{"id":173514,"date":"2025-11-07T17:00:00","date_gmt":"2025-11-07T17:00:00","guid":{"rendered":"https:\/\/cryptonews.com\/fr\/?p=173514"},"modified":"2025-11-07T14:26:38","modified_gmt":"2025-11-07T14:26:38","slug":"circle-genius-stablecoins","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/fr\/news\/circle-genius-stablecoins\/","title":{"rendered":"Circle pousse la loi GENIUS : \u00ab m\u00eames activit\u00e9s, m\u00eames r\u00e8gles \u00bb pour les stablecoins"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Cap sur la clart\u00e9. Circle a d\u00e9pos\u00e9 sa lettre de commentaires aupr\u00e8s du Tr\u00e9sor am\u00e9ricain au sujet de la mise en \u0153uvre de la loi GENIUS, premier cadre f\u00e9d\u00e9ral d\u00e9di\u00e9 aux stablecoins de paiement. Le message est limpide : \u00ab same activity, same rules \u00bb. Autrement dit, m\u00eames activit\u00e9s, m\u00eames r\u00e8gles, quel que soit l\u2019acteur, qu\u2019il soit banque, fintech ou \u00e9metteur \u00e9tranger op\u00e9rant sur le march\u00e9 am\u00e9ricain. L\u2019enjeu est double. Simplifier la lecture r\u00e9glementaire et s\u00e9curiser l\u2019adoption \u00e0 grande \u00e9chelle.<\/p><h2 class=\"wp-block-heading\"><strong>Le message de Circle : un cadre unique, lisible, exportable<\/strong><\/h2><span class=\"replacer\"><\/span><p class=\"wp-block-paragraph\">Dans <a href=\"https:\/\/www.circle.com\/fr\/blog\/circle-submits-comment-letter-on-implementation-of-the-genius-act\" target=\"_blank\" rel=\"noreferrer noopener\">sa note<\/a>, Circle plaide pour une <strong>application uniforme des exigences cl\u00e9s<\/strong>. D\u2019abord, des r\u00e9serves en actifs liquides et s\u00fbrs, avec une transparence mensuelle simple \u00e0 v\u00e9rifier. Ensuite, une supervision claire, partag\u00e9e entre autorit\u00e9s bancaires et march\u00e9, afin d\u2019\u00e9viter les zones grises. Enfin, une interop\u00e9rabilit\u00e9 qui prot\u00e8ge l\u2019utilisateur sans casser l\u2019innovation. Le fil directeur tient en une phrase. Ce qui compte, c\u2019est <strong>l\u2019activit\u00e9 exerc\u00e9e<\/strong>, pas le costume institutionnel.<\/p><p class=\"wp-block-paragraph\">Par ailleurs, l\u2019\u00e9metteur <a href=\"https:\/\/cryptonews.com\/fr\/news\/usdc-devance-usdt-on-chain-stablecoins\/\">d\u2019USDC<\/a> insiste sur la <strong>neutralit\u00e9 concurrentielle<\/strong>. Si un stablecoin de banque, de big tech ou de crypto remplit les m\u00eames obligations, il doit b\u00e9n\u00e9ficier du m\u00eame traitement.<\/p><p class=\"wp-block-paragraph\">Cette approche <strong>r\u00e9duit l\u2019arbitrage r\u00e9glementaire<\/strong> et favorise la confiance c\u00f4t\u00e9 marchands. Elle facilite aussi l\u2019int\u00e9gration dans les paiements, les portefeuilles et, demain, la tokenisation d\u2019actifs financiers. En clair, c\u2019est un socle commun pour industrialiser.