A new US law could speed up stablecoin use in banks and large financial firms.
- GENIUS Act passes Senate vote, sets new stablecoin rules
- Banks may soon start using stablecoins for payments and settlements
- Clear laws may push more institutions to adopt crypto tools
GENIUS Act Gains Senate Support
The US Senate has passed the GENIUS Act with a 68–30 vote. The law sets clear rules for how stablecoins must be backed and used. It also requires that stablecoin issuers follow Anti-Money Laundering (AML) laws. The act still needs full approval from Congress before it becomes law.
More Confidence for Big Institutions
This vote sends a strong message to banks and financial companies, said Katalin Tischhauser of Sygnum Bank. She thinks institutions are more likely to use stablecoins now, but may start on private blockchains first. Big firms are waiting for clear rules before offering services like stablecoin payments or 24/7 settlements.
Stablecoins Could Become Part of US Finance System
If the law passes Congress, stablecoin issuers may become important players in the US economy. Andrei Grachev from Falcon Finance said that if these tokens are backed by US Treasurys, institutions will trust them more for everyday use. This means stablecoins could be fully part of America’s financial system.
Stablecoins Fill a Key Financial Gap
Alex Buelau from Rayls said banks have been slow to adopt stablecoins because of unclear laws. Now, stablecoins can offer fast, always-on transfers with better global access. He said the law gives banks a green light to tap into stablecoin tools for faster and cheaper global payments.
JPMorgan Sparks Stablecoin Speculation
On June 15, JPMorgan Chase filed a US trademark for “JPMD.” It includes services like digital asset trading and crypto payments. This has fueled talk that JPMorgan could launch its own stablecoin soon, especially now that regulations are getting clearer.
Source: cointelegraph.com
