According to the analysis of independent researcher Ningning, there are significant differences in stablecoin regulation between the STABLE Act and the GENIUS Act introduced by the US House of Representatives and the Senate respectively. The STABLE Act focuses on protecting consumers and maintaining the hegemony of the US dollar, requiring issuers to have 1:1 cash reserves, US bonds or highly liquid assets, no issuance caps, and no state certification is required, but there are strict restrictions on the scope of issuers' activities; while the GENIUS Act focuses more on improving transaction efficiency and increasing the demand for US bonds, allowing reverse repurchase agreements and money market fund investment, and requiring issuers to accept federal supervision after capitalization exceeds 10 billion US dollars. In the event of bankruptcy, priority is given to protecting the rights and interests of stablecoin holders, while providing more flexible regulatory space.