On July 18, President Trump signed into law the “Guiding and Establishing National Innovation for U.S. Stablecoins Act” (S.1582, also known as the “GENIUS Act”), pegging stablecoins one-to-one to the U.S. dollar and requiring them to be backed by safe assets such as Treasuries. The new law also restricts stablecoins from bearing interest, a provision sought by insured depository institutions.
Yet 96% of senior executives surveyed in IntraFi’s Q2 2025 Bank Executive Business Outlook Survey are concerned that companies such as Amazon and Walmart will find a way to get around the GENIUS Act rules for stablecoins. A number of banks are expected to enter the stablecoin market. J.P. Morgan Chase, Goldman Sachs, and BNY (among others) have announced they are moving forward on stablecoins and/or deposit tokens. But over half (52%) of bankers surveyed say stablecoins and deposit tokens are not a priority for their bank and do not anticipate any changes as a result of the GENIUS Act.