<\/p><figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">The GENIUS Act is a momentous turning point for the future of digital dollars. <br><br>Our response to <a href=\"https:\/\/twitter.com\/USTreasury?ref_src=twsrc%5Etfw\">@USTreasury<\/a>\u2019s request for public comment on this historic law\u2019s implementation outlines recommendations to deliver a uniform, prudentially sound framework for U.S. dollar payment\u2026 <a href=\"https:\/\/t.co\/7UmRJLWvrM\">pic.twitter.com\/7UmRJLWvrM<\/a><\/p>&mdash; Circle (@circle) <a href=\"https:\/\/twitter.com\/circle\/status\/1986449484214317510?ref_src=twsrc%5Etfw\">November 6, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><h2 class=\"wp-block-heading\"><strong>Impact march\u00e9 : terrain de jeu \u00e9gal, co\u00fbts de conformit\u00e9 ma\u00eetris\u00e9s<\/strong><\/h2><span class=\"replacer\"><\/span><p class=\"wp-block-paragraph\">Pour l\u2019industrie, un cadre pr\u00e9visible <strong>diminue les co\u00fbts de conformit\u00e9<\/strong> et l\u2019incertitude juridique. Les r\u00e9seaux de cartes, les acqu\u00e9reurs et les banques correspondantes savent \u00e0 quoi s\u2019en tenir. Par cons\u00e9quent, l\u2019onboarding des marchands s\u2019acc\u00e9l\u00e8re. Les cas d\u2019usage s\u2019\u00e9largissent, des paiements transfrontaliers aux payouts d\u2019\u00e9conomie num\u00e9rique, avec un suivi KYC\/AML proportionn\u00e9.<\/p><p class=\"wp-block-paragraph\">Cependant, des lignes rouges se dessinent comme la question de la <strong>pr\u00e9emption f\u00e9d\u00e9rale face aux lois des \u00c9tats<\/strong>. Le traitement des \u00e9metteurs non am\u00e9ricains qui ciblent des clients US demandera un balisage pr\u00e9cis. L\u2019acc\u00e8s aux rails de r\u00e8glement de la Fed, m\u00eame indirect, doit \u00eatre cadr\u00e9. Enfin, la surveillance des risques illicites exige des reportings lisibles, sans multiplier les canaux. L\u2019\u00e9quilibre consiste \u00e0 prot\u00e9ger sans \u00e9touffer.<\/p><p class=\"wp-block-paragraph\">Pour les investisseurs et les desks, la feuille de route change la texture du march\u00e9. Les stablecoins de paiement<strong> gagnent en statut et en lisibilit\u00e9<\/strong>. Ils deviennent des actifs de r\u00e8glement standards, int\u00e9grables aux tr\u00e9soreries d\u2019entreprises. De fait, les flux r\u00e9gul\u00e9s se densifient. Et la courbe d\u2019adoption s\u2019aplatit, car les barri\u00e8res op\u00e9rationnelles baissent. Le cycle cesse d\u2019\u00eatre binaire, il devient process.<\/p><h2 class=\"wp-block-heading\"><strong>Calendrier et jalons : du texte \u00e0 l\u2019ex\u00e9cution<\/strong><\/h2><span class=\"replacer\"><\/span><p class=\"wp-block-paragraph\">Le timing suit la <strong>m\u00e9canique du rulemaking<\/strong>. Le Tr\u00e9sor re\u00e7oit les commentaires, puis publie des projets de r\u00e8gles affin\u00e9s. L\u2019entr\u00e9e en vigueur pourrait intervenir 18 mois apr\u00e8s la promulgation, ou 120 jours apr\u00e8s finalisation des volets cruciaux.<\/p><p class=\"wp-block-paragraph\">Dans l\u2019intervalle, plusieurs chantiers avancent en parall\u00e8le : d\u00e9finition pr\u00e9cise des r\u00e9serves \u00e9ligibles, fr\u00e9quence et format des disclosures, traitement des \u00e9metteurs non US, articulation avec la tokenisation de d\u00e9p\u00f4ts et de titres. Chaque d\u00e9tail compte, car il fixe la g\u00e9om\u00e9trie du march\u00e9.<\/p><p class=\"wp-block-paragraph\">Ensuite, l\u2019effet r\u00e9seau joue. Une fois les r\u00e8gles stabilis\u00e9es, les int\u00e9grateurs <strong>alignent leurs back-offices<\/strong>. Les auditeurs normalisent les contr\u00f4les. Les assureurs tariferont mieux le risque op\u00e9rationnel.