Overview

• President Donald Trump signed the GENIUS Act into law last week, mandating stablecoins be backed by liquid assets such as U.S. dollars and short-term Treasury bills with monthly reserve reports
• The European Union’s MiCA framework, effective since December, enforces strict reserve and capital requirements and guarantees one-to-one fiat redemption at any time
• European Central Bank President Christine Lagarde has cautioned that privately issued stablecoins could undermine monetary policy and spark bank runs if large-scale redemptions occur
• Global cryptocurrency capitalization has topped $4 trillion as Bitcoin trades around $119,000, buoyed by growing institutional inflows and ETF demand
• Argentine trading data for Q2 show investors favoring high-volatility tokens—Bitcoin (26.9%) and Ethereum (13.6%)—with stablecoins absent from the top ten