The recently enacted U.S. GENIUS Act brings U.S. stablecoins closer to the financial mainstream. Stablecoins are digital assets designed to maintain a fixed value against national currencies. While stablecoins can track any currency (or other assets such as commodities), the U.S. has a strong first mover advantage. Dollar pegged stablecoins represent over 99% of total market capitalization. Stablecoins emerged in the mid-2010s as tools for cryptocurrency traders. By holding dollar-pegged tokens, traders could move instantly between crypto positions without leaving the digital ecosystem. Over the past decade, U.S. ... (full story)