In a move considered a turning point for the future of the global financial system, the U.S. Senate has approved the Genius Act, paving the way for major banks to enter the stablecoin market after years of anticipation due to the lack of clear regulatory frameworks.

According to Guillaume Bunsen, the technical director of Alchemy, this law will open the door for financial institutions to issue their own stablecoins and operate their own blockchain networks, which means a radical transformation in the role of banks in the world of Web3 and decentralized finance.