The U.S. Senate has passed a bill establishing a regulatory framework for stablecoins, transforming what was once a niche area of crypto into a fast-growing sector gaining interest from global corporations.
Stablecoins are cryptocurrencies designed to hold a stable value—usually pegged 1:1 with the U.S. dollar—and are often used by crypto traders to move funds across tokens.
Before becoming law, the Republican-controlled House of Representatives must approve its version of the bill, known as the GENIUS Act, after which it will be sent to President Donald Trump for his signature.
Analysts say the bill could be a critical turning point for broader adoption of stablecoins across industries by offering clear legal and regulatory guidance.
If enacted, the law would require stablecoins to be backed by liquid assets like U.S. dollars and short-term Treasury bills and mandate monthly public disclosure of reserve compositions by issuers.
Here’s a summary of leading global firms already active or planning to enter the stablecoin market:
MAJOR U.S. BANKS:
Top American banks are in early discussions on expanding into crypto, with more support emerging from regulators. However, initial moves will be cautious—limited to pilot projects, partnerships, or selective trading, according to a May Reuters report.
Bank of America may launch stablecoins, its CEO Brian Moynihan said this year, while Morgan Stanley CEO Ted Pick expressed interest in acting as a crypto intermediary.
BofA declined to comment, and Morgan Stanley didn’t respond to Reuters’ inquiries.
SOCIETE GENERALE:
The French bank revealed in June plans to issue a publicly tradable, dollar-backed stablecoin through its digital asset unit.
WALMART AND AMAZON:
According to the Wall Street Journal, both U.S. retail giants have looked into issuing their own stablecoins.
Walmart told Reuters it isn’t piloting any such project and hasn’t taken a stance on the GENIUS Act. Amazon has not commented.
BANCO SANTANDER SA:
The Spanish banking giant is reportedly considering expanding into digital assets, including early-stage plans for a stablecoin, Bloomberg reported in May.
Santander did not respond to Reuters for comment.
WORLD LIBERTY FINANCIAL:
Linked to former President Trump, this crypto initiative launched a dollar-pegged token called USD1 this year, which now has a market cap of about $2.2 billion per CoinGecko data.
PAYPAL:
In August 2023, PayPal became the first major fintech firm to release a U.S. dollar-backed stablecoin, integrating crypto into everyday transactions.
CIRCLE INTERNET:
The newly public firm introduced its USDC stablecoin in 2018. With a market capitalization of approximately $61.5 billion, it’s among the top stablecoins globally, per CoinGecko.
PAXOS:
This crypto-native company issues USDG and USDP, both pegged to the dollar. It also partners with Binance to issue BUSD, widely used in crypto trading.
TETHER:
The company behind the largest stablecoin globally, Tether issues USDT, which has a market cap exceeding $155 billion, according to CoinMarketCap. It remains pegged to the dollar.
MAKERDAO:
MakerDAO’s DAI stablecoin is the fourth-largest in the world with a value around $5.4 billion, as per CoinMarketCap data.
