According to BlockBeats, on June 18th, brokerage firm Canaccord stated in a research report on Wednesday that the broader prospects of stablecoins (cryptocurrencies whose value is tied to other assets) are still difficult to achieve due to regulatory uncertainty. The GENIUS Act passed by the US Senate changed everything. The full name of this bill is the "Guiding and Establishing the National Innovation Act for Stablecoins in the United States", aimed at bringing stablecoin innovation back to the United States. The report states that winning the support of the Senate is much harder than winning the support of the House of Representatives. Given the bipartisan support for the bill, stablecoin legislation in the United States is within reach.
Analysts suggest that the prospect of stablecoins being used for purposes other than cryptocurrency trading may be imminent, as compliant stablecoins are actually considered by the US government to be on par with cash. In view of the need for full support, the compliant stable currency may become an important source of demand for short-term US treasury bond bonds. With the cross-border expansion of stablecoins that comply with GENIUS standards, they may become a driving force for global economic dollarization.
