The GENIUS Act didn’t just set federal policy; it ignited the next great wave of American financial innovation. And that wave is breaking first on North Carolina’s shores. On July 15, 2025, just two days before the US House passed the bill and three days before President Trump signed it into law, I met with then-presidential adviser Bo Hines and his deputy, Harry Jung, both members of the White House Presidential Working Group on Digital Assets. It was among the closing discussions that helped bring the legislation across the finish line.
Standing outside the Eisenhower Executive Office Building that morning, I knew that years of work from our industry toward digital asset clarity were about to bear fruit. When the president signed the “Guiding and Establishing National Innovation for U.S. Stablecoins Act” (S. 1582) on July 18, it marked a definitive turning point for stablecoins and secured America’s position as the global leader in responsible financial innovation. For North Carolina, that milestone represents an immediate and generational economic opportunity.
According to the White House Presidential Working Group on Digital Assets, a stablecoin is a form of cryptocurrency engineered to hold a steady value relative to a reference asset — most often the US dollar. By maintaining this peg through reserve backing or algorithmic controls, stablecoins have become a bridge between traditional finance and digital markets, offering a less volatile medium for payments and value transfer.
For years, the digital-asset industry’s loudest call has been for coordination between Washington and the states. The GENIUS Act finally delivered that essential foundation, a clear, federal framework for stablecoins that still preserves state authority to craft complementary oversight. It is the model of federalism working as intended: Washington sets the rules of the road, while the states, including North Carolina, lead on implementation and innovation that can attract massive private capital.
Less than a month after that federal milestone, Reuters reported that Bo Hines, the now-former presidential adviser who successfully led the PWG report and GENIUS passage, would join Tether as strategic adviser and lead its new US affiliate, USAT.
Then, on Sept. 12, I attended Tether’s private “Coming to America” briefing in Manhattan, an invitation that marked the company’s first official introduction of its expanded US presence. During the event, Tether confirmed it would launch its first US-regulated stablecoin in partnership with Cantor Fitzgerald and Anchorage Digital Bank, with Hines at the helm, presumably from New York. However, from the stage, Hines surprised the Wall Street crowd by declaring that the corporate headquarters of USAT would be in Charlotte. Designed in full compliance with the GENIUS framework, USAT signaled that the next chapter of global stablecoin innovation would be written in North Carolina.
This decision was not an accident. North Carolina, particularly Charlotte, is already the nation’s second-largest banking hub. Our history of robust, consumer-focused financial regulation and our concentration of elite banking talent have built an indispensable foundation of “Regulatory Trust.” This unique environment allows digital innovators to deploy new products with confidence that they can scale safely and responsibly.
Tether’s plans extend far beyond a regional footprint. According to CoinDesk, the company intends to bring its new stablecoin to as many as 100 million Americans by its December launch, a nationwide initiative aligning perfectly with the principles of the GENIUS Act. It’s an extraordinary target, and it underscores why state-level readiness matters so critically. The move to Charlotte is not just symbolic; it immediately injects high-paying fintech jobs and significant tax revenue into the local economy, while attracting a wave of subsidiary blockchain and financial services firms eager to be near this core infrastructure. This translates directly into a broader, more resilient tax base for North Carolina, reducing reliance on traditional sectors and securing our economic future.
Following the GENIUS signing, the Blockchain Association turned immediately to implementation, knowing federal clarity is only half the battle. We launched the GENIUS Education Tour targeting state capitols nationwide, the first stop being a roundtable on Sept. 23 hosted by State Treasurer Brad Briner, where my team and I detailed how state banks and regulatory bodies can proactively engage with this new asset class. Recognizing the urgency of the moment, State House Reps. Allen Chesser and David Willis, chairmen of the newly formed House Select Committee on Blockchain and Digital Assets, moved swiftly, extending an invitation for me to formally testify on Oct. 20 in Raleigh. This independent action marked the crucial moment federal clarity met decisive state action.
From Raleigh’s policy tables to Charlotte’s fintech corridors, North Carolina is showing how responsible collaboration should work. Federal clarity and state leadership are moving in sync, and the results are already visible in capital investment and business relocation. The future of US digital-asset policy will belong to those who can bridge innovation and governance, and that vision could be realized right here in North Carolina.
For North Carolina to fully realize the promise of this moment, our General Assembly must continue to lead with foresight. We need decisive legislative steps on two fronts:
- State stablecoin framework: Establish a state pathway for regulators by enacting laws that create an NC-certified stablecoin regime substantially similar to the GENIUS Act on reserves, audits, consumer protections, and risk management. This will allow the state to maintain a vital role in regulating the next generation of financial institutions.
- Immediate investment action (HB 92): The State House already did its part by overwhelmingly passing the bipartisan “Digital Assets Investments Act” (House Bill 92) earlier this year. The White House is closely monitoring each state’s progress on SBRs and enabling legislation like HB 92. Now, the state Senate must act. Its urgent passage of HB 92 will permit Treasurer Briner to invest in qualifying digital assets, supporting President Trump’s vision for a Strategic Digital Asset Stockpile and North Carolina’s economic future.
If we seize this moment with continued legislative foresight and regulatory support, North Carolina can do for digital assets what it once did for banking, build trust, attract capital, and set the standard for responsible, sustainable growth. The next chapter of America’s financial story is being written right here at home, and the world is watching our state’s continued leadership.
