The Stablecoin Business Is About To Boom In The USA

Stablecoins have become federally regulated in America for the first time ever. And it might be the beginning of one of the largest revolutions in payments.

What’s happening:

• President Donald Trump has officially signed the GENIUS Act in to law to federally regulate stablecoins in the United States of America
  

Why it matters:‍

• This is the first time in history that the United States has ever legally passed a regulatory framework for stablecoin issuers
  

Going deeper:‍

• The GENIUS Act provides a clear legal structure to stablecoin issuers and companies for backing their stablecoins with U.S. dollars or short term Treasury bills and providing regular reporting of their financials
  
• The GENIUS Act will also enable stablecoins to be more broadly used for payments and money transfers in the United States of America, which is widely anticipated to lead to large financial institutions and banks to begin to launch their own stablecoins
  

The intrigue:‍

• Many of the biggest players in crypto have been aggressive placing bets on the future of stablecoins, including Galaxy Digital (NASDAQ: GLXY) recently raising a new venture capital fund to invest in early stage stablecoin technology companies and Robinhood (NASDAQ: HOOD) being a large investor in the Global Dollar Network which just launched in the European Union

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