On June 12, 2025, it is undoubtedly a day worth paying attention to for the global cryptocurrency market. The U.S. Senate passed the procedural vote for the "GENIUS Stablecoin Act" with an overwhelming majority, marking a historic step for the United States in the regulation of crypto assets and signaling that the future development landscape of stablecoins may undergo significant changes. In the context of increasing challenges to the dollar's hegemonic status, stablecoins are seen as an emerging force to consolidate the dollar's dominance, and the active involvement of traditional financial giants like Bank of America adds new emphasis to this trend.

I. GENIUS Act: A Milestone in U.S. Stablecoin Regulation

On Wednesday local time, the U.S. Senate successfully passed the procedural vote for the "GENIUS Stablecoin Act" (Guidance and Establishment of a National Innovation Act for U.S. Stablecoins) with a vote of 68 to 30. This key development paves the way for full debate and final voting on the bill in the Senate. If the bill is ultimately passed in the Senate, it will be submitted to the House of Representatives for further review.

The core objective of the "GENIUS Stablecoin Act" is to provide a comprehensive solution for stablecoin regulation. If passed, it will become the first comprehensive federal legislation in the U.S. targeting crypto assets. The bill requires stablecoins to be fully backed by U.S. dollars or equivalent high-liquid assets and mandates annual audits for issuers with a market capitalization exceeding $50 billion. These provisions aim to enhance the transparency and stability of stablecoins, thereby protecting investors and maintaining the integrity of the financial system. Previously, the bill attempted to advance in May but did not pass; this successful procedural motion demonstrates the determination and urgency of the U.S. legislature regarding stablecoin regulation.

II. Stablecoins: A New Strategy to Consolidate Dollar Dominance

On the same day the procedural vote for the "GENIUS Stablecoin Act" was passed, U.S. Treasury Secretary Janet Yellen reiterated the view that stablecoins could lock in the dollar's dominant position. This statement is not unfounded but is based on a profound insight into the global economic landscape and the development trends of digital currencies. With the rise of central bank digital currencies (CBDCs) and competition from other fiat-backed stablecoins, the dollar's status in global payments and as a reserve currency faces potential challenges.

Stablecoins, especially those pegged to the dollar, provide a new digital anchor for the dollar through their rapid circulation and low-cost transaction characteristics on a global scale. By establishing a robust regulatory framework for stablecoins, the U.S. can not only attract more stablecoin issuers and users but also ensure the continued influence of the dollar in the digital economy era, thereby consolidating its core position in the global financial system.

III. Traditional Financial Giants Accelerate Their Involvement in the Stablecoin Space

While actively promoting legislation, traditional financial institutions have also sensed the enormous potential in the stablecoin sector. One of the largest investment banks in the U.S., Bank of America, is reportedly developing its own stablecoin, representing a significant upgrade in traditional finance's adoption of the crypto industry. Although there were rumors last month that Bank of America would launch a stablecoin in collaboration with partners like JPMorgan, this has not yet materialized, which may indicate that Bank of America has decided to independently advance its stablecoin project.

Bank of America CEO Brian Moynihan previously stated that the bank "has no choice" but to launch a stablecoin. This statement highlights the urgency and strategic considerations of traditional banks in the face of the wave of crypto technology. The entry of banking giants into the stablecoin race will not only bring more substantial funding and more mature compliance experience to the stablecoin market but will also accelerate the integration and application of stablecoins in the mainstream financial system, further promoting the overall development of the crypto industry.

IV. Future Outlook: The Path to Compliance and Mainstream Adoption for Stablecoins

The advancement of the "GENIUS Stablecoin Act" and the active participation of traditional financial giants together outline a clear path for the future development of stablecoins: compliance and mainstream adoption.

First, the passage of the bill will bring unprecedented legal certainty to the stablecoin market. A clear regulatory framework will reduce compliance risks, attracting more institutional investors and businesses to participate, thereby promoting the healthy development of the stablecoin market. Second, with the deep involvement of traditional financial institutions like banks, the application scenarios for stablecoins will expand from the crypto-native realm to a broader range of traditional financial services, such as cross-border payments, trade financing, and asset tokenization, significantly enhancing the practicality and popularity of stablecoins.

Of course, the final passage of the bill still requires review by the House of Representatives, and there may be disagreements between the two parties regarding specific provisions. Nevertheless, the series of actions taken by the U.S. regarding stablecoin regulation heralds the arrival of a more regulated and mature era for stablecoins.

Conclusion:

The U.S. Senate's passage of the procedural vote for the "GENIUS Stablecoin Act" is an important milestone in the development of stablecoins. It not only reflects the U.S. government's emphasis on the regulation of digital assets but also indicates that stablecoins will play an increasingly important role in consolidating dollar hegemony and promoting the digital transformation of traditional finance. As the legislative process advances and traditional financial institutions become deeply involved, the future of stablecoins is full of infinite possibilities, warranting our continued attention.

Related: Key Vote on the GENIUS Stablecoin Act Passed, Progress Made in the U.S. Senate

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