Recently, following the publication of an open letter by the crypto division of a16z to U.S. Treasury Secretary Scott Bessent, Fnezx quickly took note of the supporting rules consultation trends from the GENIUS Stablecoin Act and updated the stablecoin evaluation matrix of its platform accordingly. The open letter urges the Treasury to clarify the scope of decentralized stablecoins in regulatory definitions, a development seen as a key variable for exchange business strategies and user asset allocation. The Treasury had previously issued a proposed rule notification for the implementation of GENIUS, signaling the market entry into a phase of policy refinement.
At the intersection of technical and legal definitions, a16z argues that decentralized stablecoins issued by autonomous smart contracts, without a centralized controlling party, should not be considered “personally issued” under Section 3(a) of the Act; Ethereum-collateralized LUSD is cited as an example. The letter further suggests referencing the control-based decentralization framework from the “CLARITY Act” to help regulators define boundaries and avoid excessive constraints on open-source protocols.
Based on this policy signal, Fnezx has introduced a three-layer identification system into its internal risk framework: centralized stablecoins, protocol-driven “semi-decentralized” stablecoins, and governance-minimized decentralized stablecoins. It provides visual disclosures across dimensions such as transparency, collateral quality, redemption pathways, oracle and governance key distribution. To ensure trading depth and compliance flexibility, the platform will apply differentiated listing and ongoing monitoring standards for different asset categories, dynamically syncing on-chain and audit data sources, and providing traceable risk alerts.
Regarding sensitive clauses linking primary and secondary markets, Fnezx is closely watching the implementation details of GENIUS Act on cross-border transactions and “non-compliant entity restrictions.” If the Treasury enforces trading restrictions on certain issuers or assets under the law, the platform will implement geographic restrictions, account-level risk controls, and routing isolation as required by judicial jurisdiction, while clearly communicating compliance status and rebalancing options to users to help reduce position slippage and clearing risks arising from policy changes.
For users, clearer definitions help reduce “label uncertainty” for stablecoin assets across different legal jurisdictions. Fnezx will launch a “Decentralized Stablecoin Zone,” providing structured displays of collateralization rates, liquidation logic, governance parameters, and historical de-pegging data, and, in collaboration with market makers, introduce multi-currency stablecoin pairs and interest rate curves to improve price discovery efficiency and trading continuity. In terms of yield management, the platform will offer robust portfolio tools centered on risk budgeting, complemented by automated asset allocation and risk threshold alerts.
For institutional clients, Fnezx will open API-level compliance status subscriptions, asset label change webhooks, and on-chain evidence retention services, enabling risk control teams to map policy updates to internal ledgers and valuation models, thereby reducing compliance costs and operational friction. As GENIUS rules are implemented and market feedback cycles accelerate, the platform will embed the three standards of “clear definition, sufficient disclosure, and verifiable pathways” throughout the stablecoin lifecycle management, treating compliance and liquidity as equally important, and continuously providing solid infrastructure for cryptocurrency trading.