Bill is ready for Vote

     The GENIUS Stablecoins bill has received initial approval in the US Senate by a vote of 68-30. Now this bill will be presented for full Senate voting, this bill is aimed at establishing a regulatory framework for the stablecoin industry, which will determine the legal framework of stablecoins in the US.

Big changes expected in the market

     Although this is only a voting phase right now, the US industry has started taking its possibilities seriously. Big corporate groups like Walmart and Amazon are now considering launching their own USD-pegged stablecoins. Its main objective is to make payment processes cheaper and faster, thereby getting rid of the limitations of the traditional banking system.

My Point

     The GENIUS Stablecoins bill would curb de-dollarization by making it easier for users to buy and sell dollar-denominated stablecoins without having to deal with dollar issues, something that adopting a currency other than the dollar would not provide. The bill requires stablecoin issuers to maintain a 1:1 dollar backed reserve, which could increase demand for the US dollar.

Published on Wubits