#GENIUSActPass

Assuming that the chambers manage to reconcile the versions, the passage of legislation will provide greater regulatory certainty, a boon for the stablecoin sector. This momentum has already energized markets. That’s illustrated by the runaway success of the stablecoin issuer Circle’s IPO, with its price hovering around $150 after issuing at $31 a couple of weeks ago. Since then, unconfirmed reports suggest several organizations are exploring issuing their own, including Amazon, Walmart and the DTCC, while other major firms such as Apple, X, Airbnb and Google are considering using them.

Given around 97% of stablecoins are denominated in US dollars (followed by gold), the move is seen as reinforcing the position of the dollar.