In brief: The GENIUS Stables Act approved by the U.S. Senate

The U.S. Senate has just approved the Genius Act (Guaranteed and Uniform Stablecoin Issue Act) on stablecoins. This bill establishes a regulatory framework for stablecoins identified as digital assets that an issuer must exchange for a fixed value in a payment transaction.

GENIUS ACT specifies that only authorized issuers (subsidiaries of insured banks, federally licensed non-bank issuers, or entities regulated by a state) can issue a stable corner to US citizens.

The bill also strictly regulates the management of the reserves underlying the stablecoins, prohibits their reuse for speculative purposes, imposes requirements for secure custody, and assigns supervisory, review and sanction powers to the competent federal authorities.

Legislation for a booming market

This legislative initiative comes at a time when the dollar-backed stablecoins market reached nearly $250 billion, supported by Tether and USDC USDT references issued by Circle on public blockchains.

This dynamism arouses the desire of web giants As well as those of the historical financial players who seek to ensure their position in this market. This mobilization is confirmed internationally. In France, SG-FORGE, the subsidiary crypto Company General, comes to formalize the deployment of its US dollar-backed stablecoin (USD). Recently, MasterCard also specified Associate to MoonPay to offer a payment card in stablecoin.

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