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🇺🇸 GENIUS Act – A historical turning point for stablecoin & DeFi in America
The U.S. Congress has just passed the GENIUS Act – the first legal framework for stablecoins:
✅ Require stablecoins to have a 1:1 reserve with USD or equivalent assets.
✅ Managed like a bank if you want to issue stablecoin.
❌ Prohibit Big Tech companies (Google, Meta...) from issuing stablecoins without a license.
❌ No interest is paid to holders of stablecoins.
📉 This could push capital flows from stablecoins into DeFi products with interest rates ( such as lending, LSD).
🏦 Many large financial institutions are preparing to issue their own stablecoins.
🌐 This could be the catalyst for "DeFi Summer 2.0" and a stepping stone for RWAs, CBDC, and crypto to come closer to the traditional financial system.
#GENIUSAct # Stablecoin #DeFi # CryptoLaw #USD1 # RWA #CBDC # Web3 #CryptoNews