The Senate Banking Committee is planning to review Senator Hagerty's stablecoin bill, known as the GENIUS Act, during the week of March 10, according to three Senate aides. The bill, introduced on February 4, 2025, restricts stablecoin issuance to certain permitted entities and requires stablecoins to have full 1:1 backing with US dollars or approved high-quality liquid assets. It also prohibits algorithmic stablecoins and mandates public disclosure of redemption policies and regular reserve audits. This regulatory push follows global developments, including the EU's MICA law and recent approvals of Circle's stablecoins by the Dubai Financial Services Authority.



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