BlockBeats reported that on June 25, the Wall Street Journal reported that the GENIUS Act to be passed by the US Congress will bring stable currency into the mainstream financial system, which has aroused strong interest from start-ups, banks and even Wal Mart and other giants.
According to the GENIUS Act, stablecoin issuers are required to use safe assets such as cash and short-term US bonds as reserves, and large issuers are also required to publish audited annual financial reports. This poses a serious challenge to Tether, which holds 66% of the stablecoin market share (with a circulation of $156 billion) - the company's USDT is currently partially supported by Bitcoin and gold, and has long refused to fully disclose financial details. Former federal prosecutor Scott Armstrong, who has handled encryption cases, pointed out that this could result in Tether being unable to continue operating in the United States. ''
Tether representatives did not respond to requests for comment. CEO Paolo Ardoino has expressed the possibility of issuing localized stablecoins to maintain US operations. The bill sets a transition period for compliance: the Senate version grants a three-year grace period, while the accompanying bill under consideration by the House of Representatives requires compliance to be achieved within 18 months, and ultimately needs to be signed into law by President Trump, who supports the bill.
