1、COMPLIANCE IN THE ERA OF STABLECOINSImplications of the GENIUS ActStefano BoezioJordan ColeCompliance In The Era Of Stablecoins Oliver Wyman2INTRODUCTIONThe passage of the GENIUS Act marks a pivotal moment for stablecoins in the United States,opening the market to a diverse array of institutions,inc

2、luding banks,technology firms,crypto-native entities,and new market entrants.The establishment of a federal framework for stablecoins also brings significant compliance and risk management implications.These present both challenges and opportunities for institutions planning to engage in stablecoin

3、issuance and related services.To meet GENIUS Act requirements,institutions need a roadmap so that they can adapt their existing risk and compliance frameworks.This process begins with the strategic alignment of stablecoin offerings with organizational goals.Next,market players can assess the regulat

4、ory landscape and market dynamics and define their risk appetite through scenario-based risk assessments.Then,they can critically evaluate and enhance their compliance infrastructures.This paper begins by placing stablecoins in the evolving payment landscape and exploring market entry options.It the

5、n examines the novel and complex risks introduced by stablecoins and how these translate into specific requirements and expectations for market participants.The work needed to adapt and update an institutions risk and compliance framework will depend significantly on its starting position:there will

6、 likely be important differences between financial institutions already subject to regulation and new market entrants.Lastly,we suggest a series of steps for adapting existing frameworks to the challenges and requirements posed by stablecoins.Oliver Wyman3Compliance In The Era Of Stablecoins1.THE NE