US Senator Hagerty says stablecoin GENIUS bill will 'expand demand for US debt'

According to Decrypt, the US Senate has recently promoted the legislative process of the GENIUS Act, which requires stable currency issuers to hold equivalent cash or short-term US treasury bond bonds as reserves. Senator Bill Hagerty stated that this move will expand demand in the US Treasury market. Citibank predicts that stablecoin issuers may hold $1.2 trillion in US Treasury bonds by 2030. The latest version of the bill adds a national security review clause, requiring reserve assets to be limited to short-term US Treasury bonds due within 93 days. Market analysts point out that if there is a large-scale redemption of stablecoins, it may put pressure on the liquidity of the US Treasury market. At present, the bill has passed the critical procedural vote and entered the final review stage.