$USDC The GENIUS Act will require stablecoin issuers to back their currencies with liquid assets, such as the dollar and short-term Treasury bonds. Issuers will also be required to publicly disclose the composition of their reserves on a monthly basis.

A stablecoin is a type of cryptocurrency designed to maintain a stable peg to major currencies, typically the dollar. They are primarily used to facilitate cryptocurrency transactions and have gained widespread adoption in recent years.

Currently, USDC from Circle and USDT from Tether are the largest stablecoins in the market.