BiyaPay analyst: The first stablecoin bill in US history is born, and Tether will ensure that USDT meets compliance requirements

According to BlockBeats, on July 22nd, the GENIUS Act established the first federal regulatory framework for payment based stablecoins in the United States, aimed at injecting confidence and legitimacy into the $260 billion stablecoin market. The bill includes the following key points: ·Asset endorsement: stablecoin issuers must endorse their stablecoins with high-quality liquid assets in a 1:1 ratio. Compliant assets include US dollar cash, insured bank deposits, money market funds, etc. USDT does not meet this requirement as its reserves include gold, Bitcoin, and corporate debt. ·Payment only: The bill prohibits paying interest to stablecoin holders, ensuring that stablecoins are only used as digital cash equivalents. ·Transparency and Audit: Issuers are required to disclose their reserve status on a monthly basis and undergo audits to ensure market transparency. ·Anti money laundering measures: The bill requires stablecoin issuers to implement strict anti money laundering (AML) and customer identity verification (KYC) procedures. ·Regulatory structure: This bill authorizes regulatory agencies such as the US Treasury Department to supervise issuers and ensure compliant operations. Although Circle's USDC may benefit from meeting the 1:1 endorsement requirement, Tether (USDT) still has multiple ways to adjust its compliance and continue operating in the United States. According to BiyaPay analysts, after the release of the GENIUS Act, BiyaPay will continue to provide flexible cross-border transaction services for you. The platform supports USDT recharge and exchange for over 30 legal currencies including US dollars, euros, Hong Kong dollars, and Singapore dollars, ensuring fast and secure international remittances. With the changes in stablecoin policies, BiyaPay helps you cope with market challenges, optimize asset allocation, and steadily move forward.