Tag: Stablecoins

The US Senate advances in Stablecoins legislation after approving the procedure vote

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The historic legislation aimed at establishing a regulatory framework for Stablecoins in the United States took an important step forward in the Senate on Monday night, when legislators voted to overcome a critical procedural obstacle, preparing the scenario for greater debate and an eventual final vote on the approval of the bill.

In a decisive movement, the senators comfortably exceeded the threshold of 60 votes required to advance in the Stablecoins bill, indicating a renewed impulse for the long -awaited legislation.

This procedure vote does not convert the project into law, but formally transferred it to a period of prolonged debate before a final voting series determines its destination in the upper house.

At the same time, the House of Representatives is advancing with its own version of the legislation on Stablecoins, and both cameras intend to create exhaustive norms for these digital assets and their issues within the US financial system.

Monday’s successful vote marks a notable change with respect to an earlier attempt on May 8, when the Senate failed to gather the 60 votes necessary to advance the bill.

That previous setback was attributed to the concerns raised by some Democratic legislators regarding the provisions related to consumer protection and national security.

Interestingly, that initial vote saw bipartisan opposition, with Republican senators Josh Hawley and Rand Paul also voting against the closure, the procedure motion to put an end to the debate and move on to a vote.

Negotiations and avenencia: address concerns

Despite the previous legislative setback, the observers and participants of the industry had anticipated a smoother approval on Monday.

This optimism was derived from the intense negotiations undertaken by legislators during the past week, which focused on refining the language of the bill to address the concerns that led to their initial stagnation.

While many of the reported changes seemed to be marginal, they were obviously enough to influence key votes.

A person who closely followed the negotiation process told Coindesk on Monday that the latest version of the bill contained “sufficient” to relieve some of the previous concerns of the Democrats.

However, this source also suggested that negotiating legislators could have incorporated more solid consumer protection measures.

Efforts to find common land were fruitful. After the latest reviews, several Democratic legislators who had previously voted against advancing in the bill, including outstanding Senators Rubén Gallego and Mark Warner, announced their intention to vote in favor of the closure before the crucial vote on Monday night, indicating a critical change in support.

This development underlines the delicate bipartisan maneuvers required to navigate the complex financial regulation through the Senate.

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Citigroup foresees that the Stablecoins supply will exceed 1.6 billion dollars

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  • The base estimate places the offer in 1.6 billion dollars; It is up to 3.7 billion dollars.
  • Active stable currency wallets increased 53% year -on -year.
  • Traditional banks press to restrict stable currency emitters.

The Global Stablecoins market is heading towards a dizzying expansion, and Citigroup projects that the total market capitalization will exceed 2 billion dollars by the end of this decade. In a Report published on Thursday the banking group said that the stablecoins (digital tokens linked to fiduciary coins) could multiply by more than eight from the current level of 240 billion dollars, driven by regulation, institutional adoption and the growing demand for payments and defi. Stablecoins are already widely used for remittances, the generation of performance in decentralized loan platforms and as coverage against inflation in countries with volatile local currencies. His role in the streamlining of cross -border payments has also attracted the interest of central banks and financial technology companies.

Regulatory clarity is key to growth that exceeds 1.6 billion dollars

The Citigroup base scenario anticipates that the stable currency supply will reach 1.6 billion dollars by 2030. A more bullish scenario raises that figure to 3.7 billion dollars.

This growth will depend on the implementation of comprehensive regulations, especially in the United States. The advances of the administration of President Trump have given a new impulse to the legislation centered on the stablecoins.

Both cameras of Congress are currently examining proposals that could grant traditional institutions, such as the Bank of America, the ability to issue stable currencies backed by US dollars.

The report emphasizes that strong regulatory support would improve confidence in stable currencies and boost the demand for American treasure bonds, potentially positioning stable currencies as important government debt holders by 2030.

Tether, the current market leader, already has tens of billions of dollars in treasure bonds, according to his latest reserve disseminations.

Institutional demand and defi promotes wallet growth by 53%

The institutional interest is accelerating the popularization of the stablecoins. Only in the last year, the number of active stablcoins wallets increased from 19.6 million in February 2024 to 30 million in February 2025, an increase of 53 %.

This trend is aligned with the growing role of stable currencies in decentralized finances, cross -border payments and cryptocurrency trade.

The increase in active wallets highlights the growing participation of users, while the total stable currency supply also increased considerably. Of 138 billion dollars in February 2024, the total supply has reached 225 billion dollars, an year -on -year growth of 63 %.

Citigroup attributes these profits to greater adoption by retail institutions and users seeking stability linked to the dollar in volatile cryptocurrency markets.

Traditional banks resist the new emitters

Despite the increase in demand, not all financial system actors agree. According to reports, some traditional banks have pressed for a stricter control over the broadcast of Stablecoins, with the aim of avoiding what Citigroup describes as “deposit substitution.”

This refers to the fact that users are transferring funds from their traditional savings accounts to stable currencies, which could alter the conventional banking model.

Therefore, banks advocate restrictions on which entities can issue stable currencies. Their concern lies in the possibility that these can avoid the banking system and, at the same time, offer profitability with fluid interest and transfers, especially as it improves regulatory transparency.

The Federal Reserve considers that the stable currencies drive the dollar

The governor of the Federal Reserve, Christopher Waller, recently commented on the subject, suggesting that the stable currencies linked to the dollar could help reinforce the dominance of the currency worldwide.

He recognized his current role to facilitate efficient transfers within cryptographic space and highlighted his contribution to financial innovation.

Waller comments occur in the midst of intense political debates on how to regulate digital assets without suffocating their development or exposing consumers to new risks.

Since stable currencies are considered more and more integral part of the future financial ecosystem, the Citigroup prognosis describes both the opportunity and the challenge. The trajectory to a multibillionaire market could be underway, but only if the policies adapt to the rhythm of technology.

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