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<!DOCTYPE html>
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<title>Stablecoins — Print</title>
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<!-- ════════════════════ SLIDE 01 · Title ════════════════════ -->
<section class="paper" data-label="Title" data-deck-active>
<div class="frame">
<div class="subhead mute build d1" style="position:absolute;left:2px;top:110px;font-weight:500;font-size:var(--fz-support);">The $1 tokens that suddenly matter to the whole world.</div>
<div class="wordmark build d2" style="position:absolute;left:0;top:250px;">Stablecoins</div>
</div>
<div class="peg build d3"><span class="peg-label" style="left:auto;right:44px;">$1.00</span><span class="peg-dot"></span></div>
<div class="caption build d4" style="position:absolute;left:var(--margin);bottom:120px;">Presenter A & Presenter B · AP Economics · June 2026</div>
<div class="foot-num">01</div>
</section>
<!-- ════════════════════ SLIDE 02 · Hook ════════════════════ -->
<section class="paper" data-label="The hook" data-deck-active>
<div class="frame" style="display:flex;flex-direction:column;justify-content:center;align-items:center;text-align:center;">
<div class="headline build d1" style="max-width:1500px;"><span class="jade">2025:</span> the year everyone rushed in.</div>
<div class="caption build d3" style="margin-top:80px;letter-spacing:0.18em;text-transform:uppercase;font-size:24px;">
US · Hong Kong · EU · UK · Singapore · Korea
</div>
</div>
<div class="foot-src">GENIUS Act, Pub. L. 119–27 (2025); HK Stablecoins Ordinance (2025)</div>
<div class="foot-num">02</div>
</section>
<!-- ════════════════════ SLIDE 03 · What it actually is ════════════════════ -->
<section class="paper" data-label="What it actually is" data-deck-active>
<div class="frame">
<div class="headline build d1" style="position:absolute;left:0;top:0;">A private digital dollar.</div>
<div class="subhead build d2" style="position:absolute;left:0;top:250px;max-width:1520px;font-weight:500;font-size:46px;line-height:1.32;color:var(--ink);">
A token you can always redeem for <span class="jade">$1</span> — really an IOU on the company that issued it, backed 1:1 by reserves it holds.
</div>
<div class="stats build d3" style="position:absolute;left:2px;top:560px;">
<div class="stat"><div class="stat-n count tnum">84%</div><div class="stat-l">of the market is<br>USDT + USDC</div></div>
<div class="stat"><div class="stat-n count tnum">$306B</div><div class="stat-l">total market size<br>end of 2025</div></div>
</div>
</div>
<div class="foot-src">Decrypt / DeFiLlama (2025); Brookings (2025)</div>
<div class="foot-num">03</div>
</section>
<!-- ════════════════════ SLIDE 04 · Two types ════════════════════ -->
<section class="paper" data-label="Two types" data-deck-active>
<div class="frame">
<div class="headline build d1" style="position:absolute;left:0;top:0;">Not all "stable" coins work the same way.</div>
<div class="build d2" style="position:absolute;left:0;top:215px;right:0;display:grid;grid-template-columns:1fr 1fr;gap:100px;">
<div style="border-top:3px solid var(--jade);padding-top:40px;">
<div style="font-size:24px;font-weight:600;letter-spacing:0.16em;text-transform:uppercase;color:var(--jade);margin-bottom:24px;">Collateralized</div>
<div style="font-size:56px;font-weight:700;letter-spacing:-0.025em;line-height:1.1;margin-bottom:26px;">Backed by<br>real assets</div>
<div style="font-size:34px;color:var(--mute);line-height:1.44;margin-bottom:26px;">Each token matched 1:1 with cash, US Treasuries, or other safe assets held in reserve.</div>
<div style="font-size:34px;font-weight:600;color:var(--ink);">USDT · USDC</div>
