Odaily Planet Daily News: Trump officially signed the "National Innovation Act for Stablecoins" (referred to as the "Genius Act") at the White House, marking the first establishment of a regulatory framework for stablecoins in the United States. Trump stated that stablecoins help increase demand for U.S. Treasury securities, lower interest rates, and strengthen the dollar's position as the global reserve currency. He reiterated that he would "never allow the establishment of a central bank digital currency in the U.S." The "Genius Act" requires that stablecoins be backed by liquid assets such as the U.S. dollar or short-term U.S. Treasury bonds, and issuers must disclose reserve details monthly. Currently, the two largest stablecoins, USDT and USDC, account for nearly ninety percent of the total market value. According to statistics, the stablecoin market size is about $247 billion, and U.S. Treasury Secretary Yellen predicts it will grow to $3.7 trillion by 2030. Experts point out that the U.S. push for stablecoins aims to leverage the existing advantages of the dollar to maintain its dominant position in the global monetary and payment system. Some believe this move could alleviate pressure on U.S. debt. However, some Democratic lawmakers question whether the bill provides sufficient consumer and financial stability protections and point out links between the Trump family and cryptocurrency. Some Republican lawmakers also believe the bill conflicts with Trump's previous executive order banning central bank digital currency. (CCTV News)

#CBDC #USDT #USDC