GENIUS Act requires annual independent audits for issuers with more than $50 billion outstanding

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Firms making these digital assets available to U.S. users would have to meet stringent reserve demands, transparency requirements, money-laundering compliance and regulatory supervision that's also likely to include new capital rules.

The bill requires stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandates annual audits for issuers with a market capitalization of more than $50 billion, and establishes guidelines for foreign issuance.