The United States Senate officially passed the #GENIUS稳定币法案 'GENIUS Act' early this morning, and the bill will be sent to the House of Representatives for review. If all goes well, the stablecoin bill is expected to gain full approval in Q3 of this year.

According to this bill, stablecoin issuers will be required to back their reserves with highly liquid assets such as cash in U.S. dollars and short-term U.S. Treasury bonds, and disclose the composition of their reserves monthly, thus enhancing transparency and market trust.

U.S. Treasury Secretary Scott Bessent also stated that the stablecoin market will reach a 'trillion-dollar' scale, and the market is watching whether tech giants like Apple, Google, and Meta will take the opportunity to issue their own stablecoins.