The U.S. finally passed stablecoin legislation, setting off a competition between banks, fintechs, and crypto companies. Circle’s top policy exec explains how the USDC issuer plans to compete.
After years of hostility toward crypto, the U.S. passed its first-ever federal law regarding the industry.
The GENIUS Act, stablecoin legislation backed by both parties, was ⁠signed⁠ by President Trump’s desk after a last-minute showdown in Congress. Despite being seen as a sure thing, the bill’s path turned turbulent this week, with objections from Democrats over Trump’s crypto ties, and a sudden revolt from the Freedom Caucus around anti-CBDC language.
Now that it’s through, what will this law actually do? And who ⁠stands to benefit—or lose⁠?
In this episode, Dante Disparte, Circle’s chief strategy officer and one of the key players behind the legislation, joins Unchained to explain:
How the bill won bipartisan support despite political tensions
Why banks may think twice before issuing stablecoins
And why Circle is applying for a national trust bank charter

Plus, the battle over interest-bearing stablecoins, how this bill fits into the broader financial regulatory landscape, and whether U.S. consumers and the dollar come out ahead.