SS #15 - Trump Signs GENIUS Act Into Law

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Welcome to our 15th edition of the StableScope. A new 2x a week, stablecoin-focused newsletter from Launchy. Given the growth of the vertical, there's an increasing demand for more recurring reporting and curation on stablecoins.

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In Today's Edition:

• Headline: Trump Signs GENIUS Act Into Law

• Quick Bites: Russia Sets 2026 Launch Date for Digital Ruble

• Yield of the Week: 18% APY in USDC on Stream

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HEADLINE

Trump Signs GENIUS Act Into Law

State of play: President Donald Trump has signed the GENIUS Act, the first US federal law providing a regulatory framework for stablecoin issuers, marking a historic shift in the government’s stance on digital assets.

• The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act passed with wide bipartisan support and was signed in a high-profile White House ceremony attended by top crypto executives.

• The law mandates federal agencies to define and oversee stablecoin issuers, setting the stage for institutional adoption and regulatory clarity.

• GENIUS signals a dramatic reversal in Washington’s approach to crypto, especially after the FTX fallout in 2022, and boosts Trump’s positioning as a crypto-friendly president.

What’s Next: Regulators will now define how stablecoin issuers must operate under the GENIUS Act. At the same time, all eyes are on the Senate to advance a broader crypto market structure bill by its September 30 deadline.

Why it Matters: This is the first US law to legitimize stablecoins at the federal level. It gives the industry a clear regulatory foundation and signals growing bipartisan support for crypto’s role in the financial system.

Our Take: GENIUS is a major step forward, but the hard work starts now. Compliance, transparency, and trust will determine which players thrive under the new rules, and whether the US can lead global crypto regulation.

QUICK BITES

• Western Union explores stablecoin.

• Russia sets 2026 launch date for digital ruble.

• JPMorgan plans to launch crypto-backed loans.

• Conflux blockchain plans offshore yuan stablecoin.

• Ethena Foundation to spin up SPAC called StablecoinX.

• Bernstein says GENIUS Act is helping Ethereum ‘have its moment’.

• Tether CEO says he'll comply with GENIUS to come to US, Circle says it's set now.

• Paul Atkins says crypto industry cheer House passage of stablecoin and digital asset bills.

• JPMorgan says regulators outside US appear to prefer tokenized bank deposits over stablecoins.

• World Liberty plans to unlock WLFI token transferability within two months as pre-market trading.

YIELD OF THE WEEK

Stream xUSD: 18% APY on USDC

• Stream xUSD vault employs delta-neutral strategies by taking simultaneous long and short positions to earn yield from funding rates without market exposure.

• The platform focuses on DEX and DeFi market-making opportunities, with the flexibility to collaborate with external market makers when capacity limits are reached.

• Users may incur performance fees up to 10%, and returns are generated through funding rate arbitrage, cost of capital differences, and maker fee incentives from perpetual trading.

Main Street smsUSD: 24.3% APY in msUSD

• Main Street introduces a dual-token model featuring msUSD and smsUSD to offer delta-neutral yield strategies powered by options trading on Sonic.

• As an early mover in stablecoin-based options arbitrage, the platform provides institutional-level yield opportunities not previously accessible in DeFi.

• Users can stake msUSD to receive smsUSD, which accumulates returns from advanced options strategies.

Pareto sUSP: 30.26% APY in USP

• Pareto USP is a synthetic dollar backed by institutional-grade private credit, allowing users to mint it by depositing stablecoins, USDC and USDS.

• Staked USP becomes sUSP, an interest-bearing token that earns yield from loans issued via Credit Vaults to institutional borrowers.

• Yield is distributed only to sUSP holders, while unstaked USP still supports lending but earns no interest. A Stability Fund helps absorb losses before affecting sUSP holders in case of borrower defaults.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.