#CryptoObservers

The US Senate has approved the GENIUS stablecoin bill.
Treasury Secretary Scott Bessent expects the stablecoin market to grow to $3.7 trillion. According to him, the law will help reduce the national debt and expand the use of the digital dollar in the world.
The document requires:
- full backing of stablecoins with fiat or liquid assets;
- audit of issuers with a capitalization of over $50 billion;
- enhanced control and the right of the Treasury Department to block suspicious transfers.
The bill will then be considered by the House of Representatives.