The US Senate has taken a major step towards regulating the volatile stablecoin market, advancing the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. This bipartisan legislation sets licensing, collateralization, and compliance standards for stablecoin issuers, paving the way for formal debate on the Senate floor, potentially leading to final passage by Memorial Day. However, the bill’s path forward is complex, hampered by political concerns regarding President Trump’s expanding cryptocurrency empire. USDT issuer Tether has quietly expanded its asset holdings, surpassing Germany as the top US Treasury holder, with over $120 billion in US debt.