The 'GENIUS bill' in the U.S. Congress could change the landscape of the stablecoin market. This is because it aims to shift from a revenue-generating structure to a payment-centered stablecoin model. Fabian Dori, Chief Investment Officer (CIO) of Sygnum, said in a recent interview with Cointelegraph that "the GENIUS bill has been revised to clearly distinguish between interest and revenue-based stablecoins and payment stablecoins".
Dori assessed that this U.S. approach is bringing it closer to the MiCA (Markets in Crypto-Assets) regulation that governs the European Union's crypto asset market, calling it the "cornerstone of establishing global regulatory standards". According to him, the true impact of this bill goes beyond simple regulation. He pointed out that "by providing long-demanded regulatory clarity, stablecoin issuers and companies have gained confidence to develop 'killer apps' that can create not only current customer needs but also completely new forms of services and payment systems".
The market is also forming expectations for these changes. Mastercard and PayPal are building infrastructure for stablecoin use compliant with regulations, and global companies like Amazon and Walmart are exploring potential applications in areas such as salary payments and international transactions.
Dori added that for investors seeking returns, tokenized money market funds could be a more suitable alternative. Currently, tokenized mutual funds investing in U.S. Treasury-based products are offering annual returns of 4-5%, with the advantage of providing daily liquidity and stable value without blurring the boundaries between investment and practical use stablecoins.
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