America is preparing to pass a stablecoin law to maintain the position of the USD.

Bo Hines, Executive Director of the President's Advisory Council on Digital Assets, stated that the comprehensive stablecoin bill is expected to be finalized in the coming months, reflecting the urgency of the U.S. government to maintain the dominant role of the USD in onchain transactions.

Speaking at the Digital Asset Summit held in New York on March 18, Hines stated that the stablecoin legislation is moving closer to the final approval stage after the Senate Banking Committee passed the GENIUS Act last week.

GENIUS Act – Legal Framework for the Stablecoin Market

The GENIUS Act ( stands for Guiding and Establishing National Innovation for US Stablecoins) establishes regulations regarding collateral for stablecoin issuers and requires strict compliance with anti-money laundering regulations (AML).

"We witnessed the voting at the Senate Banking Committee take place with a high level of bipartisan consensus, which is a positive sign," Hines shared, adding that:

"I believe that our colleagues on the other side also recognize the importance of maintaining America's leadership position in this field and are willing to work with us. This is truly encouraging. There are few issues in Washington, DC where both parties can come together to push comprehensively like this."

Bo Hines (had) to( speak at the Digital Asset Summit on March 18. When asked about the expected timeline for the stablecoin legislation, Hines stated:

"I think the stablecoin bill could be presented to the president within the next two months."

According to Hines, the current market seems to underestimate the potential impact of the legislation on the U.S. economy, including strengthening the position of the USD, expanding payment infrastructure, and reshaping the financial market in the future.

Reinforcing the Dominance of the USD

The USD currently accounts for the majority of the total value of 230 billion USD of stablecoins in circulation, indicating that the USD remains the primary choice for cryptocurrency transactions and international remittances.

![The US is preparing to pass a stablecoin law to maintain the position of the USD])https://img.gateio.im/social/moments-b68fff518d69cc596d86f5f191f575ef(Stablecoins pegged to the dollar dominate the market | Source: DefiLlamaAlthough some experts argue that multi-currency stablecoins will become popular in the future, the digital USD still holds a decisive advantage.

U.S. Treasury Secretary Scott Bessent emphasized that the Trump administration will use stablecoins as a strategic tool to maintain the dollar's role as a global reserve currency, citing the urgency to finalize and adopt the framework.

! [US prepares to pass stablecoin legislation to maintain dollar's position])https://img.gateio.im/social/moments-3b9514028899e3e842c92b4f04116026(Treasury Secretary Scott Bessent at the White House Crypto Summit"We will invest heavily in building a framework for regulating stablecoins. At President Trump's direction, we will ensure the dollar continues to maintain its status as a global reserve currency, and stablecoins will be an important tool to achieve this goal," Bessent said at the White House Crypto Summit on March 7.

Disclaimer:*** The article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions

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Mr. Teacher

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