How the Genius Act Is Poised to Steal Your Money. Will the US Use the Vietnam Model of Freezing Accounts?
Monetary analyst Jim Rickards said that stable coin is a cryptocurrency that purports to exchange a $1 dollar token for $1 dollar. If the customer redeems that stable coin, he gets $1 dollar. Tether is the largest stable coin.
The stable coin sponsor issues a number of dollars in stable coins and then buys an investment. Sponsors usually buy Treasury Bills because they are liquid, there is a large market, they are not very volatile and they are easy to sell. The sponsor gets to keep the interest and earns free money. Sponsors can issue as many stable coins as the want.
Customers get zero return, but they are interested in buying stable coins because the stable coin itself is the token currency of the realm that is used in the crypto world. The vast majority of all the Bitcoin purchased are purchased with Tether.
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https://needtoknow.news/2025/09/how-the-genius-act-is-poised-to-steal-your-money-will-the-us-use-the-vietnam-model-of-freezing-accounts/
https://youtu.be/u105UtPv76A