Stablecoin issuer Circle has urged the US Treasury Department to ensure a level playing field among banks, nonbanks, and stablecoin issuers as they implement the GENIUS Act. The act establishes a framework for payment stablecoins following its signing into law in July. While Circle aligns with many of the bill’s initial aims like ensuring backing for stablecoins by cash and high-quality liquid assets, it emphasizes the need for clear enforcement rules and consequences for noncompliance. Circle believes uniform regulatory oversight should apply to all issuers – banks, nonbanks, domestic, and foreign – to protect consumer interests from any potential regulatory loopholes.