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Bitcoin’s Launch and Current Value: Bitcoin, launched in 2009, is now valued at $2.08 trillion, surpassing major companies like Meta Platforms and Broadcom. The cryptocurrency landscape has expanded to approximately 10,000 cryptocurrencies.
Stablecoins Overview: Stablecoins are cryptocurrencies with low volatility, pegged to stable assets like the US dollar. They facilitate fast, low-cost transactions, bridging crypto with traditional finance. In the first half of 2024, stablecoin transactions totaled $8.5 trillion, more than double Visa’s volume of approximately $3.5 trillion.
Legislative Support: The US Senate has passed the GENIUS Stablecoin Act in a bipartisan vote, aiming to establish a regulatory framework for stablecoins, with the bill moving to the House for further approval.
Market Impact: Circle, operator of the USDC stablecoin, saw shares rise 79% since going public. Legacy financial companies may face challenges as stablecoins become more integrated into the financial landscape.
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