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The U.S. Starts Writing Stablecoin Rules: What the Fed’s Proposal and Treasury’s GENIUS Rule Change
On Sept 24 the Fed proposed 100% reserve and capital rules for stablecoin issuers; on Sept 30 Treasury published its first binding GENIUS Act rule. What the two-tier market looks like.- 36
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A Stablecoin Is a Receipt. Someone Else Holds the Key and Keeps the Interest.
USDT and USDC together are about $258.6 billion of circulating claims. I read both contracts directly: each exposes an administrative freeze query, and USDT’s answers true for a real address. At the 13-week Treasury bill rate of 4.20 percent on 28 September 2026, that float would earn about $10.9 billion a year. The holders are paid nothing.- 117
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