• GENIUS Act marks first U.S. law for dollar-backed stablecoin regulation.

• Mastercard says clear stablecoin rules boost trust, encourage wider mainstream adoption.

• Big banks and tech giants eye stablecoin launches after GENIUS Act.

Mastercard believes the new GENIUS Act is a big step forward. The company says this law is a “turning point” for stablecoins. It will assist them to be more credible by banks, large corporations and the populace.

GENIUS Act Becomes First U.S. Law Regulating Dollar-Backed Stablecoins

The GENIUS Act is the first crypto legislation to be enacted in the United States. It establishes rules on stablecoins. It states that stablecoins that are US-dollar backed can only be issued by licensed companies. These firms have to abide by rigid guidelines. They also need to have sufficient reserve money. They should also be able to comply with all the reporting and compliance regulations.

Mastercard has Jesse McWaters as its executive vice president. According to him, this legislation will assist stablecoins in expanding safely. The lawmaker is optimistic that more large investors will enter the market of stablecoins. He adds that it will make people trust stablecoins more than ever.

Mastercard has long labored in this direction. The company is hoping that stablecoins will operate in locations where people have already been trusted. The payment network owned by Mastercard is massive. Mastercard is being used to make payments in millions of stores and online stores. In case that stablecoins are safe and crystal clear, Mastercard can enable people to spend them anywhere.

Other large companies are also keeping an eye. Such banks as JPMorgan, Citigroup, and Bank of America are going to introduce their stablecoins in the near future. Large technology companies such as Amazon and Apple are also researching on the use of stablecoins.

At the same time, the United States is not the only one. Other regions in the world are doing the same. The EU has enacted its MiCA law on crypto assets. Stablecoins are also regulated strictly in MiCA. New rules have been made in Hong Kong, Singapore, and the UAE.

Mastercard Aims to Link Stablecoins to Worldwide Payments Network

McWaters narrates that all these are positive to everyone. According to him, firm regulations will enable stablecoins to increase in the desired direction. Individuals and businesses desire black and white rules.

He says Mastercard supports clear rules. In the past, new types of payment and money always required the existence of rules in the first place. It is the same with stablecoins now. Mastercard believes that this will increase competition and improve services to all.

Mastercard is eager to eliminate the gap between the new and the old. Additionally, it desires to bind stablecoins to its payment system across the world. It is already working with banks and regulators. It can now assist stablecoins to move safely. They will be accepted in shops. It is easy to spend them.

Mastercard, in brief, believes that the GENIUS Act will bring stablecoins to the mainstream. Stablecoins are safer under the law. It clarifies rules. It instills more confidence in people. Banks, tech firms, and payment systems are willing to assist.

This law is a turning point, as McWaters stated. It can alter the way individuals pay, save, and transfer money across the globe. Mastercard is willing to make a huge contribution.

At this moment, everyone is looking at what happens next. More corporations are going to introduce stablecoins. They will be used by more people. New regulations will also make stablecoins stronger day by day.