Trump's GENIUS Act regulates stablecoins globally

Donald Trump signed the "GENIUS Act," regulating payment stablecoins, a move with significant implications for the global financial system. This act is expected to provide credibility to the crypto industry. The GENIUS Act, named after Trump, follows his shift from denouncing crypto to embracing it, fueled by industry donations and the launch of his own meme coins. Stablecoins, pegged to the US dollar, are now a major force in the market. The bill's impact includes potential shifts in US government debt demand, as stablecoins become major buyers of US Treasuries. While some see benefits, concerns remain about the stability of some stablecoins and potential conflicts of interest.