US Senate Approves GENIUS Act to Regulate Stablecoins
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The US Senate passed the GENIUS Act with a 51-23 vote, marking a significant step toward establishing a regulatory framework for stablecoins. The bill, championed by Senator Bill Hagerty, aims to cement US dollar dominance while fostering innovation in digital assets.
Stablecoin issuers will be required to maintain one-to-one reserves in cash or short-term Treasuries, with strict prohibitions on yield payments. This structure is designed to combine dollar stability with blockchain efficiency, enabling near-instant settlements.
Hagerty projected that stablecoin providers could become the largest holders of US Treasuries by 2030, potentially reshaping global finance. The legislation now moves to the House for further consideration.
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