Barron's: Senate Passes Stablecoin Bill
Barron's writes, "Senate Passes Stablecoin Bill as Crypto Eyes a Bigger Prize." They tell us, "The Senate passed a bill Tuesday evening to regulate stablecoins, the lifeblood of the crypto market, awarding the industry a victory it has sought for years. The industry's bigger goals will be harder to achieve, and risk muddying Tuesday's win.... It would establish rules for stablecoins, a type of crypto token that is most often pegged to the dollar and backed by reserves.... The bill will now head to the House of Representatives. Some lawmakers hope to get it to President Donald Trump's desk by the end of July. Among other provisions, the bill -- called the Genius Act -- limits stablecoin reserves to safe, liquid assets, such as Treasuries, clarifies how they're regulated, and creates a path for banks to issue their own coins." It adds, "Right now, stablecoins are primarily used on crypto exchanges to trade for other tokens, such as Bitcoin. But crypto and financial industry executives think that the coins could one day dominate payments, competing with bank and wire transfers and credit cards. Tether Holdings issues the largest stablecoin, USDT, which has a market value of $155 billion. Circle Internet Group, which recently held an initial public offering, issues the second-largest, USDC, with a $61.6 billion value."
