Circle Internet Group &#273;&atilde; thay &#273;&#7893;i quy&#7871;t &#273;&#7883;nh ch&iacute;nh s&aacute;ch USDC, hi&#7879;n cho ph&eacute;p mua s&uacute;ng h&#7907;p ph&aacute;p mi&#7877;n l&agrave; tu&acirc;n th&#7911; lu&#7853;t ph&aacute;p hi&#7879;n h&agrave;nh. Quy&#7871;t &#273;&#7883;nh n&agrave;y ti&#7871;p n&#7889;i t&#7915; s&#7921; v&#7853;n &#273;&#7897;ng c&#7911;a ng&agrave;nh v&agrave; ph&ugrave; h&#7907;p v&#7899;i khu&ocirc;n kh&#7893; quy &#273;&#7883;nh li&ecirc;n bang nh&#7857;m m&#7909;c ti&ecirc;u ch&#7889;ng ph&acirc;n bi&#7879;t &#273;&#7889;i x&#7917; t&agrave;i ch&iacute;nh.
C&#7853;p nh&#7853;t ch&iacute;nh s&aacute;ch n&agrave;y di&#7877;n ra khi c&aacute;c n&#7873;n t&#7843;ng thanh to&aacute;n &#273;ang b&#7883; gi&aacute;m s&aacute;t v&igrave; c&aacute;o bu&#7897;c h&#7841;n ch&#7871; truy c&#7853;p cho c&aacute;c nh&agrave; b&aacute;n s&uacute;ng h&#7907;p ph&aacute;p. Thay &#273;&#7893;i n&agrave;y ph&#7843;n &aacute;nh s&#7921; th&ocirc;ng qua c&#7911;a GENIUS Act, &#273;&atilde; t&#7841;o ra khu&ocirc;n kh&#7893; li&ecirc;n bang cho stablecoin &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7857;ng &#273;&ocirc; la t&#7841;i Hoa K&#7923;.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-usdc-terms-reflect-legal-firearm-transactions">&#272;i&#7873;u kho&#7843;n USDC ph&#7843;n &aacute;nh c&aacute;c giao d&#7883;ch s&uacute;ng h&#7907;p ph&aacute;p</h2>

Tr&#432;&#7899;c &#273;&acirc;y, c&aacute;c &#273;i&#7873;u kho&#7843;n USDC c&#7911;a Circle c&#7845;m mua t&#7845;t c&#7843; c&aacute;c lo&#7841;i v&#361; kh&iacute;, bao g&#7891;m c&#7843; s&uacute;ng. C&aacute;ch ti&#7871;p c&#7853;n n&agrave;y &#273;&atilde; b&#7883; ch&#7881; tr&iacute;ch b&#7903;i National Shooting Sports Foundation (NSSF), g&#7885;i &#273;&acirc;y l&agrave; m&#7897;t lo&#7841;i &ldquo;ph&acirc;n bi&#7879;t &#273;&#7889;i x&#7917; t&agrave;i ch&iacute;nh&rdquo;.
NSSF cho r&#7857;ng nh&#7919;ng l&#7879;nh c&#7845;m nh&#432; v&#7853;y x&#7917; ph&#7841;t kh&ocirc;ng c&ocirc;ng b&#7857;ng c&aacute;c doanh nghi&#7879;p v&agrave; ch&#7911; s&#7903; h&#7919;u s&uacute;ng ho&#7841;t &#273;&#7897;ng h&#7907;p ph&aacute;p theo quy&#7873;n hi&#7871;n ph&aacute;p.
&#272;&aacute;p l&#7841;i s&#7921; v&#7853;n &#273;&#7897;ng n&agrave;y v&agrave; s&#7921; ch&uacute; &yacute; c&#7911;a c&ocirc;ng ch&uacute;ng, Circle &#273;&atilde; s&#7917;a &#273;&#7893;i &#273;i&#7873;u kho&#7843;n &#273;&#7875; ch&#7881; c&#7845;m b&aacute;n v&#361; kh&iacute; &ldquo;tr&aacute;i v&#7899;i lu&#7853;t ph&aacute;p hi&#7879;n h&agrave;nh&rdquo;. &#272;&#7841;i di&#7879;n c&#7911;a Circle &#273;&atilde; <a href="https://www.nssf.org/articles/crypto-company-circle-updates-its-terms-of-service/" target="_blank" rel="noreferrer noopener nofollow">x&aacute;c nh&#7853;n</a> v&#7899;i NSSF r&#7857;ng ch&iacute;nh s&aacute;ch c&#7853;p nh&#7853;t cho ph&eacute;p s&#7917; d&#7909;ng USDC &#273;&#7875; mua s&uacute;ng v&agrave; ph&#7909; ki&#7879;n h&#7907;p ph&aacute;p.
