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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.

Foxconn Sends 97% of India iPhone Exports to U.S. as Apple Navigates Trump’s Tariffs

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Foxconn, Apple’s key contract manufacturer, shipped nearly all of the iPhones exported from India to the United States between March and May 2025, according to customs data reviewed by Reuters. The figure reached 97%, significantly higher than the 2024 average of about 50%, highlighting Apple’s strategic effort to bypass steep U.S. tariffs imposed on imports from China.

During this three-month period, Foxconn exported iPhones worth $3.2 billion from India, with shipments to the U.S. totaling nearly $1 billion in May alone—the second-highest monthly export value on record. Overall, Foxconn’s India-to-U.S. iPhone exports totaled $4.4 billion in the first five months of 2025, already surpassing the entire 2024 value of $3.7 billion.

Apple has been accelerating iPhone production in India as a means to reduce the impact of U.S. tariffs on Chinese-made devices, which Trump’s administration set as high as 55% on some Chinese goods. India faces a baseline 10% tariff and has been negotiating to avoid a 26% “reciprocal” tariff that the U.S. temporarily paused earlier this year.

Despite Apple CEO Tim Cook’s push for expanded production in India, former President Donald Trump criticized the move in May, insisting Apple should manufacture more phones in the U.S. rather than abroad.

Efforts to speed exports include Apple chartering cargo flights transporting billions worth of iPhone models directly to the U.S. and lobbying for faster customs clearance at Chennai airport, a critical hub for iPhone exports in southern India.

Analysts expect “Made-in-India” iPhones to represent 25-30% of global shipments in 2025, up from 18% in 2024, signaling a growing shift in Apple’s supply chain strategy.

Another supplier, Tata Electronics, part of India’s Tata Group, also exports mostly to the U.S., sending about 86% of its iPhone shipments from India there during March and April.

Despite government efforts to promote India as a smartphone manufacturing center, higher component import duties keep production costs relatively elevated compared to other countries. Apple continues to rely heavily on Chinese manufacturing, with around 80% of iPhones sold in the U.S. still produced there.

Voyager Technologies Raises $382.8 Million in U.S. IPO Amid Rising Military Spending

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Voyager Technologies, a space and defense technology firm, announced on Tuesday that it raised $382.8 million in its initial public offering (IPO) in the United States. The company and some investors sold approximately 12.35 million shares at $31 each, exceeding the initially marketed range of $26 to $29 per share.

The Denver-based company specializes in mission-critical space and defense technology solutions. Its IPO marks a positive sign for the U.S. market, which has recently recovered from volatility caused by tariff-related disruptions.

Voyager’s public debut aligns with the Trump administration’s efforts to significantly boost defense and space budgets. Last month, President Trump selected a design for the $175 billion Golden Dome project, a next-generation missile defense shield for the U.S.

The stock will begin trading on the New York Stock Exchange under the ticker symbol “VOYG” starting Wednesday. Morgan Stanley and J.P. Morgan served as lead underwriters for the offering.