@stabledash_: The USDH proposals just gave the entire industry a masterclass in GENIUS compliance. Bastion's CEO breaks down what most builders are missing. "There's a lot of misunderstanding around this," he explains. GENIUS requires a federal or state charter—bank or trust. Money transmitter licenses don't count ("Bitcoin ATM operators have MTLs"). Plus your state needs frameworks equivalent to federal standards. New York's NYDFS already meets this, which is why PayPal and Ripple chose that path. The real win isn't who gets USDH—it's builders understanding the requirements to launch their own stablecoin one day.

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