Key facts:

• The GENIUS Act, a federal framework for U.S. dollar stablecoins, was passed by Congress and signed into law on July 18, 2025, creating a new regulatory category for payment stablecoins that are not bank deposits (they are explicitly treated separately from traditional bank deposits and securities/commodities). (en.wikipedia.org)

• Since then, no major U.S. bank has launched a retail or broadly-available GENIUS‑Act "payment stablecoin":

  • Bank of America repeatedly says it is ready and expects to launch a fully dollar‑backed stablecoin but only once the regulatory path is fully clear; as of mid‑ to late‑2025 it still describes this as a future plan, with no product or launch date announced. (coindesk.com)
  • Citigroup likewise says it is considering or looking at the issuance of a Citi stablecoin for digital payments, but again only as an exploration, not a launched product. (reuters.com)
  • An August 12, 2025 Reuters piece notes that after the GENIUS Act, firms like Bank of America and Citigroup are exploring GENIUS‑compliant stablecoins, but stresses that deployment strategies, regulatory details, and timelines remain unresolved. (reuters.com)

• The one concrete on‑chain dollar instrument from a major U.S. bank is JPMorgan’s JPMD:

  • JPMorgan piloted and then, on November 12, 2025, made its USD deposit token "JPMD" available to institutional clients on Coinbase’s Base L2. (jpmorgan.com)
  • JPMorgan itself and multiple commentators stress that JPMD is a deposit token, not a GENIUS‑Act payment stablecoin: it represents insured bank deposits, accrues interest, and is framed as "commercial bank money" on‑chain. JPMorgan’s Kinexys unit explicitly says, “This is a deposit token and not a stablecoin; clients are sending and receiving real bank money on Base,” and the Financial Times similarly contrasts JPMD with stablecoins for regulatory purposes. (en.coinotag.com)

Interpretation:

• Sacks’ prediction was that after the GENIUS Act, major U.S. banks would issue their own U.S.-dollar stablecoins under the new framework.
• As of November 30, 2025:
  • Banks are clearly preparing and signaling intent to issue such stablecoins under GENIUS. (coindesk.com)
  • But no major U.S. bank has yet launched a GENIUS‑regulated payment stablecoin; JPMorgan’s live product is deliberately structured and branded as a deposit token rather than a GENIUS stablecoin, and other big banks remain in the planning phase.

Because the GENIUS Act only became law in July 2025 and large banks are still in the design/regulatory‑approval stage, it is too early to say that the prediction—"the banks ... are going to issue one" under this new framework—has failed. At the same time, the exact outcome Sacks described has not yet materialized.

Conclusion: The prediction is neither clearly right nor clearly wrong as of November 30, 2025; it remains inconclusive (too early).