<div style="margin-top:14px;font-size:27px;color:var(--jade);font-weight:500;">← This deck's focus</div>
</div>
<div style="border-top:3px solid rgba(22,24,29,0.14);padding-top:40px;">
<div style="font-size:24px;font-weight:600;letter-spacing:0.16em;text-transform:uppercase;color:var(--mute);margin-bottom:24px;">Algorithmic</div>
<div style="font-size:56px;font-weight:700;letter-spacing:-0.025em;line-height:1.1;color:var(--mute);margin-bottom:26px;">Held by<br>math alone</div>
<div style="font-size:34px;color:var(--mute);line-height:1.44;margin-bottom:26px;">No real reserves — a formula was supposed to maintain the $1 peg through code and incentives.</div>
<div style="font-size:34px;font-weight:600;color:var(--alert);">UST · collapsed 2022</div>
<div style="margin-top:14px;font-size:27px;color:var(--mute);">~$40B gone in days</div>
</div>
</div>
</div>
<div class="foot-src">Brookings (2025); BIS FSI Briefs No. 27 (2025)</div>
<div class="foot-num">04</div>
</section>
<!-- ════════════════════ SLIDE 05 · Where does it fit? ════════════════════ -->
<section class="paper" data-label="Where does it fit?" data-deck-active>
<div class="frame">
<div class="headline build d1" style="position:absolute;left:0;top:0;">Where does a stablecoin fit?</div>
<div class="build d2" style="position:absolute;left:0;top:188px;right:0;">
<div style="display:grid;grid-template-columns:200px 1fr 1fr 1fr;padding-bottom:20px;border-bottom:2px solid var(--ink);">
<div></div>
<div style="font-size:40px;font-weight:600;letter-spacing:-0.015em;">Cash</div>
<div style="font-size:40px;font-weight:600;letter-spacing:-0.015em;">Bank deposit</div>
<div style="font-size:40px;font-weight:600;letter-spacing:-0.015em;color:var(--jade);">Stablecoin</div>
</div>
<div style="display:grid;grid-template-columns:200px 1fr 1fr 1fr;padding:20px 0;border-bottom:1px solid rgba(22,24,29,0.1);">
<div style="font-size:24px;font-weight:600;text-transform:uppercase;letter-spacing:0.1em;color:var(--mute);align-self:center;">Safety</div>
<div style="font-size:30px;color:var(--ink);line-height:1.38;">Gov't backed<br><span style="color:var(--mute);font-size:25px;">legal tender</span></div>
<div style="font-size:30px;color:var(--ink);line-height:1.38;">Deposit insurance<br><span style="color:var(--mute);font-size:25px;">up to $250k (US)</span></div>
<div style="font-size:30px;color:var(--ink);line-height:1.38;">Commercial credit<br><span style="color:var(--mute);font-size:25px;">issuer's liability only</span></div>
</div>
<div style="display:grid;grid-template-columns:200px 1fr 1fr 1fr;padding:20px 0;border-bottom:1px solid rgba(22,24,29,0.1);">
<div style="font-size:24px;font-weight:600;text-transform:uppercase;letter-spacing:0.1em;color:var(--mute);align-self:center;">Interest</div>
<div style="font-size:30px;color:var(--ink);">None</div>
<div style="font-size:30px;color:var(--ink);line-height:1.38;">Low<br><span style="color:var(--mute);font-size:25px;">~0.5–5% p.a.</span></div>
<div style="font-size:30px;color:var(--ink);line-height:1.38;">None to you<br><span style="color:var(--jade);font-size:25px;font-weight:600;">issuer keeps it all</span></div>
</div>
<div style="display:grid;grid-template-columns:200px 1fr 1fr 1fr;padding:20px 0;border-bottom:1px solid rgba(22,24,29,0.1);">
<div style="font-size:24px;font-weight:600;text-transform:uppercase;letter-spacing:0.1em;color:var(--mute);align-self:center;">Speed</div>
<div style="font-size:30px;color:var(--ink);line-height:1.38;">Instant<br><span style="color:var(--mute);font-size:25px;">physical only</span></div>
<div style="font-size:30px;color:var(--ink);line-height:1.38;">1–3 days<br><span style="color:var(--mute);font-size:25px;">cross-border wire</span></div>
