Crypto Revolution: The Rise of Stablecoins in Mainstream Finance
The crypto industry inches closer to mainstream finance with U.S. Congress discussing several bills, potentially spurring companies to issue stablecoins. The House debates a bill creating a regulatory framework for stablecoins. Major firms and banks, including FISERV and Bank of America, are exploring stablecoin issuance.
The cryptocurrency landscape is on the cusp of a significant transformation as it edges closer to financial mainstream acceptance. This week, the U.S. Congress is expected to deliberate on several pivotal bills under the banner of 'crypto week,' spearheaded by the Republican majority.
The centerpiece is a bill poised to establish a regulatory framework for stablecoins. Should it advance to President Donald Trump's desk and be signed into law, it will mandate stablecoins to be backed by liquid assets and require issuers to disclose their reserve compositions monthly.
Globally, companies like FISERV plan to integrate stablecoins into existing infrastructures. Major U.S. banks, such as Bank of America and Morgan Stanley, are contemplating cautious steps into the crypto market. Likewise, international players like Societe Generale and Banco Santander SA are also exploring stablecoin opportunities.
(With inputs from agencies.)
Google News