$USDC

The Senate approved the GENIUS Act, a bipartisan law, on June 17, creating the first-ever federal framework in the United States for regulating stablecoins - a market estimated to be worth around $240 billion.

With a majority of 68 votes to 30, the Senate approved Bill S.394, which was championed by Senator Hagerty with support from Senators Gillibrand and Scott, requiring stablecoin issuers to maintain full reserves of dollars/treasuries, conduct regular audits, and face strict anti-money laundering oversight.

This legislation brings much-needed clarity, enabling American companies like Circle and traditional giants - Visa, Mastercard, and JP Morgan - to deploy stablecoins nationwide. It also restricts foreign competitors like Tether. Critics express concerns over exemptions granted to presidential family projects and potential regulatory loopholes.

The combined market capitalization of (USDC) and (USDT) exceeds $200 billion. Market players and institutions have shown strong interest: Amazon, Walmart, Bank of America, and JP Morgan. Analysts view this as a major incentive for broader cryptocurrency integration. It will be referred to the House of Representatives. If approved and signed, it could represent the beginning of a new era.