Tearing and Consensus: The stablecoin "GENIUS Act" passes through the Senate, aimed at the digital future of the dollar.

On June 18, 2025, according to Politico, the U.S. Senate passed the landmark "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (GENIUS Act) with an overwhelming result of 68 votes in favor and 30 against on the previous day. This bill, led by Republican Senator Bill Hagerty of Tennessee, is the first comprehensive regulatory reform attempt for Crypto Assets in the U.S., aiming to create a clear federal regulatory framework for the minting of USD stablecoins.

Amid rare cooperation between the two parties and sharp accusations against the Trump family's interests, the passage of this bill not only heralds a new era of compliance for the stablecoin market but is also seen as a key step for the United States to dominate global digital asset regulations and achieve the digital extension of dollar hegemony.

Navigating Compromise and Accusation: The Birth of a Bill

The birth of the "GENIUS Act" is a script filled with political games and key compromises.

On February 4th of this year, Congressman Haggerty, along with bipartisan colleagues, officially proposed the bill, which has a clear core demand: it requires stablecoin issuers to hold high liquidity assets (such as US dollars or short-term government bonds) in a 1:1 ratio as reserves, and to strictly comply with anti-money laundering (AML) and consumer protection regulations to fill the regulatory gap.

On March 13, the bill passed the preliminary review in the Senate Banking Committee with a vote of 18 to 6, with the support of five Democratic members who "crossed the aisle", marking the first indication of bipartisan consensus on the issue of stablecoins. However, the real storm eye is focused on the cryptocurrency project World Liberty Financial (WLFI) under the Trump family and its USD1 stablecoin.

On May 8, the bill encountered procedural setbacks in the Senate. Opponents, represented by Senator Elizabeth Warren, sharply criticized the bill, arguing that it would provide a "legitimate facade" for the rapid expansion of WLFI, potentially fostering "corruption" and opening a backdoor for circumventing international sanctions.

To break the deadlock, the bill underwent several key revisions in May: it introduced stricter anti-money laundering provisions, established an independent "stablecoin certification review committee," and explicitly restricted Big Tech from engaging in stablecoin issuance. These adjustments, aimed at "clearing the mines," ultimately garnered support from moderates, paving the way for the final vote on June 17. On that day, as many as 18 Democratic senators stood alongside Republicans to send the bill out of the Senate. Haggerty asserted before the vote: "This bill will modernize the U.S. payment system, bringing the U.S. one step closer to becoming a global leader in Crypto Assets."

"The Digital Future of the Dollar": The Grand Narrative of the Treasury and New Demand for U.S. Debt

The public support from U.S. Treasury Secretary Scott Bessent for the passage of the bill reveals deeper national strategic intentions behind it.

Bason pointed out on social media that the stablecoin market is expected to grow to a staggering $3.7 trillion by 2030. He believes that the passage of the "GENIUS Act" will systematically promote the "U.S. debtization" of stablecoin reserves. A large stablecoin ecosystem fully supported by U.S. Treasury bonds will not only greatly strengthen the dollar's status as a global reserve currency, but also create a new and large pool of demand for U.S. debt from the private sector, thereby effectively reducing the government's borrowing costs and helping to control the growing national debt.

This is a clever "win-win" design: the stablecoin receives the endorsement of national compliance and credit support, while the U.S. Treasury gains a stable and continuously growing source of funds. Given that the global stablecoin market has surpassed $250 billion, with monthly trading volumes reaching $700 billion, the strategic value of this layout is self-evident.

Capital votes with its feet: industry cheers and global regulation synergy.

The legislative breakthrough is quickly transmitted to the market. Circle CEO Jeremy Allaire praised the bill as a "safe harbor for stablecoin innovation" and predicted it would solidify the dominance of the dollar stablecoin in global payments. Tether CEO Paolo Ardoino also believes that clear regulation will attract more institutional capital into the market.

The capital market gave the most direct response: the day after the bill was passed, Circle's parent company's stock surged 168.5% on its first day of listing, and related concept stocks generally rose, significantly boosting market confidence.

Looking globally, the legislative process in the United States has formed a regulatory synergy with major economies. The EU's MiCA regulation has been fully implemented, and Hong Kong has also passed the Stablecoin Ordinance Draft. The gradual formation of a global regulatory framework indicates that the era of the wild growth of stablecoins is coming to an end.

Trump's "Shadow": The Unremitting Controversy

Although the bill successfully passed, the controversy surrounding it has not dissipated. The Trump family's USD1 stablecoin has expanded from 128 million USD at the end of April to an astonishing growth of over 2 billion USD, remaining the focal point of opposition attacks.

Senator Warren warns that the bill fails to effectively address potential conflicts of interest. The consumer advocacy organization Public Citizen was even more outspoken, stating that the bill paves the way for "the largest corruption in presidential history." This "shadow" will undoubtedly continue to accompany the bill into the next stage of deliberation.

Conclusion: The watershed has arrived, the outcome is still uncertain.

The passage of the "GENIUS Act" in the Senate marks a watershed moment in the history of U.S. crypto regulation, but it is far from the final chapter. It clearly presents a complex picture: on one side is a bipartisan national strategic consensus aimed at maintaining the dominance of the dollar and fostering financial innovation; on the other side is a partisan struggle deeply rooted in realpolitik, filled with intense battles over interests.

Next, the bill will face scrutiny from the House of Representatives and the president's final signature. There are still differences between the two chambers, and the debate surrounding Trump's conflicts of interest will undoubtedly resurface. The ultimate fate of this bill will not only define the digital asset rules of the world's largest economy but also reveal whether a traditional financial empire ultimately chooses to embrace, incorporate, or tame the wave of decentralization. The game has already begun, but who will come out on top remains unknown.