Genius sets new stablecoin rules but remains vague on foreign issuers

The GENIUS Act creates regulations for US-issued stablecoins aiming to enhance trust and drive mainstream adoption. It also aims to maintain the dollar’s status as a global reserve currency.

Despite its potential, concerns over vague regulatory language around foreign issuers and the ban on stablecoin yields pose challenges. US banks and corporations are likely to enter the stablecoin space, increasing market competition.