On March 13 local time, the U.S. Senate Banking Committee indeed passed the "Guidance and Establishment of the American Stablecoin National Innovation Act" (referred to as the "GENIUS Act") with a vote of 18 to 6. The bill needs at least 60 votes of support in the full Senate before moving to the House of Representatives for review, and ultimately it will be signed by President Trump. Earlier reports indicated that the Trump administration set August as the deadline for passing the stablecoin legislation.

As the cryptocurrency market is caught in another round of downturn, the total market capitalization of stablecoins continues to rise. According to DefiLlama data, in the past 7 days, the market cap of stablecoins has increased by $1.91 billion, surpassing $229 billion for the first time. Furthermore, the revenue of stablecoin issuers accounted for more than 70% of the total revenue of on-chain protocols in the past 30 days.

The implementation of the GENIUS and other U.S. stablecoin bills will have a huge impact on the current stablecoin landscape. This article will approach from the perspective of stablecoin regulation, sorting out the major stablecoins issued in the U.S. and the core projects in the potentially beneficial stablecoin infrastructure sector.