<div style="font-size:30px;color:var(--jade);font-weight:600;line-height:1.38;">Minutes, 24/7<br><span style="color:var(--mute);font-size:25px;font-weight:400;">global, any hour</span></div>
</div>
<div style="display:grid;grid-template-columns:200px 1fr 1fr 1fr;padding:20px 0;">
<div style="font-size:24px;font-weight:600;text-transform:uppercase;letter-spacing:0.1em;color:var(--mute);align-self:center;">Access</div>
<div style="font-size:30px;color:var(--ink);line-height:1.38;">Physical only<br><span style="color:var(--mute);font-size:25px;">must be present</span></div>
<div style="font-size:30px;color:var(--ink);line-height:1.38;">Requires a<br><span style="color:var(--mute);font-size:25px;">bank account</span></div>
<div style="font-size:30px;color:var(--jade);font-weight:600;line-height:1.38;">Phone only<br><span style="color:var(--mute);font-size:25px;font-weight:400;">no bank needed</span></div>
</div>
</div>
</div>
<div class="foot-src">BIS FSI Briefs No. 27 (2025); Brookings (2025)</div>
<div class="foot-num">05</div>
</section>
<!-- ════════════════════ SLIDE 06 · Financial properties ════════════════════ -->
<section class="paper" data-label="Financial properties" data-deck-active>
<div class="frame">
<div class="headline build d1" style="position:absolute;left:0;top:0;">So what kind of money is it?</div>
<div class="attrs build d2" style="position:absolute;left:0;top:300px;max-width:1560px;">
<div class="attr"><b>Stable by design</b> — pegged to $1</div>
<div class="attr"><b class="k-jade">Fully backed</b> — a redeemable claim on reserves</div>
<div class="attr"><b>Earns the issuer, not you</b> — pays no interest to holders</div>
<div class="attr"><b>Spends like cash, 24/7</b> — but no legal tender or deposit insurance</div>
</div>
</div>
<div class="foot-src">BIS, FSI Briefs No. 27 (2025); Brookings (2025); GENIUS Act (2025)</div>
<div class="foot-num">06</div>
</section>
<!-- ════════════════════ SLIDE 07 · How the peg holds ════════════════════ -->
<section class="paper" data-label="How the peg holds" data-deck-active>
<div class="frame">
<div class="headline build d1" style="position:absolute;left:0;top:0;">How does it stay at exactly $1?</div>
<div class="build d2" style="position:absolute;left:0;top:230px;display:flex;align-items:center;gap:64px;">
<div style="font-size:120px;font-weight:700;letter-spacing:-0.04em;" class="tnum">$1</div>
<div style="font-size:88px;color:var(--mute);font-weight:300;">⇄</div>
<div style="font-size:120px;font-weight:700;letter-spacing:-0.04em;">1 token</div>
</div>
<div class="subhead build d3" style="position:absolute;left:0;top:560px;">Held by reserves, redemption & <span class="jade">arbitrage</span>.</div>
</div>
<div class="peg faint build d3"><span class="peg-label" style="left:auto;right:44px;">$1.00</span></div>
<div class="foot-src">GENIUS Act (2025): cash or sub-93-day Treasuries only; HK Stablecoins Ordinance (2025)</div>
<div class="foot-num">07</div>
</section>
<!-- ════════════════════ SLIDE 08 · The money machine ════════════════════ -->
<section class="paper" data-label="The money machine" data-deck-active>
<div class="frame">
<div class="headline build d1" style="position:absolute;left:0;top:0;">So how do issuers make money?</div>
</div>
<div class="flow build d2">
<div class="node">Your $</div>
<div class="conn"></div>
<div class="node">US Treasuries</div>
<div class="conn"></div>
<div class="node jade">Interest</div>
</div>
<div class="support build d3" style="position:absolute;left:var(--margin);top:800px;color:var(--mute);font-size:32px;">+ a small <span style="color:var(--ink);font-weight:600;" class="tnum">0.1–0.2%</span> fee to mint or redeem</div>
<div class="foot-src">36Kr (2025); BIS, FSI Briefs No. 27 (2025)</div>
<div class="foot-num">08</div>
</section>
