On June 11, Senior United States Senator from South Dakota, John Thune, made an enormous assertion about cryptocurrency, saying, “cryptocurrency is right here to remain, and it’s time that we carry it into the mainstream.”
Senator John Thune Highlights Rising Adoption of Cryptocurrency
Whereas addressing the Senate flooring to debate the GENIUS Act, Senator John Thune affirmed {that a} important variety of netizens are partaking with cryptocurrency, together with the rising use of stablecoins.
JUST IN: 🇺🇸 Senator John Thune says “cryptocurrency is right here to remain, and it’s time that we carry it into the mainstream.” pic.twitter.com/nHajZpPAOH
— Watcher.Guru (@WatcherGuru) June 11, 2025
He additionally highlighted the rising adoption of stablecoins amongst companies like Uber and Airbnb and Uber. These firms are exploring stablecoins to scale back the prices they pay to conventional card networks.
Stablecoins like USDT additionally open the doorways for international international locations and people to entry USD. John Thune praised the stablecoin’s skill for quicker and safe funds because of blockchain know-how.
On the time of writing, the general market capitalization of stablecoins revolves round $234.52 billion.
The GENIUS Act is a proposed U.S. invoice, which is aimed toward regulating stablecoins to mitigate dangers to monetary stability. It mandates that issuers have to be FDIC-insured depository establishments or keep 100% high-quality liquid reserves (like money or Treasuries).
Whereas GENIUS doesn’t instantly ban algorithmic stablecoins, it goals to ban unstable fashions like TerraUSD, which collapsed in 2022.
Moreover, the act will place stablecoin regulation underneath the Federal Reserve, Treasury, and FDIC. This can forestall state-level regulatory arbitrage. The act will be sure that stablecoin holders can redeem 1:1 for {dollars} with verified backing and strict reserve necessities.
Additionally Learn: Trump Needs One-P.c Fee Minimize: What It Means for Crypto?
