CoinVoice has recently learned that the brokerage firm Canaccord stated in a research report on Wednesday that due to regulatory uncertainties, the broader prospects for stablecoins (cryptocurrencies pegged to other assets) have so far remained difficult to realize. However, the passage of the GENIUS Act by the U.S. Senate changed everything.
The full name of the bill is the 'Guidance and Establishment of the National Stablecoin Innovation Act,' which aims to bring stablecoin innovation back to the United States. Reports indicate that garnering support in the Senate is much more challenging than in the House of Representatives. Given that the bill has bipartisan support, U.S. stablecoin legislation is within reach.
Analysts suggest that the prospects for stablecoins as uses beyond crypto trading pairs may be emerging, as compliant stablecoins are effectively viewed by the U.S. government as equivalent to cash. Given the need for full backing, compliant stablecoins could become a significant source of demand for short-term U.S. Treasury securities. As the use of stablecoins meeting GENIUS standards expands across borders, they may become a driving force for the dollarization of the global economy. [Original link]