
Tether Faces a Two-Year Countdown to GENIUS Act Compliance
The GENIUS Act turns one this week, leaving Tether until July 2028 to move a reserve that CoinDesk puts at roughly a quarter non-compliant into cash and Treasuries.
Altcoins, ETH & general crypto

The GENIUS Act turns one this week, leaving Tether until July 2028 to move a reserve that CoinDesk puts at roughly a quarter non-compliant into cash and Treasuries.

Visa opened a managed platform for institutions to mint, hold and move stablecoins into its settlement network, starting with the consortium token Open USD.

Hyundai moved $20,000 between its US and Mexican units as USDT on Avalanche in about seven minutes, against three to four hours by the conventional route.

Stablecoin supply stood at $312.23 billion in mid-July, roughly $10 billion under its May peak, with USDT and USDC both smaller than they were this spring.

Circle National Trust won final OCC approval, letting the issuer custody digital assets and eventually manage the USDC reserve under federal supervision.

Gyeonggi Province will run an eight-month won stablecoin proof of concept from August, led by ZKrypto, with no issuer or legal frame named.

Trade-press reporting says the UAE central bank cleared DDSC, a dirham-backed payment token, to list on VARA-regulated exchanges in Dubai.

More than 140 companies, including Stripe, Coinbase, Visa and BlackRock, backed Open USD, a consortium stablecoin with fee-free minting that returns reserve income to partners. Circle shares fell more than 17% to a four-month low.

Stablecoin supply fell $7.7 billion in June to about $312 billion, the first monthly contraction in five months, while adjusted transfer volume set a record $1.79 trillion. Supply down and usage up is the month's central puzzle.

The Bank of England capped any systemic sterling stablecoin at £40 billion in issue, dropping its proposed per-holder limits. Feedback closes 22 September.

The Department of Financial Services' draft aligns New York's 2022 stablecoin framework with the federal GENIUS Act, adding custodian caps and a mandatory risk programme. Comments close on 22 June.