Stablecoin bill advances in U.S. Senate as Trump critics call to end his crypto dealings
The crypto industry is celebrating this week as a controversial stablecoin bill dubbed the GENIUS Act advanced to debate in front of the full U.S. Senate.
Earlier this month, an Abu Dhabi investment firm announced that it would be making a $2 billion investment in the cryptocurrency exchange Binance using a brand new stablecoin called USD1.
Unlike risky cryptocurrencies with prices that fluctuate wildly and constantly, stablecoins are basically crypto tokens pegged to a more stable asset, like fiat currency such as the U.S. dollar. Crypto companies behind stablecoins typically profit based on interest rather than speculation. According to Fortune, the crypto firm behind USD1, World Liberty Financial,…
