Circle's USDC is under pressure, with its parity with the dollar briefly falling to $0.9987.
Major U.S. banks could disrupt the dominance of existing players like Circle (USDC) and Tether (USDT).
The GENIUS Act proposes a framework for stablecoins for banks and non-bank entities.
With the approval of the stablecoin bill, also known as the GENIUS Act, in the U.S. Senate, Wall Street's banking giants have begun exploring a joint initiative on stablecoins, which could pose a significant threat to dominant market players like Circle (USDC) and Tether (USDT), according to cryptocurrency market veteran Arthur Hayes. Citing this development, Hayes wrote:
"Goodbye, Circle. Thanks for playing".