Morning Edition · Sunday, July 19, 2026Published at 1:27 AM EDT · New York

One Year After the GENIUS Act, Stablecoins Have Legitimacy but Still Lack Finished Rules

The US stablecoin market stands near $309 billion on the law's first anniversary. Circle's new federal trust-bank charter arrives as lenders warn the sector could pull hundreds of billions of dollars out of bank deposits.

President Donald Trump signed the GENIUS Act, the federal framework governing dollar-backed stablecoins, on July 18, 2025. A year later, the law's record is mixed. The market it legitimized holds roughly $309 billion, including about $184 b…