<!-- ════════════════════ SLIDE 09 · Reserve quality ════════════════════ -->
<section class="paper" data-label="Reserve quality" data-deck-active>
<div class="frame">
<div class="headline build d1" style="position:absolute;left:0;top:0;">"We have the reserves." — Says who?</div>
<div class="build d2" style="position:absolute;left:0;top:218px;right:0;display:grid;grid-template-columns:1fr 1fr;gap:100px;">
<div style="border-top:3px solid rgba(22,24,29,0.14);padding-top:38px;">
<div style="font-size:24px;font-weight:600;letter-spacing:0.16em;text-transform:uppercase;color:var(--mute);margin-bottom:22px;">What most issuers provide</div>
<div style="font-size:56px;font-weight:700;letter-spacing:-0.025em;line-height:1.1;margin-bottom:26px;">Attestation</div>
<div style="font-size:33px;color:var(--mute);line-height:1.46;">Management says the reserves exist. An accountant confirms the numbers on paper — but does <em>not</em> independently trace each asset back to its real-world source.</div>
</div>
<div style="border-top:3px solid var(--jade);padding-top:38px;">
<div style="font-size:24px;font-weight:600;letter-spacing:0.16em;text-transform:uppercase;color:var(--jade);margin-bottom:22px;">The gold standard</div>
<div style="font-size:56px;font-weight:700;letter-spacing:-0.025em;line-height:1.1;color:var(--jade);margin-bottom:26px;">Full Audit</div>
<div style="font-size:33px;color:var(--mute);line-height:1.46;">An independent auditor traces every reserve asset to its real-world source and formally certifies those assets genuinely exist.</div>
</div>
</div>
<div class="build d3" style="position:absolute;left:0;top:648px;max-width:1520px;">
<div style="font-size:38px;font-weight:500;line-height:1.36;color:var(--ink);">Stability rests on <span class="jade">trust in the proof</span> — not just the promise.</div>
<div style="margin-top:14px;font-size:30px;color:var(--mute);">Tether's comprehensive independent audit remains pending as of 2025.</div>
</div>
</div>
<div class="foot-src">36Kr (2025); BIS FSI Briefs No. 27 (2025)</div>
<div class="foot-num">09</div>
</section>
<!-- ════════════════════ SLIDE 10 · Stablecoins & US debt ════════════════════ -->
<section class="paper" data-label="Stablecoins & US debt" data-deck-active>
<div class="frame">
<div class="caption build d1" style="position:absolute;left:0;top:30px;letter-spacing:0.18em;text-transform:uppercase;color:var(--mute);">Why governments care</div>
<div class="headline build d2" style="position:absolute;left:0;top:120px;max-width:1500px;">
Every dollar in becomes <span class="jade">new demand for US debt</span>.
</div>
</div>
<div class="flow build d3">
<div class="node">Your $</div>
<div class="conn"></div>
<div class="node">USDT</div>
<div class="conn"></div>
<div class="node">US Treasuries</div>
</div>
<div class="foot-src">Ante, Saggu & Fiedler (2025), via 36Kr (2025)</div>
<div class="foot-num">10</div>
</section>
<!-- ════════════════════ SLIDE 11 · The global race ════════════════════ -->
<section class="paper" data-label="The global race" data-deck-active>
<div class="frame">
<div class="headline build d1" style="position:absolute;left:0;top:0;">Everyone wants in.</div>
<div class="chips build d2" style="position:absolute;left:0;top:300px;">
<div class="chip"><span class="chip-k">GENIUS Act</span> <span class="chip-v">· Jul 2025</span></div>
<div class="chip"><span class="chip-k">Hong Kong</span> <span class="chip-v">· Aug 2025</span></div>
<div class="chip"><span class="chip-k">EU</span> <span class="chip-v">· MiCA</span></div>
</div>
<div class="subhead build d3" style="position:absolute;left:0;top:560px;max-width:1450px;">
Mainland China restricts crypto — <span class="jade">Hong Kong is the sandbox</span>.
