The U.S. Senate has passed a bill that will establish the first federal regulatory system for dollar-backed cryptocurrencies. Although the so-called GENIUS Act still needs approval from the House of Representatives and US President Donald Trump before it can be actually passed, the crypto world is already celebrating this important step. The GENIUS Act defines how US companies can issue and manage dollar-backed stablecoins for payments.
On the back of this news, the shares of the American company Circle (issuing USDC and EURC) rose by about 400%.
Trump himself is deepening his own financial involvement in stablecoins. His platform World Liberty Financial launches USD1 stablecoin in partnership with BitGo.
Earlier this month, Bank of America and other major banks met to explore the prospects of launching a joint stablecoin network. The Wall Street Journal also reported that Amazon and Walmart are exploring the possibility of introducing their own stablecoins.
Source: Yahoo