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In the U.S., the "Genius Act" marks the first comprehensive federal regulation for stable coins. It aims to safeguard consumers and establish clear operational standards. These regulations influence how stable coins are issued, traded, and integrated into the broader financial system, impacting which stable coins can operate freely and how they are perceived.
Why a Single Stable Coin Is Not Enough
Given the diversity in backing mechanisms and regulatory landscapes, it's evident why the crypto world cannot rely on just one stable coin. Different users and markets have varying needs:
Security and trust requirements
Regulatory compliance
Decentralization preferences
Exposure to different assets or currencies