The "GENIUS Act" has entered substantive deliberation! The U.S. Treasury Secretary praises: the stablecoin market will exceed 2 trillion within three years.

The highly anticipated U.S. stablecoin bill, the "GENIUS Act," passed a procedural vote in the Senate on 6/11 Eastern Time (Procedural vote), preparing to enter the deliberation stage. On the same day, Treasury Secretary Scott Bessent ( also strongly supported the bill at a hearing, stating that the dollar stablecoin market is expected to exceed $2 trillion in market size within the next three years.

The "GENIUS Act" enters substantive discussions, and the U.S. Treasury Secretary praises the support.

The stablecoin bill "GENIUS Act" passed a procedural vote in the Senate on June 11, preparing for substantial discussion. The "GENIUS Act" requires all stablecoins to be "100% backed by USD or highly liquid assets" as reserves, and compliant issuers with a issuance scale exceeding $50 billion must undergo third-party audits annually. Overseas issuers are also included in the regulatory scope to prevent circumvention of regulations.

U.S. Treasury Secretary Bessent ) Scott Bessent ( expressed support for the GENIUS Act during the same day's hearing, further pointing out that the market size of USD stablecoins is expected to exceed $2 trillion within three years, supported by U.S. Treasury bonds and short-term T-Bills ), further consolidating the dollar's dominance globally. This statement echoes the earlier remarks of AI crypto czar David Sacks.

(AI Crypto Tsar Sacks: The "GENIUS Act" could create trillions in U.S. debt demand, stablecoin impacts bank profitability )

Trump actively promotes the GENIUS Act, and financial institutions are gradually laying out stablecoins.

The main reason for the rapid advancement of the "GENIUS Act" is due to the Trump administration actively pressuring Congress to prioritize it. It is understood that Trump had also indicated to White House officials his hope to sign the bill before August this year.

According to CoinGecko data, the market capitalization of US dollar stablecoins has reached $246.8 billion, accounting for 96% of the global market share. As regulatory frameworks gradually take shape, financial institutions are also making moves.

According to reports, large financial institutions such as JPMorgan (, Bank of America, and Citigroup are in talks to establish a joint venture to launch a stablecoin. U.S. stablecoin issuer Circle officially went public on June 5, with a one-day surge of up to 168%, indicating strong market confidence in the prospects of the USD stablecoin.

The market fears that Evergrande will become large, and DeFi stablecoins may be marginalized.

In summary, while the "GENIUS Act" can pave the way for stablecoins to enter the mainstream, the overall design of the legislation still tends to favor "large financial institutions" and entities that have obtained federal bank and OCC licenses, or operators with assets under 10 billion USD that meet state-level compliance requirements to issue coins.

As a result, many small and medium-sized startups find it difficult to bear the high compliance costs and regulatory approvals, and the market is likely to be concentrated in a few large compliant institutions.

According to previous reports, decentralized stablecoins such as DAI do not fall within the scope defined by this law, and therefore are not subject to its restrictions. However, in the future, as mainstream exchanges tend toward a "compliance first" trend, they may be marginalized in the market and lose their circulation space.

) The U.S. "GENIUS Act" comprehensively regulates payment stablecoins: understand the issuance thresholds, reserve standards, and regulatory system all at once (

This article "GENIUS Act" enters substantive review! The US Treasury Secretary praises: the stablecoin market will exceed 2 trillion in three years, first appearing in Chain News ABMedia.