U.S. Treasury Seeks Public Input on Stablecoin Monitoring Under GENIUS Act
The U.S. Treasury has opened a public comment period on tools to monitor illicit stablecoin activity, as mandated by the GENIUS Act. Submissions will be accepted until October 17, with the findings shaping the implementation of stablecoin regulations. Treasury Secretary Scott Bessent framed the MOVE as essential for maintaining U.S. leadership in digital assets, calling it a "win-win-win" for users, issuers, and regulators.
Stablecoin issuers are emerging as significant buyers of U.S. Treasury bills, using them to back reserves. Tether alone ranked as the 18th largest T-bill purchaser in Q2, surpassing sovereign nations like South Korea. Meanwhile, banking lobbyists are pushing to ban interest payments on payment stablecoins, setting up a regulatory clash.