USDC c&oacute; v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng <a href="https://vn.beincrypto.com/usdt-dominance-hits-key-resistance-turning-point-for-bitcoin-and-altcoins/" target="_blank" rel="noopener">74 t&#7927; USD</a> v&agrave; chi&#7871;m 25.5% th&#7883; ph&#7847;n stablecoin t&iacute;nh &#273;&#7871;n th&aacute;ng 09/2025, l&agrave;m cho thay &#273;&#7893;i n&agrave;y tr&#7903; n&ecirc;n quan tr&#7885;ng &#273;&#7889;i v&#7899;i c&aacute;c kho&#7843;n thanh to&aacute;n k&#7929; thu&#7853;t s&#7889;.
NSSF khen ng&#7907;i s&#7921; thay &#273;&#7893;i ch&iacute;nh s&aacute;ch n&agrave;y nh&#432; m&#7897;t chi&#7871;n th&#7855;ng ch&#7889;ng l&#7841;i s&#7921; h&#7841;n ch&#7871; &yacute; th&#7913;c h&#7879;. Tuy nhi&ecirc;n, t&#7893; ch&#7913;c cho bi&#7871;t h&#7885; s&#7869; &ldquo;tin t&#432;&#7903;ng, nh&#432;ng ki&#7875;m ch&#7913;ng&rdquo; cam k&#7871;t c&#7911;a Circle, nh&#7845;n m&#7841;nh s&#7921; c&#7843;nh gi&aacute;c li&ecirc;n t&#7909;c ch&#7889;ng l&#7841;i ph&acirc;n bi&#7879;t &#273;&#7889;i x&#7917; t&agrave;i ch&iacute;nh.
Th&#432;&#7907;ng ngh&#7883; s&#297; Cynthia Lummis &#7911;ng h&#7897; quy&#7871;t &#273;&#7883;nh c&#7911;a Circle. Nh&#432; &#273;&atilde; chia s&#7867; trong m&#7897;t <a href="https://x.com/hashminutes/status/1986166588270375375" target="_blank" rel="noreferrer noopener nofollow">b&agrave;i vi&#7871;t</a> tr&ecirc;n X, Lummis cho bi&#7871;t &#273;&#7897;ng th&aacute;i n&agrave;y b&#7843;o v&#7879; quy&#7873;n hi&#7871;n ph&aacute;p v&agrave; ng&#259;n ch&#7863;n vi&#7879;c l&#7907;i d&#7909;ng h&#7879; th&#7889;ng t&agrave;i ch&iacute;nh ch&#7889;ng l&#7841;i nh&#7919;ng ng&#432;&#7901;i ch&#7911; s&uacute;ng h&#7907;p ph&aacute;p, minh ch&#7913;ng cho s&#7921; &#7911;ng h&#7897; l&#432;&#7905;ng &#273;&#7843;ng ng&agrave;y c&agrave;ng t&#259;ng &#273;&#7875; b&#7843;o v&#7879; ho&#7841;t &#273;&#7897;ng th&#432;&#417;ng m&#7841;i h&#7907;p ph&aacute;p kh&#7887;i s&#7921; ki&#7875;m so&aacute;t c&#7911;a n&#7873;n t&#7843;ng thanh to&aacute;n.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-regulatory-landscape-executive-order-and-stablecoin-legislation">B&#7889;i c&#7843;nh quy &#273;&#7883;nh: L&#7879;nh h&agrave;nh ph&aacute;p v&agrave; lu&#7853;t ph&aacute;p v&#7873; Stablecoin</h2>

Quy&#7871;t &#273;&#7883;nh &#273;&#7843;o ng&#432;&#7907;c c&#7911;a Circle li&ecirc;n quan &#273;&#7871;n s&#7855;c l&#7879;nh <a href="https://www.whitehouse.gov/presidential-actions/2025/08/guaranteeing-fair-banking-for-all-americans/" target="_blank" rel="noreferrer noopener nofollow">h&agrave;nh ph&aacute;p</a> c&#7911;a T&#7893;ng th&#7889;ng Trump &ldquo;&#272;&#7843;m b&#7843;o Ng&acirc;n h&agrave;ng C&ocirc;ng b&#7857;ng cho T&#7845;t c&#7843; Ng&#432;&#7901;i M&#7929;&rdquo; ph&aacute;t h&agrave;nh v&agrave;o ng&agrave;y 07/08/2025. S&#7855;c l&#7879;nh n&agrave;y nh&#7857;m v&agrave;o v&#7845;n &#273;&#7873; &ldquo;debanking,&rdquo; n&#417;i c&aacute;c c&ocirc;ng ty t&agrave;i ch&iacute;nh t&#7915; ch&#7889;i d&#7883;ch v&#7909; v&igrave; quan &#273;i&#7875;m ch&iacute;nh tr&#7883; ho&#7863;c nh&#7919;ng doanh nghi&#7879;p h&#7907;p ph&aacute;p nh&#432;ng g&acirc;y tranh c&atilde;i, &#273;&#7863;c bi&#7879;t l&agrave; ng&agrave;nh s&uacute;ng.
