Summary
- If the 'Genius Act' passes, it is reported that Tether (USDT), which dominates 66% of the stablecoin market share, could suffer the greatest impact.
- The bill stipulates that stablecoin issuers must maintain 1:1 reserves and disclose annual financial statements audited by external accountants.
- The Wall Street Journal reported that Tether holds part of its reserves in Bitcoin and gold, indicating that regulatory burdens could be significant.
If the US Congress passes the proposed stablecoin regulation bill, 'Genius Act', it is projected that Tether (USDT), which holds a 66% market share, could be hit the hardest.
On the 25th (local time), The Wall Street Journal (WSJ) reported, "The Genius Act includes provisions to incorporate stablecoins into the official financial system and has already attracted significant interest from major companies including startups, banks, and Walmart."
Notably, the bill imposes an obligation on stablecoin issuers to maintain '1:1 reserves' based on safe assets such as cash and short-term US Treasury bonds, and for issuers above a certain scale, requires the disclosure of annual financial statements audited by external accountants.
WSJ stated, "In the case of Tether, a portion of the reserves is held in Bitcoin (BTC) and gold, and continuous controversies over financial transparency have persisted." It added, "If the bill is enforced, Tether could face considerable regulatory burdens."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
