The biggest news last night was that the GENIUS stablecoin bill passed the Senate's second procedural motion vote. Although this does not mean the bill has been approved, the next steps are for the Senate to debate and amend, followed by a final Senate vote, House review, coordination between the two chambers, and presidential signing. Although there is still a long way to go before the bill becomes law—likely not until August at the earliest—this stablecoin bill has a significant impact on crypto.
What specific benefits does this bill bring to crypto?
First, it opens up huge capital exposure. The stablecoins we currently use, USDC and USDT, are still considered niche assets in the eyes of Wall Street. The main barriers preventing large capital from entering the market are compliance and regulation. If the stablecoin bill passes, institutions will have no more concerns. Some institutions estimate that this bill will increase the stablecoin market size from $200 billion to $2 trillion. If that happens, liquidity for altcoins and a bull market will no longer be a worry.
Last night, AAVE, FXS, ENA, PENDLE, and CRV all saw price increases of about 10-20%. Currently, aside from playing with this concept, there are no other options in the secondary market. The upcoming market may return to mainstream narratives such as RWA, AI, DeFi, and meme coins, but a true altcoin bull market must wait until Bitcoin reaches new highs; everyone should be patient and wait.
