White House Stablecoin Bill Advances in Senate, Potentially Unleashing Trillions for Treasuries

A bill backed by the White House to regulate stablecoins is gaining traction in the U.S. Senate, with experts predicting it could spur trillions of dollars in demand for U.S. Treasury securities. This comes as the bill cleared a significant legislative hurdle this week after 66 senators, including 15 Democrats, voted to advance it, securing enough bipartisan support to sidestep a filibuster. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act aims to provide legal clarity and framework for stablecoin issuers, integrating dollar-backed digital currencies into the U.S. financial system.