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The U.S. Senate has approved the GENIUS stablecoin bill.
Treasury Secretary Scott Benset expects the stablecoin market to grow to $3.7 trillion. According to him, this legislation will help reduce national debt and expand the use of the digital dollar globally.
The document requires:
- Stablecoins are fully backed by fiat currency or liquid assets;
- Audit issuers with a market capitalization exceeding 50 billion USD;
- Strengthen control and grant the Ministry of Finance the authority to block suspicious transfers.
The bill will be reviewed by the House of Representatives.