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Genius Act Tightens U.S. Stablecoin Oversight and Propels Treasury Buying

It licenses issuers under federal oversight to reinforce the dollar’s global role through government debt backing.

Ein neues Gesetz der US-Regierung regelt, wie Anbieter von Stablecoins ihre Sicherheiten anlegen müssen – und befeuert damit indirekt die Nachfrage nach US-Staatsanleihen. Kritiker warnen vor neuen Risiken für das Weltfinanzsystem.
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Overview

  • The Genius Act, signed by President Trump last week, enacts the first federal framework for stablecoin issuance and requires licenses for banks or depository trust organizations.
  • Issuers must hold reserves one-to-one in dollars via cash or short-term U.S. Treasuries, publish monthly breakdowns and undergo quarterly audits.
  • Major providers such as Tether and Circle have shifted billions into U.S. debt, making crypto firms significant new buyers of Treasury securities.
  • Regulators and analysts warn that widespread redemption demands could force rapid Treasury sales, driving yields up and threatening market stability.
  • Europe’s MiCAR framework enforces stronger consumer safeguards but the EU has not actively supported euro-based stablecoins even as it pursues a digital euro.