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The new U.S. bill promotes stablecoin into the mainstream, and some issuers may face Compliance challenges.
On June 25, according to reports, the "GENIUS Act" that is about to be passed by the US Congress will incorporate stablecoins into the mainstream financial system, and this legislation has sparked strong interest from startups, banks, and even giants like Walmart.
However, according to the GENIUS Act, stablecoin issuers are required to hold reserves in safe assets such as cash and short-term U.S. Treasury securities, and large issuers must also publish audited annual financial reports. This poses a serious challenge for a certain stablecoin issuer that holds a 66% market share in the stablecoin market (with a circulating volume of $156 billion)—the company’s stablecoin is currently partially backed by Bitcoin and gold, and it has long refused to fully disclose financial details. Former federal prosecutor Scott Armstrong, who has handled crypto cases, pointed out: "This could prevent the company from continuing to operate in the United States."
The issuer of the stablecoin has not responded to requests for comment. The CEO has stated that a localized stablecoin may be issued to maintain U.S. operations. The bill sets a transition period for compliance: the Senate version provides a 3-year grace period, while the corresponding bill under review in the House requires compliance within 18 months, ultimately needing to be signed into effect by President Trump, who supports the bill.