GENIUS Rule: State stablecoin issuers capped sa $10 bilyon

Nag-land ang GENIUS rule ng US Treasury noong April 1 na may hard ceiling para sa state-licensed stablecoin issuers. Lumagpas ka sa ₱602.57 bilyon ($10 bilyon) sa outstanding tokens at may 360 days ka para mag-shift sa federal oversight o mag-shut down.

Hinati ng framework ang stablecoin rules sa dalawang tier. Reserve assets, redemption mechanics, monthly reserve publication, rehypothecation limits, at BSA compliance—uniform nationwide at walang state deviation. Capital standards, liquidity requirements, at risk management frameworks naman ay may kaluwagan para sa states na mag-calibrate, pero kailangan nila produce outcomes na kasing-higpit ng federal benchmark.

Patuloy na nag-a-update ang benchmark na yan, kaya hindi pwedeng i-freeze ng state regulators ang rules nila at ma-drift sa likod. Pinamumunuan ng Treasury ang interagency review committee with Fed at FDIC leadership na nag-certify ng state regimes. Noted ng Treasury na pwedeng mag-diverge significantly ang state at federal standards in practice.

Mahalaga ang ₱602.57 bilyon ($10 bilyon) cap kasi ang stablecoin market nasa ₱19.04 trilyon ($316 bilyon) na base sa DeFiLlama, with USDT controlling 58% ng supply. Tumalon ang retail-sized volume para sa USDC, USDT, at PYUSD from $500 million noong 2019 to $69.8 billion noong 2025. Projected ng Standard Chartered na pwedeng mag-pull ang stablecoins ng $500 billion in deposits from US banks by end of 2028, kapag umabot sa $2 trillion ang market.

Nagpakita ang Visa data from October 2025 na 97% ng stablecoin supply nag-converge sa USDT at USDC. Nag-aalala ang regulators sa concentration na yan, lalo na kasi kinokontrol ng Binance ang karamihan ng USD liquidity. Inilarawan ng FSOC 2025 annual report ang GENIUS as federal prudential system designed para sa onshore stablecoin innovation, protektahan ang holders in case ng insolvency, at suportahan ang international role ng US dollar.

Magdadagdag ang OCC ng implementing rules alongside Treasury, Fed, FinCEN, at OFAC. Nag-pre-clear ang OCC ng reserve assets, kaya magsisimula ang approval process bago pa ma-hit ng issuers ang $10 billion trigger. Naka-forecast ang Citi base-case na aabot sa $1.9 trillion ang market by 2030.

ℹ️ Article Details

• Source: CryptoSlate
• Original URL: https://cryptoslate.com/treasury-genius-rule-stablecoin-control-federal-oversight/
• Reading Time: 3 minutes
• Category: market-analysis
• Tickers: None
• Key Takeaway: State stablecoin issuers face federal takeover at $10 billion—a ceiling that could reshape the $316 billion market.
• Slug: treasurys-genius-rule-caps-state-stablecoin-issuers

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