Circle won final OCC approval to establish Circle National Trust, bringing USDC custody and future reserve management closer to federal bank oversight.
Sony Bank won preliminary OCC approval for Connectia Trust, a New York national trust bank built around dollar stablecoin issuance, reserve maintenance and Sony platform payments.
Five U.S. agencies proposed GENIUS Act customer ID rules for stablecoin issuers, while excluding ownership alone and most secondary-market transfers.
State Street launched SSCXX, a stablecoin-reserve money market fund with 121M in net assets, a 15M minimum and a GENIUS Act reserve angle.
Banks are using the GENIUS Act to reshape the stablecoin market: Banks want control of the stablecoin market, starting with USDC and circling Tether.
GENIUS Act is now U.S. law: 1:1 reserves, monthly disclosures, no issuer-paid yield. How it changes stablecoins and USDC/USDT outlook.