The U.S. Congress has reached an agreement to legally prohibit the Federal Reserve from issuing a retail CBDC (Central Bank Digital Currency) until the end of 2030. This agreement was reached through a rider provision in the '21st Century ROAD to Housing Act,' with a key focus on explicitly excluding private stablecoins from the ban.

This can be interpreted as a bipartisan consensus by Congress to adopt the private stablecoin ecosystem as the fundamental infrastructure for the digital dollar, rather than having the government issue its own digital currency. With the most formidable potential competitor, a state-led CBDC, excluded from the market until at least 2030, private issuers have gained a massive growth opportunity.

As a result, the market dominance of existing dollar-backed stablecoins like USDC and USDT is expected to solidify further. In particular, if combined with the 'Clarity Act,' which is rumored for a Senate vote next month, the pace of institutional financial integration for private stablecoins could accelerate even more.

However, the disappearance of a state-level CBDC competitor does not mean that regulatory risks have been completely resolved. On the contrary, it is highly likely that the government will demand even stricter transparency for collateral assets and reserve requirements to keep these entities within a controllable scope. It is necessary to closely monitor the market restructuring process, which will be centered around 'institutional stablecoins' that fully comply with regulatory guidelines.