</div>
</div>
<div class="foot-src">Library of Congress (2025); Morgan Lewis (2025); 36Kr (2025)</div>
<div class="foot-num">11</div>
</section>
<!-- ════════════════════ SLIDE 12 · The GENIUS Act ════════════════════ -->
<section class="paper" data-label="The GENIUS Act" data-deck-active>
<div class="frame">
<div class="headline build d1" style="position:absolute;left:0;top:0;">What the law actually requires.</div>
<div class="build d2" style="position:absolute;left:2px;top:145px;letter-spacing:0.16em;text-transform:uppercase;font-size:24px;color:var(--jade);">GENIUS Act · Pub. L. 119–27 · Signed July 18, 2025</div>
<div class="attrs build d3" style="position:absolute;left:0;top:224px;max-width:1560px;">
<div class="attr"><b class="k-jade">① 1:1 Reserves</b> — Cash or sub-93-day Treasuries only; no high-yield, no risky assets.</div>
<div class="attr"><b class="k-jade">② No Interest to Holders</b> — Stablecoins cannot pay yield or offer staking to users.</div>
<div class="attr"><b class="k-jade">③ Jurisdictional Carve-out</b> — Not a security, not a commodity; SEC & CFTC are excluded.</div>
<div class="attr"><b class="k-jade">④ Dual-track Regulation</b> — >$10B → Federal (Fed / OCC) · <$10B → state-level option.</div>
</div>
</div>
<div class="foot-src">GENIUS Act, Pub. L. 119–27 (2025); Paul Hastings LLP (2025); DLA Piper (2025); Sidley Austin LLP (2025)</div>
<div class="foot-num">12</div>
</section>
<!-- ════════════════════ SLIDE 13 · Upside & one myth ════════════════════ -->
<section class="paper" data-label="Upside & one myth" data-deck-active>
<div class="frame">
<div class="build d1" style="position:absolute;left:0;top:0;display:flex;flex-direction:column;gap:22px;">
<div class="support mute" style="font-size:34px;">A dollar account for anyone — no US bank</div>
<div class="support mute" style="font-size:34px;">Cross-border payments in minutes, for cents</div>
<div class="support mute" style="font-size:34px;">24/7, programmable money</div>
</div>
<div style="position:absolute;left:0;top:470px;">
<div class="subhead mute build d3" style="font-weight:500;text-decoration:line-through;text-decoration-thickness:3px;text-decoration-color:var(--mute);">"Crypto is private and untraceable."</div>
<div class="headline build d4" style="margin-top:38px;">Reality: <span class="jade">public, traceable, freezable</span>.</div>
<div class="build d5" style="margin-top:40px;font-size:30px;color:var(--mute);"><span class="tnum" style="color:var(--ink);font-weight:600;">$3.3B</span> frozen by issuers — 7,000+ wallets, 2023–25</div>
</div>
</div>
<div class="foot-src">Brookings (2025); Chainalysis (2025–26); AMLBot (2025)</div>
<div class="foot-num">13</div>
</section>
<!-- ════════════════════ SLIDE 14 · When it isn't stable ════════════════════ -->
<section class="paper" data-label="When it isn't stable" data-deck-active>
<div class="frame" style="inset:var(--margin) var(--margin) auto var(--margin);">
<div class="headline build d1">When stablecoins aren't stable.</div>
</div>
<svg viewBox="0 0 1920 1080" preserveAspectRatio="none" style="position:absolute;inset:0;width:100%;height:100%;overflow:visible;">
<line x1="154" y1="620" x2="1766" y2="620" stroke="#8A8A8E" stroke-width="2" stroke-dasharray="6 10"/>
