Yesterday, USDC (Circle) received approval from the U.S. OCC, meaning it can set up its own federally regulated trust bank. Immediately following that, on the 18th of this month marks the one-year anniversary of the GENIUS Act, with the deadline for submitting the supporting rules. Taken together, they are telling the market: stablecoins are moving from a single document into rules that can genuinely be implemented and enforced. But rules like these are not necessarily good news for everyone: 100% reserves, monthly audits, and no interest paid to token holders.

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