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Stablecoin Revolution Gains Momentum
On June 20, 2025, the US Senate approved the GENIUS Stablecoin Act, creating a regulatory framework for stablecoin issuance and operations. This bipartisan vote represents a shift towards legitimizing stablecoins, which have seen increasing demand and usage, having recorded a transaction volume of $8.5 trillion in the first half of 2024 — over double that of Visa’s $3.5 trillion.
Among key players, Circle operates the second-largest stablecoin, USDC, and has seen its shares rise 79% since going public. Venture capitalist Chamath Palihapitiya noted that stablecoin usage decoupled from crypto volatility in 2024 and predicted its ongoing utility in business operations.
As the landscape changes, traditional payment processors like Mastercard and Visa may face pressure, while firms like JPMorgan are exploring stablecoin issuance. The future of stablecoins appears promising, further bolstered by legislative backing.
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