The strength of the US dollar has been challenged in recent weeks by the president’s trade war and shaky fiscal grounds spooking the bond market, but the formerly objected stablecoin bill could now help re-establish the currency’s supremacy.
On Monday (19 May) the US Senate voted 66-32 in favour of the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins), passing it through to a full debate and vote on the floor. Trump to review US stablecoin bill as early as August The bill initially received bipartisan criticism but there has since been a tone shift with 16 Democrats siding with Republicans in the recent vote. GENIUS is a landmark piece of legislation aiming to establish a comprehensive federal framework for the regulation of stablecoins, a digital currency underwritten by traditional assets, ...
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