In the United States, they gave a green light to the law on stablecoins

June 17, the US Senate voted for the adoption of the Genius and Establing National Innovation for US Stablecoins Act), the first major bill on the regulation of stablecoins that has passed the upper house. 51 senator voted for the initiative, against – 23. Now the document will be submitted to the House of Representatives, where they will decide, accept it in the current form or promote an alternative option, reports RBC Crypto.

U.S. Finance Minister Scott Immentine said that the adoption of the law may launch a large -scale growth in the stabelcoin market up to $ 3.7 trillion by the end of the decade. According to him, stablecoins, provided with US government bonds, will create a new sustainable demand for them from the private sector. This will help to restrain the growth of public debt and reduce its maintenance costs, as well as expand global access to digital dollar infrastructure.

Genius Act (Guading and Establing National Innovation for US Stablecoins Act) obliges issuers to fully provide tokens to reserve in dollars and short -term treasury bonds, publish reserves and take an audit. Stebblecoins are cryptocurrency tokens, the course of which is tied to any asset, for example, to the dollar, euro or ounce of gold. The company uses securities, national currencies or other crypto assets as ensuring the course of the course to the basic asset of the company. The most famous stable tokens are produced by Tether (USDT) and Circle (USDC). Most stable tokens are provided with dollar assets, including short -term US bonds. TOP-10 of the largest stablecoins. Simple cards

“The United States has approached this bill to become a world leader in the field of cryptocurrencies. Genius sets a regulatory framework that promotes the growth of payment stabelcoins. The bill will consolidate the dominance of the US dollar, protect customers and increase the demand for US Treasury bonds, ”Bill Hagerti, the Republican Senator The Block, quotes.

The theme of the US public debt is one of the central in the cryptocurrency community. The focus of attention is the thesis of cast, corruption and the possibility of creating an actually unlimited number of new debts by states around the world. It is assumed that blockchain technology is able to solve issues of growing problems in the financial system due to the transparency and scarce nature of cryptocurrencies such as bitcoin. However, the proposals of the Minister of Finance of the United States will hardly help to solve the identified problems. On the contrary, due to stablecoins, it is supposed to create more demand for debts (government bonds) without solving the problems that have arisen. The US public debt reached almost $ 37 trillion. The indicator has grown more than 110 times since 1966 and almost 6.5 times over the past 25 years. The US public debt approached the record $ 37 trillion. What does it mean for bitcoin

“A year ago, I would think that at best it is nonsense. Think for a moment how far we have advanced, ”said Pol Grieal, Chief Law Director of Coinbase.

Genius ACT may be the first law on the regulation of crypto at the new administration of US President Donald Trump. Despite many initiatives friendly to cryptocurrencies by the US government, such as, for example, the executive decree “On strengthening the leadership of the United States in digital finances” and the creation of a state reserve of Bitcoin, not a single law on cryptocurrencies has been taken over from Trump.

Hope for stablecoins

The assumptions of immune are based on the fact that the business model of most stablecoins is based on the purchase of US Treasury bonds as security for the release of tokens, and it has already established itself on the example of USDT from Tether and USDC from Circle.

This model was also adopted by the World Liberty Financial, supported by Donald Trump’s sons, which recently released its own USD1 stabilcoin, also provided with treasury bonds and dollar reserves. Over a few months of existence, USD1 has already entered the top 10 largest stablecoins.

Minutes receive interest income to retain these securities, having the opportunity to gain access to liquidity at any time if the owners of stabilcoins will demand to repay the released crypto assets.

So, for example, according to the Tether report for the first quarter of 2025, the company’s reserves to provide USDT stablecoin include about $ 120 billion in the US Treasury bonds. The company claims that Germany has already been bypassed by the volume of investments in the American public debt. But in the current form, the USDT stabelcoin does not meet the rules of the Genius bill, and Tether consider the launch of a separate token for the United States.

In May, David Sax, appointed by Donald Trump to the position of “tsar” by cryptocurrencies and AI, said in an interview with CNBC that the approval of the law on stablecoins could “instantly open trillions of demand for the US State Dolg. Sax also called them a “new payment system for the US economy”, emphasizing that they will help strengthen the position of the American currency in the digital sphere.

And the head of Tether Paolo Ardoino said that the company “simply exports what he considers the best product ever created by the USA is a dollar.” He emphasized that Tether is in demand in high inflation countries and a weak banking system. Against this background, in his opinion, the USDT stablecoin can become a tool for strengthening dollar domination, especially when blocks such as BRICS are “trying to displace the dollar”.

In the world, there are not only dollar variants of stablecoins, although their share in the market is about 99%. But the list of stable tokens based on other national currencies is now expanding. There are assets on the basis of the euro, yuan, Brazilian Real Madrid, the Turkish Lyra and other currencies. The same Circle (USDC issuer) received the approval of the regulatory body Abu Dhabi to launch the local version of token, aiming at the Middle East. The UAE also announced the stablecoin tied to dirham under the regulation of the local central bank.

The launch of the Russian version of stable token tied to the ruble rate is not ruled out. At the recent crypto conference of Blockchain Forum 2025 in Moscow, as part of the panel session “Cryptocurrency Geopolitics: how Russia and the world form a trend in the field of digital assets”, including the possibility of launching such token. And the head of the expert center for digital financial assets and digital currencies of the Association of Russian Banks, Olga Goncharova, expressed the opinion that we need to look for the “USDT import substitution path”.

Be in the know! Subscribe to Telegram.