S&#7855;c l&#7879;nh y&ecirc;u c&#7847;u c&aacute;c nh&agrave; qu&#7843;n l&yacute; thay &#273;&#7893;i &ldquo;r&#7911;i ro uy t&iacute;n&rdquo; b&#7857;ng c&aacute;c ti&ecirc;u chu&#7849;n d&#7921;a tr&ecirc;n r&#7911;i ro kh&aacute;ch quan v&agrave; ph&#7843;i xem x&eacute;t l&#7841;i c&aacute;c tr&#432;&#7901;ng h&#7907;p debanking tr&#432;&#7899;c &#273;&acirc;y. C&aacute;c t&#7893; ch&#7913;c ph&#7843;i th&ocirc;ng b&aacute;o v&agrave; kh&ocirc;i ph&#7909;c d&#7883;ch v&#7909; cho kh&aacute;ch h&agrave;ng b&#7883; t&#7915; ch&#7889;i v&igrave; l&yacute; do ch&iacute;nh tr&#7883; ho&#7863;c ho&#7841;t &#273;&#7897;ng kinh doanh h&#7907;p ph&aacute;p.
M&#7897;t th&#7901;i h&#7841;n 180 ng&agrave;y &#273;&atilde; &#273;&#432;&#7907;c thi&#7871;t l&#7853;p &#273;&#7875; tu&acirc;n th&#7911;.
Th&ecirc;m v&agrave;o &#273;&oacute;, <a href="https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-president-donald-j-trump-signs-genius-act-into-law/" target="_blank" rel="noopener">GENIUS Act</a>, k&yacute; ng&agrave;y 18/07/2025, &#273;&atilde; thi&#7871;t l&#7853;p c&aacute;c quy t&#7855;c li&ecirc;n bang r&otilde; r&agrave;ng cho nh&agrave; ph&aacute;t h&agrave;nh stablecoin. &#272;&#7841;o lu&#7853;t n&agrave;y &#273;&#7863;t ra ti&ecirc;u chu&#7849;n cho vi&#7879;c &#7911;y quy&#7873;n v&agrave; mi&#7877;n m&#7897;t s&#7889; y&ecirc;u c&#7847;u v&#7889;n ng&acirc;n h&agrave;ng cho c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh. Lu&#7853;t n&agrave;y &#273;&#432;&#7907;c xem l&agrave; b&#432;&#7899;c ngo&#7863;t cho ch&iacute;nh s&aacute;ch stablecoin &#7903; M&#7929; v&agrave; &#273;&atilde; khuy&#7871;n kh&iacute;ch nhi&#7873;u s&#7921; ch&#7845;p nh&#7853;n h&#417;n b&#7857;ng c&aacute;ch t&#7841;o ra s&#7921; r&otilde; r&agrave;ng trong quy &#273;&#7883;nh.
