—and integrates dual-benchmark regression (using Bitcoin and the combined United States dollar Coin (USDC) + United States Dollar Tether (USDT) index) to examine how compliance expectations shape market dynamics and the validity of the selected benchmarks. The findings indicate that USDC’s Cumulative Abnormal Return (CAR) is negative but statistically insignificant (P>0.05), a result suggesting the market had already formed anticipations of USDC’s compliance with the Act. In contrast, Dai exhibits a more negative CAR, which reflects the impact of differences in stablecoins’ alignment with compliance requirements. This dual-benchmark comparison confirms that the USDC+USDT index can effectively isolate system-wide factors in the cryptocurrency market, and reveals that compliance expectations influence USDC’s market value primarily through capital redistribution within the stablecoin sector. These insights provide a reference for interactions between regulatory bodies and market participants.

Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2025 International Conference on Hybrid Commerce, Human Capital, and Economic Dynamics (ICHCH 2025)
Series
Advances in Economics, Business and Management Research
Publication Date
18 June 2026
ISBN
978-2-38476-585-0
ISSN
2352-5428
DOI
10.2991/978-2-38476-585-0_100How to use a DOI?
Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Jiancong Chen
PY  - 2026
DA  - 2026/06/18
TI  - The Impact of the Draft Guidance and Establishment of a National Stablecoin Innovation Act on the United States Dollar Coin Market
BT  - Proceedings of the 2025 International Conference on Hybrid Commerce, Human Capital, and Economic Dynamics (ICHCH 2025)
PB  - Atlantis Press
SP  - 884
EP  - 892
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-2-38476-585-0_100
DO  - 10.2991/978-2-38476-585-0_100
ID  - Chen2026
ER  -