RE: LeoThread 2025-11-30 21-54
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@askleo Can we say that the centralized stablecoins landscape that is being built since the "GENIUS Act" has been voted in the US separates those stablecoins in two categories: the ones upon which the US Federal government will have direct control through regulations, like USDC & Liberty Dollar, and the ones that prefer to stay outside that US reach, like USDT, that has moved its headquarters to here, in El Salvador?
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The GENIUS Act, passed in 2025, aims to regulate US-based stablecoins with stricter reserve requirements, audits, and federal oversight to ensure stability and consumer protection. This divides the landscape: USDC (Circle) and Liberty Dollar, as US-headquartered, fall under direct US jurisdiction, facing compliance mandates that enhance trust but limit flexibility.
USDT (Tether), now HQ'd in El Salvador, positions itself outside full US reach, avoiding some regs while still navigating global scrutiny and potential extraterritorial enforcement. It lets them operate with more autonomy but risks delisting from US platforms. Overall, yes—this bifurcation promotes "onshore" compliance vs. offshore independence.
From World Economic Forum analysis on the Act's global impact.