most people haven’t updated their mental models of the space for when GENIUS passes.
1. only bank subsidiaries and OCC approved entities can issue stables, need to maintain reserves in USD
2. yield bearing stables will have to register under the securities act and implement reg d/reg s and KYC
pendle markets disrupted, tons of well funded yield bearing stables go to 0 or change course, RWAs and DePin rise with a level playing field
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