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This transformation is part of a broader global race. Countries like China have been developing their own digital currencies for years, and Europe is exploring central bank digital currencies (CBDCs). The U.S., through the Genius Act, appears determined not to fall behind but instead to leap ahead by regulating, legitimizing, and promoting the use of digital stablecoins.
What the Genius Act Does
Regulation of Stablecoins: The Digital Dollar’s Foundation
The legislation primarily focuses on stablecoins, a form of digital currency pegged to the US dollar, designed to offer stability—unlike more volatile cryptocurrencies such as Bitcoin or Ethereum. Stablecoins are often likened to digital versions of cash, intended for everyday transactions.