The US Senate has passed the GENIUS Act, a comprehensive regulatory framework for stablecoins, marking a significant milestone for the growth of dollar-backed cryptocurrencies.
This law imposes strict annual audits for stablecoins fully backed by US dollars or similar liquid assets, applying particularly to issuers with market values exceeding $50 billion and foreign entities. Major tech companies such as Meta and Amazon will face substantial restrictions, especially concerning user data protection and financial risk management.
Treasury Secretary Scott Bessent highlighted that the stablecoin market could reach a size of $3.7 trillion by the end of 2030, significantly boosting demand for US Treasury bonds and consequently reducing borrowing costs for the US government. The bill will now be reviewed by the House of Representatives, and its final implementation awaits President Trump's approval.