<line x1="154" y1="620" x2="1120" y2="620" stroke="#16181D" stroke-width="3"/>
<path id="s9-drop" d="M1120 620 C 1206 622, 1248 702, 1300 722 C 1372 750, 1452 856, 1560 884"
fill="none" stroke="#E5484D" stroke-width="4" stroke-linecap="round"/>
<circle id="s9-usdc" cx="1300" cy="722" r="11" fill="#E5484D"/>
<circle id="s9-ust" cx="1560" cy="884" r="11" fill="#E5484D"/>
</svg>
<div class="peg-label" style="position:absolute;left:154px;top:574px;font-size:var(--fz-caption);color:var(--mute);font-variant-numeric:tabular-nums;">$1.00</div>
<div class="caption" style="position:absolute;left:1330px;top:684px;color:var(--alert);font-weight:600;font-size:26px;line-height:1.3;">USDC · ~$0.87<br><span style="color:var(--mute);font-weight:400;">Mar 2023, bank failure</span></div>
<div class="caption" style="position:absolute;left:1090px;width:430px;text-align:right;top:846px;color:var(--alert);font-weight:600;font-size:26px;line-height:1.3;">UST · collapsed<br><span style="color:var(--mute);font-weight:400;">2022, ~$40B gone</span></div>
<div class="subhead build d2" style="position:absolute;left:var(--margin);top:330px;color:var(--ink);">Runs, depegs & opaque reserves.</div>
<div class="foot-src">Widely reported; Chainalysis, via CryptoTimes (2026)</div>
<div class="foot-num">14</div>
</section>
<!-- ════════════════════ SLIDE 15 · The deeper risks ════════════════════ -->
<section class="paper" data-label="The deeper risks" data-deck-active>
<div class="frame">
<div class="headline build d1" style="position:absolute;left:0;top:0;">Three deeper risks.</div>
<div class="build d2" style="position:absolute;left:0;top:205px;right:0;display:grid;grid-template-columns:1fr 1fr 1fr;gap:72px;">
<div style="border-top:2px solid rgba(22,24,29,0.16);padding-top:32px;">
<div style="font-size:24px;font-weight:600;text-transform:uppercase;letter-spacing:0.12em;color:var(--mute);margin-bottom:20px;">① Systemic Risk</div>
<div style="font-size:46px;font-weight:700;letter-spacing:-0.025em;line-height:1.08;margin-bottom:22px;">Fire Sales</div>
<div style="font-size:30px;color:var(--mute);line-height:1.44;">A run on a major stablecoin forces rapid mass liquidation of Treasuries — spreading crypto stress into traditional money markets.</div>
</div>
<div style="border-top:2px solid rgba(22,24,29,0.16);padding-top:32px;">
<div style="font-size:24px;font-weight:600;text-transform:uppercase;letter-spacing:0.12em;color:var(--mute);margin-bottom:20px;">② Monetary Sovereignty</div>
<div style="font-size:46px;font-weight:700;letter-spacing:-0.025em;line-height:1.08;margin-bottom:22px;">Seigniorage Loss</div>
<div style="font-size:30px;color:var(--mute);line-height:1.44;">If private stablecoins displace cash, governments lose seigniorage income and central banks lose M1/M2 control.</div>
</div>
<div style="border-top:2px solid var(--alert);padding-top:32px;">
<div style="font-size:24px;font-weight:600;text-transform:uppercase;letter-spacing:0.12em;color:var(--alert);margin-bottom:20px;">③ Consumer Risk</div>
<div style="font-size:46px;font-weight:700;letter-spacing:-0.025em;line-height:1.08;margin-bottom:22px;">Fraud Profitability</div>
