Landmark Legislation Leaves Critical Questions Unanswered

The newly enacted GENIUS Act establishes America's first comprehensive framework for dollar-pegged stablecoins, yet fails to address key challenges posed by offshore operators. While the law mandates strict reserve requirements and disclosure rules for domestic issuers, its ambiguous treatment of foreign stablecoins like Tether's USDT has sparked concerns about competitive imbalance in the 【$267 billion】 market.

The Atlantic Council's Warning

Timothy Massad, former CFTC chair and co-author of an Atlantic Council analysis, highlights the "comparability" clause as particularly problematic. ——The provision allows foreign-issued stablecoins to operate in US markets if subject to "comparable" oversight, but leaves this standard undefined——. This creates potential for regulatory arbitrage, where non-US entities might exploit looser jurisdictions while accessing American users.

Corporate Giants Enter the Arena

Bank of America and retail behemoths including Walmart are reportedly preparing stablecoin offerings under the new rules. MIT's Christian Catalini predicts these entrants will focus initially on 【B2B payments】 and specific use cases rather than challenging Tether's dominant 【61.7%】 market share. "Most competition will emerge in domestic markets, putting pressure on USDC's position," Catalini observes.

DeFi's Unexpected Windfall

By prohibiting yield-bearing stablecoins, the GENIUS Act may inadvertently boost decentralized finance platforms. CoinFund's Christopher Perkins notes: ——Institutional investors still require yield mechanisms——, suggesting they'll turn to Ethereum-based protocols to generate returns currently blocked by the legislation.

Global Dollar Dominance Debate

While the White House touts the law's potential to strengthen dollar hegemony through increased Treasury demand, consultant Markus Hammer counters that "trust erosion" in dollar systems continues globally. The act's true impact may depend on whether stablecoins evolve beyond crypto trading into mainstream cross-border payments—a transition far from guaranteed.

Implementation Challenges Ahead

Industry experts agree the GENIUS Act marks a turning point for crypto regulation, yet its success hinges on addressing the foreign issuer gap. As Massad concludes: ——Stablecoins represent blockchain's most practical application to date——, but their future depends on creating truly level playing fields across jurisdictions.