U.S. dollar stablecoins are increasingly used as payment and settlement instruments beyond cryptocurrency markets. With the enactment of the GENIUS Act in 2025, the United States established the first comprehensive federal framework governing their issuance, backing, and supervision. This paper evaluates the financial, technological, and regulatory risks that may arise as GENIUS-compliant stablecoins scale into mainstream use. We show that maintaining par-value redemption may depend not only on backing-asset quality, but also on the functioning of Treasury and repo markets, the balance-sheet capacity of broker-dealers, and the operational reliability of blockchain-based transaction rails. Even conservatively backed stablecoins can face stress from redemption surges, market-intermediation bottlenecks, or technological disruptions. We argue that durable stability will likely require an integrated approach spanning financial-market infrastructure, prudential regulation, and software governance. While grounded in U.S.\ law, the analysis identifies principles that are relevant for regulators in other jurisdictions developing stablecoin regimes.

翻译：美元稳定币正日益成为加密货币市场之外的支付与结算工具。随着2025年《GENIUS法案》的颁布，美国建立了首个涵盖其发行、抵押与监管的全面联邦框架。本文评估了合规于《GENIUS法案》的稳定币在向主流应用扩展过程中可能产生的金融、技术与监管风险。我们证明，维持平价赎回可能不仅取决于抵押资产质量，还依赖于国债与回购市场的运作、经纪交易商的资产负债表容量，以及基于区块链的交易轨道的运行可靠性。即使受到保守抵押的稳定币也可能面临赎回潮、市场中介瓶颈或技术中断带来的压力。我们认为，持久的稳定性可能需要一种涵盖金融市场基础设施、审慎监管与软件治理的综合性方法。尽管以美国法律为基础，本分析识别出对于其他正在制定稳定币制度的司法管辖区的监管机构具有相关性的原则。