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Senate Passes Stablecoin Bill
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The GENIUS Act is a proposed bill that regulates one type of cryptocurrency called stablecoins, a $200 billion part of the multi-trillion-dollar cryptocurrency system. The bill’s name stands for Guiding and Establishing National Innovation for U.
By Manya Saini (Reuters) -As the U.S. stablecoin bill, known as the GENIUS Act, advances in the Senate, a once-niche corner of the crypto industry is gaining rapid traction among global corporates. Stablecoins,
One big debate over the wisdom of giving stablecoins a regulatory framework centers around how they would affect the current banking system if they were to hugely expand in size. Strictly speaking, stablecoins don’t take funds out of the banking system.
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Why stablecoins are gaining popularityStablecoins—a form of cryptocurrency backed by traditional assets—are gaining traction, with the US Senate set to vote Tuesday on a bill to regulate such digital tokens.
The GENIUS Act "makes it prohibitive for non-financial public companies to become stablecoin issuers," Bernstein said, noting recent reports that said Amazon and Walmart were exploring using these cryptocurrencies.
Stablecoins are no longer just crypto. They're reshaping global payments. Retail giants like Amazon and Walmart are betting on a new financial infrastructure.
US could be the epicenter for stablecoins with the proposed GENIUS Act, making them a mainstream financial rail for the internet, says Bernstein.
Corporate coins could take payments activity away from banks and the traditional financial system.
Walmart and Amazon are reportedly exploring their own corporate stablecoins as a customer payment option, which could potentially reduce the billions of dollars the retailers pay in credit transaction fees.
As the U.S. stablecoin bill, known as the GENIUS Act, advances in the Senate, a once-niche corner of the crypto industry is gaining rapid traction among global corporates.
JPMorgan is piloting its deposit token JPMD on Coinbase’s Base network, aiming to offer institutional clients a scalable, yield-bearing alternative to stablecoins.
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