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Genius-Act

A collection of 4 posts

Ethena & USDe: The Synthetic Dollar Built on Borrowed Rails

Ethena scaled the fastest synthetic dollar in crypto history on CEX perps and OES custody. USDe ~$4.48B, sUSDe yield down to 3.55%, Reserve Fund $62M. USDtb (BlackRock BUIDL) goes GENIUS-compliant onshore via Anchorage; Janus Henderson signs on — while Converge stalls. A lucid yield-dollar audit.

GENIUS Act: The Loophole Closes — Yield Ban Final Rules & Where the Money Goes

GENIUS Act: The Loophole Closes — Yield Ban Final Rules & Where the Money Goes

One year on, the GENIUS Act yield ban gets its final rules. The OCC's rebuttable presumption closes the exchange-reward loophole — and the displaced yield is migrating to tokenized deposits. Dr. Alexandra Volkov maps where the money goes.

The Audit: When $185 Billion Asks to Be Trusted

The Audit: When $185 Billion Asks to Be Trusted

Tether didn't hire KPMG because regulators forced the issue. It hired KPMG because the GENIUS Act made the audit the price of institutional distribution. Alex Cache on why this is a power move, not a compliance gesture.

GENIUS Act - Decentralized Stablecoins: Economic Compression or Viable Niche?

GENIUS Act - Decentralized Stablecoins: Economic Compression or Viable Niche?

The GENIUS Act defines payment stablecoins as 1:1 reserve-backed instruments. DAI and LUSD are excluded by architecture, not intent. Dr. Alexandra Volkov maps the economic compression — and whether a viable niche remains.