Wall Street Takes Over Crypto Narratives a Year After GENIUS Act

President Donald Trump signed the GENIUS Act on July 18, 2025, creating the first U.S. federal framework for payment stablecoins. The law requires issuers to maintain 1:1 reserves in cash or other highly liquid assets, publish regular disclosures and comply with anti-money-laundering rules. The measure recast dollar tokens from a largely crypto-native product into regulated payment and settlement infrastructure that banks, asset managers and technology companies could use, extending the dollar’s reach across blockchain-based finance.

By the law’s first anniversary in July 2026, the stablecoin market had grown to roughly $300 billion, while Circle, Fidelity Investments and JPMorgan were pushing regulated digital-money products deeper into mainstream finance. A July 24 analysis said tokenized equities and prediction markets were following the same path, with licensed exchanges and the Commodity Futures Trading Commission increasingly setting the terms. It identified bank deposit tokens and central bank digital currencies as the next major themes, raising strategic questions for Taiwan over monetary sovereignty and access to dollar-based settlement rails.