Will the GENIUS Act Split the Stablecoin Market?

• One year after the GENIUS Act, stablecoin competition is shifting from compliance to liquidity. 
• Institutions may migrate toward regulated stablecoins well before 2028, reshaping U.S. crypto markets.
• USDT may stay dominant offshore as regulated U.S. dollar stablecoins expand with financial institutions.

A year after the U.S. GENIUS Act became law, the biggest question isn’t whether Tether’s USDT will comply with the rules. It’s whether the law will create two separate stablecoin markets.

Tether has until July 2028 to meet most of the law’s requirements. But many in the industry believe banks and large investors won’t wait that long. They are expected to move toward fully regulated stablecoins well before the deadline, changing where liquidity flows.

Regulated Stablecoins Could Attract Institutions

The GENIUS Act requires approved stablecoins to be backed main…

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