In a bold move that could reshape digital finance, U.S. President Donald Trump has signed the GENIUS Act – a law setting a regulatory framework for stablecoins. Stablecoins are digital assets pegged to the U.S. dollar, designed to keep a constant value, and this new act requires them to be fully backed by liquid assets like U.S. dollars and short-term Treasury bills. 🚀
This regulatory push means issuers must publicly disclose their balance of reserves every month, ensuring transparency and boosting credibility for crypto transactions. For young tech enthusiasts and early professionals in bustling South and Southeast Asian metros, this is a game changer – think instant, secure transfers whether you’re shopping online or splitting a meal with friends. 💡
Crypto supporters celebrate this as a major win, with market estimates suggesting that the stablecoin space, now valued at over $260 billion, could surge to $2 trillion by 2028. However, some critics warn of potential financial risks, including loopholes that might let big tech companies exploit the space and a more fragile digital financial network.
As debates continue, this law marks a significant step in merging traditional financial stability with innovative digital solutions. It’s an exciting development echoing the fast-paced, tech-savvy lifestyle embraced by young minds across the region!
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Trump signs stablecoin law, pushing for crypto's mainstream adoption
cgtn.com
