The US has passed a new law known as the "Guiding and Establishing National Innovation for US Stablecoins Act", establishing strict requirements for dollar-pegged digital assets.
Key Requirements for Issuers
Issuers of stablecoins must fully back their tokens with low-risk reserves, register with state or federal authorities, and enforce robust anti-money laundering protections.
Historical Significance of the New Law
Bo Hines, who leads the White House’s digital assets advisory council, described the move as a historic step toward safeguarding the dollar and asserting American dominance in the digital economy. His statement echoed the administration’s broader strategy to turn the U.S. into a global leader in crypto policy and innovation.
Prospects for the Stablecoin Sector
The GENIUS Act passed both chambers of Congress with strong support, following a direct request from Trump to deliver the bill unaltered. Treasury Secretary Scott Bessent has projected that the legislation could propel the stablecoin sector past $2 trillion, dramatically expanding its current $195 billion footprint.
The passing of the new stablecoin law in the US emphasizes the country's aim to take a leading role in digital finance and strengthen control over cryptocurrencies.
