Donald Trump signed the GENIUS Act to establish a regulatory framework for U.S.-dollar-pegged cryptocurrencies known as stablecoins. This act, which passed with significant bipartisan support, aims to enhance the legitimacy of the crypto industry. Requirements include backing stablecoins with liquid assets such as U.S. dollars and Treasury bills, along with monthly public disclosures of reserve compositions. The market for stablecoins, currently valued over $260 billion, is projected to expand significantly due to this new law, facilitating instant payments and transfers.
U.S. President Donald Trump signed the GENIUS Act to create a regulatory regime for U.S.-dollar-pegged cryptocurrencies, facilitating their use for payments and money transfer.
The law, backed by nearly half of Democrats and most Republicans, mandates stablecoins be backed by liquid assets and issuers disclose reserve compositions monthly.
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