According to the Wall Street Journal, the upcoming GENIUS Act passed by the US Congress will bring stablecoins into the mainstream financial system, and this legislation has attracted strong interest from startups, banks, and even giants such as Walmart.
But under the GENIUS Act, stablecoin issuers are required to hold safe assets such as cash and short-term U.S. Treasury bonds as reserves, and large issuers are also required to publish audited annual financial reports. This poses a serious challenge to Tether, which has 66 per cent of the stablecoin market ($156 billion in circulation). The company's USDT is currently partially backed by bitcoin and gold, and has long refused to fully disclose financial details. Scott Armstrong, a former federal prosecutor who has handled crypto cases, said: "This could result in Tether being unable to continue operating in the United States."
Tether representatives did not respond to requests for comment.
Opinion: Tether may be the biggest loser of the GENIUS Act due to "incomplete compliance"
2025-06-25 15:52:23
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