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The market may be misreading the new GENIUS rules.
This isn’t simply “USDT loses, USDC wins.”
Treasury is drawing a regulatory border around dollar liquidity.
By 2028, U.S.-facing platforms face a gate on which stablecoins they can distribute.
Regulated stablecoins on U.S. rails, while offshore stablecoins concentrate global on-chain liquidity.
GENIUS may not unify the stablecoin market. It may split it.
So what happens next: consolidation — or bifurcation?
#GENIUSRulesProposed
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