$USDC First federal stablecoin framework: The bill mandates that stablecoins be backed by safe, liquid assets—like U.S. Treasuries or dollar deposits—and requires monthly disclosure of those reserves .

Bipartisan support: 18 Democrats joined the Republican majority. However, Senators Rand Paul and Josh Hawley opposed the bill over concerns about federal overreach and Big Tech involvement .

Voices of dissent: Senator Elizabeth Warren voted ‘no,’ arguing the safeguards aren’t strong enough and warning about conflicts of interest, particularly in relation to President Trump’s personal crypto ventures .

Next stage: U.S. House: The legislation now moves to the House, where a companion "STABLE Act" and larger crypto reform efforts may be merged or amended .