On Tuesday local time, the U.S. Senate passed the "GENIUS Act" (Guiding and Establishing National Innovation for U.S. Stablecoins Act) with a vote of 68 in favor and 30 against, marking a milestone step in the United States' cryptocurrency regulatory landscape. This legislation aims to establish a comprehensive regulatory framework for the stablecoin market, posing a severe challenge to Tether (USDT), the world's largest stablecoin issuer, while also opening new development space for compliant competitors.

I. Key Points of the "GENIUS Act": Strict Regulation and Compliance Thresholds

The "GENIUS Act," proposed by Tennessee Senator Bill Hagerty, focuses on the strict regulation of payment stablecoins (i.e., digital assets pegged to fiat currencies and promising fixed-value redemption). According to the act, only "authorized payment stablecoin issuers" (subsidiaries of insured banks or qualified issuing institutions) and specific "foreign payment stablecoin issuers" (registered in countries recognized by the U.S. regulatory framework) are allowed to operate in the United States.

The act explicitly states that all payment stablecoin issuers must hold high-quality reserve assets at a ratio of no less than 1:1, including cash in U.S. dollars, Federal Reserve deposits, bank demand deposits, Treasury bills maturing within 93 days, or overnight reverse repurchase agreements. Additionally, issuers are prohibited from misusing reserves, must publish monthly reserve attestations audited by registered accounting firms, and comply with the Bank Secrecy Act. Notably, this legislation prohibits payment stablecoins from paying interest to holders to avoid being classified as securities. The act also restricts technology giants from issuing stablecoins unless they meet stringent financial risk and data privacy standards.

II. The Severe Challenge Facing Tether: Compliance and Transparency Dilemma

As the largest stablecoin issuer globally, Tether (USDT) is undoubtedly the company most impacted by the passage of the "GENIUS Act." According to its latest quarterly reserve report (2025Q1), USDT is only about 85% backed by cash and cash equivalents, far from the 100% reserve ratio required by the "GENIUS Act." Furthermore, Tether's auditing firm, BDO Italia, does not meet the standards set by the Public Company Accounting Oversight Board (PCAOB) in the U.S., further exacerbating its compliance challenges.

For a long time, Tether has been controversial due to the lack of transparency regarding its collateral composition and has been under investigation by U.S. regulators. Although Tether CEO Paolo Ardoino recently hinted that the company might not allow the market-dominating USDT to enter the U.S. directly, but instead consider launching a fully U.S.-regulated domestic settlement stablecoin branch and has relocated its headquarters to the crypto haven of El Salvador, it remains uncertain whether these measures can completely evade the impact of the "GENIUS Act."

III. Future Outlook: Reshaping the U.S. Market Landscape and Global Impact

The passage of the "GENIUS Act" signals a profound reshaping of the U.S. stablecoin market. Compliant banks and financial institutions will gain a clear pathway to enter the stablecoin market, while non-compliant issuers, such as Tether, will face the choice of either investing heavily in compliance modifications or gradually exiting the U.S. market.

Richard Rosenthal, head of Deloitte's digital asset regulatory practice, pointed out that foreign issuers entering the U.S. market will face complex regulatory discretion issues. Although the "GENIUS Act" grants the Treasury Secretary significant discretion to determine which countries have sufficiently robust regulatory frameworks, and may even reach reciprocal agreements with certain countries, achieving regulatory standards in places like El Salvador that match those of the U.S. remains a significant challenge.

Despite critics of the act, such as Senator Elizabeth Warren, arguing that it still contains loopholes that could allow foreign stablecoins like Tether to enter the U.S. market through decentralized platforms, the strong bipartisan support in the Senate indicates that the U.S. government's determination to regulate stablecoins is firmly established.

Conclusion:

The passage of the "GENIUS Act" represents an important step for the U.S. in the field of digital asset regulation. It will not only reshape the competitive landscape of the U.S. stablecoin market but also have far-reaching effects on the global stablecoin market. For Tether, this will be a severe compliance test; for the entire crypto industry, a clear regulatory framework, while presenting challenges, also lays the foundation for the healthy development and mainstream application of stablecoins. In the future, as the act is further implemented, the stablecoin market will usher in a more regulated and transparent new era.

Related: U.S. Senate Passes GENIUS Stablecoin Act with 68 Votes to 30

Original: “U.S. 'GENIUS Act' Passed: Tether's Position Challenged, Stablecoin Market Landscape Reshaped”

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