INSUBCONTINENT EXCLUSIVE:
following a key procedural vote that saw 15 Democrats join Republicans to clear the filibuster threshold.The Guiding and Establishing
National Innovation for US Stablecoins (GENIUS) Act is the most advanced federal effort yet to establish a legal framework for dollar-pegged
Critics have raised concerns that the administration benefits from the legislation, given its ties to World Liberty Financial, a crypto firm
Senator Josh Hawley has added a controversial provision to the bill that would cap credit card late fees, a move that could cost the
legislation support from financial industry allies.Related: Hong Kong passes stablecoin bill, set to open licensing by year-endBanks
interest-paying stablecoins.He argued that banks rely on fractional reserve practices to profit while offering low returns to depositors,
approved the first yield-bearing stablecoin security by Figure Markets.According to a May 21 report from Pendle, yield-bearing stablecoins
have soared to $11 billion in circulation since January 2024, representing 4.5% of the total stablecoin market.Magazine: TradFi is building
