A major step toward regulating stablecoins is coming in May: The full Senate will vote on the legislation, according to Politico. This comes after the Senate Banking Committee passed the bill last March with some Democrats voting against it. The upcoming vote aims to introduce clear rules for institutions involved in stablecoin issuance. Issuers would need to apply for licenses to create dollar-pegged cryptocurrencies and face reserve requirements to ensure the tokens can be easily redeemed for actual dollars. However, Senator Elizabeth Warren has voiced her opposition, believing the bill does not provide enough consumer protection. Despite some Democratic dissent, the bill is expected to gain bipartisan support, marking a significant victory for the cryptocurrency industry that has been advocating for regulations. In the meantime, stablecoins are gaining traction. Fidelity, a major mutual fund company, is reportedly considering entering this sector. Meanwhile, crypto mogul Mike Novogratz predicts stablecoins could replace foreign exchange (FX) markets within five years.