Just read up on stablecoins related to the Genius Act. This is why I wouldn’t hold them:

1. Requires KYC

2. Money can be taken by government

3. No way to redeem in kind

4. Vague auditing requirements

5. Lag time in asset pegged against

6. Issuers are controlled by the government by requiring a special license

7. The special license is given to banks by default

All I hear is how stable and accessible they will be, which will open such great opportunity. This is lipstick on a pig that is more controlling than our current system.