In an important development, the Genius Act has officially passed the U.S. Senate and is now expected to clear the House soon. This new law aims to bring clear regulations for stablecoins, a long-awaited move by both crypto investors and big companies alike.
Why Does It Matter?
Companies like Visa have been openly bullish on stablecoins for years, and now with this regulatory clarity, the race to issue and manage stablecoins is about to heat up.
Visa’s CEO has expressed strong confidence in the potential of stablecoins, and if big financial firms are this optimistic, it’s a good sign for the market.
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Which Cryptos Could Gain the Most?
According to AltcoinBuzz, these projects are set to benefit as the Genius Act becomes law:
Ethereum (ETH)
Ethereum remains the biggest DeFi platform, hosting around 50% of all stablecoins, including USDT, USDC, and DAI. With regulated stablecoins, transaction volumes on Ethereum could increase, bringing more revenue through transaction fees. Upcoming upgrades will improve its scalability and could attract more institutional interest.
Ripple (XRP)
Ripple’s own stablecoin, RLUSD, stands to gain from the Genius Act too. The company is building a transparent, compliant system for its stablecoin, including monthly reserve reports and regular audits. Ripple already holds 50+ money transmitter licenses in the U.S., making it well-positioned to expand its services under the new regulations.
Solana (SOL)
Known for low fees and lightning-fast transactions, Solana is a favorite for stablecoin issuers. The Genius Act could bring more stablecoin activity and liquidity to the Solana network. With strong bipartisan support and backing from influential names like Kristin Smith of the Solana Policy Institute, Solana is expected to see a positive growth.
Related: Digital Assets Take Center Stage in US-UK Regulatory Discussions
Tron (TRX)
After Ethereum, Tron is the second most-used chain for stablecoin transfers. Founder Justin Sun has been actively working with U.S. lawmakers, aiming to position Tron as a leader in the country’s crypto scene. The Genius Act could give Tron’s stablecoin operations a much-needed push.
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