Senate Passes Stablecoin Bill

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I was looking at the stock market as part of my daily trading wrap up and noticed crypto related stocks surged today. Shares of Coinbase Global (COIN) surged 16% to lead S&P 500 gainers. I pulled up my news feed for COIN and saw that the Senate passed the GENIUS Act to set up federal boundaries for the use of stablecoins. The bill now moves on to the House, which has its own version of stablecoin legislation called the STABLE Act, which has some differences from the GENIUS Act.

While circle, who issues USDC faired even better. It’s the continuation of a remarkable run for Circle’s stock since the company held its stock market debut on June 5

In summary this bill set standards for companies issuing stablecoins. With a framework, this bill could give a boost to stablecoins. We could see the U.S. dollar stablecoin market grow nearly eightfold to $2 trillion over the next 10 years according to Treasury Secretary Scott Bessent.

I took a quick look at this legislation and the part I like is it requires companies creating stablecoins to hold actual dollars, treasuries, or assets considered safe equal to the value of the coins they've issued. This is a a safeguard against cryptocurrencies collapsing and leaving customers high and dry.

I can only hope that this is a net positive for the space and I can only help that HBD somehow gets a noticed and more widely adopted. The price of Hive has been a bit depressing to look at lately. I thought we would be in a much better place after the Bitcoin run.