Stablecoins are a type of cryptocurrency designed to maintain a stable value, typically by being pegged to a reserve asset like the U.S. dollar, euro, or gold.
Price Stability: Stablecoins aim to keep their value steady (e.g., 1 stablecoin=$1).
Fiat currency (e.g., USD held in bank accounts)
Cryptocurrency reserves
Why Stablecoins Matter:
Used in cross-border remittances
Key Provisions of the Genius Act:
All stablecoins must be backed 1:1 by liquid reserve assets, with monthly public disclosures of those reserves.
Issuers must comply with the Bank Secrecy Act, including anti-money laundering, sanctions monitoring, and the ability to freeze suspicious wallets.
Foreign stablecoin issuers face restrictions to protect U.S. financial interests.
Why the GENIUSD Act Matters:
Opens the door for traditional banks to issue compliant stablecoins.
Positions the U.S. as a global leader in digital asset regulation.
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