In this episode of MacroMatrix, Ethan dives deep into the landmark GENIUS Act—the United States’ first comprehensive federal framework for stablecoins—and its sweeping implications for crypto markets, financial infrastructure, and the future of Circle, the issuer of USDC. Joined by senior analyst Tracy, the conversation unpacks how the Act redefines who can issue stablecoins, the regulatory expectations now in place, and why Circle’s IPO may mark the start of its transformation from crypto company to core financial infrastructure. They also explore how the GENIUS Act may reshape global dollar dominance, challenge unregulated competitors like Tether, and open the door to compliant stablecoin innovation from Big Tech and banks alike. Plus, a detailed look at Circle’s high-stakes bet on its Circle Payments Network (CPN). Is this the new face of digital money? Tune in to find out.