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US Senate Passes Bill to Regulate Stablecoins, Boosting Corporate Adoption Prospects

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The U.S. Senate has approved the GENIUS Act, a bill establishing a regulatory framework for stablecoins, marking a significant milestone for the growing segment of cryptocurrency designed to maintain stable value, typically pegged 1:1 to the U.S. dollar. The bill’s passage is seen as a key step toward broader adoption of stablecoins by corporations worldwide.

Stablecoins facilitate crypto traders’ movement of funds between tokens, but clearer regulations have been lacking. The bill now moves to the Republican-controlled House of Representatives, where its version must pass before heading to former President Donald Trump’s desk for signing.

If enacted, the law will require stablecoins to be fully backed by liquid assets—such as U.S. dollars and short-term Treasury bills—and mandate issuers to publicly disclose monthly reserve compositions. Analysts believe this regulatory clarity could unlock wider use by companies across multiple sectors.

Several major firms are already engaged or exploring stablecoin initiatives globally:

  • Major U.S. Banks:
    Bank of America CEO Brian Moynihan has indicated possible stablecoin launches. Morgan Stanley seeks to work with regulators on crypto-related transaction roles. Both remain cautious, focusing on pilot programs or partnerships.

  • Societe Generale (France):
    Plans to issue a publicly tradable, dollar-backed stablecoin via its digital asset subsidiary.

  • Retail Giants Walmart and Amazon:
    Reports suggest recent exploration of stablecoin issuance, though Walmart denies current plans and Amazon has not commented.

  • Banco Santander (Spain):
    Considering digital asset expansion including early-stage stablecoin projects.

  • Crypto and Fintech Firms:
    World Liberty Financial launched a dollar-pegged stablecoin USD1 this year. PayPal released a U.S. dollar stablecoin in August 2023. Circle Internet’s USDC and Paxos’ stablecoins are among the largest. Tether’s USDT remains the largest by market cap, followed by MakerDAO’s DAI.

The GENIUS Act’s passage signals increasing regulatory acceptance of stablecoins, potentially accelerating their integration into mainstream corporate finance and payment systems.

South Korea Central Bank Governor Open to Won-Based Stablecoins but Cautious on Forex Impact

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South Korea’s central bank governor, Rhee Chang-yong, expressed openness to the idea of issuing stablecoins denominated in the Korean won but flagged concerns over managing foreign exchange flows. Speaking at a press conference in Seoul, Rhee warned that won-based stablecoins could be easily exchanged for U.S. dollar stablecoins, potentially increasing demand for the dollar-linked tokens and complicating forex management.

Stablecoins are cryptocurrencies pegged to stable assets like the U.S. dollar and are widely used in crypto markets for quick fund transfers. While regulators globally remain wary of cryptocurrencies due to their speculative nature and potential competition with national currencies, South Korea’s government appears poised to embrace won-based stablecoins.

President Lee Jae Myung, who took office recently, is advancing his campaign promise to allow local firms to issue won-backed stablecoins. The ruling Democratic Party introduced the Digital Asset Basic Act this month, aiming to create a regulatory framework for such issuances.

The president also appointed Kim Yong-beom, former crypto firm chief and ex-vice chairman of the Financial Services Commission, as his chief policy officer, signaling stronger government backing for crypto initiatives.

Governor Rhee previously cautioned that letting private companies issue stablecoins could undermine the central bank’s control over monetary policy and capital flows, making regulatory oversight a critical challenge.

US Senate Passes Stablecoin Bill in Milestone for Crypto Industry

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The U.S. Senate on Tuesday approved the GENIUS Act, a bipartisan bill establishing the first federal regulatory framework for stablecoins—cryptocurrency tokens pegged to the U.S. dollar. The bill passed with a vote of 68-30, marking a significant step toward formal oversight of a rapidly growing sector in digital finance.

Stablecoins, which maintain a steady value typically linked 1:1 to the dollar, are widely used by crypto traders for quick transfers between tokens and are increasingly considered for instant payments. If signed into law, the legislation would require stablecoin issuers to back tokens with liquid assets like cash or short-term Treasury bills and publicly disclose reserve compositions monthly.

The crypto industry has advocated for clear regulation, believing it could boost adoption and investor confidence. However, concerns remain among some Democrats and financial watchdogs that the bill could enable big tech firms to issue private stablecoins without sufficient anti-money laundering safeguards or protections against foreign issuers.

The bill now moves to the Republican-controlled House, which must pass its own version before it can be signed by President Donald Trump. Trump’s White House advisers have emphasized a desire to enact stablecoin rules by August.

Critics have also highlighted potential conflicts of interest related to Trump’s own crypto ventures, including a meme coin and a crypto company partly owned by him, though the White House maintains that his assets are held in a trust.

The Conference of State Bank Supervisors has called for amendments to prevent expanding the authority of uninsured banks without state oversight.

Despite these debates, legal experts hail the Senate’s approval as a landmark moment in regulating a fast-evolving financial technology.