#GENIUSAct U.S. banks fear losing up to $6.6 trillion in deposits to stablecoins
Some U.S. banks are panicking over a growing threat: stablecoins. They’re not worried about volatility or speculation; they’re worried about losing trillions in customer deposits.
This week, that anxiety got louder after lawmakers in Washington passed the GENIUS Act, a bill that lays out legal rules for stablecoins in the U.S. The House of Representatives approved the bill on Thursday with a 308-122 vote, and it just got signed into law by President Donald Trump.$BTC