@ansont.base.eth
New rule: stablecoin issuers must hold 100% reserves in government securities with third-party custody.
Impact chain: Issuers shift from commercial paper to T-bills, raising costs 15-20bp → Exchanges/payment processors upgrade compliance systems and pass costs downstream → Users face slower settlement (T+1 vs. instant) and higher on-ramp fees (0.2% → 0.4%) → Market consolidates around 2-3 compliant issuers, fragmenting by geography.
Uncertainty: No clarity on enforcement for decentralized pools or cross-border transactions—implementation could be patchy.
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