After the new legislation was passed in the U.S. Senate, the adoption of stablecoins in U.S. banks and financial institutions may accelerate.
According to Cointelegraph, the "Guidance and Establishment of a National Stablecoin Innovation Act" (referred to as the GENIUS Act) was passed in a Senate vote on Tuesday with a tally of 68 to 30. The bill aims to set clear rules for stablecoin collateral and mandates compliance with anti-money laundering laws. The bill will now be submitted to the House of Representatives for review.
The Senate vote sent a "strong positive signal" to institutions, bringing the bill one step closer to becoming law, said Katalin Tischhauser, head of investment research at digital asset bank Sygnum.
Tischhauser told Cointelegraph that many large banks and traditional financial institutions are planning to integrate stablecoins for payments and settlements, adding:
"A clear regulatory framework and compliance pathway are necessary, as is the legal recognition of stablecoins as settlement tools."
However, she noted that the use of stablecoins by institutions may initially be limited to tokens issued on private blockchains.
The development of cryptocurrency policy and stablecoin regulation is a significant catalyst for the 2025 crypto market cycle, Alice Li, investment partner and head of the U.S. at crypto venture capital firm Foresight Ventures, told Cointelegraph during the Chain Reaction X Spaces program on June 3.
"One of the most powerful drivers is undoubtedly policy change," she said, mentioning that U.S. President Donald Trump's approval of Bitcoin reserves and the development of stablecoin policy are major catalysts for the rise in Bitcoin (BTC) prices in 2025.
Andrei Grachev, Managing Partner of Falcon Finance and DWF Labs, stated that comprehensive approval of the GENIUS Act by Congress would make stablecoins "part of the U.S. financial infrastructure."
"If issuers start holding large amounts of government bonds, it will change their role from niche tools to key players in the economy," Grachev said.
He added that government bond-backed stablecoins would give institutions more confidence when using them for settlements and payments.
Alex Buelau, co-founder of Rayls, stated that financial institutions using stablecoins have been "operating in a regulatory gray area, with little concrete action taken due to a lack of clarity and government guidance." Rayls is a blockchain service for banks, collaborating with JPMorgan's Kinexys blockchain infrastructure solution.
"Now that this step is completed, institutions will not hesitate to get involved and take advantage of the opportunities provided by stablecoins, especially in cross-border payments, 24-hour settlements, and enhanced global on-chain liquidity," Buelau told Cointelegraph.
On June 15, investment banking giant JPMorgan Chase submitted a new U.S. trademark application for "JPMD," sparking speculation about its potential launch of a stablecoin.
The application lists services including digital asset trading, transfers, exchanges, clearing, and payment processing.
Related: JD.com joins the stablecoin competition in the U.S. as the GENIUS Act is passed.
Original: “The GENIUS Act is expected to make stablecoins ‘part of the U.S. financial infrastructure’”
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