From Yahoo Finance: 2025-06-17 09:30:00

The U.S. Senate passed a bill for stablecoin regulation, gaining traction in the crypto industry. The GENIUS Act, awaiting House approval, would require stablecoins to be backed by liquid assets and issuers to disclose reserves monthly, potentially spurring more companies to adopt stablecoins.

Major U.S. banks like Bank of America and Morgan Stanley are considering launching stablecoins. Societe Generale plans to launch a dollar-backed stablecoin, while Walmart and Amazon have explored issuing their own. Banco Santander SA is also looking into offering a stablecoin, according to sources.

World Liberty Financial, owned by President Donald Trump, launched a dollar-pegged stablecoin called USD1. PayPal introduced a U.S. dollar stablecoin in 2023, becoming the first major fintech firm to do so. Circle Internet offers the USDC stablecoin, and Paxos issues the Global Dollar and Pax Dollar stablecoins.

Tether, the world’s largest stablecoin by market value, issues the USDT token pegged to the U.S. dollar. MakerDAO issues the DAI stablecoin, ranked fourth globally by market value. Businesses like Binance and World Liberty Financial are also involved in stablecoin issuance, indicating a growing interest in the industry.

Read more: Factbox-Stablecoin adoption by corporates poised to grow after US Senate passes key bill