Today I watched a YouTube video about the GENIUS Act which is a new US law to regulate stablecoins which may become law soon. The video is by The Coin Zone channel which is small with 11K subscribers but their videos are informative and well made.The video from yesterday has just 92 views so consider watching to help thenkm out.
Here is my summary.
The bill limits what kinds of organizations can issue stablecoins.
It specifies how stablecoins must be backed, which is mainly by US government short term T Bills that mature within 73 days.
If something goes wrong, the CEO and CFO are personally responsible.
Algorithmic stablecoins like DAI and HBD are not mentioned.
Source:
What About HBD?
It seems that this bill will not declare HBD to be a legit stablecoin. It doesn't seem to outlaw it, but it may limit what exchanges will list HBD. We're only on one, UpBit, as it is, at least according to CoinMarketCap. I suppose we can still trade it on our internal market and our on/off ramp will still be hive-engine via SWAP.Something tokens, like SWAP.LTC, SWAP.BTC or SWAP.USDT for example. See https://hive-engine.com/tokens for all hive-engine tokens.
So maybe this won't affect us either way. But if we were hoping to someday see HBD hit the "big time" and become more well known and used, this could be an obstacle, at least in the US.
However, other countries like Venezuela for example seem to be using HBD more and more every day, so maybe adoption in other countries will be what puts HBD on the map as a valuable and useful stablecoin.
That 15% APR yield is nice too, and makes HBD attractive and gets people's attention.
We'll have to see how this all plays out. How do you feel about HBD?
My Activity
for this Saturday was decent. I spent some time at the pool for a community fundraiser. I didn't swim but I walked around a lot, however without the phone I have actifit on.
At night I did take my usual walk with the hoodie on as it was in the upper 60s. I felt a few raindrops but nothing to chase me indoors. I took a normal route, not that long, but managed 7K today.
I hope your weekend is good!
Have a Nice Sunday!!! ❤️🙏❤️🙏❤️🙏
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