GENIUS Act: The釜底抽薪 on Blockchain
CategoryNews Briefs
The core requirement of the bill is that all legal stablecoin issuers must back their outstanding supply with 100% reserve assets, and these assets must be US dollar cash or short-term US Treasury securities.
See, blockchain circulation primarily relies on stablecoins for transaction conversion, but these stablecoins must hold reserves equivalent to 100% US dollars or Treasuries.
In other words, all the various types of funds flowing into crypto globally, for one reason or another, get swapped into US dollars — especially serving as a backdoor to absorb the world's illicit capital.