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7h ago

Senate Clears GENIUS Act to Regulate Stablecoin Issuance

It advances to the House where leaders expect its swift passage to catalyze stablecoin growth.

A representation of cryptocurrencies in this illustration taken, January 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Traders work on the floor at the New York Stock Exchange (NYSE), on the day of Circle Internet Group's IPO, in New York City, U.S., June 5, 2025. REUTERS/Brendan McDermid/File Photo

Overview

  • The U.S. Senate approved the GENIUS Act on June 16, requiring issuers to back tokens with liquid assets and disclose reserve compositions monthly.
  • The legislation now heads to the House of Representatives before reaching President Donald Trump’s desk for final approval.
  • Analysts predict the framework could unlock trillions in institutional capital and expand the stablecoin market beyond its current $256 billion valuation.
  • Canaccord and other brokers say fully backed compliant stablecoins may drive significant demand for short-term U.S. Treasuries.
  • President Trump’s family firm, World Liberty Financial, plans to launch a stablecoin called USD1, fueling conflict-of-interest concerns over his expected signature.