BPI: Only USDC, PYUSD Meet GENIUS Stablecoin Reserve Rules

The headline compliance gap is less striking than its composition: the bulk of non-qualifying supply is offshore-issued rather than crypto-backed, which puts the regulatory question squarely on issuer domicile and reserve structure ahead of the 2027 effective date. That split matters for how the market reallocates between compliant and non-compliant tokens, and for the offshore issuers weighing whether to restructure reserves or accept a smaller addressable US market. The open question is whether the 26% compliant share grows through reserve changes at existing issuers or through migration of liquidity toward the two that already qualify.