On May 20, 2025, the U.S. Senate passed a key procedural vote on the GENIUS Act with 66 votes in favor and 32 against. The Act requires all compliant stablecoins to be 1:1 pegged to U.S. dollar reserves, marking the arrival of the stablecoin regulatory era.

Following the GENIUS Act, the space for small and medium-sized enterprises (SMEs) and innovative entities to operate will be further constrained.

Although current mainstream stablecoins (such as USDT and USDC) are widely used, they have obvious shortcomings, including centralized control, opaque audits, regulatory risks, and poor scalability. The VRC-11 protocol is a decentralized standard for issuing and circulating “privcurrency,” allowing any enterprise, DAO (Decentralized Autonomous Organization), developer, or community to independently issue, manage, and clear stable tokens on the Openverse chain without relying on traditional stablecoins.

The VRC-11 protocol provides a more open, controllable, and context-friendly way to issue stable value tokens. It transfers control of currency from centralized institutions to individual participants, enabling the “Internet of Value” to have a truly customizable payment layer.

The VRC-11 protocol not only breaks the centralized monopoly of stablecoins but also provides free, flexible, and chain-native payment and settlement capabilities for various applications. In the future Web3 world, privcurrency will become as prevalent as local area networks in the “local internet,” and VRC-11 will serve as the protocol infrastructure behind this transformation.