WSJ: The GENIUS Act will force Tether to undergo an audit, making it the “biggest loser”

Planet Daily News: The upcoming "GENIUS Act" in the U.S. Congress will incorporate stablecoins into the mainstream financial system. However, the act requires stablecoin issuers to use safe assets such as cash and short-term U.S. Treasury bonds as reserves, with major issuers needing to publish audited annual financial reports. This poses a serious challenge to Tether, the stablecoin issuer—its USDT is currently partially backed by Bitcoin and gold, and has long refused to fully disclose financial details. Scott Armstrong, a former federal prosecutor who has handled crypto cases, pointed out: "This could prevent Tether from continuing to operate in the United States." Analysts believe the GENIUS Act will force Tether to undergo an audit, making it the "biggest loser". As of now, Tether's representatives have not responded to requests for comment. (Wall Street Journal)