GENIUS Act mandates that all payment stablecoins be fully backed by highly liquid assets such as U.S. dollars or short-term Treasury securities

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The GENIUS Act would require every payment stablecoin to hold high-quality, highly liquid assets equal to the value of tokens in circulation, chiefly short-dated US Treasuries or insured deposits.
The Senate bill would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets and mandate annual audits for issuers with more than $50 billion in market capitalization