PANews reported on May 22 that according to Decrypt, the U.S. Senate recently advanced the legislative process of the GENIUS Act, which stipulates that stablecoin issuers must hold an equivalent amount of cash or short-term U.S. Treasury bonds as reserves. Senator Bill Hagerty said that this move will expand the demand for the U.S. Treasury market. Citigroup predicts that by 2030, stablecoin issuers may hold $1.2 trillion in U.S. Treasury bonds.

The latest version of the bill adds a national security review clause, requiring that reserve assets be limited to short-term U.S. Treasuries that mature within 93 days. Market analysts pointed out that if large-scale stablecoin redemptions occur, it may put pressure on the liquidity of the U.S. Treasury market. The bill has now passed a key procedural vote and entered the final review stage.