#USStablecoinBill

Recent developments in U.S. stablecoin regulation highlight both progress and setbacks. The Senate’s GENIUS Act, aimed at regulating stablecoins, faces delays as nine pro-crypto Democrats, led by Sen. Ruben Gallego, withdrew support, citing issues like national security and foreign issuers such as Tether. Senate Minority Leader Chuck Schumer and Sen. Elizabeth Warren urged Democrats to push for more concessions, stalling the bill’s progress before a planned vote. The GENIUS Act requires stablecoins to have 100% reserve backing in U.S. dollars or treasuries, monthly reserve disclosures, and audits for large issuers. Meanwhile, Tether, the largest stablecoin issuer, plans a U.S.-based stablecoin launch by late 2025, pending legislation. World Liberty Financial, linked to Donald Trump, saw its USD1 stablecoin used in a $2 billion Binance deal. Despite regulatory hurdles, the stablecoin market hit a $230 billion high, with Tether and USDC dominating.