Coinbase CEO Brian Armstrong broke his silence early Tuesday, thanking politicians for advancing the GENIUS Act — a bipartisan stablecoin bill — to the Senate floor. “Getting closer,” Armstrong posted on X, signaling how near the crypto industry is to securing its first U.S. regulatory framework for stablecoins.
The Senate vote is scheduled for June 11. With weeks of closed-door negotiations behind it, the GENIUS Act is now widely expected to pass, after Republicans agreed to key Democratic amendments.
The GENIUS Act aims to regulate the issuance and backing of U.S.-pegged stablecoins, bringing more clarity and federal oversight to a market that now exceeds $250 billion in capitalization — the highest on record. Dollar-backed tokens alone make up $245.5 billion of that figure.
Money already flowing in
Investors are not just watching — they are positioning. Circle’s June 5 IPO lit up markets, with shares already up 347%. Analysts are calling it a breakout moment for crypto-financial stocks, especially those aligned with regulatory clarity.
Meanwhile, Tether — still the largest stablecoin issuer by volume — is moving differently. With MiCA regulations tightening across the EU, the company has expanded into Malta through StablR and teamed up with Oobit to maintain access to European users.
CEO Paolo Ardoino even floated a public valuation of $515 billion for Tether — which would make it the 19th largest company globally — citing its BTC and gold reserves.
As the Senate prepares to vote, the message from Washington to crypto markets is unmistakable: the era of U.S. stablecoin regulation is not just coming — it is arriving fast.
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