A range of major banking and financial companies are set to introduce their own cryptocurrency stablecoins backed by the US dollar following the signing of the GENIUS Act by President Trump on July 18, as per Reuters. The idea is that these institutions could leverage cryptocurrencies as an alternative payment method, using them especially for faster, convenient cross-border payments.
Over the 15+ years since the launch of Bitcoin, the first cryptocurrency, the US government has held the majority of cryptocurrencies at arm's length, with most politicians keen to highlight how their lack of regulation left a lot of potential for scams and criminal activity. However, the new Trump administration has been far more dovish on the medium, with top officials like President Trump himself netting hundreds of millions of dollars from his own memecoins.
