U.S. Senate Passes GENIUS Act, Treasury Secretary Predicts Stablecoin Market to Surge to $3.7 Trillion

TradingKey – The U.S. Senate has officially passed the GENIUS Act, but it still requires approval from the House of Representatives.

On Tuesday, June 17, the U.S. Senate passed the GENIUS Act, marking a significant milestone for stablecoin regulation. In response, Treasury Secretary Scott Bessent commented,“Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade. That scenario becomes more likely with passage of the GENIUS Act.”

Meanwhile, Nick Tomaino, founder of 1confirmation, stated on X, “The GENIUS Act is highly beneficial for crypto — stablecoin market capitalization could grow 10x as a result.” According to CoinMarketCap, the current stablecoin market cap stands at $260 billion, meaning a tenfold increase would push it to $2.6 trillion.

Although the Senate has passed the GENIUS Act, it still requires House approval and President Trump’s signature to become law. Given that the bill aligns with Trump’s pro-crypto stance, it is unlikely to face resistance from the administration. However, the House of Representatives could pose a challenge due to partisan disputes.