The landmark GENIUS Act in the U.S. could become a major driving force for the adoption of stablecoins domestically and internationally. However, the act could inadvertently push investment capital toward the tokenized market in search of asset returns.
Will Beeson, former Standard Bank executive and current founder and CEO of Uniform Labs, stated in an interview that the core provision of this act is the prohibition of yield-bearing stablecoins, which will accelerate capital flowing into tokenized real assets.
Beeson stated that institutions need to seek returns through tokenized assets in a compliant manner, and capital is already shifting.
He pointed out that trillions of interest-free stablecoins will flood into the digital financial market. Beeson added, 'Institutional holders will not let assets sit idle; they demand returns and compliant infrastructure to obtain those returns.'
'The next phase is no longer about holding idle stablecoins, but rather about strategically obtaining risk-free returns and being able to convert between cash and high-quality assets at any time.'
Beeson's viewpoint is echoed by Solomon Tesfaye from Aptos Labs, who stated that the GENIUS Act will benefit the tokenization process just like stablecoins.
Uniform Labs is developing Multiliquid to meet this demand, which is a liquidity layer for the tokenized market that allows real-time conversion between tokenized assets and stablecoins.
Although specific partners were not disclosed, Beeson confirmed that his company is collaborating with several leading institutions, fintech companies, and stablecoin issuers.
The asset tokenization market may surpass private placements and government bonds.
Although the GENIUS Act strengthens the legal status of stablecoins, the next phase of digital assets will focus on asset tokenization. World Economic Forum member Sandra Waliczek stated that tokenization will balance the investment market.
As of now, the approximately $26 billion tokenized market is mainly concentrated in private placements and government bonds, but as Beeson mentioned, the transformation will extend to corporate bonds, commodities, equities, and real estate.