US Stablecoin Rules Wey under GENIUS Act Dey Threaten Global Payments
Amundi don dey warn say di new US stablecoin rules under di GENIUS Act fit cause gbe gbe for global payments and e fit make US dollar weak. Di bill wey Senate don pass and now dey House say make all dollar-pegged tokens get full collateral reserve and dem go dey under state plus federal supervision. Amundi CIO Vincent Mortier talk say stablecoins wey dey give interest fit make bank deposits waka comot, this one fit make di token issuers become like quasi-banks and e fit cause systemic risk. Since early 2023, stablecoin don double reach $250 billion and e fit reach $3.7 trillion by 2030. Di Act fit make demand for US Treasury rise but e also fit show say dollar no too stable. Circle CEO Jeremy Allaire talk say di rules go make US more competitive. Bank of England Governor Andrew Bailey and ECB officials warn say this one fit shake public trust, affect euro payment role and quicken dollarisation. Big tech company like Apple, Google and X dey check out dollar-pegged digital currencies. Di law fit also boost tokenisation for real estate and trade finance. Crypto traders need to dey watch how US stablecoin rules dey evolve because e fit cause wahala for stablecoin markets and digital assets generally.
Neutral
Amundi warning on di GENIUS Act dey bring regulatory clarity for stablecoins as e require full reserves, we fit make market trust and stability strong for long term. But if dem turn issuers to quasi-banks and increase oversight, e fit raise systemic risk and fit cause short-term wahala for market. Traders fit react different: some go like di clear rules, put more money for regulated stablecoins, while others fit reduce exposure because dem dey worry about dollar fragility and cross-border liquidity wahala. Overall, di opposing things show say e go get neutral impact on stablecoin prices.