Stablecoin Industry Sees Surge in Legitimacy with GENIUS Act Compliance
Nathan McCauley, co-founder and CEO of Anchorage Digital, a federally chartered bank, says that the GENIUS Act has given the industry what it needs most: legitimacy. The law, which was signed on July 18, 2025, regulates the stablecoin market and requires issuers to hold 1:1 reserves in short-term treasuries or dollars, submit to audits, and obtain licenses from federal and local governments.
McCauley believes that this legitimacy has had a significant impact on the industry, making it more mainstream. He cites the fact that stablecoins have settled about $33 trillion in 2025, more than Visa and Mastercard's combined $25 trillion. A survey conducted by Fireblocks found that nearly 50% of businesses who responded are already using stablecoins for various types of payments.
Two out of the top three stablecoin issuers globally have chosen to move onshore, with Tether launching USAT in January 2026 and Circle issuing USDC. Anchorage is the regulated issuer for both coins. McCauley predicts that more GENIUS compliant stablecoins will hit the market soon, including ones from big banks.