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Senate Advances Stablecoin Regulation as Tech Firms Weigh Crypto Payments

Passage of the GENIUS Act could trigger a surge in demand for Treasury bills tied to digital tokens alongside fresh scrutiny of presidential family profits

A banner for Circle Internet Group, the issuer of one of the world’s biggest stablecoins, hangs on the front of the New York Stock Exchange (NYSE) to celebrate the company’s IPO in New York City, U.S., June 5, 2025. REUTERS/Brendan McDermid/File Photo
Tether, which issues the stablecoin USDT, accounts for 62% of the total stablecoin market.
Stablecoins have become a buzzy topic in Silicon Valley over the past year.
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Overview

  • The GENIUS Act cleared a key Senate procedural vote and is now awaiting a final floor decision to establish federal rules for dollar-backed stablecoins.
  • The legislation requires monthly reserve disclosures, anti-money laundering safeguards and legal priority for stablecoin holders in the event of issuer failure.
  • Trump family-owned World Liberty Financial’s USD1 stablecoin underscores potential conflicts of interest in the emerging market.
  • Analysts predict the market could grow from $247 billion today to $2 trillion by 2028 and drive increased purchases of short-term U.S. Treasuries.
  • Apple, X, Airbnb and Google are in early discussions to integrate stablecoins into their payment platforms to reduce transaction costs.