In the United States, the entry of stablecoins into the institutional realm is getting closer. This is because the US Senate is set to vote on a stablecoin bill next week. US Treasury Secretary Scott Bessent urged stablecoin legislation, stating that the market capitalization of dollar-based stablecoins will grow to over $2 trillion (approximately 2,720 trillion won).
According to major foreign media on the 11th (local time), the US Senate passed a motion to end debate with a vote of 68 to 30 on the 'GENIUS Act', a US stablecoin regulation bill. The GENIUS Act is awaiting a final vote in the Senate plenary session next week. Stablecoins are virtual assets whose value is fixed 1:1 with specific assets such as dollars or gold.
Republican Senate Minority Leader John Tune appealed to his fellow senators to support the bill, mentioning former President Donald Trump's statement that the bill is necessary to leap forward as the "virtual asset capital of the world". In his Senate speech that day, Tune said, "We want to bring virtual assets into the mainstream" and "the GENIUS Act will make this possible".
The GENIUS Act specifies △1:1 collateral obligation △money laundering prevention △joint supervision by federal and state governments for stablecoins. It is primarily evaluated as a bill for incorporating stablecoins into the institutional framework.
On the same day, Secretary Bessent also voiced support for stablecoin legislation. At the Senate Budget Subcommittee, he stated, "Legislation for stablecoins backed by US Treasury bonds will expand dollar usage globally through stablecoins" and claimed that "a forecast of $2 trillion in stablecoin market cap is reasonable".
According to the virtual asset market tracking site CoinGecko, the stablecoin market cap is about $250 billion (approximately 345 trillion won) as of early this month. It has nearly doubled compared to a year ago. Dollar-based stablecoins (USDT, USDC, etc.) account for 90-99% of the market.
Secretary Bessent again emphasized that stablecoins will further strengthen the dollar's reserve currency status. He said, "Looking back in history, there have been many instances where the dollar's status was questioned, but new trends have always provided new momentum to the dollar, dispelling concerns" and "the Trump administration is committed to maintaining and strengthening its reserve currency status".
