- Stablecoin bill, the GENIUS Act, made history for being the first crypto bill to advance out of the Senate.
- Galaxy Research’s Alex Thorn projected the bill could hit the president’s desk by August.
The stablecoin bill, the GENIUS Act, officially passed the final Senate vote 68-30 (including 18 Democrats) on the 17th of June, marking the first major crypto bill to hit the milestone.
Reacting to the progress, U.S. Treasury Secretary Scott Bessent claimed that the stablecoin market could reach $3.7 trillion by 2030.
“Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade. That scenario becomes more likely with passage of the GENIUS Act.”
Bessent stated that the boom would lower national debt via demand for T-bills by stablecoin issuers to back their digital dollars. He recently projected that the market would surpass $2 trillion by 2028.
Will GENIUS Act become law by August?
For his part, David Sacks, crypto and AI czar, hailed Senator Bill Hagerty, the sponsor of the bill, and Trump’s leadership in advancing the legislation. He added that the bill would bring ‘U.S. dollar dominance online.’
Hargety reinforced a similar stance, adding that it would ‘improve efficiency’ and reduce cost for users.
“The efficiency it will bring by moving payments onto blockchain, it’ll take a lot of cost out of the system.”
Source: Bitcoin Laws
Apart from the leading issuers, Tether (USDT) and Circle (USDC), players from TradFi are getting ready to get a share of the expected stablecoin boom.
On Tuesday, JP Morgan tested its JPMD stablecoin on Ethereum’s Base, stating that it will for institutional clients.
Even Bank of America is reportedly considering developing a digital dollar with the expected regulatory clarity in the sector.
The sector has grown massively, but operated in a gray area with no clarity. In fact, Ari Redbord, Global Head of Policy at blockchain intelligence firm, TRM Labs, told AMBCrypto,
“In Q1 2025, stablecoins accounted for 28% of all crypto transaction volume. They also accounted for 60% of illicit transaction volume across the crypto ecosystem.”
Source: TRM Labs
However, the GENIUS Act will offer clarity and improve protection going forward, added Redbord.
“The GENIUS Act marks a significant shift — aiming to align consumer protection and financial oversight with the realities of innovation and market demand.”
Next, the GENIUS Act will be reconciled with the House’s STABLE Act before submission for presidential action. Galaxy Research’s Alex Thorn estimated that President Donald Trump could act on it by August.
