According to @rovercrc, the proposed U.S. GENIUS Act poses a significant regulatory threat to Tether's (USDT) dominance, potentially forcing it to meet strict compliance standards or lose access to the U.S. market. The legislation, which requires one-for-one reserves in cash or Treasuries and monthly audits, could benefit U.S.-based competitors like Circle's USDC. While Standard Chartered predicts a $2 trillion stablecoin market by 2028, JPMorgan offers a more conservative forecast of $500 billion, arguing that growth will be driven primarily by crypto-native activities like trading and DeFi, which currently account for 88% of demand, rather than mass payment adoption. In response, Tether may focus on non-U.S. markets or consider launching a separate, fully regulated U.S. entity.