The stablecoin law is becoming increasingly relevant in the cryptocurrency market. In the U.S., the Genius Act has been passed in the American Senate, establishing strict rules for issuance, backing, auditing, and transparency of these digital assets. Here are some key points about the stablecoin law:
- *Reserve Requirements*: Stablecoin issuers will be required to maintain reserves equivalent to 100% of the issued value, preferably in U.S. dollars or Treasury securities.
- *Auditing and Transparency*: The law imposes stringent rules for continuous auditing and transparency, as well as compliance with anti-money laundering legislation.
- *Priority in Bankruptcies*: Stablecoin investors have priority over other creditors in the event of the issuer's insolvency.
In Brazil, Federal Deputy Auro Ribeiro has submitted a bill (PL 4308/2024) to regulate stablecoins. The bill establishes that:
- *Authorized Institutions*: Only institutions authorized by the Central Bank will be able to issue stablecoins backed by foreign currencies.
- *User Protection*: Issuing companies will have a fiduciary duty to protect the interests of users and ensure transparency regarding the backing of stablecoins.
- *Monthly Reports*: Institutions will be required to publish detailed monthly reports on the composition and location of reserves, in addition to hiring independent auditors quarterly.
