The GENIUS Act Didn't Regulate Stablecoins. It Broke Their Business Model

The GENIUS Act delivers regulatory clarity for stablecoins in the U.S., but at a cost. By eliminating yield on reserves, it destroyed the business model that sustained issuers like Circle. The float hasn't disappeared; it's shifted offshore, to banks, and into new fee structures. This change may crown Tether king of emerging markets and force U.S. issuers to reinvent themselves.