New Frontier Labs has launched FYUSD, a dollar-pegged stablecoin targeting institutional investors in Asia, under the GENIUS Act framework. BitGo Bank & Trust National Association will issue and provide custody for the token, which is designed to meet strict reserve, custody, and compliance standards. The GENIUS Act requires one-to-one backing with cash or short-term US government debt, along with anti-money laundering and Know-Your-Customer checks. FYUSD features a programmable settlement layer, Fypher, enabling AI-driven commercial transactions. This infrastructure supports machine-driven payments and automated workflows, potentially streamlining cross-border settlements and digital trade flows. The launch comes amid a contraction in the stablecoin market, which has fallen below $300 billion, with Tether's USDT supply declining for the second consecutive month.