With the U.S. Senate voting to advance the GENIUS Act, paving the way for its passage which would provide clear regulations for U.S. stablecoins, fiat-backed stablecoins are on the cusp of being adopted at a global scale.

Stablecoins enable regular consumers and institutions alike to transfer, hold, and save in U.S. Dollars globally with transactions settled instantaneously and with negligible fees.

Chainlink Proof of Reserve (PoR) is uniquely positioned to enhance the transparency of the fiat reserves backing stablecoins and enable unique security features such as Secure Mint to mitigate against “infinite mint attacks” by ensuring sufficient reserves are available before additional supply is issued.

The future of stablecoins is secure, transparent, and globally adopted.