"Stablecoins to Become Online Payment Infrastructure if Genius Act Passes"

There is a claim that if the U.S. stablecoin bill 'Genius Act' passes, stablecoins will evolve into online payment infrastructure.

According to CoinDesk on the 16th (local time), Bernstein stated in its report, "The Genius Act defines stablecoins as digital cash and seeks to promote wide commercial adoption," adding, "If the bill passes, stablecoins will evolve from being merely a means of moving funds for virtual assets (cryptocurrencies) into the infrastructure for online payments."

In addition, the report elaborated on the high possibility for non-financial publicly traded companies to collaborate with stablecoin issuers. This follows prior reports that Amazon and Walmart, among others, are exploring the use of stablecoins. The report also stated, "The Genius Act includes provisions that effectively prohibit non-financial companies from directly issuing stablecoins," and that "rather than issuing stablecoins themselves, they will be compelled to cooperate with U.S.-based stablecoin issuers."