#GENIUS稳定币法案 Reserve Fund Management New Regulations: Rigorous Standards of the GENIUS Act

Article 203 of the GENIUS Act imposes strict requirements on stablecoin reserves: over 90% must be in cash or U.S. Treasury bills maturing within 3 months, and the remaining 10% can be invested in AAA-rated money market funds. Issuers must maintain a capital buffer of no less than 8% of the circulating volume and establish a "User Redemption Protection Fund" (with a scale no less than 5% of the daily average trading volume). Reserve assets must be stored in FDIC-insured banks or Federal Reserve accounts, and any form of reinvestment or collateralization is prohibited. Violators will face a fine of 3% of daily trading volume, with severe cases potentially leading to criminal prosecution. These regulations will eliminate 80% of small and medium-sized issuers.