The Senate bill would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets and mandate annual audits for issuers with more than $50 billion in market capitalization
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US Senate votes to move forward with GENIUS Act as stablecoin legislation picks up speed
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GENIUS Act mandates that all payment stablecoins be fully backed by highly liquid assets such as U.S. dollars or short-term Treasury securities
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