#USStablecoinBill As of early May 2025, the Senate’s bipartisan #USStablecoinBill faces turbulence as nine Senate Democrats withdrew support over anti‐money laundering and systemic risk concerns, jeopardizing the legislation’s passage despite an 18‑6 committee vote led by Sens. Bill Hagerty and Kirsten Gillibrand.

Meanwhile, cryptocurrency executives are ramping up their lobbying to permit interest payments on dollar‑pegged tokens. While the Senate draft remains ambiguous on yield, the House version outright bans it—pitting industry advocates like Circle’s leadership against banking groups worried about deposit flight and financial stability.

On the private‑sector front, Visa’s recent partnership with Bridge to roll out stablecoin‑linked cards across Latin America illustrates corporate anticipation of U.S. regulation, enabling consumers to spend USDC and USDT at any merchant accepting Visa. New York Attorney General Letitia James has also pressed Congress to mandate a U.S. presence and high‑quality reserve backing, heightening the urgency for robust oversight.

Looking ahead, lawmakers have until August 2025—the deadline urged by the White House’s crypto advisers—to reconcile these divergent views or risk ceding leadership to offshore regimes. If compromise yields clear, balanced rules, stablecoins could see accelerated institutional adoption and integration into real‑time payments. If not, regulatory fragmentation may drive innovation—and liquidity—beyond U.S. shores.