The GENIUS Act's final rules just landed. 'Can we pay everyone?' quietly became 'can we prove who everyone is?'

Payments-PM take. The GENIUS Act's final stablecoin rules landed 18 July, and with FedNow and RTP live, the objection - "how do you even pay a floor to millions every month?" - has quietly died. Three rails now move a dollar to anyone in seconds. So we've argued the wrong layer. Moving money was never the hard part; Pix and UPI proved a country can build instant rails fast. The scarce, political layer sits underneath: identity and eligibility. UPI only worked because Aadhaar came first. Who is one real person, who qualifies, how you stop one human claiming the floor ten times - no market builds the neutral registry that answers it. Rails commoditise to zero. Whoever owns identity + eligibility owns UBI. Public and auditable, or whoever ships the slickest wallet?