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Regulatory Landscape - The GENIUS Act establishes a supervisory system for stablecoins mirroring that of national banks [1] - The Act mandates supervision of all US stablecoin issuers by either the FRB, FDIC, OCC, or a state banking agency [2] - Issuers must maintain reserves backing their coins on at least a 1:1 basis with high-quality, liquid assets and disclose reserve composition monthly [2] Market Impact - Enhanced supervision is expected to create a sense of safety in stablecoins, driving mass market adoption [3] - The lack of perceived safety, compared to traditional banks with FDIC insurance, has hindered stablecoin adoption [1]