Americas Stablecoin GENIUS Act — Here’s Who Wins Big, and Who Gets Left Behind

Actionable Market Insights

The GENIUS Act complements a regulatory trifecta, alongside the SEC's approval of a Bitcoin ETF and the FASB’s fair-value crypto accounting rules, by establishing a clear legal foundation for stablecoins. This unlocks institutional adoption of tokenized dollars as corporates gain accounting clarity and Wall Street embraces digital assets.

Stablecoin issuance has notably increased since early November 2024

On December 13, 2023, the FASB issued a landmark accounting standard mandating fair value treatment for certain crypto assets—a pivotal move toward greater transparency and financial mainstreaming. Though the rule took effect on December 15, 2024, it has triggered a wave of corporate treasury adoption heading in 2025. The SEC's approval of Bitcoin Spot ETFs on January 10, 2024, marked Wall Street’s green light to offer direct exposure to Bitcoin through regulated products, unlocking institutional capital and legitimizing crypto as an investable asset class. The GENIUS Act is pivotal because it creates the first federal framework for stablecoins in the U.S., legitimizing dollar-backed tokens and enabling regulated entities to issue regulated digital dollars at scale.