<div style="font-size:30px;color:var(--mute);line-height:1.44;">No law requires issuers to return stolen funds to victims. Frozen criminal assets can legally accrue to the issuer.</div>
</div>
</div>
</div>
<div class="foot-src">Brookings (2025); NY State AG James et al. (2025); Fidelity Investments (2025)</div>
<div class="foot-num">15</div>
</section>
<!-- ════════════════════ SLIDE 16 · Companies or central banks? ════════════════════ -->
<section class="paper" data-label="Companies or central banks" data-deck-active>
<div class="frame" style="display:flex;flex-direction:column;justify-content:center;">
<div class="caption build d1" style="letter-spacing:0.18em;text-transform:uppercase;color:var(--mute);margin-bottom:48px;">Who should issue digital money?</div>
<div class="hero build d2" style="font-size:140px;line-height:1.05;">Companies, or<br><span class="jade">central banks</span>?</div>
</div>
<div class="foot-src">Synthesis: Brookings (2025); BIS</div>
<div class="foot-num">16</div>
</section>
<!-- ════════════════════ SLIDE 17 · Conclusion & references ════════════════════ -->
<section class="paper" data-label="Conclusion & references" data-deck-active>
<div class="frame">
<div class="subhead build d1" style="max-width:1620px;font-size:52px;line-height:1.18;">
A stablecoin is a private digital dollar — held at $1 by <span class="jade">reserves and arbitrage</span>, funded by US Treasuries. The GENIUS Act now defines the rules; the deeper risks are still being written.
</div>
<div class="build d2" style="position:absolute;left:0;bottom:0;column-count:2;column-gap:90px;width:100%;font-size:24px;line-height:1.5;color:var(--mute);letter-spacing:0;">
<div style="font-size:26px;color:var(--ink);font-weight:600;margin-bottom:14px;column-span:all;">References</div>
<p>1. U.S. Congress. <em>GENIUS Act, Pub. L. 119–27.</em> Jul 18, 2025.</p>
<p>2. Hong Kong SAR. <em>Stablecoins Ordinance (Cap. 656).</em> Eff. 1 Aug 2025.</p>
<p>3. European Union. <em>Markets in Crypto-Assets (MiCA).</em> 2023.</p>
<p>4. BIS. <em>FSI Briefs No. 27 — Stablecoin-related yields.</em> 2025.</p>
<p>5. Ante, Saggu & Fiedler. <em>Tether & Treasury yields.</em> 2025.</p>
<p>6. Brookings Institution. <em>Stablecoins & the GENIUS Act.</em> 2025.</p>
<p>7. Knowledge@Wharton. <em>Stablecoins & the GENIUS Act.</em> 2026.</p>
<p>8. Chainalysis. <em>Stablecoin-tracing analyses.</em> 2025–26.</p>
<p>9. AMLBot / Cryptonews. <em>Stablecoin freezes 2023–25.</em> 2026.</p>
<p>10. Decrypt / DeFiLlama. <em>The Year in Stablecoins 2025.</em> 2025.</p>
<p>11. 36Kr. <em>Analysis of Stablecoins.</em> 2025.</p>
<p>12. 小Lin说. 《一口气了解稳定币》. Bilibili, 2025.</p>
<p>13. Paul Hastings LLP. <em>The GENIUS Act: A Comprehensive Guide.</em> 2025.</p>
<p>14. DLA Piper. <em>Stablecoins and the GENIUS Act.</em> 2025.</p>
<p>15. Sidley Austin LLP. <em>The GENIUS Act Framework.</em> 2025.</p>
<p>16. Oxford Business Law Blog. <em>GENIUS Act's Regulatory Bifurcation.</em> Nov 2025.</p>
<p>17. NY State AG James et al. <em>Joint Statement on Stablecoin Legislation.</em> 2025.</p>
<p>18. Harris & Rogoff. <em>Digital Asset Regulation Commentary.</em> 2025/26.</p>
<p>19. Fidelity Investments. <em>Systemic Risk & Stablecoins.</em> 2025.</p>
</div>
</div>
<div class="foot-num">17</div>
</section>
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