The GENIUS stablecoin bill would require all stablecoins to be backed by U.S. Treasury bills, U.S. dollars, and Federal Reserve notes

Quotes that support claims

The bill will be called the "Guiding and Establishing National Innovation for US Stablecoins" and will include requirements for backing stablecoin payments with Treasury bills, U.S. dollars, and Federal Reserve notes

The GENIUS Act sets rules for issuing stablecoin payments and requires backing with US currency, Treasury bills, Federal Reserve notes and other assets