#Stablecoin Market Eyes $2 Trillion Milestone as Senate Advances GENIUS Act


#Treasury Secretary Scott Bessent projects that the U.S. dollar-backed stablecoin market could surpass $2 trillion by 2028.


The Senate voted Wednesday to advance the landmark GENIUS stablecoin bill closer to final approval.


Bessent told the Senate Appropriations Committee that #stablecoin legislation backed by U.S. treasuries will expand dollar usage globally.


The GENIUS Act requires stablecoins to be fully backed by U.S. dollars or similarly liquid assets.


Annual audits would be mandated for issuers with market caps exceeding $50 billion. President #Trump previously stated he wants to sign the bill before August.


Current USD-linked #stablecoins hold a total market cap of $246.9 billion, representing over 96% of the entire stablecoin market.


Major banks including Bank of America are preparing to launch their own stablecoins amid the regulatory clarity.

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June 12, 2025 at 1:54 PM
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