Nh&#7919;ng ph&aacute;t tri&#7875;n trong quy &#273;&#7883;nh n&agrave;y &#273;&#7863;t ra &aacute;p l&#7921;c ch&iacute;nh tr&#7883; v&agrave; ph&aacute;p l&yacute; m&#7899;i cho c&aacute;c c&ocirc;ng ty thanh to&aacute;n nh&#7857;m tr&aacute;nh &aacute;p &#273;&#7863;t c&aacute;c l&#7879;nh c&#7845;m &yacute; th&#7913;c h&#7879;. Quy&#7871;t &#273;&#7883;nh c&#7911;a Circle ph&#7843;n &aacute;nh s&#7921; thay &#273;&#7893;i n&agrave;y trong b&#7889;i c&#7843;nh hi&#7879;n nay.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-broader-impacts-for-stablecoins-and-payment-systems">T&aacute;c &#273;&#7897;ng r&#7897;ng h&#417;n &#273;&#7889;i v&#7899;i stablecoins v&agrave; h&#7879; th&#7889;ng thanh to&aacute;n</h2>

C&#7853;p nh&#7853;t c&#7911;a Circle th&#7875; hi&#7879;n &#7843;nh h&#432;&#7903;ng ng&agrave;y c&agrave;ng t&#259;ng c&#7911;a <a href="https://beincrypto.com/why-is-the-crypto-market-up-today/" target="_blank" rel="noopener">stablecoin trong c&aacute;c kho&#7843;n thanh to&aacute;n to&agrave;n c&#7847;u</a>. L&#432;u l&#432;&#7907;ng USDC &#273;&atilde; t&#259;ng h&#417;n 78% v&agrave;o n&#259;m 2025, v&#7899;i giao d&#7883;ch h&agrave;ng th&aacute;ng &#273;&#7841;t 1 ngh&igrave;n t&#7927; USD, theo <a href="https://www.circle.com/reports/state-of-the-usdc-economy" target="_blank" rel="noreferrer noopener nofollow">b&aacute;o c&aacute;o</a> c&#7911;a Circle. Nh&#7919;ng con s&#7889; n&agrave;y nh&#7845;n m&#7841;nh s&#7921; chuy&#7875;n &#273;&#7893;i c&#7911;a stablecoin t&#7915; t&agrave;i s&#7843;n ng&aacute;ch sang gi&#7843;i ph&aacute;p thanh to&aacute;n ch&iacute;nh th&#7889;ng.
Vi&#7879;c s&#7917;a &#273;&#7893;i ch&iacute;nh s&aacute;ch v&#7873; s&uacute;ng c&oacute; th&#7875; &#7843;nh h&#432;&#7903;ng &#273;&#7871;n c&aacute;ch c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin kh&aacute;c &#273;&#7883;nh ngh&#297;a nh&#7919;ng g&igrave; &#273;&#432;&#7907;c ph&eacute;p. M&#7897;t s&#7889; ng&#432;&#7901;i lo ng&#7841;i r&#7857;ng s&#7921; tham gia c&#7911;a USDC v&agrave;o c&aacute;c v&#7845;n &#273;&#7873; nh&#7841;y c&#7843;m ch&iacute;nh tr&#7883; c&oacute; th&#7875; l&agrave;m ph&#7913;c t&#7841;p vi&#7879;c tu&acirc;n th&#7911; b&ecirc;n ngo&agrave;i Hoa K&#7923;, n&#417;i th&aacute;i &#273;&#7897; kh&aacute;c nhau r&otilde; r&#7879;t. Nh&#7919;ng ng&#432;&#7901;i kh&aacute;c tin r&#7857;ng &#273;i&#7873;u n&agrave;y th&uacute;c &#273;&#7849;y s&#7921; ch&#7889;ng ki&#7875;m duy&#7879;t v&agrave; duy tr&igrave; t&iacute;nh trung l&#7853;p trong t&agrave;i ch&iacute;nh k&#7929; thu&#7853;t s&#7889;.
NSSF xem &#273;&acirc;y l&agrave; m&#7897;t ph&#7847;n c&#7911;a xu h&#432;&#7899;ng l&#7899;n h&#417;n: c&aacute;c c&ocirc;ng ty thanh to&aacute;n v&agrave; t&agrave;i ch&iacute;nh &#273;ang d&#7847;n r&#7901;i b&#7887; c&aacute;c h&#7841;n ch&#7871; &yacute; th&#7913;c h&#7879;. T&#7893; ch&#7913;c c&#7843;nh b&aacute;o r&#7857;ng <a href="https://vn.beincrypto.com/digital-asset-treasuries-are-collapsing-lost-confidence-triggers-market-sell-off/" target="_blank" rel="noopener">n&#7873;n kinh t&#7871; &#432;u ti&ecirc;n k&#7929; thu&#7853;t s&#7889;</a> l&agrave;m cho ch&iacute;nh s&aacute;ch c&#7911;a c&aacute;c c&ocirc;ng ty thanh to&aacute;n tr&#7903; n&ecirc;n quan tr&#7885;ng &#273;&#7889;i v&#7899;i quy&#7873;n truy c&#7853;p v&agrave;o ng&agrave;nh, nh&#7845;n m&#7841;nh &#273;i&#7873;u g&igrave; &#273;ang b&#7883; &#273;e d&#7885;a &#273;&#7889;i v&#7899;i t&#7921; do t&agrave;i ch&iacute;nh.
