Media: The US Senate may approve a bill on stablecoins this week.
Journalist Eleanor Terrett reported that work on the GENIUS Act continues in the US Senate.
According to her, if a package of amendments is approved through a streamlined process, the bill could be passed by June 6.
On June 2, the market capitalization of stablecoins exceeded $250 billion for the first time.
Most of this value is attributed to dollar-pegged stablecoins.
What is this bill and what stage is it at?
The initiative was introduced in early February 2025 by Senator Bill Hagerty. In early March, several amendments were added to the bill, making requirements for stablecoin issuers more specific. By mid-March, the bill was approved in committee.
More details about the bill and the specific measures described in the document can be found in a separate article: The bill has received criticism from Democrats. A group of senators blocked it due to concerns that the legislation would serve as a “shield” for a platform linked to the US, Donald Trump, World Liberty Financial, and its stablecoin.
In this context, according to CoinGecko, the market capitalization of stablecoins exceeded $250 billion for the first time. Of this total, $245.5 billion belongs to the last dollar-pegged stablecoins, highlighting the importance of regulatory changes in the US.
Notably, Paolo Ardoino, CEO of Tether — issuer of USDT — praised the GENIUS Act. However, he stated that the company does not plan to shift its focus exclusively to the US market and will issue a separate stablecoin, adapted to meet all regulatory requirements of the country.