Why ethereum is the 'largest beneficiary' of the GENIUS Act
Andrew Keys, co-founder and chairman of The Ether Machine, explains how ethereum supports most stablecoins and tokenized assets through smart contracts.
To watch more expert insights and analysis on the latest market action, check out more Market Catalysts here.
I'm curious your take on the underlying prices also because um you know, as much as we have seen Bitcoin appreciate this year, in the last few weeks Ethereum's just been a rocket ship in terms of a price appreciation. Um, how much of that is sort of what's going on in Washington and are there things that are in the either, I mean, I we have the stable coin legislation pass, but in terms of the legislation being considered that will have implications for Ethereum specifically?
Great question. So Ethereum is the largest beneficiary of the Genius Act, which is the stable coin bill because Ethereum hosts is home to the majority of stable coins. So with the Bitcoin blockchain, you have one asset, a Bitcoin, and you can do one thing. You can move it from one person to another. With Ethereum, you can have infinite assets that you can tokenize, and then you can embed these tokens into digital legal agreements, called smart contracts. And we've found that Ethereum has this escape velocity where 90% of tokenization and real world assets and stable coins are residing on Ethereum.
Andrew, thanks so much. We'll keep in touch. See how it all goes. Appreciate your time.
Thank you.
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