The global supply of stablecoin has surpassed a notable milestone of $250 billion as the much talked GENIUS Act (stablecoin bill) nears final approval. The bill was reportedly passed by the Senate on June 17, with a 68-30 vote, and is now received by the House, marking a rare bipartisan effort in a polarized Congress to regulate stablecoins.
As per DeFillama data, the current stablecoin market cap sits at $253.041 billion. It has increased over 2.34% in the past 30 days, with most of the new minting residing in Tether USDT.
The increasing attention on stablecoins has also boosted stocks like Circle (CRCL) and Coinbase (COIN), both gaining 33.8% and 16%, respectively, over the past trading sessions.
With the GENIUS Act on the verge of coming into effect, it could position the U.S. as a global crypto leader, with it challenging China’s digital yuan, which processes $14 billion monthly. However, concerns linger over potential corruption risks, with critics like Senator Elizabeth Warren cautioning against unchecked growth.
Also read: Tether Pushes for Board Seat at Juventus After €128M Stake Buy
