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Stablecoin issuers now hold roughly $317 billion in redemption reserves concentrated in cash and the shortest Treasury maturities, making them a standing bid at the front end of the UST curve. Circle president Heath Tarbert told the House Financial Services Committee in written testimony on the 2nd that the GENIUS Act mandates identifiable 1:1 reserves, par redemption, disclosure, supervision and AML/sanctions compliance, with most provisions effective on January 18, 2027 or 120 days after final rules, whichever comes first. The channel runs both ways: rising stablecoin supply compresses bill yields and eases Treasury front-end funding, while a crypto risk-off phase that triggers net redemptions would force reserve liquidation, so watch weekly stablecoin supply and issuer attestations as the confirmation signal.
As a Policy signal, watch whether it changes price action, volatility, or flows around CRCL, COIN, ETH.
Original Source: 토큰포스트
This page is market information analysis, not investment advice.
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