#GENIUSActPass The new law requires that all stablecoins be fully backed by liquid dollar assets;

it obliges large issuers (capitalization over $50 billion) to undergo annual audits;

it prohibits giants like Meta and Amazon from issuing their own stablecoins without adhering to strict criteria regarding risks and privacy;

it guarantees stablecoin holders 'superpriority' in the event of the issuer's bankruptcy. GENIUS lays the groundwork for regulatory growth for payment stablecoins. It will reinforce the dominance of the US dollar, protect customers, and stimulate demand for Treasury bonds,” said Republican Senator Bill Hagerty, the main author of the bill.