The bill to regulate stablecoins could boost demand for U.S. Treasury bonds, according to an advisor.

According to PANews, David Sacks, cryptocurrency advisor to U.S. President Donald Trump, stated that the GENIUS Act, a bill to regulate stablecoins, could generate trillions of dollars in demand for U.S. Treasury bonds if passed. The bill has successfully overcome a procedural hurdle in the Senate. Sacks emphasized that the legislation seeks to provide a legal framework for the unregulated stablecoin market, valued at $200 billion, and strengthen the dominance of the U.S. dollar. Despite strong support from the White House, some Democrats have expressed concerns about potential conflicts of interest involving the president and his family.