Stablecoins. The statute is the GENIUS Act, and the 'opaque companies' are Tether and Circle holding the reserves that back the dollars people in high-inflation

Stablecoins. The statute is the GENIUS Act, and the 'opaque companies' are Tether and Circle holding the reserves that back the dollars people in high-inflation countries actually use. The tokens themselves are boring, what's unaudited is whether the t-bills behind them are really there in the amounts claimed.