On June 17, the U.S. Senate passed the Stablecoin Act — the GENIUS Act — with a vote of 68 to 30, marking significant progress for the first major cryptocurrency legislation. U.S. Treasury Secretary Scott Bessent predicts that the stablecoin market could reach $3.70 trillion by 2030, with expectations to surpass $2 trillion by 2028. The Act aims to reduce national debt by lowering the demand for treasury bonds from stablecoin issuers. The bill's sponsor, Senator Bill Hagerty, along with the Trump administration, supports the Act, believing it will enhance the U.S. dollar's online dominance, increase efficiency, and reduce user costs. Traditional financial institutions such as JPMorgan Chase and Bank of America are also preparing to enter the stablecoin market. The bill will be coordinated with the House's STABLE Act before being submitted for presidential signature, with President Trump expected to take action in August. Ari Redbord, Head of Policy at blockchain intelligence firm TRM Labs, stated that the GENIUS Act will provide regulatory clarity and protections for the industry.

The stablecoin bill, the GENIUS Act, officially passed the final Senate vote 68-30 (including 18 Democrats) on the 17th of June, marking the first major crypto bill to hit the milestone. Reacting to the progress, U.S. Treasury Secretary Scott Bessent claimed that the stablecoin market could reach $3.7 trillion by 2030. Bessent stated that the boom would lower national debt via demand for T-bills by stablecoin issuers to back their digital dollars. He recently projected that the market would surpass $2 trillion by 2028. Will GENIUS Act become law by August?For his part, David Sacks, crypto and AI czar, hailed Senator Bill Hagerty, the sponsor of the bill, and Trump’s leadership in advancing the legislation. He added that the bill would bring ‘U.S. dollar dominance online.’Hargety reinforced a similar stance, adding that it would ‘improve efficiency’ and reduce cost for users. Apart from the leading issuers, Tether (USDT) and Circle (USDC), players from TradFi are getting ready to get a share of the expected stablecoin boom. On Tuesday, JP Morgan tested its JPMD stablecoin on Ethereum’s Base, stating that it will for institutional clients. Even Bank of America is reportedly considering developing a digital dollar with the expected regulatory clarity in the sector. The sector has grown massively, but operated in a gray area with no clarity. In fact, Ari Redbord, Global Head of Policy at blockchain intelligence firm, TRM Labs, told AMBCrypto, However, the GENIUS Act will offer clarity and improve protection going forward, added Redbord. Next, the GENIUS Act will be reconciled with the House’s STABLE Act before submission for presidential action. Galaxy Research’s Alex Thorn estimated that President Donald Trump could act on it by August. 

The U.S. Senate has passed the GENIUS Act, and the stablecoin market is expected to reach 3.70 trillion USD by 2030.

The U.S. Senate has passed the GENIUS Act, and the stablecoin market is expected to reach 3.70 trillion USD by 2030.