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The market may be misreading the new GENIUS rules. This isn’t simply “USDT loses, USDC wins.” Treasury is drawing a regulatory border around dollar liquidity. By 2028, U.S.-facing platforms face a gate on which stablecoins they can distribute. Regulated stablecoins on U.S. rails, while offshore stablecoins concentrate global on-chain liquidity. GENIUS may not unify the stablecoin market. It may split it. So what happens next: consolidation — or bifurcation? #GENIUSRulesProposed