With the expected passage of the GENIUS Act this week, the $260‑billion stablecoin market is on the cusp of becoming a formally regulated part of the U.S. financial system.
The next step is institutional, bringing the time‑tested model of clearinghouses into the world of tokenized money.
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Why clearing matters
Traditional clearinghouses, formally called central clearing counterparties, stand between buyers and sellers, netting exposures, collecting collateral and mutualizing losses if a member defaults. That plumbing is mundane until something breaks; then, it becomes the firewall that prevents a localized shock from becoming a systemic risk. Recognizing the “too‑central‑to‑fail” profile of these utilities, the Financial Stability Board spent 2024 writing new
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