<\/p><p class=\"wp-block-paragraph\">Enfin, les r\u00e9gies de paiement <strong>testent des SLA concrets<\/strong> : temps de r\u00e8glement, taux d\u2019\u00e9chec, co\u00fbts unitaires. Si ces m\u00e9triques tiennent, l\u2019usage quitte la marge pour entrer dans la courante. Les consommateurs ne verront peut-\u00eatre pas la couche stablecoin, mais ils en go\u00fbteront le prix et la vitesse.<\/p><p class=\"wp-block-paragraph\">\u00c0 ce stade, la <a href=\"https:\/\/cryptonews.com\/fr\/news\/crypto-tradfi-circle-annuler-transactions-usdc\/\">position de Circle<\/a> <strong>offre un cadre de lecture<\/strong> plus qu\u2019un coup de force. Elle pousse une sym\u00e9trie de traitement qui a fait ses preuves ailleurs dans la finance. Elle sugg\u00e8re un standard exportable. Et elle fixe une boussole simple pour l\u2019arbitrage r\u00e9glementaire : m\u00eame risque, m\u00eames r\u00e8gles. Le reste est affaire d\u2019ex\u00e9cution, de gouvernance et de plomberie. C\u2019est le nerf de la guerre quand on veut passer du prototype au rail de masse.<\/p><hr class=\"wp-block-separator has-alpha-channel-opacity\"><p class=\"wp-block-paragraph\">Source : <a href=\"https:\/\/www.circle.com\/fr\/blog\/circle-submits-comment-letter-on-implementation-of-the-genius-act\" target=\"_blank\" rel=\"noreferrer noopener\">Circle<\/a><\/p><hr class=\"wp-block-separator has-alpha-channel-opacity\"><p class=\"wp-block-paragraph\">Pour aller plus loin sur le sujet :<\/p><ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/cryptonews.com\/fr\/news\/apres-usa-canada-pose-regles-stablecoins\/\">Apr\u00e8s les USA, le Canada pose les r\u00e8gles des stablecoins<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/cryptonews.com\/fr\/news\/western-union-stablecoins-projet-pilote\/\">Western Union int\u00e9ress\u00e9 par les stablecoins : Un projet pilote est en approche<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/cryptonews.com\/fr\/news\/regulation-us-genius-act-calendrier\/\">R\u00e9gulation US : calendrier charg\u00e9 avant d\u00e9cembre, les \u00e9metteurs crypto s\u2019adaptent<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Cap sur la clart\u00e9. Circle a d\u00e9pos\u00e9 sa lettre de commentaires aupr\u00e8s du Tr\u00e9sor am\u00e9ricain au sujet de la mise en \u0153uvre de la loi GENIUS, premier cadre f\u00e9d\u00e9ral d\u00e9di\u00e9 aux stablecoins de paiement. Le message est limpide : \u00ab same activity, same rules \u00bb. Autrement dit, m\u00eames activit\u00e9s, m\u00eames r\u00e8gles, quel que soit l\u2019acteur, [&hellip;]<\/p>\n","protected":false},"author":697,"featured_media":173515,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9,1],"tags":[],"editors":[2551],"sponsored_companies":[],"class_list":["post-173514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-news","editors-julien-leroy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Circle pousse la loi GENIUS : \u00ab m\u00eames activit\u00e9s, m\u00eames r\u00e8gles \u00bb pour les stablecoins<\/title>\n<meta name=\"description\" content=\"Circle a d\u00e9pos\u00e9 sa lettre de commentaires aupr\u00e8s du Tr\u00e9sor am\u00e9ricain au sujet de la mise en 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