CoinVoice has learned from CCTV News that Trump officially signed the (Guidance and Establishment of the U.S. Stablecoin National Innovation Act) (referred to as the (Genius Act)) at the White House, marking the first time the U.S. has established a regulatory framework for stablecoins. Trump stated that stablecoins help increase demand for U.S. government bonds, lower interest rates, and strengthen the dollar's position as a global reserve currency. He reiterated that he would 'never allow the establishment of a central bank digital currency in the U.S.'
(Genius Act) requires stablecoins to be backed by liquid assets such as the US dollar or US short-term government bonds, and issuers must disclose reserve details monthly. Currently, the two largest stablecoins, USDT and USDC, account for nearly 90% of the total market value. According to statistics, the stablecoin market size is approximately $247 billion, and US Treasury Secretary Yellen predicts it will grow to $3.7 trillion by 2030.
Experts point out that the U.S. push for stablecoins aims to leverage the existing advantages of the dollar to maintain its dominant position in the global currency and payment system. Some believe this move could alleviate pressure on U.S. debt. However, some Democratic lawmakers question the bill's failure to provide sufficient consumer and financial stability protections and point out connections between the Trump family and cryptocurrencies. Some Republican lawmakers also believe the bill conflicts with Trump's previous executive order banning central bank digital currencies. [Original link]
