The secretary of the Department of the Treasury says the dollar will now be integrated into blockchains as the US passes a landmark bill creating a regulatory framework for stablecoins.
In a post on the social media platform X, Scott Bessent says that the greenback will embrace the technology underpinning cryptocurrencies following President Donald Trump’s signing of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.
The law sets strict regulatory standards for banks and qualified stablecoin issuers to ensure the secure and transparent issuance of payment stablecoins.
“Blockchain technologies will power the next generation of payments, and the US dollar is coming on-chain.
Thanks to President Trump’s visionary leadership, and Senator Hagerty’s important work in Congress, the GENIUS Act will help cement the US dollar as the global reserve currency for generations to come.”
Bloomberg reports that during a White House ceremony on Friday, Trump said the bill’s passage marks a major leap forward for US financial technology.
“The Genius Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins. This could be perhaps the greatest revolution in financial technology since the birth of the internet itself.”
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Featured Image: Shutterstock/Teo Tarras/Natalia Siiatovskaia