The US passed its landmark stablecoin bill which it hopes will galvanise the greenback as well as legitimise a path forward for the speculative asset, but other major central banks remain unconvinced of the move.
GENIUS is a landmark piece of legislation aiming to establish a comprehensive federal framework for the regulation of stablecoins, a digital currency underwritten by traditional assets, such as the USD. US GENIUS stablecoins bill could bolster greenback's global dominance The GENIUS Act mandates that all stablecoins be backed 1:1 by high-quality, low-risk liquid assets; more specifically, US Treasury bills with maturities under 93 days, insured bank deposits or physical US coins and actual currency, including Federal Reserve notes. As he signed the bill on Thursday (18 July), US Pr...
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