When President Trump signed the GENIUS Act into law this summer, he called it “American brilliance at its best,” and for once, Washington’s slogan may live up to its name. The law establishes the nation’s first regulatory framework for stablecoins, the digital tokens pegged to the value of the U.S. dollar. It requires 100 percent reserve backing in dollars or Treasurys and forbids issuers from paying interest to coinholders.
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