Stablecoin Regulation Shakeup: Future Issuance Will Be KYC'ed Like Banks


Five US agencies jointly drop a bomb — FDIC, Federal Reserve, OCC, FinCEN, and the Treasury Department, collectively requiring stablecoin issuers to perform identity verification according to banking standards.
Details of the GENIUS Act must be finalized by July 18, starting a 35-day countdown. The core impact: stablecoins cannot pay interest to users, and the model of USDT/USDC earning interest from reserves will be cut in half.
Issuances exceeding 10 billion will fall under federal regulation, while smaller stablecoins will go through state channels — most likely exiting the US market directly.
The clear winners: USDT, USDC, with higher compliance moat.
Who are the losers? All small and medium-sized stablecoins and innovative DeFi stablecoin projects.
Do you think stablecoins should pay interest?
A: Yes, they should. Why can banks pay interest but stablecoins can't?
B: No, paying interest is shadow banking.
#BTC #ETH #USDT #USDC #稳定币
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