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Former Bank of China VP Warns US Stablecoin Legislation Could Disrupt Private Issuers

Former Bank of China VP Warns US Stablecoin Legislation Could Disrupt Private Issuers

Author:

Global Cryptocurrency

Published:

2025-12-05 19:24:01

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BTCCSquare news:

Wang Yongli, former vice president of the Bank of China and ex-SWIFT board member, argues that the GENIUS Act—signed into law by former President Trump—may inadvertently destabilize the private stablecoin sector it seeks to regulate. The legislation mandates strict reserve requirements, monthly audits, and interest payment prohibitions for stablecoin issuers.

Traditional banks could leverage the law to dominate the market with tokenized deposit products, sidelining private players. While the Act strengthens demand for US Treasuries and bolsters the dollar's global standing, Wang warns of unintended consequences for dollar circulation tracking and financial system stability.

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