@yaleobadiah

The GENIUS Act or similar stablecoin legislation would reshape the market dramatically. By enforcing collateral standards (U.S. Treasuries, deposits), regulators could force undercollateralized or opaque stablecoins out. USDT, historically scrutinized for reserve opacity, may face compliance friction. Winners will be stablecoins backed by highly liquid, transparent assets (USDC, USAT). Issuers relying on exotic or crypto-native collateral could struggle. Regulatory clarity could strengthen institutional trust but reduce retail experimentation. Long-term, a regulatory filter would favor fewer but stronger players, with most capital concentrating in two or three compliant issuers.