Comment by nailer
11 hours ago
> It mentions it once.
> > (tranferring USDC or another GENIUS-compliant stablecoin on Solana).
> > The Genius act regulates stablecoin provision. US-issued stablecoins are backed by government bonds with proof of reserves. USDC and PyUSD are compliant already, USAT exists because USDT isn't compliant.
No.
> More importantly, not only are those regulations not in effect, the final regulations haven't even been written or approved yet - which brings up certain questions about how a stablecoin could be compliant with them.
No. The GENIUS Act is in effect, it was signed on July 18, 2025, becoming Public Law No: 119-27.
> No. The GENIUS Act is in effect, it was signed on July 18, 2025, becoming Public Law No: 119-27.
The law itself isn't the regulations. The law authorizes and directs regulators to create the regulations.
Moreover, the GENIUS Act doesn't become effective until January 18, 2027 (18 months after it was passed) or 120 days after regulators issue final regulations, whichever is earlier.[1][2]
The regulations for it are still being developed across dozens of state and federal regulatory agencies. The only thing someone like Tether did was get an existing bank to issue it which is a basic requirement to qualify as stablecoin issuer at all.
[1] Pub. L. 119–27, § 20
[2] https://dacfp.com/the-genius-act-in-plain-english/