The Stablecoin Bill – GENIUS Act, for the first time in history, is the first cryptocurrency bill to pass the Senate.
Alex Thorn from Galaxy Research predicts the bill could reach the President's desk in August.
GENIUS Act – A New Milestone for the Cryptocurrency Market in the United States
The GENIUS Act stablecoin bill officially passed the final vote in the Senate with a 68-30 vote, with 18 Democratic senators in agreement, on June 17. This is the first major cryptocurrency bill to reach this milestone.
Reacting to the historic achievement, US Treasury Secretary Scott Bessent stressed that the stablecoin market could reach $3.7 trillion by 2030.
“Recent reports predict that stablecoins could grow into a $3.7 trillion market by the end of the decade. That scenario becomes even more likely with the passage of the GENIUS Act.”
Bessent believes the boom will help reduce the national debt thanks to the demand for T-bills from stablecoin issuers to back digital dollars. He also predicts the market will exceed $2 trillion by 2028.
Will the GENIUS Act become law in August?
David Sacks, a leader in cryptocurrency and AI, credited Senator Bill Hagerty, the bill’s sponsor, and Mr. Trump for pushing the legislation. He asserted that the GENIUS Act would bring “dollar dominance to the digital environment.”
Mr. Hagerty reiterated that point, stressing that the bill would “improve efficiency” and reduce costs for users.
“The efficiency that blockchain brings to payments will remove a lot of costs from the current system.”
Source: Bitcoin Laws
Besides big names like Tether (USDT) and Circle (USDC), traditional financial institutions (TradFi) are also preparing to join the upcoming stablecoin wave.
On Tuesday, JP Morgan tested the stablecoin JPMD on Ethereum Base, targeting institutional clients.
Bank of America is also considering developing a digital USD as the prospects for a legal framework become brighter.
The stablecoin industry as a whole has grown tremendously, but it still operates in a “gray area” of legal uncertainty. Ari Redbord, Director of Global Policy at TRM Labs, told TinTucBitcoin:
“In the first quarter of 2025, stablecoins accounted for 28% of total cryptocurrency trading volume, and also accounted for 60% of illicit trading volume in this ecosystem.”
Source: TRM Labs
According to Redbord, the GENIUS Act will open up transparency and improve protection for users in the future.
“The GENIUS Act marks a major turning point – to address the balance between consumer protection and financial regulation while maintaining the pace of innovation and meeting market demands.”
Next, the GENIUS Act will be merged with the House's STABLE Act before it goes to the President for approval. Alex Thorn of Galaxy Research estimates that President Donald Trump could sign it into law in August.
Source: https://tintucbitcoin.com/stablecoin-cham-37-nghin-ty-usd/
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