The US Chamber of Financial Services Committee voted 32-17 to adopt the transparency and responsibility for Stablecoin for a better act of 2025 of the economy of the Great Book (stable), aimed at the regulation of Stablescoin.
This legislative step takes place in the midst of an increasing activity on the Stablescoin market. Competition heats up while major traditional financial institutions are preparing to enter space.
The stable act adopts the committee vote
President French Hill and representative Bryan Steil led the legislation (HR 2392). He seeks to establish a robust framework for the issuance of stables, forcing the support of reserve 1: 1, the monthly audits and the requirements of LMA.
“This legislation is a fundamental step towards the guarantee of the future of financial payments in the United States and the solidification of the continuous domination of the dollar as a global reserve currency,” said Steil.
The adoption of the bill saw the bipartisan support, six democrats voting in favor. This occurs notably shortly after the US Senate committee on banks, housing and urban affairs, the law on engineering. The bill was adopted during a bipartite vote of 18 to 6 years.
“The bills await time for debate on the prosecution and a vote in their respective rooms,” noted the journalist and host of crypto in America, Eleanor Terrett.
According to Terrett, efforts are underway to closely align the two bills in the coming weeks. The objective is to deal with the differences between invoices. Align them will facilitate the procedure without creating additional complications.
“If they can lead them to be relatively in the same place, this will avoid having to create a so-called conference committee which is formed so that the members of the two chambers can negotiate to create a final version of the bill on which everyone agrees,” she added.
Stablecoin competition warms up, but are there any signs of purge?
The desire for legislation occurs in parallel with the increase in activities on the Stablescoin market. World actors join the fray.
For example, in Japan, Sumitomo Mitsui Banking Corporation (SMBC) and the big entities have signed a memorandum of understanding (MOU). The understanding protocol triggers joint discussions on the potential use of stablecoins for future marketing.
“This agreement will see the SMBC, the fireblocks, the AVA and Tis laboratories collaborating to develop a framework for the issue and the circulation of Stablescoin, in particular by exploring the main technical, regulatory and market infrastructure in Japan and in other cases. This joint discussion will focus not only on pilot projects, but will aim to define usual use cases for current commercial applications ”, the notice is read.
In addition, the CEO of Bank of America previously revealed that the launching plans of a stablecoin once the appropriate regulations are in place. In particular, Beincrypto reported last month that the office of the Currency Controller (OCC) had granted national banks and federal authorities of authorization to provide police custody and certain stablecoin services.
That’s not all. The state of Wyoming should launch its own stablecoin, Wyst, in July. Fidelity has also announced similar plans. In addition, President World Liberty Financial, supported by President Trump, officially launched his Stablecoin USD1 at the end of March. This highlights the continuous interest in the adoption of stablescoin in the private and public sectors.
Meanwhile, Ripple announced the integration of its USD Ripple (Rlusd) into Ripple payments. Changpeng Zhao (CZ), former CEO of Binance, reacted to the development of X.
“The Stablescoin war, I mean healthy competition, just starting,” said CZ.
As the competition intensifies, the StableCoin market is also faced with increasing pain. Although the new entrants are gaining ground, some players face an in -depth examination.
Justin Sun, founder of Tron (TRX), recently accused First Digital Trust of Insolvability. After the allegations of Sun, the first digital USD (FDUSD) temporarily degreed.
The future of the market could depend on the survival of the most compliant and most resilient stables. This leads to a potential “purge” where the weakest players do not respond to increasing regulatory and market demands.
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