Quy&#7871;t &#273;&#7883;nh c&#7911;a Circle &#273;&#7871;n v&agrave;o th&#7901;i &#273;i&#7875;m c&aacute;c c&ocirc;ng ty kh&aacute;c nh&#432; BitPay, &#273;ang &#273;&#7889;i m&#7863;t v&#7899;i ch&#7881; tr&iacute;ch v&igrave; h&#7841;n ch&#7871; th&#432;&#417;ng m&#7841;i s&uacute;ng h&#7907;p ph&aacute;p. C&aacute;c nh&oacute;m v&#7853;n &#273;&#7897;ng nh&#432; NSSF &#273;ang t&#259;ng c&#432;&#7901;ng n&#7895; l&#7921;c &#273;&#7875; &#273;&#7843;o ng&#432;&#7907;c s&#7921; ph&acirc;n bi&#7879;t &#273;&#7889;i x&#7917; t&agrave;i ch&iacute;nh &#273;&#432;&#7907;c d&aacute;n nh&atilde;n l&agrave; qu&#7843;n l&yacute; r&#7911;i ro.
Ng&agrave;nh stablecoin &#273;ang ch&#7901; &#273;&#7907;i s&#7921; ph&aacute;t tri&#7875;n. Kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch h&agrave;ng ng&agrave;y c&oacute; th&#7875; &#273;&#7841;t 250 t&#7927; USD trong v&ograve;ng ba n&#259;m, theo b&aacute;o c&aacute;o c&#7911;a <a href="https://www.mckinsey.com/industries/financial-services/our-insights/the-stable-door-opens-how-tokenized-cash-enables-next-gen-payments" target="_blank" rel="noopener">McKinsey</a>. Stablecoin &#273;&atilde; gi&#7843;i quy&#7871;t 5.7 ngh&igrave;n t&#7927; USD gi&aacute; tr&#7883; to&agrave;n c&#7847;u trong n&#259;m 2024, &#273;&#432;a ch&uacute;ng c&oacute; th&#7875; c&#7841;nh tranh v&#7899;i c&aacute;c m&#7841;ng l&#432;&#7899;i truy&#7873;n th&#7889;ng nh&#432; <a href="https://vn.beincrypto.com/bitcoin-collateral-leverage-cycle-risk/" target="_blank" rel="noopener">Visa</a>. Thay &#273;&#7893;i ch&iacute;nh s&aacute;ch c&#7911;a Circle c&oacute; th&#7875; &#273;&#7883;nh h&igrave;nh c&aacute;ch m&agrave; c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh &#273;i&#7873;u h&#432;&#7899;ng &aacute;p l&#7921;c quy &#273;&#7883;nh v&agrave; ch&iacute;nh tr&#7883; trong khi t&igrave;m ki&#7871;m th&#7883; ph&#7847;n l&#7899;n h&#417;n.
Li&#7879;u s&#7921; &#273;&#7843;o ng&#432;&#7907;c c&#7911;a Circle c&oacute; tr&#7903; th&agrave;nh ti&ecirc;u chu&#7849;n cho c&aacute;c c&ocirc;ng ty ti&#7873;n &#273;i&#7879;n t&#7917; kh&aacute;c v&#7851;n c&ograve;n l&agrave; &#273;i&#7873;u ch&#432;a th&#7875; x&aacute;c &#273;&#7883;nh. T&#432;&#417;ng lai s&#7869; th&#7875; hi&#7879;n li&#7879;u t&iacute;nh trung l&#7853;p thanh to&aacute;n c&oacute; tr&#7903; th&agrave;nh chu&#7849;n m&#7921;c c&#7911;a ng&agrave;nh hay c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin ph&#7843;i ti&#7871;p t&#7909;c c&acirc;n b&#7857;ng c&aacute;c y&ecirc;u c&#7847;u v&#7873; quy &#273;&#7883;nh, quy&#7873;n hi&#7871;n ph&aacute;p v&agrave; nhu c&#7847;u c&#7911;a th&#7883; tr&#432;&#7901;ng to&agrave;n c&#7847;u.

Circle cho phép mua súng hợp pháp bằng USDC sau áp lực từ cơ quan quản lý