WSJ: Tether will be the biggest loser under the GENIUS Act

It has been suggested that Tether could be the biggest loser of the GENIUS Act, a bill to regulate stablecoins in the United States.
It is the issuer of USDT, the world's largest stablecoin by market capitalization. On the 25th (local time), the Wall Street Journal (WSJ) reported that the GENIUS Act will
The report said that forcing stablecoin issuers to undergo accounting audits would put an end to "dangerous practices" that have existed in the industry to date.
The WSJ reported that "The GENIUS Act would require stablecoin issuers to hold reserves in safe assets such as cash and U.S. Treasury bonds.
"This could pose a significant burden to Tether, which holds part of its reserves in Bitcoin and gold and has been under fire for its financial transparency in the past," he said.